CFO vs. CSB

Last updated Aug 2, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - CFO is a Low Volatility fund tracking the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while CSB is a Small Cap Blend Equities fund tracking the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, CFO returned 9.55%/yr vs 10.15%/yr for CSB. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

CFO vs. CSB - 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 Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFO achieves a 10.37% return, which is significantly lower than CSB's 15.23% return. Over the past 10 years, CFO has underperformed CSB with an annualized return of 9.55%, while CSB has yielded a comparatively higher 10.15% annualized return.

CFO

• 1D: -0.06%
• 1M: 0.35%
• 6M: 7.16%
• YTD: 10.37%
• 1Y: 15.46%
• 3Y*: 10.18%
• 5Y*: 4.08%
• 10Y*: 9.55%
• ALL TIME*: 8.79%

CSB

• 1D: -0.53%
• 1M: 1.25%
• 6M: 8.88%
• YTD: 15.23%
• 1Y: 24.42%
• 3Y*: 11.11%
• 5Y*: 6.13%
• 10Y*: 10.15%
• ALL TIME*: 9.76%

*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)
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	$401.90K	$354.93K	$366.84K
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	$947.81K	$1.11M	$636.51K

CFO vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	10.37%	8.60%	15.37%	-3.56%	-14.46%	26.02%	19.84%	21.64%	-8.81%	22.65%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	15.23%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.32%

Correlation

The correlation between CFO and CSB is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.76

The correlation between CFO and CSB has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

CFO vs. CSB - Sectors Allocation Comparison

Sectors	CFO	CSB
Industrials	18.6%	8.5%
Financial Services	18.1%	27.5%
Technology	16.6%	1.3%
Healthcare	9.8%	0.4%
Consumer Cyclical	9.6%	20.0%
Utilities	8.7%	21.3%
Consumer Defensive	6.6%	4.0%
Energy	4.8%	9.9%
Basic Materials	3.5%	3.7%
Communication Services	3.2%	3.8%
Real Estate	0.4%	-

Return for Risk

CFO vs. CSB — Risk / Return Rank

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

CFO

CFO Risk / Return Rank: 57
CFO Sharpe Ratio Rank: 55
CFO Sortino Ratio Rank: 57
CFO Omega Ratio Rank: 52
CFO Calmar Ratio Rank: 57
CFO Martin Ratio Rank: 63

CSB

CSB Risk / Return Rank: 75
CSB Sharpe Ratio Rank: 72
CSB Sortino Ratio Rank: 77
CSB Omega Ratio Rank: 69
CSB Calmar Ratio Rank: 84
CSB Martin Ratio Rank: 75

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.

CFO vs. CSB - 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 Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	CFO	CSB	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.63	-0.29
Sortino ratio: Return per unit of downside risk	1.98	2.48	-0.50
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.03	3.16	-1.13
Martin ratio: Return relative to average drawdown	7.64	9.49	-1.85

CFO vs. CSB - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.34, which is comparable to the CSB Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CFO and CSB, 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

CFO vs. CSB - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for CFO and CSB.

Drawdown Indicators

	CFO	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-42.07%	+17.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-7.18%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-21.82%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-24.49%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	-42.07%	+17.72%
Current Drawdown Current decline from peak	-1.25%	-1.96%	+0.71%
Average Drawdown Average peak-to-trough decline	-5.55%	-7.05%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.39%	-0.51%

Volatility

CFO vs. CSB - Volatility Comparison

The current volatility for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is 2.67%, while VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) has a volatility of 3.59%. This indicates that CFO experiences smaller price fluctuations and is considered to be less risky than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFO	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	3.59%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	8.87%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	13.91%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	18.59%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	21.25%	-8.08%

CFO vs. CSB - Expense Ratio Comparison

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

Dividends

CFO vs. CSB - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.22%, less than CSB's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF	1.22%	1.32%	1.44%	1.72%	3.95%	1.06%	0.90%	1.44%	1.49%	1.18%	1.35%	1.31%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.12%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%

Frequently Asked Questions

Can I hold both CFO and CSB in my portfolio?

CFO and CSB have a correlation of 0.79, 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 CSB?

CSB has higher volatility (3.59%) compared to CFO (2.67%). In terms of maximum drawdown, CFO dropped -24.35% vs CSB's -42.07%.

Which ETF is better, CFO or CSB?

On 10-year performance, CSB leads with 10.15% vs 9.55% for CFO. Both ETFs have the same 0.35% expense ratio. On volatility, CFO has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CFO or CSB?

Over the 10-year period, CSB has performed better with a 10.15% return vs 9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CFO or CSB?

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

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

CSB has the higher dividend yield at 3.12%, compared with 1.22% for CFO.

What is the main difference between CFO and CSB?

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

Which has better risk-adjusted returns?

CSB currently has the higher Sharpe Ratio (1.63 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.