CDL vs. DHS

Last updated Jun 3, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and DHS (WisdomTree US High Dividend Fund) are both Large Cap Value Equities funds - CDL tracks the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index while DHS tracks the WisdomTree U.S. High Dividend Index. Both are passively managed. Over the past 10 years, CDL returned 10.90%/yr vs 9.55%/yr for DHS. Their correlation of 0.90 suggests significant overlap in exposure. CDL charges 0.35%/yr vs 0.38%/yr for DHS.

Performance

CDL vs. DHS - 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 WisdomTree US High Dividend Fund (DHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CDL having a 11.10% return and DHS slightly lower at 10.63%. Over the past 10 years, CDL has outperformed DHS with an annualized return of 10.90%, while DHS has yielded a comparatively lower 9.55% annualized return.

CDL

• 1D: 0.62%
• 1M: -0.81%
• YTD: 11.10%
• 6M: 11.64%
• 1Y: 19.30%
• 3Y*: 14.91%
• 5Y*: 8.87%
• 10Y*: 10.90%

DHS

• 1D: 0.75%
• 1M: -0.15%
• YTD: 10.63%
• 6M: 11.97%
• 1Y: 21.74%
• 3Y*: 16.65%
• 5Y*: 10.82%
• 10Y*: 9.55%

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

CDL vs. DHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	11.10%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%
DHS WisdomTree US High Dividend Fund	10.63%	12.87%	18.02%	-0.19%	7.97%	23.20%	-5.70%	22.59%	-7.41%	11.69%

Correlation

The correlation between CDL and DHS is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015	0.90

The correlation between CDL and DHS has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

CDL vs. DHS - Sectors Allocation Comparison

Sectors	CDL	DHS
Utilities	24.3%	9.0%
Financial Services	23.4%	22.3%
Consumer Defensive	15.9%	18.7%
Energy	9.5%	9.4%
Technology	6.9%	3.7%
Healthcare	6.8%	14.5%
Consumer Cyclical	6.6%	5.0%
Communication Services	4.4%	9.3%
Industrials	2.3%	4.1%
Basic Materials	0.0%	1.2%
Real Estate	0.0%	2.8%

Return for Risk

CDL vs. DHS — Risk / Return Rank

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

CDL

CDL Risk / Return Rank: 62
CDL Sharpe Ratio Rank: 58
CDL Sortino Ratio Rank: 63
CDL Omega Ratio Rank: 54
CDL Calmar Ratio Rank: 67
CDL Martin Ratio Rank: 65

DHS

DHS Risk / Return Rank: 67
DHS Sharpe Ratio Rank: 65
DHS Sortino Ratio Rank: 71
DHS Omega Ratio Rank: 62
DHS Calmar Ratio Rank: 68
DHS Martin Ratio Rank: 68

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. DHS - 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 WisdomTree US High Dividend Fund (DHS). 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	DHS	Difference
Sharpe ratio Return per unit of total volatility	1.99	2.19	-0.20
Sortino ratio Return per unit of downside risk	2.95	3.27	-0.32
Omega ratio Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio Return relative to maximum drawdown	3.42	3.47	-0.05
Martin ratio Return relative to average drawdown	12.20	12.82	-0.62
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. DHS - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.99, which is comparable to the DHS Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of CDL and DHS, 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	DHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.19	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.78	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.60	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.41	+0.24

Drawdowns

CDL vs. DHS - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum DHS drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for CDL and DHS.

Drawdown Indicators

	CDL	DHS	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-67.25%	+26.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-6.30%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-11.87%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-15.28%	-2.00%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-37.35%	-3.68%
Current Drawdown Current decline from peak	-1.59%	-1.94%	+0.35%
Average Drawdown Average peak-to-trough decline	-4.35%	-9.55%	+5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.70%	-0.11%

Volatility

CDL vs. DHS - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and WisdomTree US High Dividend Fund (DHS) have volatilities of 2.80% and 2.88%, 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

	CDL	DHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.88%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.90%	7.31%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	9.98%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	13.88%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.08%	+0.96%

CDL vs. DHS - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is lower than DHS's 0.38% expense ratio.

Dividends

CDL vs. DHS - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.15%, less than DHS's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.15%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
DHS WisdomTree US High Dividend Fund	3.33%	3.32%	3.66%	4.31%	3.42%	3.29%	4.14%	3.69%	3.76%	3.00%	3.25%	3.53%

Frequently Asked Questions

Can I hold both CDL and DHS in my portfolio?

With a correlation of 0.94, CDL and DHS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CDL or DHS?

DHS has higher volatility (2.88%) compared to CDL (2.80%). In terms of maximum drawdown, CDL dropped -41.03% vs DHS's -67.25%.

Which ETF is better, CDL or DHS?

On 10-year performance, CDL leads with 10.90% vs 9.55% for DHS. On fees, CDL is cheaper at 0.35% 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, CDL or DHS?

Over the 10-year period, CDL has performed better with a 10.90% return vs 9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or DHS?

CDL is cheaper with a 0.35% expense ratio, compared with 0.38% for DHS.

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

DHS has the higher dividend yield at 3.33%, compared with 3.15% for CDL.

What is the main difference between CDL and DHS?

CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while DHS tracks WisdomTree U.S. High Dividend Index. They also come from different issuers: Crestview and WisdomTree. Their fees differ too: 0.35% for CDL and 0.38% for DHS.

Which has better risk-adjusted returns?

DHS currently has the higher Sharpe Ratio (2.19 vs 1.99), 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.