CDL vs. CSB

Last updated Jun 4, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while CSB is a Small Cap Blend Equities fund tracking the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, CDL returned 10.83%/yr vs 9.58%/yr for CSB. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

CDL vs. CSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDL achieves a 10.43% return, which is significantly higher than CSB's 8.30% return. Over the past 10 years, CDL has outperformed CSB with an annualized return of 10.83%, while CSB has yielded a comparatively lower 9.58% annualized return.

CDL

• 1D: -0.61%
• 1M: -0.38%
• YTD: 10.43%
• 6M: 10.31%
• 1Y: 18.04%
• 3Y*: 14.68%
• 5Y*: 8.68%
• 10Y*: 10.83%

CSB

• 1D: -1.09%
• 1M: -1.58%
• YTD: 8.30%
• 6M: 7.74%
• 1Y: 17.95%
• 3Y*: 11.48%
• 5Y*: 3.65%
• 10Y*: 9.58%

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

CDL vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	10.43%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	8.30%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.32%

Correlation

The correlation between CDL and CSB is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015	0.79

The correlation between CDL and CSB has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

CDL vs. CSB - Sectors Allocation Comparison

Sectors	CDL	CSB
Utilities	24.3%	22.0%
Financial Services	23.4%	26.5%
Consumer Defensive	15.9%	4.4%
Energy	9.5%	11.5%
Technology	6.9%	1.2%
Healthcare	6.8%	0.4%
Consumer Cyclical	6.6%	19.0%
Communication Services	4.4%	3.6%
Industrials	2.3%	8.5%
Basic Materials	0.0%	3.4%
Real Estate	0.0%	-

Return for Risk

CDL vs. CSB — Risk / Return Rank

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

CDL

CDL Risk / Return Rank: 58
CDL Sharpe Ratio Rank: 54
CDL Sortino Ratio Rank: 58
CDL Omega Ratio Rank: 50
CDL Calmar Ratio Rank: 64
CDL Martin Ratio Rank: 63

CSB

CSB Risk / Return Rank: 40
CSB Sharpe Ratio Rank: 35
CSB Sortino Ratio Rank: 36
CSB Omega Ratio Rank: 33
CSB Calmar Ratio Rank: 51
CSB Martin Ratio Rank: 44

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.

CDL vs. CSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	CDL	CSB	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.25	+0.61
Sortino ratio: Return per unit of downside risk	2.77	1.92	+0.85
Omega ratio: Gain probability vs. loss probability	1.32	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	3.20	2.51	+0.69
Martin ratio: Return relative to average drawdown	11.35	7.26	+4.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDL vs. CSB - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.86, which is higher than the CSB Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CDL and CSB, 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

	CDL	CSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.25	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.20	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.45	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.45	+0.20

Drawdowns

CDL vs. CSB - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, roughly equal to the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for CDL and CSB.

Drawdown Indicators

	CDL	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-42.07%	+1.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-7.18%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-21.82%	+8.95%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-24.49%	+7.21%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-42.07%	+1.04%
Current Drawdown Current decline from peak	-2.19%	-3.12%	+0.93%
Average Drawdown Average peak-to-trough decline	-4.35%	-7.14%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	2.48%	-0.89%

Volatility

CDL vs. CSB - Volatility Comparison

The current volatility for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) is 2.66%, while VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) has a volatility of 3.59%. This indicates that CDL experiences smaller price fluctuations and is considered to be less risky than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.59%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	9.19%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	14.54%	-4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	18.78%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	21.31%	-4.27%

CDL vs. CSB - Expense Ratio Comparison

Both CDL and CSB have an expense ratio of 0.35%.

Dividends

CDL vs. CSB - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.17%, less than CSB's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.17%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.26%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%

Frequently Asked Questions

Can I hold both CDL and CSB in my portfolio?

CDL and CSB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDL or CSB?

CSB has higher volatility (3.59%) compared to CDL (2.66%). In terms of maximum drawdown, CDL dropped -41.03% vs CSB's -42.07%.

Which ETF is better, CDL or CSB?

On 10-year performance, CDL leads with 10.83% vs 9.58% for CSB. Both ETFs have the same 0.35% expense ratio. On volatility, CDL has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or CSB?

Over the 10-year period, CDL has performed better with a 10.83% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or CSB?

CDL and CSB have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, CDL or CSB?

CSB has the higher dividend yield at 3.26%, compared with 3.17% for CDL.

What is the main difference between CDL and CSB?

CDL is categorized as Large Cap Value Equities, while CSB is Small Cap Blend Equities. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (1.86 vs 1.25), 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.