CDL vs. FNCMX

Last updated Jun 4, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, CDL returned 10.83%/yr vs 19.45%/yr for FNCMX. At a 0.49 correlation, their price movements are largely independent. CDL charges 0.35%/yr vs 0.29%/yr for FNCMX.

Performance

CDL vs. FNCMX - 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 Fidelity NASDAQ Composite Index Fund (FNCMX). 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 lower than FNCMX's 16.82% return. Over the past 10 years, CDL has underperformed FNCMX with an annualized return of 10.83%, while FNCMX has yielded a comparatively higher 19.45% 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%

FNCMX

• 1D: 0.03%
• 1M: 8.17%
• YTD: 16.82%
• 6M: 15.82%
• 1Y: 40.51%
• 3Y*: 27.91%
• 5Y*: 15.70%
• 10Y*: 19.45%

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

CDL vs. FNCMX - 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%
FNCMX Fidelity NASDAQ Composite Index Fund	16.82%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between CDL and FNCMX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015	0.49

Over the past year, the correlation between CDL and FNCMX has dropped to 0.12 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

CDL vs. FNCMX — 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

FNCMX

FNCMX Risk / Return Rank: 68
FNCMX Sharpe Ratio Rank: 79
FNCMX Sortino Ratio Rank: 64
FNCMX Omega Ratio Rank: 63
FNCMX Calmar Ratio Rank: 69
FNCMX Martin Ratio Rank: 65

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. FNCMX - 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 Fidelity NASDAQ Composite Index Fund (FNCMX). 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	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.58	-0.72
Sortino ratio: Return per unit of downside risk	2.77	3.36	-0.59
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	3.20	3.22	-0.02
Martin ratio: Return relative to average drawdown	11.35	12.65	-1.30
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. FNCMX - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.86, which is comparable to the FNCMX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of CDL and FNCMX, 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	FNCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.58	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.70	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.89	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.58	+0.07

Drawdowns

CDL vs. FNCMX - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for CDL and FNCMX.

Drawdown Indicators

	CDL	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-55.08%	+14.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-13.01%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-24.20%	+11.33%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-35.64%	+18.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-35.64%	-5.39%
Current Drawdown Current decline from peak	-2.19%	0.00%	-2.19%
Average Drawdown Average peak-to-trough decline	-4.35%	-7.86%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	3.30%	-1.71%

Volatility

CDL vs. FNCMX - Volatility Comparison

The current volatility for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) is 2.66%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 4.12%. This indicates that CDL experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	4.12%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	12.10%	-5.24%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	16.23%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	22.46%	-8.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	22.05%	-5.01%

CDL vs. FNCMX - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

Dividends

CDL vs. FNCMX - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.17%, more than FNCMX's 0.44% 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%
FNCMX Fidelity NASDAQ Composite Index Fund	0.44%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%

Frequently Asked Questions

Can I hold both CDL and FNCMX in my portfolio?

CDL and FNCMX have a correlation of 0.12, 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 FNCMX?

FNCMX has higher volatility (4.12%) compared to CDL (2.66%). In terms of maximum drawdown, CDL dropped -41.03% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (2.58 vs 1.86), 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.