Madison Covered Call ETF (CVRD) Performance
CVRD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.5% since Dec 31, 2025
- 1 year
- +6.8% total return
- 3 years
- +8.8% a year
- Since first price
- +7.1% a year since 2023
CVRD trailing returns vs SPY, QQQ, AGG
| Period | CVRD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +3.0% | +1.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +6.4% | +4.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.5% | +1.0% | +7.8% | +8.4% | −1.5% |
| YTD | +6.5% | +1.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +6.8% | −1.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +28.7%+8.8%/yr | −3.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionAug 22, 2023 | +24.4%+7.1%/yr | −6.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CVRD vs SPY
From Aug 22, 2023: CVRD grew to $12,440, SPY to $18,049.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CVRD returns by calendar year
2 of 2 full years positive. Best 2025 (+5.9%), worst 2024 (+4.9%). 2026 is year to date.
CVRD annual returns table
| Year | CVRD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.5% | −5.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +5.9% | −16.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.9% | −4.2% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CVRD largest drawdowns
Now 0.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 2, 2024 | −18.0% | Apr 8, 2025 | Jul 1, 2025 | 4 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CVRD risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +6.8% | +5.3% |
| Volatility (annualized) | 9.3% | 9.5% |
| Sharpe ratio | 0.28 | 0.13 |
| Sortino ratio | 0.42 | 0.18 |
| Best month | +5.5% | +5.5% |
| Worst month | −5.1% | −5.1% |
| Best 12 months | +17.8% | +17.8% |
| Worst 12 months | −2.5% | −2.5% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 0.57 | — |
| Correlation with S&P 500 | 0.76 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CVRD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 27 | −2.5% | +5.9% | +17.8% | 93% |
| 3-year (a year) | 3 | +6.6% | +6.8% | +8.5% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
CVRD performance overview
Madison Covered Call ETF (CVRD) returned +6.8% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +7.1% a year, turning $10,000 into about $12,440. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −18.0%, from Dec 2, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 9.5% a year.
Related: CVRD chart, CVRD holdings, CVRD dividends, CVRD valuation. See the CVRD overview for the latest quote and fund facts.
CVRD performance FAQ
What is the CVRD return over the past year?
CVRD returned +6.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.1%.
How much would $10,000 invested in CVRD be worth?
$10,000 invested in CVRD at its first recorded close on August 22, 2023 would be worth about $12,440 on October 23, 2026 with distributions reinvested.
What was the worst year for CVRD?
The worst calendar year was 2024, with a total return of +4.9%. The best was 2025 at +5.9%.
What is the biggest drawdown of CVRD?
The largest peak-to-trough decline was −18.0% between December 2, 2024 and April 8, 2025. It recovered to the old high on July 1, 2025, 3 months after the bottom.
How volatile is CVRD?
Over the past 3 years CVRD had an annualized volatility of 9.3% and a Sharpe ratio of 0.28 (excess return over 1–3 month T-bills per unit of risk).