CDL vs. VSMV

Last updated Jun 4, 2026

CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and VSMV (VictoryShares US Multi-Factor Minimum Volatility 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 VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index. Both are passively managed. Over the past 5 years, CDL returned 8.68%/yr vs 11.35%/yr for VSMV. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

CDL vs. VSMV - 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 VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDL achieves a 10.43% return, which is significantly higher than VSMV's 9.29% 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%

VSMV

• 1D: 0.33%
• 1M: 2.75%
• YTD: 9.29%
• 6M: 9.79%
• 1Y: 24.46%
• 3Y*: 16.84%
• 5Y*: 11.35%
• 10Y*: —

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

CDL vs. VSMV - 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%	8.83%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	9.29%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	26.79%	-1.12%	11.48%

Correlation

The correlation between CDL and VSMV is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.73

The correlation between CDL and VSMV shifts across timeframes, from 0.65 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

CDL vs. VSMV - Sectors Allocation Comparison

Sectors	CDL	VSMV
Utilities	24.3%	0.0%
Financial Services	23.4%	8.1%
Consumer Defensive	15.9%	17.6%
Energy	9.5%	4.4%
Technology	6.9%	34.4%
Healthcare	6.8%	14.8%
Consumer Cyclical	6.6%	5.0%
Communication Services	4.4%	5.4%
Industrials	2.3%	8.5%
Basic Materials	0.0%	1.8%
Real Estate	0.0%	0.0%

Return for Risk

CDL vs. VSMV — 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

VSMV

VSMV Risk / Return Rank: 84
VSMV Sharpe Ratio Rank: 82
VSMV Sortino Ratio Rank: 88
VSMV Omega Ratio Rank: 81
VSMV Calmar Ratio Rank: 85
VSMV Martin Ratio Rank: 85

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. VSMV - 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 VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). 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	VSMV	Difference
Sharpe ratio Return per unit of total volatility	1.86	2.71	-0.85
Sortino ratio Return per unit of downside risk	2.77	4.03	-1.26
Omega ratio Gain probability vs. loss probability	1.32	1.49	-0.17
Calmar ratio Return relative to maximum drawdown	3.20	4.74	-1.54
Martin ratio Return relative to average drawdown	11.35	18.09	-6.73
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. VSMV - Sharpe Ratio Comparison

The current CDL Sharpe Ratio is 1.86, which is lower than the VSMV Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of CDL and VSMV, 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	VSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.71	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.89	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.82	-0.18

Drawdowns

CDL vs. VSMV - Drawdown Comparison

The maximum CDL drawdown since its inception was -41.03%, which is greater than VSMV's maximum drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for CDL and VSMV.

Drawdown Indicators

	CDL	VSMV	Difference
Max Drawdown Largest peak-to-trough decline	-41.03%	-31.33%	-9.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-5.18%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-12.87%	-13.22%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.28%	-17.96%	+0.68%
Max Drawdown (10Y) Largest decline over 10 years	-41.03%	—	—
Current Drawdown Current decline from peak	-2.19%	-0.79%	-1.40%
Average Drawdown Average peak-to-trough decline	-4.35%	-3.41%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.36%	+0.23%

Volatility

CDL vs. VSMV - Volatility Comparison

VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a higher volatility of 2.66% compared to VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) at 2.41%. This indicates that CDL's price experiences larger fluctuations and is considered to be riskier than VSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDL	VSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.41%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	6.34%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	9.08%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	12.86%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	15.04%	+2.00%

CDL vs. VSMV - Expense Ratio Comparison

Both CDL and VSMV have an expense ratio of 0.35%.

Dividends

CDL vs. VSMV - Dividend Comparison

CDL's dividend yield for the trailing twelve months is around 3.17%, more than VSMV's 1.31% 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%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.31%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDL and VSMV in my portfolio?

CDL and VSMV have a correlation of 0.65, 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 VSMV?

CDL has higher volatility (2.66%) compared to VSMV (2.41%). In terms of maximum drawdown, CDL dropped -41.03% vs VSMV's -31.33%.

Which ETF is better, CDL or VSMV?

On 5-year performance, VSMV leads with 11.35% vs 8.68% for CDL. Both ETFs have the same 0.35% expense ratio. On volatility, VSMV has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDL or VSMV?

Over the 5-year period, VSMV has performed better with a 11.35% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDL or VSMV?

CDL and VSMV have the same expense ratio: 0.35% per year.

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

CDL has the higher dividend yield at 3.17%, compared with 1.31% for VSMV.

What is the main difference between CDL and VSMV?

CDL is categorized as Large Cap Value Equities, while VSMV is Volatility Hedged Equity. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.71 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.