CDL vs. MRNY
CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - CDL is a Dividend fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while MRNY is a Derivative Income fund actively managed by YieldMax. CDL is passively managed, while MRNY is actively managed. Over the past year, CDL returned 22.30% vs 60.66% for MRNY. Their 0.31 correlation means their historical movements had little consistent relationship. CDL charges 0.35%/yr vs 0.99%/yr for MRNY.
Performance
CDL vs. MRNY - Performance Comparison
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Returns By Period
In the year-to-date period, CDL achieves a 17.17% return, which is significantly lower than MRNY's 60.69% return.
CDL
- 1D
- -0.51%
- 1M
- 0.29%
- 6M
- 10.38%
- YTD
- 17.17%
- 1Y
- 22.30%
- 3Y*
- 14.61%
- 5Y*
- 10.44%
- 10Y*
- 11.17%
- ALL TIME*
- 11.29%
MRNY
- 1D
- -4.13%
- 1M
- -26.21%
- 6M
- 15.78%
- YTD
- 60.69%
- 1Y
- 60.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -22.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $504.48K | $625.50K | $553.90K | |
| $2.54M | $3.80M | $3.20M |
CDL vs. MRNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 17.17% | 9.04% | 15.58% | 13.17% |
MRNY YieldMax MRNA Option Income Strategy ETF | 60.69% | -35.72% | -59.32% | 18.27% |
Correlation
The correlation between CDL and MRNY is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2023 | 0.31 |
The correlation between CDL and MRNY shifts across timeframes, from 0.19 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDL vs. MRNY — Risk / Return Rank
CDL
MRNY
CDL vs. MRNY - 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 YieldMax MRNA Option Income Strategy ETF (MRNY). 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.
| CDL | MRNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.20 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.87 | 1.73 | +2.14 |
| Martin ratioReturn relative to average drawdown | 13.78 | 5.11 | +8.67 |
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Drawdowns
CDL vs. MRNY - Drawdown Comparison
The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for CDL and MRNY.
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Drawdown Indicators
| CDL | MRNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.03% | -82.15% | +41.12% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -28.84% | +23.18% |
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 DrawdownCurrent decline from peak | -2.35% | -66.17% | +63.82% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -53.18% | +48.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 11.47% | -9.88% |
Volatility
CDL vs. MRNY - Volatility Comparison
The current volatility for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) is 4.20%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 17.82%. This indicates that CDL experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDL | MRNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 17.82% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 7.85% | 36.53% | -28.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 53.56% | -43.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 51.54% | -37.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 51.54% | -34.50% |
CDL vs. MRNY - Expense Ratio Comparison
CDL has a 0.35% expense ratio, which is lower than MRNY's 0.99% expense ratio.
Dividends
CDL vs. MRNY - Dividend Comparison
CDL's dividend yield for the trailing twelve months is around 3.06%, less than MRNY's 101.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 3.06% | 3.33% | 3.27% | 3.61% | 3.31% | 2.60% | 3.32% | 3.04% | 3.32% | 2.87% | 2.97% | 1.28% |
MRNY YieldMax MRNA Option Income Strategy ETF | 101.63% | 145.98% | 178.49% | 1.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CDL and MRNY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MRNY has higher volatility (17.82%) compared to CDL (4.20%). In terms of maximum drawdown, CDL dropped -41.03% vs MRNY's -82.15%.
On 1-year performance, MRNY leads with 60.66% vs 22.30% for CDL. On fees, CDL is cheaper at 0.35% per year. On volatility, CDL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MRNY has performed better with a 60.66% return vs 22.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDL is cheaper with a 0.35% expense ratio, compared with 0.99% for MRNY.
MRNY has the higher dividend yield at 101.63%, compared with 3.06% for CDL.
CDL is categorized as Dividend, while MRNY is Derivative Income. They also come from different issuers: Crestview and YieldMax. Their fees differ too: 0.35% for CDL and 0.99% for MRNY.
CDL currently has the higher Sharpe Ratio (2.13 vs 0.94), 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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