CVRD vs. SPXM
CVRD (Madison Covered Call ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.47%/yr for SPXM.
Performance
CVRD vs. SPXM - Performance Comparison
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Returns By Period
CVRD
- 1D
- -0.97%
- 1M
- -0.17%
- YTD
- 2.84%
- 6M
- 3.26%
- 1Y
- 9.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXM
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- -0.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVRD vs. SPXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVRD Madison Covered Call ETF | 2.84% | 2.07% |
SPXM Azoria 500 Meritocracy ETF | 0.00% | 9.16% |
Correlation
The correlation between CVRD and SPXM is 0.42, 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 Jul 9, 2025 | 0.42 |
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Return for Risk
CVRD vs. SPXM — Risk / Return Rank
CVRD
SPXM
CVRD vs. SPXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Azoria 500 Meritocracy ETF (SPXM). 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.
| CVRD | SPXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.18 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | — | — |
| Martin ratioReturn relative to average drawdown | 5.17 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVRD | SPXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.56 | -0.98 |
Drawdowns
CVRD vs. SPXM - Drawdown Comparison
The maximum CVRD drawdown since its inception was -17.95%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for CVRD and SPXM.
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Drawdown Indicators
| CVRD | SPXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.95% | -5.08% | -12.87% |
Max Drawdown (1Y)Largest decline over 1 year | -5.72% | — | — |
Current DrawdownCurrent decline from peak | -1.47% | -0.75% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -2.00% | -0.79% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | — | — |
Volatility
CVRD vs. SPXM - Volatility Comparison
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Volatility by Period
| CVRD | SPXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.71% | 8.18% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.82% | 8.18% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.82% | 8.18% | +3.64% |
CVRD vs. SPXM - Expense Ratio Comparison
CVRD has a 0.90% expense ratio, which is higher than SPXM's 0.47% expense ratio.
Dividends
CVRD vs. SPXM - Dividend Comparison
CVRD's dividend yield for the trailing twelve months is around 7.54%, more than SPXM's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CVRD Madison Covered Call ETF | 7.54% | 7.63% | 15.70% | 1.50% |
SPXM Azoria 500 Meritocracy ETF | 0.24% | 0.24% | 0.00% | 0.00% |
Frequently Asked Questions
CVRD and SPXM have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXM is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXM is cheaper with a 0.47% expense ratio, compared with 0.90% for CVRD.
CVRD has the higher dividend yield at 7.54%, compared with 0.24% for SPXM.
They also come from different issuers: Madison and Azoria. Their fees differ too: 0.90% for CVRD and 0.47% for SPXM.
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