CFA vs. VSMV

Last updated Aug 2, 2026

CFA (VictoryShares US 500 Volatility Weighted ETF) and VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) are both exchange-traded funds - CFA is a Low Volatility fund tracking the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while VSMV is a Multi-factor fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index. Both are passively managed. Over the past 5 years, CFA returned 7.95%/yr vs 10.59%/yr for VSMV. Their correlation of 0.81 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

CFA vs. VSMV - 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 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, CFA achieves a 10.24% return, which is significantly higher than VSMV's 8.83% 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%

VSMV

• 1D: -0.85%
• 1M: 0.25%
• 6M: 5.49%
• YTD: 8.83%
• 1Y: 23.97%
• 3Y*: 14.87%
• 5Y*: 10.59%
• 10Y*: —
• ALL TIME*: 12.05%

*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)
CFA VictoryShares US 500 Volatility Weighted ETF	$524.86K	$498.13K	$606.17K
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	$373.65K	$273.95K	$267.92K

CFA vs. VSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFA VictoryShares US 500 Volatility Weighted ETF	10.24%	8.63%	15.34%	11.85%	-11.39%	26.09%	11.98%	30.15%	-8.62%	11.43%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	8.83%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	26.79%	-1.12%	11.48%

Correlation

The correlation between CFA and VSMV is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017	0.81

The correlation between CFA and VSMV has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

CFA vs. VSMV - Sectors Allocation Comparison

Sectors	CFA	VSMV
Industrials	18.6%	8.2%
Financial Services	18.1%	7.8%
Technology	16.6%	38.1%
Healthcare	9.8%	15.0%
Consumer Cyclical	9.6%	4.9%
Utilities	8.7%	0.0%
Consumer Defensive	6.6%	16.0%
Energy	4.8%	3.9%
Basic Materials	3.5%	1.6%
Communication Services	3.2%	4.6%
Real Estate	0.4%	0.0%

Return for Risk

CFA vs. VSMV — Risk / Return Rank

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

CFA

CFA Risk / Return Rank: 57
CFA Sharpe Ratio Rank: 56
CFA Sortino Ratio Rank: 58
CFA Omega Ratio Rank: 53
CFA Calmar Ratio Rank: 57
CFA Martin Ratio Rank: 63

VSMV

VSMV Risk / Return Rank: 93
VSMV Sharpe Ratio Rank: 93
VSMV Sortino Ratio Rank: 93
VSMV Omega Ratio Rank: 92
VSMV Calmar Ratio Rank: 93
VSMV Martin Ratio Rank: 92

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.

CFA vs. VSMV - 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 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.

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	VSMV	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.46	-1.12
Sortino ratio: Return per unit of downside risk	1.98	3.56	-1.58
Omega ratio: Gain probability vs. loss probability	1.24	1.44	-0.20
Calmar ratio: Return relative to maximum drawdown	2.01	4.47	-2.46
Martin ratio: Return relative to average drawdown	7.58	16.05	-8.47

CFA vs. VSMV - Sharpe Ratio Comparison

The current CFA Sharpe Ratio is 1.34, which is lower than the VSMV Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of CFA 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.

Drawdowns

CFA vs. VSMV - Drawdown Comparison

The maximum CFA drawdown since its inception was -37.74%, which is greater than VSMV's maximum drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for CFA and VSMV.

Drawdown Indicators

	CFA	VSMV	Difference
Max Drawdown Largest peak-to-trough decline	-37.74%	-31.33%	-6.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-5.18%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-13.22%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	-17.96%	-2.92%
Max Drawdown (10Y) Largest decline over 10 years	-37.74%	—	—
Current Drawdown Current decline from peak	-1.36%	-2.82%	+1.46%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.38%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.44%	+0.45%

Volatility

CFA vs. VSMV - Volatility Comparison

The current volatility for VictoryShares US 500 Volatility Weighted ETF (CFA) is 2.68%, while VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) has a volatility of 3.13%. This indicates that CFA experiences smaller price fluctuations and is considered to be less risky than VSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFA	VSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.13%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	6.92%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	9.50%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	12.89%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	14.98%	+2.16%

CFA vs. VSMV - Expense Ratio Comparison

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

Dividends

CFA vs. VSMV - Dividend Comparison

CFA's dividend yield for the trailing twelve months is around 1.22%, less than VSMV's 1.32% 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%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.32%	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 CFA and VSMV in my portfolio?

CFA and VSMV have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFA or VSMV?

VSMV has higher volatility (3.13%) compared to CFA (2.68%). In terms of maximum drawdown, CFA dropped -37.74% vs VSMV's -31.33%.

Which ETF is better, CFA or VSMV?

On 5-year performance, VSMV leads with 10.59% vs 7.95% for CFA. Both ETFs have the same 0.35% expense ratio. 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.

Which ETF has performed better, CFA or VSMV?

Over the 5-year period, VSMV has performed better with a 10.59% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CFA or VSMV?

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

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

VSMV has the higher dividend yield at 1.32%, compared with 1.22% for CFA.

What is the main difference between CFA and VSMV?

CFA is categorized as Low Volatility, while VSMV is Multi-factor. CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index. They also come from different issuers: VictoryShares and Crestview.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.46 vs 1.34), 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.