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CFA vs. CFO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CFA vs. CFO

Last updated Jun 23, 2026

CFA (VictoryShares US 500 Volatility Weighted ETF) and CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) are both Large Cap Blend Equities funds from VictoryShares - CFA tracks the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index while CFO tracks the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index. Both are passively managed. Over the past 10 years, CFA returned 11.89%/yr vs 9.82%/yr for CFO. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

CFA vs. CFO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Volatility Weighted ETF (CFA) and VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with CFA at 7.69% and CFO at 7.69%. Over the past 10 years, CFA has outperformed CFO with an annualized return of 11.89%, while CFO has yielded a comparatively lower 9.82% annualized return.

CFA

1D
0.09%
1M
1.47%
YTD
7.69%
6M
6.65%
1Y
15.39%
3Y*
13.58%
5Y*
8.23%
10Y*
11.89%

CFO

1D
0.15%
1M
1.46%
YTD
7.69%
6M
6.67%
1Y
15.27%
3Y*
10.59%
5Y*
4.37%
10Y*
9.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CFA vs. CFO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CFA
VictoryShares US 500 Volatility Weighted ETF		7.69%8.63%15.34%11.85%-11.39%26.09%11.98%30.15%-8.62%22.47%
CFO
VictoryShares US 500 Enhanced Volatility Weighted ETF		7.69%8.60%15.37%-3.56%-14.46%26.02%19.84%21.64%-8.81%22.65%

Correlation

The correlation between CFA and CFO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2014

0.93

The correlation between CFA and CFO has been stable across timeframes, ranging from 0.93 to 1.00 - a consistent structural relationship.

CFA vs. CFO - Sectors Allocation Comparison

Sectors
CFA
CFO

Industrials

18.1%
18.1%

Financial Services

17.8%
17.8%

Technology

17.1%
17.1%

Consumer Cyclical

9.6%
9.6%

Healthcare

9.6%
9.6%

Utilities

8.5%
8.5%

Consumer Defensive

6.7%
6.7%

Energy

5.1%
5.1%

Basic Materials

3.6%
3.6%

Communication Services

3.6%
3.6%

Real Estate

0.4%
0.4%

Industrials

CFA
18.1%
CFO
18.1%

Financial Services

CFA
17.8%
CFO
17.8%

Technology

CFA
17.1%
CFO
17.1%

Consumer Cyclical

CFA
9.6%
CFO
9.6%

Healthcare

CFA
9.6%
CFO
9.6%

Utilities

CFA
8.5%
CFO
8.5%

Consumer Defensive

CFA
6.7%
CFO
6.7%

Energy

CFA
5.1%
CFO
5.1%

Basic Materials

CFA
3.6%
CFO
3.6%

Communication Services

CFA
3.6%
CFO
3.6%

Real Estate

CFA
0.4%
CFO
0.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VictoryShares US 500 Volatility Weighted ETF

VictoryShares US 500 Enhanced Volatility Weighted ETF

Often compared with CFA:
CFA vs. BDGSCFA vs. SPYCFA vs. CDCCFA vs. XLGCFA vs. LGLVCFA vs. VONGCFA vs. FNCMX
Often compared with CFO:
CFO vs. VOOCFO vs. BDGSCFO vs. SPLVCFO vs. VFLOCFO vs. CDCCFO vs. FNCMXCFO vs. SPMO

Return for Risk

CFA vs. CFO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CFA
CFA Risk / Return Rank: 4343
Overall Rank
CFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
CFA Sortino Ratio Rank: 4242
Sortino Ratio Rank
CFA Omega Ratio Rank: 3939
Omega Ratio Rank
CFA Calmar Ratio Rank: 4545
Calmar Ratio Rank
CFA Martin Ratio Rank: 4949
Martin Ratio Rank
CFO
CFO Risk / Return Rank: 4343
Overall Rank
CFO Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
CFO Sortino Ratio Rank: 4242
Sortino Ratio Rank
CFO Omega Ratio Rank: 3838
Omega Ratio Rank
CFO Calmar Ratio Rank: 4545
Calmar Ratio Rank
CFO Martin Ratio Rank: 4949
Martin Ratio Rank
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.

CFA vs. CFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) and VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO). 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.

CFACFODifference
Sharpe ratioReturn per unit of total volatility
1.42
1.41

+0.01

Sortino ratioReturn per unit of downside risk
2.09
2.06

+0.03

Omega ratioGain probability vs. loss probability

1.25

1.25

0.00

Calmar ratioReturn relative to maximum drawdown

2.17

2.16

+0.01

Martin ratioReturn relative to average drawdown

8.02

7.98

+0.04

CFA vs. CFO - Sharpe Ratio Comparison

The current CFA Sharpe Ratio is 1.42, which is comparable to the CFO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of CFA and CFO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CFA vs. CFO - Drawdown Comparison

The maximum CFA drawdown since its inception was -37.74%, which is greater than CFO's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for CFA and CFO.

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Drawdown Indicators

CFACFODifference

Max Drawdown

Largest peak-to-trough decline

-37.74%

-24.35%

-13.39%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-7.10%

-0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-17.28%

-17.25%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-20.88%

-24.35%

+3.47%

Max Drawdown (10Y)

Largest decline over 10 years

-37.74%

-24.35%

-13.39%

Current Drawdown

Current decline from peak

-0.83%

-0.84%

+0.01%

Average Drawdown

Average peak-to-trough decline

-4.16%

-5.60%

+1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

1.92%

0.00%

Volatility

CFA vs. CFO - Volatility Comparison

VictoryShares US 500 Volatility Weighted ETF (CFA) and VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) have volatilities of 3.00% and 3.00%, 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.

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Volatility by Period

CFACFODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.00%

3.00%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

8.06%

8.03%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

10.92%

10.93%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.08%

13.33%

+1.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.23%

13.28%

+3.95%

CFA vs. CFO - Expense Ratio Comparison

Both CFA and CFO have an expense ratio of 0.35%.

Dividends

CFA vs. CFO - Dividend Comparison

CFA's dividend yield for the trailing twelve months is around 1.25%, which matches CFO's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
CFA
VictoryShares US 500 Volatility Weighted ETF		1.25%1.29%1.32%1.42%1.59%1.04%1.21%1.35%1.50%1.15%1.37%1.31%
CFO
VictoryShares US 500 Enhanced Volatility Weighted ETF		1.25%1.32%1.44%1.72%3.95%1.06%0.90%1.44%1.49%1.18%1.35%1.31%

Frequently Asked Questions

With a correlation of 1.00, CFA and CFO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

CFO has higher volatility (3.00%) compared to CFA (3.00%). In terms of maximum drawdown, CFA dropped -37.74% vs CFO's -24.35%.

On 10-year performance, CFA leads with 11.89% vs 9.82% for CFO. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CFA has performed better with a 11.89% return vs 9.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CFA and CFO have the same expense ratio: 0.35% per year.

CFA and CFO have nearly identical dividend yields, around 1.25%.

CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index.

CFA currently has the higher Sharpe Ratio (1.42 vs 1.41), 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.

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