CFO vs. SPMV

Last updated Aug 2, 2026

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and SPMV (Invesco S&P 500 Minimum Variance 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 SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CFO charges 0.35%/yr vs 0.10%/yr for SPMV.

Performance

CFO vs. SPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

SPMV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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

CFO vs. SPMV - 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%	11.58%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between CFO and SPMV is 0.57, 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.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.76

The correlation between CFO and SPMV shifts across timeframes, from 0.57 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

CFO vs. SPMV - Sectors Allocation Comparison

Sectors	CFO	SPMV
Industrials	18.6%	6.0%
Financial Services	18.1%	17.8%
Technology	16.6%	26.9%
Healthcare	9.8%	15.0%
Consumer Cyclical	9.6%	6.6%
Utilities	8.7%	2.8%
Consumer Defensive	6.6%	10.7%
Energy	4.8%	4.8%
Basic Materials	3.5%	2.6%
Communication Services	3.2%	6.5%
Real Estate	0.4%	0.2%

Return for Risk

CFO vs. SPMV — 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

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPMV - 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 Minimum Variance ETF (SPMV). 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	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	1.34	—	—
Sortino ratio: Return per unit of downside risk	1.98	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.03	—	—
Martin ratio: Return relative to average drawdown	7.64	—	—

Drawdowns

Drawdown Indicators

	CFO	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.35%	—	—
Current Drawdown Current decline from peak	-1.25%	—	—
Average Drawdown Average peak-to-trough decline	-5.55%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	—	—

Volatility

Volatility by Period

	CFO	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.17%	—	—

CFO vs. SPMV - Expense Ratio Comparison

CFO has a 0.35% expense ratio, which is higher than SPMV's 0.10% expense ratio.

Dividends

CFO vs. SPMV - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.22%, while SPMV has not paid dividends to shareholders.

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%
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CFO and SPMV in my portfolio?

CFO and SPMV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CFO or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CFO or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.35% for CFO.

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

CFO has the higher dividend yield at 1.22%, compared with 1.05% for SPMV.

What is the main difference between CFO and SPMV?

CFO is categorized as Low Volatility, while SPMV is S&P 500. CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: VictoryShares and Invesco. Their fees differ too: 0.35% for CFO and 0.10% for SPMV.