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CDC vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDC vs. HDV

Last updated Jun 26, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - CDC is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, CDC returned 10.81%/yr vs 9.58%/yr for HDV. Their correlation of 0.87 suggests significant overlap in exposure. CDC charges 0.37%/yr vs 0.08%/yr for HDV.

Performance

CDC vs. HDV - 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 iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with CDC having a 14.81% return and HDV slightly lower at 14.65%. Over the past 10 years, CDC has outperformed HDV with an annualized return of 10.81%, while HDV has yielded a comparatively lower 9.58% annualized return.

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%

HDV

1D
0.62%
1M
0.27%
YTD
14.65%
6M
14.27%
1Y
22.51%
3Y*
15.50%
5Y*
11.09%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDC vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
HDV
iShares Core High Dividend ETF		14.65%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between CDC and HDV 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

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2014

0.87

The correlation between CDC and HDV has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

CDC vs. HDV - Sectors Allocation Comparison

Sectors
CDC
HDV

Financial Services

24.0%
4.7%

Utilities

23.9%
8.1%

Consumer Defensive

15.1%
24.5%

Energy

8.8%
20.2%

Consumer Cyclical

7.0%
9.2%

Healthcare

6.9%
22.6%

Technology

5.0%
0.2%

Industrials

4.4%
3.5%

Communication Services

4.0%
5.7%

Basic Materials

0.0%
0.8%

Real Estate

0.0%

-

Financial Services

CDC
24.0%
HDV
4.7%

Utilities

CDC
23.9%
HDV
8.1%

Consumer Defensive

CDC
15.1%
HDV
24.5%

Energy

CDC
8.8%
HDV
20.2%

Consumer Cyclical

CDC
7.0%
HDV
9.2%

Healthcare

CDC
6.9%
HDV
22.6%

Technology

CDC
5.0%
HDV
0.2%

Industrials

CDC
4.4%
HDV
3.5%

Communication Services

CDC
4.0%
HDV
5.7%

Basic Materials

CDC
0.0%
HDV
0.8%

Real Estate

CDC
0.0%
HDV

-

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VictoryShares US EQ Income Enhanced Volatility Wtd ETF

iShares Core High Dividend ETF

Often compared with CDC:
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Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

CDC vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDC
CDC Risk / Return Rank: 8282
Overall Rank
CDC Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
CDC Sortino Ratio Rank: 8686
Sortino Ratio Rank
CDC Omega Ratio Rank: 7777
Omega Ratio Rank
CDC Calmar Ratio Rank: 8484
Calmar Ratio Rank
CDC Martin Ratio Rank: 8282
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 8181
Overall Rank
HDV Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 8686
Sortino Ratio Rank
HDV Omega Ratio Rank: 7777
Omega Ratio Rank
HDV Calmar Ratio Rank: 8787
Calmar Ratio Rank
HDV Martin Ratio Rank: 7474
Martin Ratio Rank
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. HDV - 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 iShares Core High Dividend ETF (HDV). 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.

CDCHDVDifference
Sharpe ratioReturn per unit of total volatility
2.30
2.28

+0.02

Sortino ratioReturn per unit of downside risk
3.36
3.33

+0.02

Omega ratioGain probability vs. loss probability

1.40

1.39

0.00

Calmar ratioReturn relative to maximum drawdown

4.04

4.37

-0.33

Martin ratioReturn relative to average drawdown

14.20

11.94

+2.26

CDC vs. HDV - Sharpe Ratio Comparison

The current CDC Sharpe Ratio is 2.30, which is comparable to the HDV Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CDC and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CDC vs. HDV - Drawdown Comparison

The maximum CDC drawdown since its inception was -21.37%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for CDC and HDV.

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Drawdown Indicators

CDCHDVDifference

Max Drawdown

Largest peak-to-trough decline

-21.37%

-37.04%

+15.67%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-5.18%

-0.49%

Max Drawdown (3Y)

Largest decline over 3 years

-12.70%

-10.49%

-2.21%

Max Drawdown (5Y)

Largest decline over 5 years

-21.37%

-15.42%

-5.95%

Max Drawdown (10Y)

Largest decline over 10 years

-21.37%

-37.04%

+15.67%

Current Drawdown

Current decline from peak

0.00%

-0.84%

+0.84%

Average Drawdown

Average peak-to-trough decline

-5.09%

-3.08%

-2.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.89%

-0.28%

Volatility

CDC vs. HDV - Volatility Comparison

VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) and iShares Core High Dividend ETF (HDV) have volatilities of 3.32% and 3.33%, 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.

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Volatility by Period

CDCHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

3.33%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

7.12%

7.61%

-0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

9.99%

9.95%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.52%

12.81%

-0.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.20%

15.72%

-2.52%

CDC vs. HDV - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

CDC vs. HDV - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.12%, more than HDV's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HDV
iShares Core High Dividend ETF		2.88%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%

Frequently Asked Questions

CDC and HDV 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.

HDV has higher volatility (3.33%) compared to CDC (3.32%). In terms of maximum drawdown, CDC dropped -21.37% vs HDV's -37.04%.

On 10-year performance, CDC leads with 10.81% vs 9.58% for HDV. On fees, HDV is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CDC has performed better with a 10.81% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.37% for CDC.

CDC has the higher dividend yield at 3.12%, compared with 2.88% for HDV.

CDC is categorized as Large Cap Value Equities, while HDV is Dividend. CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Crestview and iShares. Their fees differ too: 0.37% for CDC and 0.08% for HDV.

CDC currently has the higher Sharpe Ratio (2.30 vs 2.28), 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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