CSB vs. CDL

Last updated Jul 17, 2026

CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - CSB is a Small Cap Blend Equities fund tracking the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index, while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, CSB returned 10.16%/yr vs 11.14%/yr for CDL. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

CSB vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CSB having a 17.53% return and CDL slightly higher at 18.31%. Over the past 10 years, CSB has underperformed CDL with an annualized return of 10.16%, while CDL has yielded a comparatively higher 11.14% annualized return.

CSB

• 1D: 2.06%
• 1M: 5.76%
• 6M: 11.97%
• YTD: 17.53%
• 1Y: 24.43%
• 3Y*: 12.96%
• 5Y*: 6.74%
• 10Y*: 10.16%

CDL

• 1D: 1.78%
• 1M: 3.68%
• 6M: 13.91%
• YTD: 18.31%
• 1Y: 23.34%
• 3Y*: 16.00%
• 5Y*: 10.85%
• 10Y*: 11.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CSB vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	17.53%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.32%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	18.31%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%

Correlation

The correlation between CSB and CDL is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.79

The correlation between CSB and CDL has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

CSB vs. CDL - Sectors Allocation Comparison

Sectors	CSB	CDL
Financial Services	26.9%	23.1%
Utilities	21.7%	23.7%
Consumer Cyclical	19.5%	6.9%
Energy	10.6%	9.0%
Industrials	8.5%	2.2%
Communication Services	4.0%	4.4%
Consumer Defensive	4.0%	15.8%
Basic Materials	3.6%	0.0%
Technology	1.3%	8.0%
Healthcare	0.4%	6.9%
Real Estate	-	0.0%

Return for Risk

CSB vs. CDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSB

CSB Risk / Return Rank: 71
CSB Sharpe Ratio Rank: 68
CSB Sortino Ratio Rank: 73
CSB Omega Ratio Rank: 65
CSB Calmar Ratio Rank: 81
CSB Martin Ratio Rank: 69

CDL

CDL Risk / Return Rank: 87
CDL Sharpe Ratio Rank: 88
CDL Sortino Ratio Rank: 90
CDL Omega Ratio Rank: 83
CDL Calmar Ratio Rank: 89
CDL Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CSB vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). 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.

	CSB	CDL	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.30	-0.55
Sortino ratio: Return per unit of downside risk	2.63	3.42	-0.79
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	3.42	4.14	-0.72
Martin ratio: Return relative to average drawdown	9.95	14.63	-4.68

CSB vs. CDL - Sharpe Ratio Comparison

The current CSB Sharpe Ratio is 1.75, which is comparable to the CDL Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of CSB and CDL, 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

CSB vs. CDL - Drawdown Comparison

The maximum CSB drawdown since its inception was -42.07%, roughly equal to the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for CSB and CDL.

Drawdown Indicators

	CSB	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-41.03%	-1.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-5.66%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-12.87%	-8.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-17.28%	-7.21%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	-41.03%	-1.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.07%	-4.31%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.60%	+0.86%

Volatility

CSB vs. CDL - Volatility Comparison

The current volatility for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) is 3.87%, while VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a volatility of 4.14%. This indicates that CSB experiences smaller price fluctuations and is considered to be less risky than CDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSB	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.14%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.33%	7.63%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	10.20%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	13.89%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	17.03%	+4.21%

CSB vs. CDL - Expense Ratio Comparison

Both CSB and CDL have an expense ratio of 0.35%.

Dividends

CSB vs. CDL - Dividend Comparison

CSB's dividend yield for the trailing twelve months is around 3.06%, which matches CDL's 3.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.03%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.06%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%

Frequently Asked Questions

Can I hold both CSB and CDL in my portfolio?

CSB and CDL 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, CSB or CDL?

CDL has higher volatility (4.14%) compared to CSB (3.87%). In terms of maximum drawdown, CSB dropped -42.07% vs CDL's -41.03%.

Which ETF is better, CSB or CDL?

On 10-year performance, CDL leads with 11.14% vs 10.16% for CSB. Both ETFs have the same 0.35% expense ratio. On volatility, CSB has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSB or CDL?

Over the 10-year period, CDL has performed better with a 11.14% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSB or CDL?

CSB and CDL have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, CSB or CDL?

CSB has the higher dividend yield at 3.06%, compared with 3.03% for CDL.

What is the main difference between CSB and CDL?

CSB is categorized as Small Cap Blend Equities, while CDL is Large Cap Value Equities. CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (2.30 vs 1.75), 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.