CVRD vs. UJUN

Last updated Jun 4, 2026

CVRD (Madison Covered Call ETF) and UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) are both Large Cap Blend Equities funds. CVRD is actively managed, while UJUN is passively managed. Over the past year, CVRD returned 9.30% vs 10.04% for UJUN. A 0.67 correlation means they provide meaningful diversification when combined. CVRD charges 0.90%/yr vs 0.79%/yr for UJUN.

Performance

CVRD vs. UJUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call ETF (CVRD) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). 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 UJUN's 3.32% return.

CVRD

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

UJUN

• 1D: -0.30%
• 1M: 0.45%
• YTD: 3.32%
• 6M: 4.16%
• 1Y: 10.04%
• 3Y*: 11.26%
• 5Y*: 6.38%
• 10Y*: —

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

CVRD vs. UJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRD Madison Covered Call ETF	2.84%	5.94%	4.90%	5.15%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	3.32%	10.63%	12.49%	5.55%

Correlation

The correlation between CVRD and UJUN is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.67

The correlation between CVRD and UJUN has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

CVRD vs. UJUN - Sectors Allocation Comparison

Sectors	CVRD	UJUN
Technology	35.5%	36.2%
Financial Services	11.2%	11.9%
Consumer Defensive	9.8%	4.9%
Consumer Cyclical	9.1%	10.1%
Communication Services	7.9%	10.9%
Industrials	7.3%	8.1%
Energy	7.1%	3.5%
Healthcare	6.8%	8.4%
Real Estate	3.0%	1.9%
Basic Materials	2.4%	1.8%
Utilities	2.2%	2.3%

Return for Risk

CVRD vs. UJUN — 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

UJUN

UJUN Risk / Return Rank: 81
UJUN Sharpe Ratio Rank: 73
UJUN Sortino Ratio Rank: 81
UJUN Omega Ratio Rank: 88
UJUN Calmar Ratio Rank: 72
UJUN Martin Ratio Rank: 91

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. UJUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call ETF (CVRD) and Innovator U.S. Equity Ultra Buffer ETF - June (UJUN). 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	UJUN	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.40	-1.43
Sortino ratio: Return per unit of downside risk	1.39	3.66	-2.26
Omega ratio: Gain probability vs. loss probability	1.18	1.55	-0.37
Calmar ratio: Return relative to maximum drawdown	1.63	3.55	-1.92
Martin ratio: Return relative to average drawdown	5.17	21.84	-16.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVRD vs. UJUN - Sharpe Ratio Comparison

The current CVRD Sharpe Ratio is 0.97, which is lower than the UJUN Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of CVRD and UJUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVRD	UJUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.40	-1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.77	-0.19

Drawdowns

CVRD vs. UJUN - Drawdown Comparison

The maximum CVRD drawdown since its inception was -17.95%, which is greater than UJUN's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for CVRD and UJUN.

Drawdown Indicators

	CVRD	UJUN	Difference
Max Drawdown Largest peak-to-trough decline	-17.95%	-13.73%	-4.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-2.84%	-2.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.96%	—
Current Drawdown Current decline from peak	-1.47%	-0.30%	-1.17%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.07%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.46%	+1.34%

Volatility

CVRD vs. UJUN - Volatility Comparison

Madison Covered Call ETF (CVRD) has a higher volatility of 2.61% compared to Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) at 0.41%. This indicates that CVRD's price experiences larger fluctuations and is considered to be riskier than UJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRD	UJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	0.41%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	3.25%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	4.25%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	8.32%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	8.77%	+3.05%

CVRD vs. UJUN - Expense Ratio Comparison

CVRD has a 0.90% expense ratio, which is higher than UJUN's 0.79% expense ratio.

Dividends

CVRD vs. UJUN - Dividend Comparison

CVRD's dividend yield for the trailing twelve months is around 7.54%, while UJUN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CVRD Madison Covered Call ETF	7.54%	7.63%	15.70%	1.50%	0.00%	0.00%	0.00%	0.00%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%

Frequently Asked Questions

Can I hold both CVRD and UJUN in my portfolio?

CVRD and UJUN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVRD or UJUN?

CVRD has higher volatility (2.61%) compared to UJUN (0.41%). In terms of maximum drawdown, CVRD dropped -17.95% vs UJUN's -13.73%.

Which ETF is better, CVRD or UJUN?

On 1-year performance, UJUN leads with 10.04% vs 9.30% for CVRD. On fees, UJUN is cheaper at 0.79% per year. On volatility, UJUN has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRD or UJUN?

Over the 1-year period, UJUN has performed better with a 10.04% return vs 9.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRD or UJUN?

UJUN is cheaper with a 0.79% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.54%, compared with 0.00% for UJUN.

What is the main difference between CVRD and UJUN?

They also come from different issuers: Madison and Innovator. Their fees differ too: 0.90% for CVRD and 0.79% for UJUN.

Which has better risk-adjusted returns?

UJUN currently has the higher Sharpe Ratio (2.40 vs 0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.