Which paid more, CVRD or TCAL?

Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?

With every distribution reinvested, CVRD returned +12.7% and TCAL +11.2% over the year to Nov 4, 2026.

Which is cheaper, CVRD or TCAL?

CVRD charges 0.90% a year and TCAL charges 0.34%, so TCAL is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

CVRD vs TCAL: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, TCAL paid 11.4% of its price in cash against CVRD’s 7.7%, though CVRD returned more with it reinvested.

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Net assets: $32m on Jun 30, 2026 for Madison Covered Call ETF, and $324m on Nov 3, 2026 for T. Rowe Price Capital Appreciation Premium Income ETF.

CVRD on its own →TCAL on its own →

At a glance

7.7%

CVRD cash paid, 1 year

11.4%

TCAL cash paid, 1 year

+12.7%

CVRD total return, 1 year

+11.2%

TCAL 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.

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

3.4 pts behind its own stocks

11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

TCAL costs 0.56 points a year less; their one-year returns differ by 1.5 points.

Points (pts) are percentage points.

CVRD vs TCAL: Dividend Yield & Total Return
Measure	CVRD	TCAL
Paid and earned
Measure	CVRD	TCAL
Total return, 1 year	+12.7%	+11.2%
Price change, 1 year	rose 4.3%	fell 1.2%
Against its benchmark
Measure	CVRD	TCAL
Benchmark	its own stocks	its own stocks
Cost and size
Measure	CVRD	TCAL
Expense ratio	0.90%	0.34%
Net assets, CVRD as of Jun 30, 2026 and TCAL as of Nov 3, 2026	$32m	$324m
Holdings
Measure	CVRD	TCAL
Holdings in common	15%

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

IQ Income Score80.5CVRD54.8TCAL

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

TCAL 54.8

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

15%

By the books each fund has filed, CVRD and TCAL hold 15% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

15% in common

Positions both hold · largest shared weight first CVRD TCAL

Danaher Corp 4.29% 2.02%

Visa Inc 3.65% 1.71%

Amazon.com Inc 4.03% 1.55%

Microsoft Corp 3.85% 1.51%

Stryker Corp 1.97% 1.51%

Marsh & McLennan Cos Inc 2.82% 1.17%

PepsiCo Inc 3.05% 1.17%

Meta Platforms Inc 2.64% 1.02%

Broadcom Inc 3.55% 0.96%

Synopsys Inc 2.51% 0.95%

Illinois Tool Works Inc 2.20% 0.75%

Honeywell International Inc 1.47% 0.40%

Only in one fund ↓

Only in CVRD

Palo Alto Networks Inc 4.80%

Archer-Daniels-Midland Co 4.54%

Agilent Technologies Inc 3.95%

Union Pacific Corp 3.15%

Blackrock Inc 3.01%

American Tower Corp 2.97%

Lowe's Cos Inc 2.97%

Matador Resources Co 2.96%

Only in TCAL

WATERS CORP 1.99%

VERALTO CORP 1.89%

WASTE CONNECTIONS INC 1.82%

YUM BRANDS INC 1.73%

MCDONALD S CORP 1.71%

LINDE PLC 1.65%

LOCKHEED MARTIN CORP 1.61%

NORTHROP GRUMMAN CORP 1.58%

Check overlap with more funds →

Side by side

CVRD Madison Covered Call ETF · Covered call on its own stocks, paying quarterly TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly

Issuer Madison T. Rowe Price

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) TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Pays quarterly monthly

Payout rate, annualized 6.3% 13.0%

Expense ratio 0.90% 0.34%

Cash paid, 1 year 7.7% 11.4%

Price change, 1 year +4.3% −1.2%

Total return, 1 year +12.7% +11.2%

Benchmark return, 1 year +23.1% +14.6%

Ahead or behind −10.4 pts −3.4 pts

Return of capital, latest estimate not published not published

Age 3.2 years 1.6 years

Net assets, CVRD as of Jun 30, 2026 and TCAL as of Nov 3, 2026 $32m $324m

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 TCAL: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CVRD	TCAL	CVRD	TCAL	CVRD	TCAL
3 months	+5.7%	+5.3%	1.6%	2.6%	−0.8 pts	−1.8 pts
6 months	+5.8%	+12.3%	3.2%	6.3%	−3.8 pts	−0.9 pts
1 year	+12.7%	+11.2%	7.7%	11.4%	−10.4 pts	−3.5 pts
3 years	+26.9%	–	27.7%	–	not measured	–
Since launchNot the same days: CVRD Aug 2023 · TCAL Mar 2025	+27.2%	+12.0%	27.8%	16.9%	not measured	not measured

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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.

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

Questions people ask

Which paid more, CVRD or TCAL?: Over the year to Nov 4, 2026, CVRD paid 7.7% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?: With every distribution reinvested, CVRD returned +12.7% and TCAL +11.2% over the year to Nov 4, 2026.
Which is cheaper, CVRD or TCAL?: CVRD charges 0.90% a year and TCAL charges 0.34%, so TCAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

CVRD vs SCEP CVRD vs GRNI CVRD vs HEMI CVRD vs JUDO TCAL vs HEMI TCAL vs GRNI TCAL vs JUDO TCAL vs RNTY

Where to next

CVRD on its own →TCAL on its own →CVRD dividend history →CVRD holdings →TCAL dividend history →TCAL holdings →Method →Standards and sources →

Sources and dates

CVRD filings on SEC EDGAR ↗

CVRD prospectus with the expense ratio (SEC) ↗

Madison website ↗

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price 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 TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/cvrd-vs-tcal

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