CFO vs. SPLV
CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and SPLV (Invesco S&P 500 Low Volatility 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 SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, CFO returned 9.55%/yr vs 8.23%/yr for SPLV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. CFO charges 0.35%/yr vs 0.25%/yr for SPLV.
Performance
CFO vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, CFO achieves a 10.37% return, which is significantly higher than SPLV's 8.12% return. Over the past 10 years, CFO has outperformed SPLV with an annualized return of 9.55%, while SPLV has yielded a comparatively lower 8.23% 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%
SPLV
- 1D
- -0.20%
- 1M
- -0.47%
- 6M
- 4.66%
- YTD
- 8.12%
- 1Y
- 7.70%
- 3Y*
- 8.84%
- 5Y*
- 6.09%
- 10Y*
- 8.23%
- ALL TIME*
- 10.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $401.90K | $354.93K | $366.84K | |
| $153.26M | $160.48M | $185.27M |
CFO vs. SPLV - 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% |
SPLV Invesco S&P 500 Low Volatility ETF | 8.12% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
Correlation
The correlation between CFO and SPLV is 0.55, 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. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.75 |
Over the past year, the correlation between CFO and SPLV has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.
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Return for Risk
CFO vs. SPLV — Risk / Return Rank
CFO
SPLV
CFO vs. SPLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Invesco S&P 500 Low Volatility ETF (SPLV). 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 | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 1.02 | +1.02 |
| Martin ratioReturn relative to average drawdown | 7.64 | 2.33 | +5.32 |
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Drawdowns
CFO vs. SPLV - Drawdown Comparison
The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for CFO and SPLV.
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Drawdown Indicators
| CFO | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -36.26% | +11.91% |
Max Drawdown (1Y)Largest decline over 1 year | -7.10% | -7.41% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -9.10% | -8.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -17.26% | -7.09% |
Max Drawdown (10Y)Largest decline over 10 years | -24.35% | -36.26% | +11.91% |
Current DrawdownCurrent decline from peak | -1.25% | -2.23% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -5.55% | -3.54% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 3.22% | -1.34% |
Volatility
CFO vs. SPLV - Volatility Comparison
The current volatility for VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) is 2.67%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 4.40%. This indicates that CFO experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CFO | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 4.40% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 7.84% | 8.31% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 10.70% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 12.61% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.17% | 15.42% | -2.25% |
CFO vs. SPLV - Expense Ratio Comparison
CFO has a 0.35% expense ratio, which is higher than SPLV's 0.25% expense ratio.
Dividends
CFO vs. SPLV - Dividend Comparison
CFO's dividend yield for the trailing twelve months is around 1.22%, less than SPLV's 2.12% 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% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.12% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
CFO and SPLV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.40%) compared to CFO (2.67%). In terms of maximum drawdown, CFO dropped -24.35% vs SPLV's -36.26%.
On 10-year performance, CFO leads with 9.55% vs 8.23% for SPLV. On fees, SPLV is cheaper at 0.25% 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 10-year period, CFO has performed better with a 9.55% return vs 8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.35% for CFO.
SPLV has the higher dividend yield at 2.12%, compared with 1.22% for CFO.
CFO is categorized as Low Volatility, while SPLV is S&P 500. CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: VictoryShares and Invesco. Their fees differ too: 0.35% for CFO and 0.25% for SPLV.
CFO currently has the higher Sharpe Ratio (1.34 vs 0.70), 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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