CDL vs. SCHD

Last updated Jun 24, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and SCHD (Schwab U.S. Dividend Equity 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 SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, CDL returned 11.31%/yr vs 12.72%/yr for SCHD. Their correlation of 0.88 suggests significant overlap in exposure. CDL charges 0.35%/yr vs 0.06%/yr for SCHD.

Performance

CDL vs. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDL achieves a 13.80% return, which is significantly lower than SCHD's 17.72% return. Over the past 10 years, CDL has underperformed SCHD with an annualized return of 11.31%, while SCHD has yielded a comparatively higher 12.72% 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%

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

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

CDL vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between CDL and SCHD is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.88

The correlation between CDL and SCHD has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

CDL vs. SCHD - Sectors Allocation Comparison

Sectors	CDL	SCHD
Utilities	23.7%	0.0%
Financial Services	23.1%	9.1%
Consumer Defensive	15.8%	18.5%
Energy	9.0%	14.6%
Technology	8.0%	19.4%
Healthcare	6.9%	18.4%
Consumer Cyclical	6.9%	6.7%
Communication Services	4.4%	6.0%
Industrials	2.2%	7.4%
Basic Materials	0.0%	1.2%
Real Estate	0.0%	-

Return for Risk

CDL vs. SCHD — Risk / Return Rank

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

CDL

CDL Risk / Return Rank: 71
CDL Sharpe Ratio Rank: 69
CDL Sortino Ratio Rank: 74
CDL Omega Ratio Rank: 64
CDL Calmar Ratio Rank: 77
CDL Martin Ratio Rank: 74

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

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. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.23	-0.12
Sortino ratio: Return per unit of downside risk	3.09	3.40	-0.31
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	3.70	5.35	-1.64
Martin ratio: Return relative to average drawdown	13.08	12.94	+0.14

CDL vs. SCHD - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 2.10, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CDL and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CDL vs. SCHD - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for CDL and SCHD.

Drawdown Indicators

	CDL	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-33.37%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-4.61%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-16.13%	+3.26%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-16.85%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-33.37%	-7.66%
Current Drawdown Current decline from peak	-0.49%	-2.47%	+1.98%
Average Drawdown Average peak-to-trough decline	-4.33%	-3.31%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.90%	-0.30%

Volatility

CDL vs. SCHD - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) and Schwab U.S. Dividend Equity ETF (SCHD) have volatilities of 3.47% and 3.58%, 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	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	3.58%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	7.73%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	11.07%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	14.36%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.71%	+0.33%

CDL vs. SCHD - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

CDL vs. SCHD - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.13%, less than SCHD's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.13%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both CDL and SCHD in my portfolio?

CDL and SCHD have a correlation of 0.87, 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 SCHD?

SCHD has higher volatility (3.58%) compared to CDL (3.47%). In terms of maximum drawdown, CDL dropped -41.03% vs SCHD's -33.37%.

Which ETF is better, CDL or SCHD?

On 10-year performance, SCHD leads with 12.72% vs 11.31% for CDL. On fees, SCHD is cheaper at 0.06% 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.

Which ETF has performed better, CDL or SCHD?

Over the 10-year period, SCHD has performed better with a 12.72% return vs 11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.35% for CDL.

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

SCHD has the higher dividend yield at 3.30%, compared with 3.13% for CDL.

What is the main difference between CDL and SCHD?

CDL is categorized as Large Cap Value Equities, while SCHD is Dividend. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Crestview and Charles Schwab. Their fees differ too: 0.35% for CDL and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.23 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.