CDC vs. FDL

Last updated Jun 26, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - CDC tracks the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, CDC returned 10.81%/yr vs 11.24%/yr for FDL. Their correlation of 0.89 suggests significant overlap in exposure. CDC charges 0.37%/yr vs 0.43%/yr for FDL.

Performance

CDC vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDC achieves a 14.81% return, which is significantly higher than FDL's 12.82% return. Both investments have delivered pretty close results over the past 10 years, with CDC having a 10.81% annualized return and FDL not far ahead at 11.24%.

CDC

• 1D: 0.62%
• 1M: 2.06%
• YTD: 14.81%
• 6M: 14.02%
• 1Y: 22.77%
• 3Y*: 13.20%
• 5Y*: 6.49%
• 10Y*: 10.81%

FDL

• 1D: 0.46%
• 1M: -1.40%
• YTD: 12.82%
• 6M: 12.61%
• 1Y: 23.52%
• 3Y*: 18.84%
• 5Y*: 13.04%
• 10Y*: 11.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CDC vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	14.81%	8.96%	14.48%	-4.99%	-7.86%	33.05%	12.88%	19.64%	-5.97%	15.77%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.82%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between CDC and FDL is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014	0.89

The correlation between CDC and FDL has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

CDC vs. FDL - Sectors Allocation Comparison

Sectors	CDC	FDL
Financial Services	24.0%	15.2%
Utilities	23.9%	6.5%
Consumer Defensive	15.1%	14.4%
Energy	8.8%	25.7%
Consumer Cyclical	7.0%	4.7%
Healthcare	6.9%	17.6%
Technology	5.0%	1.4%
Industrials	4.4%	3.9%
Communication Services	4.0%	10.6%
Basic Materials	0.0%	0.3%
Real Estate	0.0%	-

Return for Risk

CDC vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CDC

CDC Risk / Return Rank: 82
CDC Sharpe Ratio Rank: 83
CDC Sortino Ratio Rank: 86
CDC Omega Ratio Rank: 77
CDC Calmar Ratio Rank: 84
CDC Martin Ratio Rank: 82

FDL

FDL Risk / Return Rank: 79
FDL Sharpe Ratio Rank: 74
FDL Sortino Ratio Rank: 81
FDL Omega Ratio Rank: 70
FDL Calmar Ratio Rank: 93
FDL Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CDC vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	CDC	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.05	+0.25
Sortino ratio: Return per unit of downside risk	3.36	3.11	+0.24
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	4.04	5.53	-1.49
Martin ratio: Return relative to average drawdown	14.20	12.87	+1.33

CDC vs. FDL - Sharpe Ratio Comparison

The current CDC Sharpe Ratio is 2.30, which is comparable to the FDL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CDC and FDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CDC vs. FDL - Drawdown Comparison

The maximum CDC drawdown since its inception was -21.37%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for CDC and FDL.

Drawdown Indicators

	CDC	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-65.93%	+44.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-4.27%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-12.24%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-16.46%	-4.91%
Max Drawdown (10Y) Largest decline over 10 years	-21.37%	-41.40%	+20.03%
Current Drawdown Current decline from peak	0.00%	-2.96%	+2.96%
Average Drawdown Average peak-to-trough decline	-5.09%	-9.63%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.83%	-0.22%

Volatility

CDC vs. FDL - Volatility Comparison

VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 3.32% and 3.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDC	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.39%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	8.09%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	9.99%	11.55%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	14.31%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.20%	17.10%	-3.90%

CDC vs. FDL - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

CDC vs. FDL - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.12%, less than FDL's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	3.12%	3.36%	3.32%	4.24%	3.48%	2.65%	2.48%	3.04%	3.37%	2.81%	2.99%	3.17%
FDL First Trust Morningstar Dividend Leaders Index Fund	4.69%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%

Frequently Asked Questions

Can I hold both CDC and FDL in my portfolio?

CDC and FDL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDC or FDL?

FDL has higher volatility (3.39%) compared to CDC (3.32%). In terms of maximum drawdown, CDC dropped -21.37% vs FDL's -65.93%.

Which ETF is better, CDC or FDL?

On 10-year performance, FDL leads with 11.24% vs 10.81% for CDC. On fees, CDC is cheaper at 0.37% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDC or FDL?

Over the 10-year period, FDL has performed better with a 11.24% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDC or FDL?

CDC is cheaper with a 0.37% expense ratio, compared with 0.43% for FDL.

Which ETF pays a higher dividend yield, CDC or FDL?

FDL has the higher dividend yield at 4.69%, compared with 3.12% for CDC.

What is the main difference between CDC and FDL?

CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Crestview and First Trust. Their fees differ too: 0.37% for CDC and 0.43% for FDL.

Which has better risk-adjusted returns?

CDC currently has the higher Sharpe Ratio (2.30 vs 2.05), 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.