CDL vs. KEAT

Last updated Jun 4, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and KEAT (Keating Active 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 KEAT is a Global Allocation fund actively managed by Keating. CDL is passively managed, while KEAT is actively managed. Over the past year, CDL returned 18.04% vs 24.92% for KEAT. A 0.61 correlation means they provide meaningful diversification when combined. CDL charges 0.35%/yr vs 0.85%/yr for KEAT.

Performance

CDL vs. KEAT - 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 Keating Active ETF (KEAT). 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 KEAT's 9.05% 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%

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CDL vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	10.43%	9.04%	8.65%
KEAT Keating Active ETF	9.05%	22.76%	2.41%

Correlation

The correlation between CDL and KEAT is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.61

The correlation between CDL and KEAT has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

CDL vs. KEAT - Sectors Allocation Comparison

Sectors	CDL	KEAT
Utilities	24.3%	-
Financial Services	23.4%	1.0%
Consumer Defensive	15.9%	22.2%
Energy	9.5%	30.9%
Technology	6.9%	-
Healthcare	6.8%	5.3%
Consumer Cyclical	6.6%	-
Communication Services	4.4%	15.0%
Industrials	2.3%	4.3%
Basic Materials	0.0%	21.7%
Real Estate	0.0%	0.6%

Return for Risk

CDL vs. KEAT — 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

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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. KEAT - 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 Keating Active ETF (KEAT). 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	KEAT	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.44	-0.58
Sortino ratio: Return per unit of downside risk	2.77	3.32	-0.55
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	3.20	4.14	-0.94
Martin ratio: Return relative to average drawdown	11.35	11.38	-0.03
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. KEAT - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.86, which is comparable to the KEAT Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of CDL and KEAT, 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	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.44	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.52	-0.88

Drawdowns

CDL vs. KEAT - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for CDL and KEAT.

Drawdown Indicators

	CDL	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-7.45%	-33.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-6.04%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	—	—
Current Drawdown Current decline from peak	-2.19%	-5.92%	+3.73%
Average Drawdown Average peak-to-trough decline	-4.35%	-1.57%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	2.20%	-0.61%

Volatility

CDL vs. KEAT - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and Keating Active ETF (KEAT) have volatilities of 2.66% and 2.55%, 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	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.55%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	8.32%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	10.25%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	10.27%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	10.27%	+6.77%

CDL vs. KEAT - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

CDL vs. KEAT - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.17%, more than KEAT's 2.25% 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%
KEAT Keating Active ETF	2.25%	2.48%	1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDL and KEAT in my portfolio?

CDL and KEAT have a correlation of 0.53, 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 KEAT?

CDL has higher volatility (2.66%) compared to KEAT (2.55%). In terms of maximum drawdown, CDL dropped -41.03% vs KEAT's -7.45%.

Which ETF is better, CDL or KEAT?

On 1-year performance, KEAT leads with 24.92% vs 18.04% for CDL. On fees, CDL is cheaper at 0.35% per year. On volatility, KEAT has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or KEAT?

Over the 1-year period, KEAT has performed better with a 24.92% return vs 18.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or KEAT?

CDL is cheaper with a 0.35% expense ratio, compared with 0.85% for KEAT.

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

CDL has the higher dividend yield at 3.17%, compared with 2.25% for KEAT.

What is the main difference between CDL and KEAT?

CDL is categorized as Large Cap Value Equities, while KEAT is Global Allocation. They also come from different issuers: Crestview and Keating. Their fees differ too: 0.35% for CDL and 0.85% for KEAT.

Which has better risk-adjusted returns?

KEAT currently has the higher Sharpe Ratio (2.44 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.