DVOL vs. VOO

Last updated Jun 4, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, DVOL returned 6.82%/yr vs 13.90%/yr for VOO. A 0.70 correlation means they provide meaningful diversification when combined. DVOL charges 0.60%/yr vs 0.03%/yr for VOO.

Performance

DVOL vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVOL achieves a 1.61% return, which is significantly lower than VOO's 10.91% return.

DVOL

• 1D: 0.41%
• 1M: -3.19%
• YTD: 1.61%
• 6M: 2.02%
• 1Y: 0.82%
• 3Y*: 12.78%
• 5Y*: 6.82%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

DVOL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.61%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-9.89%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-12.14%

Correlation

The correlation between DVOL and VOO is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 10, 2018	0.70

The correlation between DVOL and VOO shifts across timeframes, from 0.53 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

DVOL vs. VOO - Sectors Allocation Comparison

Sectors	DVOL	VOO
Financial Services	18.8%	11.6%
Industrials	16.6%	8.3%
Energy	14.0%	3.5%
Real Estate	12.1%	1.9%
Consumer Cyclical	9.4%	10.2%
Consumer Defensive	8.2%	4.9%
Basic Materials	6.0%	1.8%
Technology	4.7%	35.7%
Healthcare	3.7%	8.5%
Communication Services	3.6%	11.3%
Utilities	3.0%	2.4%

Return for Risk

DVOL vs. VOO — Risk / Return Rank

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

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 9
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 10
DVOL Martin Ratio Rank: 10

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

DVOL vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and Vanguard S&P 500 ETF (VOO). 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.

	DVOL	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.39	-2.32
Sortino ratio: Return per unit of downside risk	0.19	3.25	-3.07
Omega ratio: Gain probability vs. loss probability	1.02	1.43	-0.41
Calmar ratio: Return relative to maximum drawdown	0.08	3.16	-3.08
Martin ratio: Return relative to average drawdown	0.30	14.73	-14.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVOL vs. VOO - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.07, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DVOL and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DVOL	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	2.39	-2.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.83	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.89	-0.39

Drawdowns

DVOL vs. VOO - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DVOL and VOO.

Drawdown Indicators

	DVOL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-33.99%	-4.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-8.90%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-18.69%	+7.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	-24.52%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-4.85%	-0.70%	-4.15%
Average Drawdown Average peak-to-trough decline	-7.17%	-3.69%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.91%	+0.96%

Volatility

DVOL vs. VOO - Volatility Comparison

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and Vanguard S&P 500 ETF (VOO) have volatilities of 2.91% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVOL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.84%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	8.90%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.79%	11.80%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	16.81%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	18.01%	-0.29%

DVOL vs. VOO - Expense Ratio Comparison

DVOL has a 0.60% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DVOL vs. VOO - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.68%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.68%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DVOL and VOO in my portfolio?

DVOL and VOO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVOL or VOO?

DVOL has higher volatility (2.91%) compared to VOO (2.84%). In terms of maximum drawdown, DVOL dropped -38.26% vs VOO's -33.99%.

Which ETF is better, DVOL or VOO?

On 5-year performance, VOO leads with 13.90% vs 6.82% for DVOL. On fees, VOO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVOL or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.60% for DVOL.

Which ETF pays a higher dividend yield, DVOL or VOO?

VOO has the higher dividend yield at 1.03%, compared with 0.68% for DVOL.

What is the main difference between DVOL and VOO?

DVOL is categorized as Momentum, while VOO is S&P 500. DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while VOO tracks S&P 500 Index. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.60% for DVOL and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 0.07), 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.