Data as of Oct 28, 2026.
CVRD vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, CVRD returned +8.0% to SPY's +13.6%, and SPY charges 0.09% to CVRD's 0.92%.
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Net assets: $32m on Jun 30, 2026 for Madison Covered Call ETF, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.83 points a year less; their one-year returns differ by 5.6 points.
| Measure | CVRD | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.0% | +13.6% |
| Price change, 1 year | fell 0.1% | rose 12.4% |
| Latest payout, annualized | 6.4% | |
| Against its benchmark | ||
| What it tracks | Benchmark: its own stocks | S&P 500 Index |
| Against its benchmark, same days | behind by 8.0 pts | |
| Cost and size | ||
| Expense ratio | 0.92% | 0.09% |
| Net assets, CVRD as of Jun 30, 2026 and SPY as of Oct 27, 2026 | $32m | $814.8bn |
| Holdings | ||
| Holdings in common | 18% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method
What they share
By the books each fund has filed, CVRD and SPY hold 18% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.
half
18% in common
Only in one fund ↓
Side by side
CVRD and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
CVRD
Over the year to Oct 28, 2026, CVRD paid 7.5% of its starting value in cash distributions while its price fell 0.1%. With every distribution reinvested, the fund returned +8.0%. CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +16.0% over the same days, so a holder was behind by 8.0 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 6.4%, paid quarterly.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are CVRD and SPY in the same category?
- CVRD is an option-income ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, CVRD or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, CVRD returned +8.0% and SPY +13.6%.
- Which is cheaper, CVRD or SPY?
- SPY is cheaper, by 0.83 percentage points a year. That is about $83 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, CVRD against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/cvrd-vs-spy
ETFIQ. (Oct 28, 2026). CVRD against SPY. Retrieved from https://etfiq.com/compare/any/cvrd-vs-spy
[CVRD against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/cvrd-vs-spy)
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