CDL vs. VIG

Last updated Aug 2, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and VIG (Vanguard Dividend Appreciation ETF) are both Dividend funds - CDL tracks the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index while VIG tracks the S&P U.S. Dividend Growers Index. Both are passively managed. Over the past 10 years, CDL returned 11.17%/yr vs 13.03%/yr for VIG. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CDL charges 0.35%/yr vs 0.04%/yr for VIG.

Performance

CDL vs. VIG - 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 Vanguard Dividend Appreciation ETF (VIG). 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 VIG's 9.71% return. Over the past 10 years, CDL has underperformed VIG with an annualized return of 11.17%, while VIG has yielded a comparatively higher 13.03% annualized 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%

VIG

• 1D: -0.37%
• 1M: 0.23%
• 6M: 7.64%
• YTD: 9.71%
• 1Y: 19.10%
• 3Y*: 14.92%
• 5Y*: 10.43%
• 10Y*: 13.03%
• ALL TIME*: 10.23%

*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
VIG Vanguard Dividend Appreciation ETF	$229.58M	$245.27M	$258.85M

CDL vs. VIG - 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%
VIG Vanguard Dividend Appreciation ETF	9.71%	14.17%	16.99%	14.51%	-9.80%	23.76%	15.43%	29.62%	-2.08%	22.22%

Correlation

The correlation between CDL and VIG is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.77

Over the past year, the correlation between CDL and VIG has dropped to 0.55 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

CDL vs. VIG - Sectors Allocation Comparison

Sectors	CDL	VIG
Utilities	24.3%	3.0%
Financial Services	24.1%	20.3%
Consumer Defensive	15.7%	9.2%
Energy	8.6%	3.0%
Healthcare	7.2%	17.8%
Consumer Cyclical	7.0%	4.5%
Technology	6.9%	26.9%
Communication Services	3.9%	0.5%
Industrials	2.3%	11.9%
Basic Materials	0.0%	3.4%
Real Estate	0.0%	-

Return for Risk

CDL vs. VIG — 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

VIG

VIG Risk / Return Rank: 75
VIG Sharpe Ratio Rank: 79
VIG Sortino Ratio Rank: 80
VIG Omega Ratio Rank: 77
VIG Calmar Ratio Rank: 66
VIG Martin Ratio Rank: 75

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. VIG - 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 Vanguard Dividend Appreciation ETF (VIG). 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	VIG	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.79	+0.34
Sortino ratio: Return per unit of downside risk	3.18	2.58	+0.60
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	3.87	2.28	+1.59
Martin ratio: Return relative to average drawdown	13.78	9.28	+4.50

CDL vs. VIG - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 2.13, which is comparable to the VIG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of CDL and VIG, 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. VIG - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, smaller than the maximum VIG drawdown of -46.81%. Use the drawdown chart below to compare losses from any high point for CDL and VIG.

Drawdown Indicators

	CDL	VIG	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-46.81%	+5.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-7.91%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-14.95%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-20.39%	+3.11%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	-31.72%	-9.31%
Current Drawdown Current decline from peak	-2.35%	-1.06%	-1.29%
Average Drawdown Average peak-to-trough decline	-4.29%	-5.47%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.94%	-0.35%

Volatility

CDL vs. VIG - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a higher volatility of 4.20% compared to Vanguard Dividend Appreciation ETF (VIG) at 2.69%. This indicates that CDL's price experiences larger fluctuations and is considered to be riskier than VIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	VIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	2.69%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	7.61%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	10.14%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	14.20%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.02%	+1.02%

CDL vs. VIG - Expense Ratio Comparison

CDL has a 0.35% expense ratio, which is higher than VIG's 0.04% expense ratio.

Dividends

CDL vs. VIG - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.06%, more than VIG's 1.50% 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%
VIG Vanguard Dividend Appreciation ETF	1.50%	1.62%	1.73%	1.88%	1.96%	1.55%	1.63%	1.71%	2.08%	1.88%	2.14%	2.34%

Frequently Asked Questions

Can I hold both CDL and VIG in my portfolio?

CDL and VIG have a correlation of 0.55, 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 VIG?

CDL has higher volatility (4.20%) compared to VIG (2.69%). In terms of maximum drawdown, CDL dropped -41.03% vs VIG's -46.81%.

Which ETF is better, CDL or VIG?

On 10-year performance, VIG leads with 13.03% vs 11.17% for CDL. On fees, VIG is cheaper at 0.04% per year. On volatility, VIG has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or VIG?

Over the 10-year period, VIG has performed better with a 13.03% 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 VIG?

VIG is cheaper with a 0.04% expense ratio, compared with 0.35% for CDL.

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

CDL has the higher dividend yield at 3.06%, compared with 1.50% for VIG.

What is the main difference between CDL and VIG?

CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while VIG tracks S&P U.S. Dividend Growers Index. They also come from different issuers: Crestview and Vanguard. Their fees differ too: 0.35% for CDL and 0.04% for VIG.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (2.13 vs 1.79), 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.