CSB vs. SDY

Last updated Jun 23, 2026

CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) and SDY (SPDR S&P Dividend 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 SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, CSB returned 10.04%/yr vs 9.51%/yr for SDY. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

CSB vs. SDY - 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 SPDR S&P Dividend ETF (SDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSB achieves a 10.17% return, which is significantly higher than SDY's 8.66% return. Over the past 10 years, CSB has outperformed SDY with an annualized return of 10.04%, while SDY has yielded a comparatively lower 9.51% annualized return.

CSB

• 1D: -0.13%
• 1M: -0.25%
• YTD: 10.17%
• 6M: 8.40%
• 1Y: 20.98%
• 3Y*: 12.53%
• 5Y*: 4.75%
• 10Y*: 10.04%

SDY

• 1D: -0.14%
• 1M: 0.22%
• YTD: 8.66%
• 6M: 8.03%
• 1Y: 15.23%
• 3Y*: 10.66%
• 5Y*: 6.95%
• 10Y*: 9.51%

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

CSB vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	10.17%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.32%
SDY SPDR S&P Dividend ETF	8.66%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between CSB and SDY is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.81

The correlation between CSB and SDY has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

CSB vs. SDY - Sectors Allocation Comparison

Sectors	CSB	SDY
Financial Services	26.9%	11.9%
Utilities	21.7%	14.0%
Consumer Cyclical	19.5%	5.9%
Energy	10.6%	3.0%
Industrials	8.5%	17.1%
Communication Services	4.0%	2.5%
Consumer Defensive	4.0%	16.1%
Basic Materials	3.6%	5.9%
Technology	1.3%	11.8%
Healthcare	0.4%	7.4%
Real Estate	-	4.4%

Return for Risk

CSB vs. SDY — Risk / Return Rank

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

CSB

CSB Risk / Return Rank: 48
CSB Sharpe Ratio Rank: 43
CSB Sortino Ratio Rank: 45
CSB Omega Ratio Rank: 41
CSB Calmar Ratio Rank: 61
CSB Martin Ratio Rank: 51

SDY

SDY Risk / Return Rank: 41
SDY Sharpe Ratio Rank: 43
SDY Sortino Ratio Rank: 46
SDY Omega Ratio Rank: 40
SDY Calmar Ratio Rank: 41
SDY Martin Ratio Rank: 36

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. SDY - 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 SPDR S&P Dividend ETF (SDY). 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	SDY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.47	-0.01
Sortino ratio: Return per unit of downside risk	2.21	2.23	-0.02
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.94	1.99	+0.94
Martin ratio: Return relative to average drawdown	8.48	5.37	+3.11

CSB vs. SDY - Sharpe Ratio Comparison

The current CSB Sharpe Ratio is 1.46, which is comparable to the SDY Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CSB and SDY, 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. SDY - Drawdown Comparison

The maximum CSB drawdown since its inception was -42.07%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for CSB and SDY.

Drawdown Indicators

	CSB	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-54.75%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-7.67%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-14.39%	-7.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-15.21%	-9.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	-36.70%	-5.37%
Current Drawdown Current decline from peak	-1.75%	-3.03%	+1.28%
Average Drawdown Average peak-to-trough decline	-7.11%	-6.20%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.84%	-0.36%

Volatility

CSB vs. SDY - Volatility Comparison

VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) has a higher volatility of 3.67% compared to SPDR S&P Dividend ETF (SDY) at 3.08%. This indicates that CSB's price experiences larger fluctuations and is considered to be riskier than SDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSB	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.08%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	7.55%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	10.46%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	13.99%	+4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	17.10%	+4.21%

CSB vs. SDY - Expense Ratio Comparison

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

Dividends

CSB vs. SDY - Dividend Comparison

CSB's dividend yield for the trailing twelve months is around 3.25%, more than SDY's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.25%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
SDY SPDR S&P Dividend ETF	3.12%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both CSB and SDY in my portfolio?

CSB and SDY have a correlation of 0.83, 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 SDY?

CSB has higher volatility (3.67%) compared to SDY (3.08%). In terms of maximum drawdown, CSB dropped -42.07% vs SDY's -54.75%.

Which ETF is better, CSB or SDY?

On 10-year performance, CSB leads with 10.04% vs 9.51% for SDY. Both ETFs have the same 0.35% expense ratio. On volatility, SDY has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSB or SDY?

Over the 10-year period, CSB has performed better with a 10.04% return vs 9.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSB or SDY?

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

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

CSB has the higher dividend yield at 3.25%, compared with 3.12% for SDY.

What is the main difference between CSB and SDY?

CSB is categorized as Small Cap Blend Equities, while SDY is Mid Cap Value Equities. CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. They also come from different issuers: Crestview and State Street.

Which has better risk-adjusted returns?

SDY currently has the higher Sharpe Ratio (1.47 vs 1.46), 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.