Which paid more, CVRD or OVLH?

Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and OVLH paid 0.3%, so CVRD 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 OVLH?

With every distribution reinvested, CVRD returned +12.7% and OVLH +7.0% over the year to Nov 4, 2026.

Which is cheaper, CVRD or OVLH?

CVRD charges 0.90% a year and OVLH charges 0.80%, so OVLH is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

CVRD vs OVLH: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, CVRD paid 7.7% of its price in cash against OVLH’s 0.3%, and returned more with it reinvested.

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Net assets: $32m on Jun 30, 2026 for Madison Covered Call ETF, and $109m on Aug 31, 2026 for Overlay Shares Hedged Large Cap Equity ETF.

CVRD on its own →OVLH on its own →

At a glance

7.7%

CVRD cash paid, 1 year

0.3%

OVLH cash paid, 1 year

+12.7%

CVRD total return, 1 year

+7.0%

OVLH total return, 1 year

CVRD · 1 year to Nov 4, 2026 10.4 pts behind its own stocks

CVRD

+12.7%

Own

+23.1%

10.4 pts behind its own stocks

CVRD over 1 year: paid 7.7%, price +4.3%, total +12.7%, its own stocks +23.1%, −10.4 pts. Data to Nov 4, 2026.

its own stocks

+23.1%

CVRD

+12.7%

7.7% of it arrived as cash

10.4 pts behind its own stocks

Total return, distributions reinvested

10.4 pts behind its own stocks

CVRD over 1 year: paid 7.7%, price +4.3%, total +12.7%, its own stocks +23.1%, −10.4 pts. Data to Nov 4, 2026.

its own stocks

+23.1%

CVRD

+12.7%

10.4 pts behind its own stocks

7.7% of it arrived as cash. Total return, distributions reinvested. CVRD over 1 year: paid 7.7%, price +4.3%, total +12.7%, its own stocks +23.1%, −10.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

OVLH · 1 year to Nov 4, 2026 7.8 pts behind VOO

OVLH

+7.0%

VOO

+14.8%

7.8 pts behind VOO

OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

OVLH

+7.0%

7.8 pts behind VOO

Total return, distributions reinvested

7.8 pts behind VOO

OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

OVLH

+7.0%

7.8 pts behind VOO

0.3% of it arrived as cash. Both charts share one scale, 0 to +23.1%. OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +23.1%. Data to Nov 4, 2026.

Pair scorecard

OVLH costs 0.10 points a year less; their one-year returns differ by 5.7 points.

Points (pts) are percentage points.

CVRD vs OVLH: Dividend Yield & Total Return
Measure	CVRD	OVLH
Paid and earned
Measure	CVRD	OVLH
Total return, 1 year	+12.7%	+7.0%
Price change, 1 year	rose 4.3%	rose 6.7%
Return of capital, issuer estimate		38% of the Dec 29, 2023 payment
Against its benchmark
Measure	CVRD	OVLH
Benchmark	its own stocks	Vanguard S&P 500 ETF, measured through VOO
Cost and size
Measure	CVRD	OVLH
Expense ratio	0.90%	0.80%
Net assets, CVRD as of Jun 30, 2026 and OVLH as of Aug 31, 2026	$32m	$109m
Holdings
Measure	CVRD	OVLH
Holdings in common	0%

ETFIQ Distribution Coverage Score · OVLH scores higher How much of what it paid out did its total return cover?

IQ Income Score80.5CVRD99.7OVLH

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

CVRD 80.5

OVLH 99.7

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

What they share

By the books each fund has filed, CVRD and OVLH hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first CVRD OVLH

Only in one fund ↓

Only in CVRD

Palo Alto Networks Inc 4.80%

Archer-Daniels-Midland Co 4.54%

Danaher Corp 4.29%

Amazon.com Inc 4.03%

Agilent Technologies Inc 3.95%

Microsoft Corp 3.85%

Visa Inc 3.65%

Broadcom Inc 3.55%

Only in OVLH

Vanguard S&P 500 ETF 97.79%

Check overlap with more funds →

Side by side

CVRD Madison Covered Call ETF · Covered call on its own stocks, paying quarterly OVLH Overlay Shares Hedged Large Cap Equity ETF · Put-selling overlay, hedged on VOO, paying annually

Issuer Madison Overlay Shares

Strategy covered call put-selling overlay, hedged

Benchmark CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) Vanguard S&P 500 ETF (VOO)

Pays quarterly annual

Payout rate, annualized 6.3% 0.3%

Expense ratio 0.90% 0.80%

Cash paid, 1 year 7.7% 0.3%

Price change, 1 year +4.3% +6.7%

Total return, 1 year +12.7% +7.0%

Benchmark return, 1 year +23.1% +14.8%

Ahead or behind −10.4 pts −7.8 pts

Return of capital, latest estimate not published 38%

Age 3.2 years 5.8 years

Net assets, CVRD as of Jun 30, 2026 and OVLH as of Aug 31, 2026 $32m $109m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: CVRD vs OVLH: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CVRD	OVLH	CVRD	OVLH	CVRD	OVLH
3 months	+5.7%	−1.4%	1.6%	0.0%	−0.8 pts	−1.3 pts
6 months	+5.8%	+1.6%	3.2%	0.0%	−3.8 pts	−3.5 pts
1 year	+12.7%	+7.0%	7.7%	0.3%	−10.4 pts	−7.8 pts
3 years	+26.9%	+58.6%	27.7%	1.7%	not measured	−24.8 pts
Since launchNot the same days: CVRD Aug 2023 · OVLH Jan 2021	+27.2%	+73.9%	27.8%	3.2%	not measured	−47.2 pts

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About each fund

CVRD

Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting value in cash distributions while its price rose 4.3%. With every distribution reinvested, the fund returned +12.7%. CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +23.1% over the same days, so a holder was behind by 10.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.3%, paid quarterly.

OVLH

Over the year to Nov 4, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 6.7%. With every distribution reinvested, the fund returned +7.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 7.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 0.3%, paid annually. Overlay Shares estimates that 38% of the distribution paid Dec 29, 2023 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which paid more, CVRD or OVLH?: Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and OVLH paid 0.3%, so CVRD 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 OVLH?: With every distribution reinvested, CVRD returned +12.7% and OVLH +7.0% over the year to Nov 4, 2026.
Which is cheaper, CVRD or OVLH?: CVRD charges 0.90% a year and OVLH charges 0.80%, so OVLH is cheaper. Fees come from each fund's prospectus.

Other comparisons

CVRD vs OVL CVRD vs XPAY CVRD vs XIJN CVRD vs SDTY OVLH vs HEMI OVLH vs JUDO OVLH vs RNTY OVLH vs SCEP

Where to next

Vanguard S&P 500 ETF (VOO) →CVRD on its own →OVLH on its own →CVRD dividend history →CVRD holdings →OVLH dividend history →OVLH holdings →Method →Standards and sources →

Sources and dates

CVRD filings on SEC EDGAR ↗

CVRD prospectus with the expense ratio (SEC) ↗

Madison website ↗

OVLH filings on SEC EDGAR ↗

OVLH prospectus with the expense ratio (SEC) ↗

OVLH 19a-1 distribution notice ↗

Overlay Shares website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, CVRD against OVLH, data as of Nov 4, 2026. https://etfiq.com/compare/income/cvrd-vs-ovlh

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.