CFO vs. CDL

Last updated Jun 4, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - CFO is a Large Cap Blend Equities fund tracking the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, CFO returned 9.36%/yr vs 10.83%/yr for CDL. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

CFO vs. CDL - Performance Comparison

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

Returns By Period

In the year-to-date period, CFO achieves a 6.66% return, which is significantly lower than CDL's 10.43% return. Over the past 10 years, CFO has underperformed CDL with an annualized return of 9.36%, while CDL has yielded a comparatively higher 10.83% annualized return.

CFO

• 1D: -0.30%
• 1M: 1.87%
• YTD: 6.66%
• 6M: 6.96%
• 1Y: 13.59%
• 3Y*: 10.44%
• 5Y*: 3.88%
• 10Y*: 9.36%

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%

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

CFO vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	6.66%	8.60%	15.37%	-3.56%	-14.46%	26.02%	19.84%	21.64%	-8.81%	22.65%
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%	16.29%

Correlation

The correlation between CFO and CDL is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015	0.81

The correlation between CFO and CDL has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

CFO vs. CDL - Sectors Allocation Comparison

Sectors	CFO	CDL
Industrials	18.4%	2.3%
Financial Services	18.3%	23.4%
Technology	14.9%	6.9%
Consumer Cyclical	9.8%	6.6%
Healthcare	9.5%	6.8%
Utilities	9.0%	24.3%
Consumer Defensive	6.8%	15.9%
Energy	5.5%	9.5%
Basic Materials	3.6%	0.0%
Communication Services	3.6%	4.4%
Real Estate	0.5%	0.0%

Return for Risk

CFO vs. CDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFO

CFO Risk / Return Rank: 38
CFO Sharpe Ratio Rank: 36
CFO Sortino Ratio Rank: 36
CFO Omega Ratio Rank: 34
CFO Calmar Ratio Rank: 39
CFO Martin Ratio Rank: 44

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

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.

CFO vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). 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.

	CFO	CDL	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.86	-0.59
Sortino ratio: Return per unit of downside risk	1.88	2.77	-0.89
Omega ratio: Gain probability vs. loss probability	1.22	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.92	3.20	-1.28
Martin ratio: Return relative to average drawdown	7.10	11.35	-4.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFO vs. CDL - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.27, which is lower than the CDL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of CFO and CDL, 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

	CFO	CDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.86	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.63	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.64	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.65	+0.01

Drawdowns

CFO vs. CDL - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for CFO and CDL.

Drawdown Indicators

	CFO	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-41.03%	+16.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-5.66%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-12.87%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-17.28%	-7.07%
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	-41.03%	+16.68%
Current Drawdown Current decline from peak	-0.30%	-2.19%	+1.89%
Average Drawdown Average peak-to-trough decline	-5.62%	-4.35%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.59%	+0.33%

Volatility

CFO vs. CDL - Volatility Comparison

The current volatility for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is 2.42%, while VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a volatility of 2.66%. This indicates that CFO experiences smaller price fluctuations and is considered to be less risky than CDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFO	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	2.66%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	6.86%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	9.75%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.32%	13.85%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.27%	17.04%	-3.77%

CFO vs. CDL - Expense Ratio Comparison

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

Dividends

CFO vs. CDL - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.24%, less than CDL's 3.17% 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%
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	1.24%	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

Can I hold both CFO and CDL in my portfolio?

CFO and CDL have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFO or CDL?

CDL has higher volatility (2.66%) compared to CFO (2.42%). In terms of maximum drawdown, CFO dropped -24.35% vs CDL's -41.03%.

Which ETF is better, CFO or CDL?

On 10-year performance, CDL leads with 10.83% vs 9.36% for CFO. Both ETFs have the same 0.35% expense ratio. On volatility, CFO has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CFO or CDL?

Over the 10-year period, CDL has performed better with a 10.83% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CFO or CDL?

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

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

CDL has the higher dividend yield at 3.17%, compared with 1.24% for CFO.

What is the main difference between CFO and CDL?

CFO is categorized as Large Cap Blend Equities, while CDL is Large Cap Value Equities. CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: VictoryShares and Crestview.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (1.86 vs 1.27), 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.