Which paid more, CVRD or PAPI?

Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and PAPI paid 8.2%, so PAPI 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 PAPI?

With every distribution reinvested, CVRD returned +12.7% and PAPI +23.4% over the year to Nov 4, 2026.

Which is cheaper, CVRD or PAPI?

CVRD charges 0.90% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

CVRD vs PAPI: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, PAPI paid 8.2% of its price in cash against CVRD’s 7.7%, and returned more with it reinvested.

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Net assets on Jun 30, 2026: $32m for Madison Covered Call ETF and $400m for Parametric Equity Premium Income ETF.

CVRD on its own →PAPI on its own →

At a glance

7.7%

CVRD cash paid, 1 year

8.2%

PAPI cash paid, 1 year

+12.7%

CVRD total return, 1 year

+23.4%

PAPI 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% 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.

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Both charts share one scale, 0 to +32.8%. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.61 points a year less; their one-year returns differ by 10.7 points; PAPI is 12.5 times larger.

Points (pts) are percentage points.

CVRD vs PAPI: Dividend Yield & Total Return
Measure	CVRD	PAPI
Paid and earned
Measure	CVRD	PAPI
Total return, 1 year	+12.7%	+23.4%
Price change, 1 year	rose 4.3%	rose 14.3%
Against its benchmark
Measure	CVRD	PAPI
Benchmark	its own stocks	iShares Russell 1000 Value ETF, measured through IWD
Cost and size
Measure	CVRD	PAPI
Expense ratio	0.90%	0.29%
Net assets, as of Jun 30, 2026	$32m	$400m
Holdings
Measure	CVRD	PAPI
Holdings in common	5%

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

IQ Income Score80.5CVRD96.1PAPI

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

PAPI 96.1

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 PAPI hold 5% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

5% in common

Positions both hold · largest shared weight first CVRD PAPI

QUALCOMM Inc 2.02% 0.58%

Archer-Daniels-Midland Co 4.54% 0.57%

Danaher Corp 4.29% 0.56%

Labcorp Holdings Inc 2.19% 0.54%

Stryker Corp 1.97% 0.48%

Salesforce Inc 2.45% 0.46%

PepsiCo Inc 3.05% 0.46%

Comcast Corp 2.33% 0.39%

Microsoft Corp 3.85% 0.39%

Accenture PLC 2.06% 0.37%

Only in one fund ↓

Only in CVRD

Palo Alto Networks Inc 4.80%

Amazon.com Inc 4.03%

Agilent Technologies Inc 3.95%

Visa Inc 3.65%

Broadcom Inc 3.55%

Union Pacific Corp 3.15%

Blackrock Inc 3.01%

American Tower Corp 2.97%

Only in PAPI

Corning, Inc. 1.00%

TD SYNNEX Corp. 0.80%

Cisco Systems, Inc. 0.76%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Texas Instruments, Inc. 0.70%

Check overlap with more funds →

Side by side

CVRD Madison Covered Call ETF · Covered call on its own stocks, paying quarterly PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly

Issuer Madison Parametric

Strategy covered call covered call

Benchmark CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) iShares Russell 1000 Value ETF (IWD)

Pays quarterly monthly

Payout rate, annualized 6.3% 6.8%

Expense ratio 0.90% 0.29%

Cash paid, 1 year 7.7% 8.2%

Price change, 1 year +4.3% +14.3%

Total return, 1 year +12.7% +23.4%

Benchmark return, 1 year +23.1% +32.8%

Ahead or behind −10.4 pts −9.4 pts

Return of capital, latest estimate not published not published

Age 3.2 years 3.0 years

Net assets, as of Jun 30, 2026 $32m $400m

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 PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CVRD	PAPI	CVRD	PAPI	CVRD	PAPI
3 months	+5.7%	+6.6%	1.6%	1.8%	−0.8 pts	+2.6 pts
6 months	+5.8%	+13.2%	3.2%	3.9%	−3.8 pts	−0.7 pts
1 year	+12.7%	+23.4%	7.7%	8.2%	−10.4 pts	−9.4 pts
3 years	+26.9%	+44.5%	27.7%	23.7%	not measured	−39.8 pts
Since launchNot the same days: CVRD Aug 2023 · PAPI Oct 2023	+27.2%	+45.5%	27.8%	23.9%	not measured	−42.4 pts

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Alert

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.

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

Questions people ask

Which paid more, CVRD or PAPI?: Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and PAPI paid 8.2%, so PAPI 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 PAPI?: With every distribution reinvested, CVRD returned +12.7% and PAPI +23.4% over the year to Nov 4, 2026.
Which is cheaper, CVRD or PAPI?: CVRD charges 0.90% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

CVRD vs KNG CVRD vs QQDH CVRD vs RECI CVRD vs TMGN PAPI vs HEMI PAPI vs JUDO PAPI vs RNTY PAPI vs SCEP

Where to next

iShares Russell 1000 Value ETF (IWD) →CVRD on its own →PAPI on its own →CVRD dividend history →CVRD holdings →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

CVRD filings on SEC EDGAR ↗

CVRD prospectus with the expense ratio (SEC) ↗

Madison website ↗

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric 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.

Cite this pageCitation, APA and Markdown

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

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