DIVL vs. CVRD

Last updated Aug 4, 2026

DIVL (Madison Dividend Value ETF) and CVRD (Madison Covered Call ETF) are both exchange-traded funds - DIVL is a Large Cap Value Equities fund actively managed by Madison, while CVRD is a Derivative Income fund actively managed by Madison. Both are actively managed. Over the past year, DIVL returned 16.05% vs 7.20% for CVRD. Their 0.74 correlation means they have sometimes moved together and sometimes differently. DIVL charges 0.65%/yr vs 0.90%/yr for CVRD.

Performance

DIVL vs. CVRD - Performance Comparison

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

Returns By Period

In the year-to-date period, DIVL achieves a 11.08% return, which is significantly higher than CVRD's 2.56% return.

DIVL

• 1D: -0.37%
• 1M: 1.91%
• 6M: 3.55%
• YTD: 11.08%
• 1Y: 16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.50%

CVRD

• 1D: -0.27%
• 1M: 2.03%
• 6M: 0.20%
• YTD: 2.56%
• 1Y: 7.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVRD Madison Covered Call ETF	$200.88K	$121.50K	$51.62K
DIVL Madison Dividend Value ETF	$12.58K	$17.74K	$9.82K

DIVL vs. CVRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIVL Madison Dividend Value ETF	11.08%	9.83%	8.81%	2.67%
CVRD Madison Covered Call ETF	2.56%	5.94%	4.90%	4.74%

Correlation

The correlation between DIVL and CVRD is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.74

The correlation between DIVL and CVRD shifts across timeframes, from 0.59 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

DIVL vs. CVRD - Sectors Allocation Comparison

Sectors	DIVL	CVRD
Industrials	16.7%	8.3%
Financial Services	15.6%	11.9%
Energy	15.2%	5.9%
Healthcare	14.2%	12.5%
Consumer Defensive	12.7%	10.2%
Technology	7.8%	26.6%
Consumer Cyclical	7.8%	9.0%
Utilities	4.1%	2.5%
Basic Materials	3.0%	2.2%
Real Estate	2.9%	3.0%
Communication Services	-	7.9%

Return for Risk

DIVL vs. CVRD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DIVL

DIVL Risk / Return Rank: 57
DIVL Sharpe Ratio Rank: 57
DIVL Sortino Ratio Rank: 61
DIVL Omega Ratio Rank: 55
DIVL Calmar Ratio Rank: 61
DIVL Martin Ratio Rank: 51

CVRD

CVRD Risk / Return Rank: 31
CVRD Sharpe Ratio Rank: 30
CVRD Sortino Ratio Rank: 28
CVRD Omega Ratio Rank: 28
CVRD Calmar Ratio Rank: 35
CVRD Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DIVL vs. CVRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Value ETF (DIVL) and Madison Covered Call ETF (CVRD). 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.

	DIVL	CVRD	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.75	+0.75
Sortino ratio: Return per unit of downside risk	2.22	1.10	+1.12
Omega ratio: Gain probability vs. loss probability	1.26	1.14	+0.13
Calmar ratio: Return relative to maximum drawdown	2.33	1.26	+1.06
Martin ratio: Return relative to average drawdown	6.36	3.27	+3.09

DIVL vs. CVRD - Sharpe Ratio Comparison

The current DIVL Sharpe Ratio is 1.50, which is higher than the CVRD Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of DIVL and CVRD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DIVL vs. CVRD - Drawdown Comparison

The maximum DIVL drawdown since its inception was -14.06%, smaller than the maximum CVRD drawdown of -17.95%. Use the drawdown chart below to compare losses from any high point for DIVL and CVRD.

Drawdown Indicators

	DIVL	CVRD	Difference
Max Drawdown Largest peak-to-trough decline	-14.06%	-17.95%	+3.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-5.72%	-1.21%
Current Drawdown Current decline from peak	-1.36%	-1.74%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.57%	-2.07%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.21%	+0.32%

Volatility

DIVL vs. CVRD - Volatility Comparison

Madison Dividend Value ETF (DIVL) has a higher volatility of 2.90% compared to Madison Covered Call ETF (CVRD) at 2.26%. This indicates that DIVL's price experiences larger fluctuations and is considered to be riskier than CVRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVL	CVRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.26%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	6.97%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	9.72%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	11.68%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	11.68%	+0.60%

DIVL vs. CVRD - Expense Ratio Comparison

DIVL has a 0.65% expense ratio, which is lower than CVRD's 0.90% expense ratio.

Dividends

DIVL vs. CVRD - Dividend Comparison

DIVL's dividend yield for the trailing twelve months is around 1.73%, less than CVRD's 7.69% yield.

Position	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.69%	7.63%	15.70%	1.50%
DIVL Madison Dividend Value ETF	1.73%	1.80%	2.19%	1.01%

Frequently Asked Questions

Can I hold both DIVL and CVRD in my portfolio?

DIVL and CVRD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVL or CVRD?

DIVL has higher volatility (2.90%) compared to CVRD (2.26%). In terms of maximum drawdown, DIVL dropped -14.06% vs CVRD's -17.95%.

Which ETF is better, DIVL or CVRD?

On 1-year performance, DIVL leads with 16.05% vs 7.20% for CVRD. On fees, DIVL is cheaper at 0.65% per year. On volatility, CVRD has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVL or CVRD?

Over the 1-year period, DIVL has performed better with a 16.05% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVL or CVRD?

DIVL is cheaper with a 0.65% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.69%, compared with 1.73% for DIVL.

What is the main difference between DIVL and CVRD?

DIVL is categorized as Large Cap Value Equities, while CVRD is Derivative Income. Their fees differ too: 0.65% for DIVL and 0.90% for CVRD.

Which has better risk-adjusted returns?

DIVL currently has the higher Sharpe Ratio (1.50 vs 0.75), 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.