CDL vs. SPY

Last updated Jun 4, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CDL returned 10.83%/yr vs 15.49%/yr for SPY. A 0.68 correlation means they provide meaningful diversification when combined. CDL charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

CDL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CDL having a 10.43% return and SPY slightly higher at 10.91%. Over the past 10 years, CDL has underperformed SPY with an annualized return of 10.83%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

CDL vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CDL and SPY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015	0.68

Over the past year, the correlation between CDL and SPY has dropped to 0.34 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

CDL vs. SPY - Sectors Allocation Comparison

Sectors	CDL	SPY
Utilities	24.3%	2.4%
Financial Services	23.4%	11.8%
Consumer Defensive	15.9%	4.8%
Energy	9.5%	3.6%
Technology	6.9%	35.9%
Healthcare	6.8%	8.4%
Consumer Cyclical	6.6%	10.3%
Communication Services	4.4%	11.3%
Industrials	2.3%	7.8%
Basic Materials	0.0%	1.8%
Real Estate	0.0%	1.9%

Return for Risk

CDL vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.86	2.38	-0.52
Sortino ratio Return per unit of downside risk	2.77	3.24	-0.47
Omega ratio Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio Return relative to maximum drawdown	3.20	3.16	+0.04
Martin ratio Return relative to average drawdown	11.35	14.72	-3.36
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. SPY - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.86, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of CDL and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.38	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.82	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.87	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.59	+0.06

Drawdowns

CDL vs. SPY - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CDL and SPY.

Drawdown Indicators

	CDL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-55.19%	+14.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-8.88%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-18.76%	+5.89%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-24.50%	+7.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-33.72%	-7.31%
Current Drawdown Current decline from peak	-2.19%	-0.70%	-1.49%
Average Drawdown Average peak-to-trough decline	-4.35%	-9.05%	+4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.91%	-0.32%

Volatility

CDL vs. SPY - Volatility Comparison

The current volatility for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) is 2.66%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that CDL experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.84%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	8.90%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	11.83%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	17.05%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	17.94%	-0.90%

CDL vs. SPY - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CDL vs. SPY - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.17%, more than SPY's 0.98% 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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CDL and SPY in my portfolio?

CDL and SPY have a correlation of 0.34, 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 SPY?

SPY has higher volatility (2.84%) compared to CDL (2.66%). In terms of maximum drawdown, CDL dropped -41.03% vs SPY's -55.19%.

Which ETF is better, CDL or SPY?

On 10-year performance, SPY leads with 15.49% vs 10.83% for CDL. On fees, SPY is cheaper at 0.09% per year. On volatility, CDL has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for CDL.

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

CDL has the higher dividend yield at 3.17%, compared with 0.98% for SPY.

What is the main difference between CDL and SPY?

CDL is categorized as Large Cap Value Equities, while SPY is S&P 500. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while SPY tracks S&P 500 Index. They also come from different issuers: Crestview and State Street. Their fees differ too: 0.35% for CDL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.