CDC vs. SPMV

Last updated Aug 6, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - CDC is a Low Volatility fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CDC charges 0.37%/yr vs 0.10%/yr for SPMV.

Performance

CDC vs. SPMV - 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 Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CDC

• 1D: -0.61%
• 1M: 1.50%
• 6M: 8.57%
• YTD: 18.09%
• 1Y: 21.95%
• 3Y*: 14.24%
• 5Y*: 6.76%
• 10Y*: 10.34%
• ALL TIME*: 10.04%

SPMV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	$1.04M	$983.49K	$1.23M

CDC vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	18.09%	8.96%	14.48%	-4.99%	-7.86%	33.05%	12.88%	19.64%	-5.97%	8.27%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between CDC and SPMV is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.63

Over the past year, the correlation between CDC and SPMV has dropped to 0.35 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

CDC vs. SPMV - Sectors Allocation Comparison

Sectors	CDC	SPMV
Utilities	24.3%	2.8%
Financial Services	24.1%	17.8%
Consumer Defensive	15.7%	10.7%
Energy	8.6%	4.8%
Healthcare	7.2%	15.0%
Consumer Cyclical	7.0%	6.6%
Technology	6.9%	26.9%
Communication Services	3.9%	6.5%
Industrials	2.3%	6.0%
Basic Materials	0.6%	2.6%
Real Estate	0.0%	0.2%

Return for Risk

CDC vs. SPMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CDC

CDC Risk / Return Rank: 84
CDC Sharpe Ratio Rank: 83
CDC Sortino Ratio Rank: 86
CDC Omega Ratio Rank: 77
CDC Calmar Ratio Rank: 88
CDC Martin Ratio Rank: 86

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CDC vs. SPMV - 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 Invesco S&P 500 Minimum Variance ETF (SPMV). 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	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	3.17	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.89	—	—
Martin ratio: Return relative to average drawdown	13.68	—	—

Drawdowns

Drawdown Indicators

	CDC	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.37%	—	—
Current Drawdown Current decline from peak	-1.72%	—	—
Average Drawdown Average peak-to-trough decline	-5.05%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	—	—

Volatility

Volatility by Period

	CDC	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.56%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	—	—

CDC vs. SPMV - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is higher than SPMV's 0.10% expense ratio.

Dividends

CDC vs. SPMV - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.05%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	3.05%	3.36%	3.32%	4.24%	3.48%	2.65%	2.48%	3.04%	3.37%	2.81%	2.99%	3.17%
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDC and SPMV in my portfolio?

CDC and SPMV have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDC or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDC or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.37% for CDC.

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

CDC has the higher dividend yield at 3.05%, compared with 1.05% for SPMV.

What is the main difference between CDC and SPMV?

CDC is categorized as Low Volatility, while SPMV is S&P 500. CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Crestview and Invesco. Their fees differ too: 0.37% for CDC and 0.10% for SPMV.