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CDL vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDL vs. HDV

Last updated Jun 24, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and HDV (iShares Core High Dividend 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 HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, CDL returned 11.31%/yr vs 9.45%/yr for HDV. Their correlation of 0.86 suggests significant overlap in exposure. CDL charges 0.35%/yr vs 0.08%/yr for HDV.

Performance

CDL vs. HDV - 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 iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with CDL having a 13.80% return and HDV slightly higher at 14.07%. Over the past 10 years, CDL has outperformed HDV with an annualized return of 11.31%, while HDV has yielded a comparatively lower 9.45% annualized return.

CDL

1D
1.03%
1M
0.80%
YTD
13.80%
6M
13.70%
1Y
20.88%
3Y*
15.81%
5Y*
10.12%
10Y*
11.31%

HDV

1D
1.33%
1M
-1.35%
YTD
14.07%
6M
14.08%
1Y
21.06%
3Y*
15.48%
5Y*
11.09%
10Y*
9.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDL vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CDL
VictoryShares US Large Cap High Dividend Volatility Wtd ETF		13.80%9.04%15.58%3.03%-0.45%33.42%-3.35%26.38%-5.86%16.29%
HDV
iShares Core High Dividend ETF		14.07%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between CDL and HDV is 0.85, 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

0.85

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Jul 8, 2015

0.86

The correlation between CDL and HDV has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

CDL vs. HDV - Sectors Allocation Comparison

Sectors
CDL
HDV

Utilities

23.7%
8.1%

Financial Services

23.1%
4.7%

Consumer Defensive

15.8%
24.5%

Energy

9.0%
20.2%

Technology

8.0%
0.2%

Healthcare

6.9%
22.6%

Consumer Cyclical

6.9%
9.2%

Communication Services

4.4%
5.7%

Industrials

2.2%
3.5%

Basic Materials

0.0%
0.8%

Real Estate

0.0%

-

Utilities

CDL
23.7%
HDV
8.1%

Financial Services

CDL
23.1%
HDV
4.7%

Consumer Defensive

CDL
15.8%
HDV
24.5%

Energy

CDL
9.0%
HDV
20.2%

Technology

CDL
8.0%
HDV
0.2%

Healthcare

CDL
6.9%
HDV
22.6%

Consumer Cyclical

CDL
6.9%
HDV
9.2%

Communication Services

CDL
4.4%
HDV
5.7%

Industrials

CDL
2.2%
HDV
3.5%

Basic Materials

CDL
0.0%
HDV
0.8%

Real Estate

CDL
0.0%
HDV

-

Compare stocks, funds, or ETFs

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VictoryShares US Large Cap High Dividend Volatility Wtd ETF

iShares Core High Dividend ETF

Often compared with CDL:
CDL vs. SCHDCDL vs. DHSCDL vs. SPLVCDL vs. SDOGCDL vs. SPYCDL vs. VYMCDL vs. JEPIX
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

CDL vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDL
CDL Risk / Return Rank: 7171
Overall Rank
CDL Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
CDL Sortino Ratio Rank: 7474
Sortino Ratio Rank
CDL Omega Ratio Rank: 6464
Omega Ratio Rank
CDL Calmar Ratio Rank: 7777
Calmar Ratio Rank
CDL Martin Ratio Rank: 7474
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 7070
Overall Rank
HDV Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 7373
Sortino Ratio Rank
HDV Omega Ratio Rank: 6262
Omega Ratio Rank
HDV Calmar Ratio Rank: 8181
Calmar Ratio Rank
HDV Martin Ratio Rank: 6464
Martin Ratio Rank
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. HDV - 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 iShares Core High Dividend ETF (HDV). 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.

CDLHDVDifference
Sharpe ratioReturn per unit of total volatility
2.10
2.13

-0.03

Sortino ratioReturn per unit of downside risk
3.09
3.13

-0.04

Omega ratioGain probability vs. loss probability

1.36

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

3.70

4.09

-0.38

Martin ratioReturn relative to average drawdown

13.08

11.19

+1.89

CDL vs. HDV - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 2.10, which is comparable to the HDV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of CDL and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CDL vs. HDV - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for CDL and HDV.

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Drawdown Indicators

CDLHDVDifference

Max Drawdown

Largest peak-to-trough decline

-41.03%

-37.04%

-3.99%

Max Drawdown (1Y)

Largest decline over 1 year

-5.66%

-5.18%

-0.48%

Max Drawdown (3Y)

Largest decline over 3 years

-12.87%

-10.49%

-2.38%

Max Drawdown (5Y)

Largest decline over 5 years

-17.28%

-15.42%

-1.86%

Max Drawdown (10Y)

Largest decline over 10 years

-41.03%

-37.04%

-3.99%

Current Drawdown

Current decline from peak

-0.49%

-1.35%

+0.86%

Average Drawdown

Average peak-to-trough decline

-4.33%

-3.08%

-1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.89%

-0.29%

Volatility

CDL vs. HDV - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and iShares Core High Dividend ETF (HDV) have volatilities of 3.47% and 3.64%, 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.

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Volatility by Period

CDLHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

3.64%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

7.14%

7.61%

-0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

9.98%

9.93%

+0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

12.81%

+1.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

15.73%

+1.31%

CDL vs. HDV - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

CDL vs. HDV - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.13%, more than HDV's 2.90% yield.

PositionTTM20252024202320222021202020192018201720162015
CDL
VictoryShares US Large Cap High Dividend Volatility Wtd ETF		3.13%3.33%3.27%3.61%3.31%2.60%3.32%3.04%3.32%2.87%2.97%1.28%
HDV
iShares Core High Dividend ETF		2.90%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%

Frequently Asked Questions

CDL and HDV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (3.64%) compared to CDL (3.47%). In terms of maximum drawdown, CDL dropped -41.03% vs HDV's -37.04%.

On 10-year performance, CDL leads with 11.31% vs 9.45% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, CDL has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CDL has performed better with a 11.31% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.35% for CDL.

CDL has the higher dividend yield at 3.13%, compared with 2.90% for HDV.

CDL is categorized as Large Cap Value Equities, while HDV is Dividend. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Crestview and iShares. Their fees differ too: 0.35% for CDL and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.13 vs 2.10), 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.

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