PUTW vs. CVRD

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Equity Premium Income Fund (PUTW) and Madison Covered Call ETF (CVRD).

PUTW is a passively managed fund by WisdomTree that tracks the performance of the Volos U.S. Large Cap Target 2.5% PutWrite Index. It was launched on Feb 24, 2016. CVRD is an actively managed fund by Madison. It was launched on Aug 21, 2023.

Performance

PUTW vs. CVRD - Performance Comparison

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

PUTW vs. CVRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PUTW WisdomTree Equity Premium Income Fund	-1.66%	14.45%	17.18%	4.10%
CVRD Madison Covered Call ETF	-1.23%	5.94%	4.90%	5.15%

Returns By Period

In the year-to-date period, PUTW achieves a -1.66% return, which is significantly lower than CVRD's -1.23% return.

PUTW

• 1D: 2.60%
• 1M: -3.50%
• YTD: -1.66%
• 6M: 1.99%
• 1Y: 15.64%
• 3Y*: 13.04%
• 5Y*: 9.37%
• 10Y*: 7.80%

CVRD

• 1D: 1.48%
• 1M: -3.81%
• YTD: -1.23%
• 6M: 0.71%
• 1Y: 9.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PUTW vs. CVRD - Expense Ratio Comparison

PUTW has a 0.44% expense ratio, which is lower than CVRD's 0.90% expense ratio.

CVRD

Madison Covered Call ETF

PUTW

WisdomTree Equity Premium Income Fund

Return for Risk

PUTW vs. CVRD — Risk / Return Rank

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

PUTW

PUTW Risk / Return Rank: 72
PUTW Sharpe Ratio Rank: 63
PUTW Sortino Ratio Rank: 67
PUTW Omega Ratio Rank: 74
PUTW Calmar Ratio Rank: 72
PUTW Martin Ratio Rank: 85

CVRD

CVRD Risk / Return Rank: 35
CVRD Sharpe Ratio Rank: 32
CVRD Sortino Ratio Rank: 33
CVRD Omega Ratio Rank: 38
CVRD Calmar Ratio Rank: 33
CVRD Martin Ratio Rank: 41

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.

PUTW vs. CVRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Equity Premium Income Fund (PUTW) 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.

	PUTW	CVRD	Difference
Sharpe ratio Return per unit of total volatility	1.10	0.60	+0.49
Sortino ratio Return per unit of downside risk	1.65	0.96	+0.68
Omega ratio Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio Return relative to maximum drawdown	1.62	0.83	+0.79
Martin ratio Return relative to average drawdown	8.70	3.92	+4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PUTW vs. CVRD - Sharpe Ratio Comparison

The current PUTW Sharpe Ratio is 1.10, which is higher than the CVRD Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of PUTW and CVRD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PUTW	CVRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	0.60	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.48	+0.13

Correlation

The correlation between PUTW and CVRD is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PUTW vs. CVRD - Dividend Comparison

PUTW's dividend yield for the trailing twelve months is around 12.37%, more than CVRD's 7.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PUTW WisdomTree Equity Premium Income Fund	12.37%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%
CVRD Madison Covered Call ETF	7.85%	7.63%	15.70%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PUTW vs. CVRD - Drawdown Comparison

The maximum PUTW drawdown since its inception was -28.40%, which is greater than CVRD's maximum drawdown of -17.95%. Use the drawdown chart below to compare losses from any high point for PUTW and CVRD.

Drawdown Indicators

	PUTW	CVRD	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-17.95%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-12.01%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-4.73%	-3.91%	-0.82%
Average Drawdown Average peak-to-trough decline	-3.48%	-2.06%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.55%	-0.70%

Volatility

PUTW vs. CVRD - Volatility Comparison

WisdomTree Equity Premium Income Fund (PUTW) has a higher volatility of 4.77% compared to Madison Covered Call ETF (CVRD) at 3.35%. This indicates that PUTW'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

	PUTW	CVRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	3.35%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	7.62%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	16.08%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	11.98%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.23%	11.98%	+1.25%