Data as of .
CVRD vs PAPI: which paid, and which earned it?
Over the year PAPI paid 7.9% of its price in cash against CVRD’s 7.4%, and returned more with it reinvested.
ETFIQ Return Stability Score: PAPI 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 PAPI hold 5% of their money in the same securities at the same weight.
| Holding | CVRD | PAPI |
|---|---|---|
| QUALCOMM Inc | 2.04% | 0.58% |
| Archer-Daniels-Midland Co | 4.58% | 0.58% |
| Danaher Corp | 4.32% | 0.56% |
| Labcorp Holdings Inc | 2.21% | 0.55% |
| Stryker Corp | 1.99% | 0.49% |
| Salesforce Inc | 2.47% | 0.46% |
| PepsiCo Inc | 3.07% | 0.46% |
| Comcast Corp | 2.35% | 0.40% |
| Microsoft Corp | 3.88% | 0.39% |
| Accenture PLC | 2.08% | 0.37% |
| Only in CVRD | Only in PAPI |
|---|---|
| Palo Alto Networks Inc 4.84% | Corning, Inc. 1.01% |
| Amazon.com Inc 4.06% | TD SYNNEX Corp. 0.81% |
| Agilent Technologies Inc 3.98% | Cisco Systems, Inc. 0.77% |
| Visa Inc 3.68% | Power Integrations, Inc. 0.73% |
| Broadcom Inc 3.57% | Royalty Pharma plc 0.73% |
| Union Pacific Corp 3.17% | Millicom International Cellular SA 0.72% |
| Blackrock Inc 3.03% | Avnet, Inc. 0.71% |
| American Tower Corp 2.99% | Texas Instruments, Inc. 0.71% |
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.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| CVRD | PAPI | CVRD | PAPI | CVRD | PAPI | |
| 3 months | +4.0% | +4.7% | 1.7% | 2.0% | +1.7 pts | +2.5 pts |
| 6 months | +5.7% | +5.6% | 3.3% | 4.0% | −12.3 pts | −12.4 pts |
| 1 year | +5.6% | +12.8% | 7.4% | 7.9% | −11.0 pts | −3.8 pts |
| 3 years | +19.5% | not published | 25.9% | not published | −58.9 pts | not published |
| Since launch | +21.1% | +35.6% | 26.3% | 22.5% | −59.8 pts | −49.6 pts |
| CVRD Madison Covered Call ETF Covered call on SPY, paying quarterly | PAPI Parametric Equity Premium Income ETF Covered call on SPY, paying monthly | |
|---|---|---|
| Issuer | Madison | Parametric |
| Strategy | covered call | covered call |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | quarterly | monthly |
| Payout rate, annualized | 6.5% | 7.2% |
| Expense ratio | 0.92% | 0.29% |
| Cash paid, 1 year | 7.4% | 7.9% |
| Price change, 1 year | −2.2% | +4.5% |
| Total return, 1 year | +5.6% | +12.8% |
| Benchmark return, 1 year | +16.6% | +16.6% |
| Ahead or behind | −11.0 pts | −3.8 pts |
| Return of capital, latest estimate | not published | not published |
| Age | 1123 days | 1065 days |
| Net assets | $32m | $400m |
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.
PAPI in plain words
Over the year to Sep 18, 2026, PAPI paid 7.9% of its starting value in cash distributions while its price rose 4.5%. With every distribution reinvested, the fund returned +12.8%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 3.8 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 7.2%, paid monthly.
Questions people ask
- Which paid more, CVRD or PAPI?
- Over the year to Sep 18, 2026, CVRD paid 7.4% of its starting price in cash and PAPI paid 7.9%, 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 +5.6% and PAPI returned +12.8% over the year to Sep 18, 2026, so PAPI returned more.
- Which is cheaper, CVRD or PAPI?
- CVRD charges 0.92% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.
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 PAPI, data as of Sep 18, 2026. https://etfiq.com/compare/income/cvrd-vs-papi Free to use with attribution; the underlying files are at Open data.