CDC vs. ILCV

Last updated Jun 4, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and ILCV (iShares Morningstar Value ETF) 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 ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, CDC returned 10.03%/yr vs 11.68%/yr for ILCV. Their correlation of 0.86 suggests significant overlap in exposure. CDC charges 0.37%/yr vs 0.04%/yr for ILCV.

Performance

CDC vs. ILCV - 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 Morningstar Value ETF (ILCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDC achieves a 10.57% return, which is significantly higher than ILCV's 7.75% return. Over the past 10 years, CDC has underperformed ILCV with an annualized return of 10.03%, while ILCV has yielded a comparatively higher 11.68% annualized return.

CDC

• 1D: -0.57%
• 1M: -0.39%
• YTD: 10.57%
• 6M: 10.29%
• 1Y: 18.16%
• 3Y*: 11.97%
• 5Y*: 5.08%
• 10Y*: 10.03%

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

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

CDC vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	10.57%	8.96%	14.48%	-4.99%	-7.86%	33.05%	12.88%	19.64%	-5.97%	15.77%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between CDC and ILCV is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.86

The correlation between CDC and ILCV shifts across timeframes, from 0.69 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

CDC vs. ILCV - Sectors Allocation Comparison

Sectors	CDC	ILCV
Utilities	24.3%	3.5%
Financial Services	23.4%	16.5%
Consumer Defensive	15.9%	7.6%
Energy	9.5%	6.0%
Technology	6.9%	23.8%
Healthcare	6.8%	11.5%
Consumer Cyclical	6.6%	9.5%
Communication Services	4.4%	8.0%
Industrials	2.3%	8.8%
Basic Materials	0.0%	2.4%
Real Estate	0.0%	2.0%

Return for Risk

CDC vs. ILCV — Risk / Return Rank

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

CDC

CDC Risk / Return Rank: 58
CDC Sharpe Ratio Rank: 54
CDC Sortino Ratio Rank: 58
CDC Omega Ratio Rank: 50
CDC Calmar Ratio Rank: 65
CDC Martin Ratio Rank: 63

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

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. ILCV - 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 Morningstar Value ETF (ILCV). 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.

	CDC	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.72	-0.85
Sortino ratio: Return per unit of downside risk	2.78	3.85	-1.07
Omega ratio: Gain probability vs. loss probability	1.32	1.50	-0.18
Calmar ratio: Return relative to maximum drawdown	3.22	4.08	-0.86
Martin ratio: Return relative to average drawdown	11.37	16.87	-5.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDC vs. ILCV - Sharpe Ratio Comparison

The current CDC Sharpe Ratio is 1.87, which is lower than the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of CDC and ILCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CDC	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.72	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.81	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.70	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.46	+0.28

Drawdowns

CDC vs. ILCV - Drawdown Comparison

The maximum CDC drawdown since its inception was -21.37%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for CDC and ILCV.

Drawdown Indicators

	CDC	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-58.63%	+37.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-6.55%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-14.95%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-18.58%	-2.79%
Max Drawdown (10Y) Largest decline over 10 years	-21.37%	-35.53%	+14.16%
Current Drawdown Current decline from peak	-2.20%	-0.60%	-1.60%
Average Drawdown Average peak-to-trough decline	-5.09%	-9.32%	+4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.58%	+0.02%

Volatility

CDC vs. ILCV - Volatility Comparison

VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) has a higher volatility of 2.66% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that CDC's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDC	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.01%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	6.97%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	9.77%	9.82%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	14.21%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	16.66%	-3.45%

CDC vs. ILCV - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

CDC vs. ILCV - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.18%, more than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	3.18%	3.36%	3.32%	4.24%	3.48%	2.65%	2.48%	3.04%	3.37%	2.81%	2.99%	3.17%
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%

Frequently Asked Questions

Can I hold both CDC and ILCV in my portfolio?

CDC and ILCV have a correlation of 0.69, 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 ILCV?

CDC has higher volatility (2.66%) compared to ILCV (2.01%). In terms of maximum drawdown, CDC dropped -21.37% vs ILCV's -58.63%.

Which ETF is better, CDC or ILCV?

On 10-year performance, ILCV leads with 11.68% vs 10.03% for CDC. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDC or ILCV?

Over the 10-year period, ILCV has performed better with a 11.68% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDC or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.37% for CDC.

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

CDC has the higher dividend yield at 3.18%, compared with 1.63% for ILCV.

What is the main difference between CDC and ILCV?

CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: Crestview and iShares. Their fees differ too: 0.37% for CDC and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs 1.87), 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.