ACIO vs. DVOL
ACIO (Aptus Collared Income Opportunity ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both exchange-traded funds - ACIO is a Diversified Portfolio fund actively managed by Aptus Capital Advisors, while DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index. ACIO is actively managed, while DVOL is passively managed. Over the past 5 years, ACIO returned 9.65%/yr vs 7.45%/yr for DVOL. A 0.68 correlation means they provide meaningful diversification when combined. ACIO charges 0.79%/yr vs 0.60%/yr for DVOL.
Performance
ACIO vs. DVOL - Performance Comparison
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Returns By Period
In the year-to-date period, ACIO achieves a 5.06% return, which is significantly higher than DVOL's 4.76% return.
ACIO
- 1D
- -0.93%
- 1M
- -1.38%
- YTD
- 5.06%
- 6M
- 4.31%
- 1Y
- 13.16%
- 3Y*
- 14.88%
- 5Y*
- 9.65%
- 10Y*
- —
DVOL
- 1D
- 0.71%
- 1M
- 0.26%
- YTD
- 4.76%
- 6M
- 3.40%
- 1Y
- 5.26%
- 3Y*
- 13.38%
- 5Y*
- 7.45%
- 10Y*
- —
ACIO vs. DVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ACIO Aptus Collared Income Opportunity ETF | 5.06% | 9.03% | 21.92% | 15.90% | -10.31% | 18.03% | 9.85% | 3.30% |
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 4.76% | 4.30% | 24.84% | 5.39% | -16.10% | 30.08% | 11.15% | 2.39% |
Correlation
The correlation between ACIO and DVOL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2019 | 0.68 |
Over the past year, the correlation between ACIO and DVOL has dropped to 0.44 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.
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Return for Risk
ACIO vs. DVOL — Risk / Return Rank
ACIO
DVOL
ACIO vs. DVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aptus Collared Income Opportunity ETF (ACIO) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ACIO | DVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.08 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 0.54 | +1.29 |
| Martin ratioReturn relative to average drawdown | 7.11 | 1.87 | +5.24 |
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Drawdowns
ACIO vs. DVOL - Drawdown Comparison
The maximum ACIO drawdown since its inception was -14.19%, smaller than the maximum DVOL drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for ACIO and DVOL.
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Drawdown Indicators
| ACIO | DVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.19% | -38.26% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -9.82% | +2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -12.12% | -11.66% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -14.00% | -24.65% | +10.65% |
Current DrawdownCurrent decline from peak | -2.63% | -1.90% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -3.17% | -7.14% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 2.82% | -0.96% |
Volatility
ACIO vs. DVOL - Volatility Comparison
Aptus Collared Income Opportunity ETF (ACIO) has a higher volatility of 3.57% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 3.36%. This indicates that ACIO's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACIO | DVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 3.36% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.83% | 9.50% | -2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.82% | 11.87% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.13% | 14.40% | -3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.67% | 17.68% | -6.01% |
ACIO vs. DVOL - Expense Ratio Comparison
ACIO has a 0.79% expense ratio, which is higher than DVOL's 0.60% expense ratio.
Dividends
ACIO vs. DVOL - Dividend Comparison
ACIO's dividend yield for the trailing twelve months is around 0.39%, less than DVOL's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ACIO Aptus Collared Income Opportunity ETF | 0.39% | 0.37% | 0.44% | 0.72% | 1.51% | 0.61% | 1.02% | 1.32% | 0.00% |
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 0.66% | 0.86% | 0.67% | 1.28% | 1.37% | 0.47% | 0.60% | 1.79% | 0.39% |
Frequently Asked Questions
ACIO and DVOL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACIO has higher volatility (3.57%) compared to DVOL (3.36%). In terms of maximum drawdown, ACIO dropped -14.19% vs DVOL's -38.26%.
On 5-year performance, ACIO leads with 9.65% vs 7.45% for DVOL. On fees, DVOL is cheaper at 0.60% per year. On volatility, DVOL has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ACIO has performed better with a 9.65% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVOL is cheaper with a 0.60% expense ratio, compared with 0.79% for ACIO.
DVOL has the higher dividend yield at 0.66%, compared with 0.39% for ACIO.
ACIO is categorized as Diversified Portfolio, while DVOL is Momentum. They also come from different issuers: Aptus Capital Advisors and First Trust. Their fees differ too: 0.79% for ACIO and 0.60% for DVOL.
ACIO currently has the higher Sharpe Ratio (1.50 vs 0.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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