CFA vs. HDLB
CFA (VictoryShares US 500 Volatility Weighted ETF) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both exchange-traded funds - CFA is a Low Volatility fund tracking the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, CFA returned 7.95%/yr vs 14.37%/yr for HDLB. Their 0.66 correlation means they have sometimes moved together and sometimes differently. CFA charges 0.35%/yr vs 1.65%/yr for HDLB.
Performance
CFA vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, CFA achieves a 10.24% return, which is significantly lower than HDLB's 25.12% return.
CFA
- 1D
- -0.18%
- 1M
- 0.23%
- 6M
- 7.04%
- YTD
- 10.24%
- 1Y
- 15.32%
- 3Y*
- 12.46%
- 5Y*
- 7.95%
- 10Y*
- 11.58%
- ALL TIME*
- 10.46%
HDLB
- 1D
- -0.60%
- 1M
- 6.28%
- 6M
- 12.18%
- YTD
- 25.12%
- 1Y
- 26.69%
- 3Y*
- 29.45%
- 5Y*
- 14.37%
- 10Y*
- —
- ALL TIME*
- 6.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $524.86K | $498.13K | $606.17K | |
| $77.42K | $57.41K | $57.55K |
CFA vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 10.24% | 8.63% | 15.34% | 11.85% | -11.39% | 26.09% | 11.98% | 6.39% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.12% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 8.33% |
Correlation
The correlation between CFA and HDLB is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.66 |
Over the past year, the correlation between CFA and HDLB has dropped to 0.43 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
CFA vs. HDLB — Risk / Return Rank
CFA
HDLB
CFA vs. HDLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) and ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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.
| CFA | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.74 | +0.27 |
| Martin ratioReturn relative to average drawdown | 7.58 | 3.74 | +3.84 |
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Drawdowns
CFA vs. HDLB - Drawdown Comparison
The maximum CFA drawdown since its inception was -37.74%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for CFA and HDLB.
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Drawdown Indicators
| CFA | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.74% | -78.70% | +40.96% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -16.17% | +9.04% |
Max Drawdown (3Y)Largest decline over 3 years | -17.28% | -20.94% | +3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -20.88% | -43.81% | +22.93% |
Max Drawdown (10Y)Largest decline over 10 years | -37.74% | — | — |
Current DrawdownCurrent decline from peak | -1.36% | -5.63% | +4.27% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -27.01% | +22.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 7.51% | -5.62% |
Volatility
CFA vs. HDLB - Volatility Comparison
The current volatility for VictoryShares US 500 Volatility Weighted ETF (CFA) is 2.68%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 11.39%. This indicates that CFA experiences smaller price fluctuations and is considered to be less risky than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CFA | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 11.39% | -8.71% |
Volatility (6M)Calculated over the trailing 6-month period | 7.88% | 22.35% | -14.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.75% | 28.72% | -17.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.03% | 31.06% | -16.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 43.43% | -26.29% |
CFA vs. HDLB - Expense Ratio Comparison
CFA has a 0.35% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
CFA vs. HDLB - Dividend Comparison
CFA's dividend yield for the trailing twelve months is around 1.22%, less than HDLB's 10.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 1.22% | 1.29% | 1.32% | 1.42% | 1.59% | 1.04% | 1.21% | 1.35% | 1.50% | 1.15% | 1.37% | 1.31% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.19% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CFA and HDLB have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (11.39%) compared to CFA (2.68%). In terms of maximum drawdown, CFA dropped -37.74% vs HDLB's -78.70%.
On 5-year performance, HDLB leads with 14.37% vs 7.95% for CFA. On fees, CFA is cheaper at 0.35% per year. On volatility, CFA has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDLB has performed better with a 14.37% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CFA is cheaper with a 0.35% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 10.19%, compared with 1.22% for CFA.
CFA is categorized as Low Volatility, while HDLB is Leveraged Equities. CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). They also come from different issuers: VictoryShares and UBS. Their fees differ too: 0.35% for CFA and 1.65% for HDLB.
CFA currently has the higher Sharpe Ratio (1.34 vs 0.98), 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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