CDL vs. UDIV

Last updated Aug 2, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and UDIV (Franklin U.S. Core Dividend Tilt Index ETF) are both Dividend funds - CDL tracks the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index while UDIV tracks the Linked Morningstar US Dividend Enhanced Select Index. Both are passively managed. Over the past 10 years, CDL returned 11.17%/yr vs 11.54%/yr for UDIV. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CDL charges 0.35%/yr vs 0.06%/yr for UDIV.

Performance

CDL vs. UDIV - 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 Franklin U.S. Core Dividend Tilt Index ETF (UDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDL achieves a 17.17% return, which is significantly higher than UDIV's 13.87% return. Both investments have delivered pretty close results over the past 10 years, with CDL having a 11.17% annualized return and UDIV not far ahead at 11.54%.

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%

UDIV

• 1D: 0.91%
• 1M: 0.58%
• 6M: 11.30%
• YTD: 13.87%
• 1Y: 25.58%
• 3Y*: 21.43%
• 5Y*: 13.98%
• 10Y*: 11.54%
• ALL TIME*: 11.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	$504.48K	$625.50K	$553.90K
UDIV Franklin U.S. Core Dividend Tilt Index ETF	$516.03K	$427.19K	$922.08K

CDL vs. UDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	17.17%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	13.87%	19.00%	25.61%	25.21%	-15.00%	19.66%	5.54%	24.60%	-8.83%	17.44%

Correlation

The correlation between CDL and UDIV is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.66

Over the past year, the correlation between CDL and UDIV has dropped to 0.23 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

CDL vs. UDIV - Sectors Allocation Comparison

Sectors	CDL	UDIV
Utilities	24.3%	2.7%
Financial Services	24.1%	11.4%
Consumer Defensive	15.7%	5.4%
Energy	8.6%	3.3%
Healthcare	7.2%	7.7%
Consumer Cyclical	7.0%	8.9%
Technology	6.9%	40.3%
Communication Services	3.9%	10.1%
Industrials	2.3%	6.0%
Basic Materials	0.0%	0.7%
Real Estate	0.0%	3.7%

Return for Risk

CDL vs. UDIV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CDL

CDL Risk / Return Rank: 88
CDL Sharpe Ratio Rank: 88
CDL Sortino Ratio Rank: 90
CDL Omega Ratio Rank: 84
CDL Calmar Ratio Rank: 90
CDL Martin Ratio Rank: 89

UDIV

UDIV Risk / Return Rank: 80
UDIV Sharpe Ratio Rank: 80
UDIV Sortino Ratio Rank: 78
UDIV Omega Ratio Rank: 79
UDIV Calmar Ratio Rank: 79
UDIV Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CDL vs. UDIV - 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 Franklin U.S. Core Dividend Tilt Index ETF (UDIV). 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	UDIV	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.83	+0.30
Sortino ratio: Return per unit of downside risk	3.18	2.50	+0.67
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	3.87	2.82	+1.05
Martin ratio: Return relative to average drawdown	13.78	11.60	+2.18

CDL vs. UDIV - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 2.13, which is comparable to the UDIV Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CDL and UDIV, 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. UDIV - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, which is greater than UDIV's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for CDL and UDIV.

Drawdown Indicators

	CDL	UDIV	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-35.21%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-8.44%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-19.19%	+6.32%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-23.18%	+5.90%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-35.21%	-5.82%
Current Drawdown Current decline from peak	-2.35%	-1.66%	-0.69%
Average Drawdown Average peak-to-trough decline	-4.29%	-4.60%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	2.05%	-0.46%

Volatility

CDL vs. UDIV - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a higher volatility of 4.20% compared to Franklin U.S. Core Dividend Tilt Index ETF (UDIV) at 3.90%. This indicates that CDL's price experiences larger fluctuations and is considered to be riskier than UDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	UDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.90%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	10.26%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	13.02%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	15.66%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.17%	+0.87%

CDL vs. UDIV - Expense Ratio Comparison

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

Dividends

CDL vs. UDIV - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.06%, more than UDIV's 1.48% 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%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	1.48%	1.53%	2.05%	1.91%	3.20%	2.97%	2.90%	3.40%	3.74%	3.47%	1.63%	0.00%

Frequently Asked Questions

Can I hold both CDL and UDIV in my portfolio?

CDL and UDIV have a correlation of 0.23, 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 UDIV?

CDL has higher volatility (4.20%) compared to UDIV (3.90%). In terms of maximum drawdown, CDL dropped -41.03% vs UDIV's -35.21%.

Which ETF is better, CDL or UDIV?

On 10-year performance, UDIV leads with 11.54% vs 11.17% for CDL. On fees, UDIV is cheaper at 0.06% per year. On volatility, UDIV has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or UDIV?

Over the 10-year period, UDIV has performed better with a 11.54% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or UDIV?

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

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

CDL has the higher dividend yield at 3.06%, compared with 1.48% for UDIV.

What is the main difference between CDL and UDIV?

CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while UDIV tracks Linked Morningstar US Dividend Enhanced Select Index. They also come from different issuers: Crestview and Franklin Templeton. Their fees differ too: 0.35% for CDL and 0.06% for UDIV.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (2.13 vs 1.83), 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.