MAGG vs. CVRD

Last updated Jun 23, 2026

MAGG (Madison Aggregate Bond ETF) and CVRD (Madison Covered Call ETF) are both exchange-traded funds - MAGG is a Intermediate Core Bond fund actively managed by Madison, while CVRD is a Large Cap Blend Equities fund actively managed by Madison. Both are actively managed. Over the past year, MAGG returned 4.71% vs 5.27% for CVRD. At a 0.20 correlation, their price movements are largely independent. MAGG charges 0.40%/yr vs 0.90%/yr for CVRD.

Performance

MAGG vs. CVRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Aggregate Bond ETF (MAGG) 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, MAGG achieves a 0.25% return, which is significantly higher than CVRD's -0.75% return.

MAGG

• 1D: -0.39%
• 1M: 0.71%
• YTD: 0.25%
• 6M: 0.51%
• 1Y: 4.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVRD

• 1D: -0.36%
• 1M: -3.96%
• YTD: -0.75%
• 6M: -0.53%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAGG vs. CVRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAGG Madison Aggregate Bond ETF	0.25%	7.28%	1.81%	4.39%
CVRD Madison Covered Call ETF	-0.75%	5.94%	4.90%	4.26%

Correlation

The correlation between MAGG and CVRD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 29, 2023	0.20

Return for Risk

MAGG vs. CVRD — Risk / Return Rank

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

MAGG

MAGG Risk / Return Rank: 34
MAGG Sharpe Ratio Rank: 34
MAGG Sortino Ratio Rank: 36
MAGG Omega Ratio Rank: 34
MAGG Calmar Ratio Rank: 34
MAGG Martin Ratio Rank: 34

CVRD

CVRD Risk / Return Rank: 18
CVRD Sharpe Ratio Rank: 17
CVRD Sortino Ratio Rank: 15
CVRD Omega Ratio Rank: 16
CVRD Calmar Ratio Rank: 21
CVRD Martin Ratio Rank: 23

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.

MAGG vs. CVRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Aggregate Bond ETF (MAGG) 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.

	MAGG	CVRD	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.55	+0.65
Sortino ratio: Return per unit of downside risk	1.84	0.82	+1.02
Omega ratio: Gain probability vs. loss probability	1.22	1.10	+0.12
Calmar ratio: Return relative to maximum drawdown	1.65	0.92	+0.73
Martin ratio: Return relative to average drawdown	4.83	2.77	+2.06

MAGG vs. CVRD - Sharpe Ratio Comparison

The current MAGG Sharpe Ratio is 1.20, which is higher than the CVRD Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of MAGG 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

MAGG vs. CVRD - Drawdown Comparison

The maximum MAGG drawdown since its inception was -4.56%, smaller than the maximum CVRD drawdown of -17.95%. Use the drawdown chart below to compare losses from any high point for MAGG and CVRD.

Drawdown Indicators

	MAGG	CVRD	Difference
Max Drawdown Largest peak-to-trough decline	-4.56%	-17.95%	+13.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-5.72%	+2.86%
Current Drawdown Current decline from peak	-1.43%	-4.90%	+3.47%
Average Drawdown Average peak-to-trough decline	-1.25%	-2.01%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.91%	-0.93%

Volatility

MAGG vs. CVRD - Volatility Comparison

The current volatility for Madison Aggregate Bond ETF (MAGG) is 0.87%, while Madison Covered Call ETF (CVRD) has a volatility of 2.74%. This indicates that MAGG experiences smaller price fluctuations and is considered to be less risky than CVRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAGG	CVRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	2.74%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	7.11%	-4.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	9.66%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.73%	11.79%	-7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.73%	11.79%	-7.06%

MAGG vs. CVRD - Expense Ratio Comparison

MAGG has a 0.40% expense ratio, which is lower than CVRD's 0.90% expense ratio.

Dividends

MAGG vs. CVRD - Dividend Comparison

MAGG's dividend yield for the trailing twelve months is around 4.73%, less than CVRD's 7.81% yield.

Position	TTM	2025	2024	2023
CVRD Madison Covered Call ETF	7.81%	7.63%	15.70%	1.50%
MAGG Madison Aggregate Bond ETF	4.73%	4.80%	5.13%	1.49%

Frequently Asked Questions

Can I hold both MAGG and CVRD in my portfolio?

MAGG and CVRD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAGG or CVRD?

CVRD has higher volatility (2.74%) compared to MAGG (0.87%). In terms of maximum drawdown, MAGG dropped -4.56% vs CVRD's -17.95%.

Which ETF is better, MAGG or CVRD?

On 1-year performance, CVRD leads with 5.27% vs 4.71% for MAGG. On fees, MAGG is cheaper at 0.40% per year. On volatility, MAGG has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAGG or CVRD?

Over the 1-year period, CVRD has performed better with a 5.27% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAGG or CVRD?

MAGG is cheaper with a 0.40% expense ratio, compared with 0.90% for CVRD.

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

CVRD has the higher dividend yield at 7.81%, compared with 4.73% for MAGG.

What is the main difference between MAGG and CVRD?

MAGG is categorized as Intermediate Core Bond, while CVRD is Large Cap Blend Equities. Their fees differ too: 0.40% for MAGG and 0.90% for CVRD.

Which has better risk-adjusted returns?

MAGG currently has the higher Sharpe Ratio (1.20 vs 0.55), 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.