CFO vs. HDLB
CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) 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 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, CFO returned 4.08%/yr vs 14.37%/yr for HDLB. Their 0.63 correlation means they have sometimes moved together and sometimes differently. CFO charges 0.35%/yr vs 1.65%/yr for HDLB.
Performance
CFO vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, CFO achieves a 10.37% return, which is significantly lower than HDLB's 25.12% 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%
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) |
|---|---|---|---|
| $401.90K | $354.93K | $366.84K | |
| $77.42K | $57.41K | $57.55K |
CFO vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CFO VictoryShares US 500 Enhanced Volatility Weighted ETF | 10.37% | 8.60% | 15.37% | -3.56% | -14.46% | 26.02% | 19.84% | 6.47% |
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 CFO and HDLB is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.63 |
Over the past year, the correlation between CFO and HDLB has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
CFO vs. HDLB — Risk / Return Rank
CFO
HDLB
CFO vs. HDLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) 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.
| CFO | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 1.74 | +0.29 |
| Martin ratioReturn relative to average drawdown | 7.64 | 3.74 | +3.90 |
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Drawdowns
CFO vs. HDLB - Drawdown Comparison
The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for CFO and HDLB.
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Drawdown Indicators
| CFO | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -78.70% | +54.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.10% | -16.17% | +9.07% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -20.94% | +3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -43.81% | +19.46% |
Max Drawdown (10Y)Largest decline over 10 years | -24.35% | — | — |
Current DrawdownCurrent decline from peak | -1.25% | -5.63% | +4.38% |
Average DrawdownAverage peak-to-trough decline | -5.55% | -27.01% | +21.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 7.51% | -5.63% |
Volatility
CFO vs. HDLB - Volatility Comparison
The current volatility for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is 2.67%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 11.39%. This indicates that CFO 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
| CFO | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 11.39% | -8.72% |
Volatility (6M)Calculated over the trailing 6-month period | 7.84% | 22.35% | -14.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 28.72% | -17.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 31.06% | -17.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.17% | 43.43% | -30.26% |
CFO vs. HDLB - Expense Ratio Comparison
CFO has a 0.35% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
CFO vs. HDLB - Dividend Comparison
CFO'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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
CFO and HDLB have a correlation of 0.41, 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 CFO (2.67%). In terms of maximum drawdown, CFO dropped -24.35% vs HDLB's -78.70%.
On 5-year performance, HDLB leads with 14.37% vs 4.08% for CFO. On fees, CFO is cheaper at 0.35% 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.
Over the 5-year period, HDLB has performed better with a 14.37% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CFO 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 CFO.
CFO is categorized as Low Volatility, while HDLB is Leveraged Equities. CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash 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 CFO and 1.65% for HDLB.
CFO 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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