CVRD vs SPY
Madison Covered Call ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CVRD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.92% | 0.09% | |
| AUM | $32M | $821.1B | |
| Dividend Yield | 7.65% | 1.01% | |
| Holdings | 65 | 505 | |
| YTD Return | +5.79% | +14.47% | |
| 1Y Return | +8.25% | +21.96% | |
| 3Y Return (annualized) | +7.44% | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 9.3% | 15.3% | |
| Max Drawdown | -17.9% | -56.5% | |
| Fund Family | Madison Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Aug 21, 2023 | Jan 22, 1993 |
CVRD vs SPY Performance
Madison Covered Call ETF (CVRD) is a ETF from Madison Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CVRD returned +8.25% while SPY returned +21.96%. Year to date, CVRD is up 5.79% versus a gain of 14.47% for SPY.
Over three years, CVRD compounded at +7.44% per year against +21.70% for SPY. Across the full 3-year window we track, SPY has the edge at +8.87% annualized vs +7.44%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.79. 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
CVRD and SPY share 31 holdings out of 506 unique holdings combined, representing a 17.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $83 per year of difference.
Which performed better, CVRD or SPY?
Over the past year CVRD returned +8.25% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), CVRD annualized +7.44% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, CVRD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.3% for CVRD. Worst drawdown: CVRD -17.9% vs SPY -56.5%.
Should I hold both CVRD and SPY?
CVRD and SPY have a monthly-return correlation of 0.79, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CVRD and SPY?
CVRD and SPY share 31 common holdings with a 17.7% weight overlap. Combined, they hold 506 unique securities.
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.
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