CFO vs. FDLO

Last updated Aug 2, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both Low Volatility funds - CFO tracks the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index while FDLO tracks the Fidelity U.S. Low Volatility Factor Index. Both are passively managed. Over the past 5 years, CFO returned 4.08%/yr vs 9.60%/yr for FDLO. Their correlation of 0.86 means they have usually moved in the same direction. CFO charges 0.35%/yr vs 0.15%/yr for FDLO.

Performance

CFO vs. FDLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Fidelity Low Volatility Factor ETF (FDLO). 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 higher than FDLO's 8.41% 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%

FDLO

• 1D: 0.52%
• 1M: 2.54%
• 6M: 6.36%
• YTD: 8.41%
• 1Y: 16.67%
• 3Y*: 13.79%
• 5Y*: 9.60%
• 10Y*: —
• ALL TIME*: 13.06%

*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
FDLO Fidelity Low Volatility Factor ETF	$4.52M	$3.68M	$3.65M

CFO vs. FDLO - 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%
FDLO Fidelity Low Volatility Factor ETF	8.41%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%

Correlation

The correlation between CFO and FDLO 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.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.86

The correlation between CFO and FDLO has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

CFO vs. FDLO - Sectors Allocation Comparison

Sectors	CFO	FDLO
Industrials	18.6%	8.7%
Financial Services	18.1%	13.1%
Technology	16.6%	33.2%
Healthcare	9.8%	10.6%
Consumer Cyclical	9.6%	10.0%
Utilities	8.7%	2.4%
Consumer Defensive	6.6%	4.7%
Energy	4.8%	3.1%
Basic Materials	3.5%	1.8%
Communication Services	3.2%	10.1%
Real Estate	0.4%	2.3%

Return for Risk

CFO vs. FDLO — 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

FDLO

FDLO Risk / Return Rank: 72
FDLO Sharpe Ratio Rank: 75
FDLO Sortino Ratio Rank: 76
FDLO Omega Ratio Rank: 73
FDLO Calmar Ratio Rank: 62
FDLO Martin Ratio Rank: 72

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. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Fidelity Low Volatility Factor ETF (FDLO). 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	FDLO	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.70	-0.35
Sortino ratio: Return per unit of downside risk	1.98	2.41	-0.43
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	2.03	2.17	-0.14
Martin ratio: Return relative to average drawdown	7.64	8.89	-1.24

CFO vs. FDLO - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.34, which is comparable to the FDLO Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CFO and FDLO, 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. FDLO - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for CFO and FDLO.

Drawdown Indicators

	CFO	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-34.35%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-7.13%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-13.68%	-3.57%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-19.23%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	—	—
Current Drawdown Current decline from peak	-1.25%	0.00%	-1.25%
Average Drawdown Average peak-to-trough decline	-5.55%	-3.34%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.74%	+0.14%

Volatility

CFO vs. FDLO - Volatility Comparison

The current volatility for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is 2.67%, while Fidelity Low Volatility Factor ETF (FDLO) has a volatility of 3.07%. This indicates that CFO experiences smaller price fluctuations and is considered to be less risky than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFO	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	3.07%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	6.99%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	9.15%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	13.11%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	15.43%	-2.26%

CFO vs. FDLO - Expense Ratio Comparison

CFO has a 0.35% expense ratio, which is higher than FDLO's 0.15% expense ratio.

Dividends

CFO vs. FDLO - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.22%, less than FDLO's 1.37% 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%
FDLO Fidelity Low Volatility Factor ETF	1.37%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%

Frequently Asked Questions

Can I hold both CFO and FDLO in my portfolio?

CFO and FDLO 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 FDLO?

FDLO has higher volatility (3.07%) compared to CFO (2.67%). In terms of maximum drawdown, CFO dropped -24.35% vs FDLO's -34.35%.

Which ETF is better, CFO or FDLO?

On 5-year performance, FDLO leads with 9.60% vs 4.08% for CFO. On fees, FDLO is cheaper at 0.15% per year. 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 FDLO?

Over the 5-year period, FDLO has performed better with a 9.60% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CFO or FDLO?

FDLO is cheaper with a 0.15% expense ratio, compared with 0.35% for CFO.

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

FDLO has the higher dividend yield at 1.37%, compared with 1.22% for CFO.

What is the main difference between CFO and FDLO?

CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while FDLO tracks Fidelity U.S. Low Volatility Factor Index. They also come from different issuers: VictoryShares and Fidelity. Their fees differ too: 0.35% for CFO and 0.15% for FDLO.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.70 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.