DHS vs. CDL

Last updated Aug 2, 2026

DHS (WisdomTree US High Dividend Fund) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - DHS is a Large Cap Value Equities fund tracking the WisdomTree U.S. High Dividend Index, while CDL is a Dividend fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, DHS returned 9.68%/yr vs 11.17%/yr for CDL. Their correlation of 0.90 means they have usually moved in the same direction. DHS charges 0.38%/yr vs 0.35%/yr for CDL.

Performance

DHS vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US High Dividend Fund (DHS) 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 DHS having a 16.66% return and CDL slightly higher at 17.17%. Over the past 10 years, DHS has underperformed CDL with an annualized return of 9.68%, while CDL has yielded a comparatively higher 11.17% annualized return.

DHS

• 1D: -0.37%
• 1M: 1.58%
• 6M: 9.76%
• YTD: 16.66%
• 1Y: 25.21%
• 3Y*: 16.49%
• 5Y*: 12.26%
• 10Y*: 9.68%
• ALL TIME*: 8.24%

CDL

• 1D: -0.51%
• 1M: 0.29%
• 6M: 10.38%
• YTD: 17.17%
• 1Y: 22.30%
• 3Y*: 14.61%
• 5Y*: 10.44%
• 10Y*: 11.17%
• ALL TIME*: 11.29%

*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)
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	$504.48K	$625.50K	$553.90K
DHS WisdomTree US High Dividend Fund	$5.32M	$3.61M	$2.98M

DHS vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHS WisdomTree US High Dividend Fund	16.66%	12.87%	18.02%	-0.19%	7.97%	23.20%	-5.70%	22.59%	-7.41%	11.69%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	17.17%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%

Correlation

The correlation between DHS and CDL is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.90

The correlation between DHS and CDL has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

DHS vs. CDL - Sectors Allocation Comparison

Sectors	DHS	CDL
Financial Services	23.2%	24.1%
Healthcare	15.9%	7.2%
Consumer Defensive	14.2%	15.7%
Utilities	8.9%	24.3%
Energy	8.2%	8.6%
Communication Services	8.2%	3.9%
Technology	7.4%	6.9%
Consumer Cyclical	5.4%	7.0%
Industrials	4.5%	2.3%
Real Estate	3.0%	0.0%
Basic Materials	1.1%	0.0%

Return for Risk

DHS vs. CDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DHS

DHS Risk / Return Rank: 91
DHS Sharpe Ratio Rank: 92
DHS Sortino Ratio Rank: 93
DHS Omega Ratio Rank: 90
DHS Calmar Ratio Rank: 91
DHS Martin Ratio Rank: 90

CDL

CDL Risk / Return Rank: 88
CDL Sharpe Ratio Rank: 88
CDL Sortino Ratio Rank: 90
CDL Omega Ratio Rank: 84
CDL Calmar Ratio Rank: 90
CDL Martin Ratio Rank: 89

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.

DHS vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US High Dividend Fund (DHS) 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.

	DHS	CDL	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.13	+0.28
Sortino ratio: Return per unit of downside risk	3.61	3.18	+0.44
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	3.97	3.87	+0.09
Martin ratio: Return relative to average drawdown	14.58	13.78	+0.81

DHS vs. CDL - Sharpe Ratio Comparison

The current DHS Sharpe Ratio is 2.41, which is comparable to the CDL Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DHS 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

DHS vs. CDL - Drawdown Comparison

The maximum DHS drawdown since its inception was -67.25%, which is greater than CDL's maximum drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for DHS and CDL.

Drawdown Indicators

	DHS	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-41.03%	-26.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.30%	-5.66%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	-12.87%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-15.28%	-17.28%	+2.00%
Max Drawdown (10Y) Largest decline over 10 years	-37.35%	-41.03%	+3.68%
Current Drawdown Current decline from peak	-2.23%	-2.35%	+0.12%
Average Drawdown Average peak-to-trough decline	-9.48%	-4.29%	-5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.59%	+0.12%

Volatility

DHS vs. CDL - Volatility Comparison

The current volatility for WisdomTree US High Dividend Fund (DHS) is 3.88%, while VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a volatility of 4.20%. This indicates that DHS 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

	DHS	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.20%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	7.85%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.43%	10.34%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	13.88%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	17.04%	-0.95%

DHS vs. CDL - Expense Ratio Comparison

DHS has a 0.38% expense ratio, which is higher than CDL's 0.35% expense ratio.

Dividends

DHS vs. CDL - Dividend Comparison

DHS's dividend yield for the trailing twelve months is around 3.19%, more than CDL's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.06%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
DHS WisdomTree US High Dividend Fund	3.19%	3.32%	3.66%	4.31%	3.42%	3.29%	4.14%	3.69%	3.76%	3.00%	3.25%	3.53%

Frequently Asked Questions

Can I hold both DHS and CDL in my portfolio?

With a correlation of 0.93, DHS and CDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DHS or CDL?

CDL has higher volatility (4.20%) compared to DHS (3.88%). In terms of maximum drawdown, DHS dropped -67.25% vs CDL's -41.03%.

Which ETF is better, DHS or CDL?

On 10-year performance, CDL leads with 11.17% vs 9.68% for DHS. On fees, CDL is cheaper at 0.35% per year. On volatility, DHS has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DHS or CDL?

Over the 10-year period, CDL has performed better with a 11.17% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHS or CDL?

CDL is cheaper with a 0.35% expense ratio, compared with 0.38% for DHS.

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

DHS has the higher dividend yield at 3.19%, compared with 3.06% for CDL.

What is the main difference between DHS and CDL?

DHS is categorized as Large Cap Value Equities, while CDL is Dividend. DHS tracks WisdomTree U.S. High Dividend Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: WisdomTree and Crestview. Their fees differ too: 0.38% for DHS and 0.35% for CDL.

Which has better risk-adjusted returns?

DHS currently has the higher Sharpe Ratio (2.41 vs 2.13), 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.