CVRD vs. PUTW

Last updated Jul 14, 2026

CVRD (Madison Covered Call ETF) and PUTW (WisdomTree Equity Premium Income Fund) are both Derivative Income funds. CVRD is actively managed, while PUTW is passively managed. At a 0.45 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.44%/yr for PUTW.

Performance

CVRD vs. PUTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and WisdomTree Equity Premium Income Fund (PUTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CVRD

• 1D: 0.22%
• 1M: -0.48%
• 6M: -0.35%
• YTD: 1.51%
• 1Y: 3.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PUTW

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVRD vs. PUTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	1.51%	5.94%	4.90%	4.74%
PUTW WisdomTree Equity Premium Income Fund	0.00%	-2.80%	17.19%	3.34%

Correlation

The correlation between CVRD and PUTW is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.45

CVRD vs. PUTW - Sectors Allocation Comparison

Sectors	CVRD	PUTW
Technology	26.7%	-
Healthcare	12.4%	-
Financial Services	12.2%	-0.0%
Consumer Defensive	10.1%	-
Consumer Cyclical	9.0%	-
Industrials	8.5%	-
Communication Services	7.9%	-
Energy	5.9%	-
Real Estate	3.0%	-
Utilities	2.4%	-
Basic Materials	2.2%	-

Return for Risk

CVRD vs. PUTW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVRD

CVRD Risk / Return Rank: 17
CVRD Sharpe Ratio Rank: 16
CVRD Sortino Ratio Rank: 14
CVRD Omega Ratio Rank: 15
CVRD Calmar Ratio Rank: 19
CVRD Martin Ratio Rank: 19

PUTW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVRD vs. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and WisdomTree Equity Premium Income Fund (PUTW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CVRD	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	0.38	—	—
Sortino ratio: Return per unit of downside risk	0.59	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	0.64	—	—
Martin ratio: Return relative to average drawdown	1.69	—	—

Drawdowns

Drawdown Indicators

	CVRD	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	—	—
Current Drawdown Current decline from peak	-2.74%	—	—
Average Drawdown Average peak-to-trough decline	-2.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	—	—

Volatility

Volatility by Period

	CVRD	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.74%	—	—

CVRD vs. PUTW - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

CVRD vs. PUTW - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.77%, while PUTW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CVRD Madison Covered Call ETF	7.77%	7.63%	15.70%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PUTW WisdomTree Equity Premium Income Fund	0.00%	4.16%	11.99%	7.63%	2.16%	0.00%	1.43%	1.47%	5.49%	3.33%	2.27%

Frequently Asked Questions

Can I hold both CVRD and PUTW in my portfolio?

CVRD and PUTW have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.