Data as of .
CVRD vs OVL: which paid, and which earned it?
Over the year OVL paid 8.9% of its price in cash against CVRD’s 7.4%, and returned more with it reinvested.
ETFIQ Return Stability Score: OVL scores higher
Was the payout funded by returns, or by your own capital?
A percentile among the 173 income ETFs writing on an index or proxy. It is a position in a set, not a rating, and neither end of it is a recommendation. All income ETFs ranked by it · How it is computed
What they hold in common
By the books each fund has filed, CVRD and OVL hold 0% of their money in the same securities at the same weight.
| Only in CVRD | Only in OVL |
|---|---|
| Palo Alto Networks Inc 4.84% | Vanguard S&P 500 ETF 100.00% |
| Archer-Daniels-Midland Co 4.58% | |
| Danaher Corp 4.32% | |
| Amazon.com Inc 4.06% | |
| Agilent Technologies Inc 3.98% | |
| Microsoft Corp 3.88% | |
| Visa Inc 3.68% | |
| Broadcom Inc 3.57% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| CVRD | OVL | CVRD | OVL | CVRD | OVL | |
| 3 months | +4.0% | +2.3% | 1.7% | 2.6% | +1.7 pts | 0.0 pts |
| 6 months | +5.7% | +18.8% | 3.3% | 5.7% | −12.3 pts | +0.7 pts |
| 1 year | +5.6% | +19.2% | 7.4% | 8.9% | −11.0 pts | +2.6 pts |
| 3 years | +19.5% | +86.2% | 25.9% | 21.1% | −58.9 pts | +7.8 pts |
| Since launch | +21.1% | +203.4% | 26.3% | 47.2% | −59.8 pts | +16.1 pts |
| CVRD Madison Covered Call ETF Covered call on SPY, paying quarterly | OVL Overlay Shares Large Cap Equity ETF Put-selling overlay on SPY, paying monthly | |
|---|---|---|
| Issuer | Madison | Overlay Shares |
| Strategy | covered call | put-selling overlay |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | quarterly | monthly |
| Payout rate, annualized | 6.5% | 10.4% |
| Expense ratio | 0.92% | not published |
| Cash paid, 1 year | 7.4% | 8.9% |
| Price change, 1 year | −2.2% | +9.4% |
| Total return, 1 year | +5.6% | +19.2% |
| Benchmark return, 1 year | +16.6% | +16.6% |
| Ahead or behind | −11.0 pts | +2.6 pts |
| Return of capital, latest estimate | not published | not published |
| Age | 1123 days | 2544 days |
| Net assets | $32m | $276m |
CVRD in plain words
Over the year to Sep 18, 2026, CVRD paid 7.4% of its starting value in cash distributions while its price fell 2.2%. With every distribution reinvested, the fund returned +5.6%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 11.0 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 6.5%, paid quarterly.
OVL in plain words
Over the year to Sep 18, 2026, OVL paid 8.9% of its starting value in cash distributions while its price rose 9.4%. With every distribution reinvested, the fund returned +19.2%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was ahead by 2.6 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 10.4%, paid monthly.
Questions people ask
- Which paid more, CVRD or OVL?
- Over the year to Sep 18, 2026, CVRD paid 7.4% of its starting price in cash and OVL paid 8.9%, so OVL paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, CVRD or OVL?
- With every distribution reinvested, CVRD returned +5.6% and OVL returned +19.2% over the year to Sep 18, 2026, so OVL returned more.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CVRD against OVL, data as of Sep 18, 2026. https://etfiq.com/compare/income/cvrd-vs-ovl Free to use with attribution; the underlying files are at Open data.