CFO vs. QLV

Last updated Aug 2, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and QLV (FlexShares US Quality Low Volatility Index Fund) 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 QLV is a Quality Factor fund tracking the Northern Trust Quality Low Volatility Index. Both are passively managed. Over the past 5 years, CFO returned 4.08%/yr vs 9.98%/yr for QLV. Their correlation of 0.85 means they have usually moved in the same direction. CFO charges 0.35%/yr vs 0.22%/yr for QLV.

Performance

CFO vs. QLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and FlexShares US Quality Low Volatility Index Fund (QLV). 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 QLV's 9.01% 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%

QLV

• 1D: 0.10%
• 1M: 1.40%
• 6M: 6.81%
• YTD: 9.01%
• 1Y: 16.12%
• 3Y*: 14.76%
• 5Y*: 9.98%
• 10Y*: —
• ALL TIME*: 11.61%

*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
QLV FlexShares US Quality Low Volatility Index Fund	$433.57K	$400.63K	$648.84K

CFO vs. QLV - 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%	6.68%
QLV FlexShares US Quality Low Volatility Index Fund	9.01%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%

Correlation

The correlation between CFO and QLV is 0.76, 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.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.85

The correlation between CFO and QLV has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

CFO vs. QLV - Sectors Allocation Comparison

Sectors	CFO	QLV
Industrials	18.6%	6.3%
Financial Services	18.1%	12.3%
Technology	16.6%	30.2%
Healthcare	9.8%	14.1%
Consumer Cyclical	9.6%	6.4%
Utilities	8.7%	6.4%
Consumer Defensive	6.6%	7.8%
Energy	4.8%	6.5%
Basic Materials	3.5%	1.3%
Communication Services	3.2%	7.4%
Real Estate	0.4%	1.4%

Return for Risk

CFO vs. QLV — 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

QLV

QLV Risk / Return Rank: 82
QLV Sharpe Ratio Rank: 85
QLV Sortino Ratio Rank: 87
QLV Omega Ratio Rank: 84
QLV Calmar Ratio Rank: 73
QLV Martin Ratio Rank: 80

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. QLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and FlexShares US Quality Low Volatility Index Fund (QLV). 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	QLV	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.99	-0.65
Sortino ratio: Return per unit of downside risk	1.98	2.93	-0.95
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	2.03	2.53	-0.50
Martin ratio: Return relative to average drawdown	7.64	10.43	-2.78

CFO vs. QLV - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.34, which is lower than the QLV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CFO and QLV, 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. QLV - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum QLV drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for CFO and QLV.

Drawdown Indicators

	CFO	QLV	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-33.71%	+9.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-6.19%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-12.05%	-5.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-17.93%	-6.42%
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	—	—
Current Drawdown Current decline from peak	-1.25%	-0.43%	-0.82%
Average Drawdown Average peak-to-trough decline	-5.55%	-3.93%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.50%	+0.38%

Volatility

CFO vs. QLV - Volatility Comparison

VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and FlexShares US Quality Low Volatility Index Fund (QLV) have volatilities of 2.67% and 2.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFO	QLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.64%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	5.96%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	7.88%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	12.63%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	16.43%	-3.26%

CFO vs. QLV - Expense Ratio Comparison

CFO has a 0.35% expense ratio, which is higher than QLV's 0.22% expense ratio.

Dividends

CFO vs. QLV - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.22%, less than QLV's 1.52% 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%
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CFO and QLV in my portfolio?

CFO and QLV have a correlation of 0.76, 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 QLV?

CFO has higher volatility (2.67%) compared to QLV (2.64%). In terms of maximum drawdown, CFO dropped -24.35% vs QLV's -33.71%.

Which ETF is better, CFO or QLV?

On 5-year performance, QLV leads with 9.98% vs 4.08% for CFO. On fees, QLV is cheaper at 0.22% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CFO or QLV?

Over the 5-year period, QLV has performed better with a 9.98% 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 QLV?

QLV is cheaper with a 0.22% expense ratio, compared with 0.35% for CFO.

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

QLV has the higher dividend yield at 1.52%, compared with 1.22% for CFO.

What is the main difference between CFO and QLV?

CFO is categorized as Low Volatility, while QLV is Quality Factor. CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while QLV tracks Northern Trust Quality Low Volatility Index. They also come from different issuers: VictoryShares and Northern Trust. Their fees differ too: 0.35% for CFO and 0.22% for QLV.

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (1.99 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.