CVRD vs. TEXN

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and TEXN (iShares Texas Equity ETF) are both Large Cap Blend Equities funds. CVRD is actively managed, while TEXN is passively managed. At a 0.50 correlation, their price movements are largely independent. CVRD charges 0.90%/yr vs 0.20%/yr for TEXN.

Performance

CVRD vs. TEXN - Performance Comparison

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

Returns By Period

In the year-to-date period, CVRD achieves a 2.84% return, which is significantly lower than TEXN's 25.94% return.

CVRD

• 1D: -0.97%
• 1M: -0.17%
• YTD: 2.84%
• 6M: 3.26%
• 1Y: 9.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TEXN

• 1D: -0.24%
• 1M: 5.35%
• YTD: 25.94%
• 6M: 24.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVRD vs. TEXN - Yearly Performance Comparison

	2026 (YTD)	2025
CVRD Madison Covered Call ETF	2.84%	4.35%
TEXN iShares Texas Equity ETF	25.94%	8.16%

Correlation

The correlation between CVRD and TEXN is 0.50, 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 Jun 25, 2025	0.50

CVRD vs. TEXN - Sectors Allocation Comparison

Sectors	CVRD	TEXN
Technology	35.5%	15.5%
Financial Services	11.2%	4.1%
Consumer Defensive	9.8%	2.1%
Consumer Cyclical	9.1%	10.8%
Communication Services	7.9%	3.6%
Industrials	7.3%	16.9%
Energy	7.1%	36.1%
Healthcare	6.8%	2.9%
Real Estate	3.0%	4.2%
Basic Materials	2.4%	0.8%
Utilities	2.2%	2.9%

Return for Risk

CVRD vs. TEXN — Risk / Return Rank

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

CVRD

CVRD Risk / Return Rank: 30
CVRD Sharpe Ratio Rank: 27
CVRD Sortino Ratio Rank: 26
CVRD Omega Ratio Rank: 26
CVRD Calmar Ratio Rank: 33
CVRD Martin Ratio Rank: 35

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. TEXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and iShares Texas Equity ETF (TEXN). 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	TEXN	Difference
Sharpe ratio: Return per unit of total volatility	0.97	—	—
Sortino ratio: Return per unit of downside risk	1.39	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.63	—	—
Martin ratio: Return 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.

Sharpe Ratios by Period

	CVRD	TEXN	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	2.75	-2.16

Drawdowns

CVRD vs. TEXN - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than TEXN's maximum drawdown of -6.34%. Use the drawdown chart below to compare losses from any high point for CVRD and TEXN.

Drawdown Indicators

	CVRD	TEXN	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-6.34%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	—	—
Current Drawdown Current decline from peak	-1.47%	-0.24%	-1.23%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.12%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	—	—

Volatility

Volatility by Period

	CVRD	TEXN	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%	14.19%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	14.19%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	14.19%	-2.37%

CVRD vs. TEXN - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than TEXN's 0.20% expense ratio.

Dividends

CVRD vs. TEXN - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, more than TEXN's 1.01% yield.

Position	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.54%	7.63%	15.70%	1.50%
TEXN iShares Texas Equity ETF	1.01%	0.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVRD and TEXN in my portfolio?

CVRD and TEXN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CVRD or TEXN?

On fees, TEXN is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVRD or TEXN?

TEXN is cheaper with a 0.20% expense ratio, compared with 0.90% for CVRD.

Which ETF pays a higher dividend yield, CVRD or TEXN?

CVRD has the higher dividend yield at 7.54%, compared with 1.01% for TEXN.

What is the main difference between CVRD and TEXN?

They also come from different issuers: Madison and iShares. Their fees differ too: 0.90% for CVRD and 0.20% for TEXN.