CVRD vs SPY
Madison Covered Call ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVRD or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CVRD | SPY |
|---|---|---|
| Expense Ratio | 0.92% | 0.09%Best |
| AUM | $32M | $814.4B |
| Dividend Yield | 7.65% | 1.01% |
| Holdings | 65 | 505 |
| YTD Return | +5.53% | +13.34%Best |
| 1Y Return | +7.41% | +19.97%Best |
| 3Y Return (annualized) | +6.86% | +21.20%Best |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 9.2%Best | 12.8% |
| Max Drawdown | -17.9%Best | -18.8% |
| $10,000 over 3 years | $12,323 | $18,114Best |
| Fund Family | Madison Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 21, 2023 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Aug 22, 2023 to Sep 4, 2026 (3 years).
CVRD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
CVRD vs SPY Performance
Madison Covered Call ETF (CVRD) is an ETF from Madison Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CVRD returned +7.41% while SPY returned +19.97%. Year to date, CVRD is up 5.53% versus a gain of 13.34% for SPY.
Over three years, CVRD compounded at +6.86% per year against +21.20% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 9.2% for CVRD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -17.9% for CVRD and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVRD charges 0.92% per year while SPY charges 0.09%. On a $10,000 position that is $92 vs $9 annually, a gap of $83 per year that compounds over a long holding period. On income, CVRD currently yields 7.65% against 1.01% for SPY.
Holdings Overlap
At least 13.6% of SPY's money is in holdings CVRD also owns.
Stated as a floor: for CVRD, our book for it covers 94.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and CVRD share little of their money.
29 positions in common, counted across the 31 positions we hold weights for in CVRD and 504 in SPY, against full books of 65 and 505.
Top Shared Holdings
| Stock | Weight in CVRD | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 4.41% | 4.08% | 0.33% |
| AVGOBroadcom Inc | 3.49% | 2.97% | 0.52% |
| DHRDanaher Corporation | 4.97% | 0.18% | 4.79% |
| VVisa Inc Class A | 3.98% | 0.92% | 3.06% |
| AAgilent Technologies Inc | 4.76% | 0.06% | 4.70% |
| METAMeta Platform Inc | 2.60% | 1.94% | 0.66% |
| ADBEAdobe Systems | 3.82% | 0.16% | 3.66% |
| BLKBlackrock Funding Inc/De | 3.65% | 0.25% | 3.40% |
| UNPUnion Pacific Corp | 3.60% | 0.26% | 3.34% |
| PEPPepsico Inc. | 3.26% | 0.29% | 2.97% |
You are not choosing between two funds in isolation.
Whichever of CVRD and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CVRD or SPY?
CVRD has an expense ratio of 0.92% while SPY charges 0.09%. SPY is the cheaper option, by $83 a year on a $10,000 investment.
Which performed better, CVRD or SPY?
Over the past year CVRD returned +7.41% vs +19.97% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CVRD or SPY?
SPY has been the more volatile fund at 12.8% annualized versus 9.2% for CVRD. Worst drawdown: CVRD -17.9% vs SPY -18.8%.
Should I hold both CVRD and SPY?
CVRD and SPY have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CVRD and SPY?
At least 13.6% of SPY's money is in holdings CVRD also owns. Our book for CVRD is partial, so the real figure is this or higher. They hold 29 positions in common, counted across the 31 positions we hold weights for in CVRD and 504 in SPY.
Which pays a higher dividend, CVRD or SPY?
CVRD yields 7.65% while SPY yields 1.01%, so CVRD currently pays the higher dividend yield.
Is SPY better than CVRD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.