HOG vs. CSB

Last updated Jul 16, 2026

HOG (Harley-Davidson, Inc.) is a stock, while CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) is Small Cap Blend Equities fund tracking the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. Over the past 10 years, HOG returned -3.62%/yr vs 9.94%/yr for CSB. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

HOG vs. CSB - Performance Comparison

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

Returns By Period

In the year-to-date period, HOG achieves a 28.97% return, which is significantly higher than CSB's 15.17% return. Over the past 10 years, HOG has underperformed CSB with an annualized return of -3.62%, while CSB has yielded a comparatively higher 9.94% annualized return.

HOG

• 1D: 3.47%
• 1M: -0.46%
• 6M: 25.54%
• YTD: 28.97%
• 1Y: 11.64%
• 3Y*: -8.03%
• 5Y*: -7.64%
• 10Y*: -3.62%

CSB

• 1D: 0.66%
• 1M: 3.81%
• 6M: 10.97%
• YTD: 15.17%
• 1Y: 22.22%
• 3Y*: 12.31%
• 5Y*: 6.30%
• 10Y*: 9.94%

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

HOG vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HOG Harley-Davidson, Inc.	28.97%	-30.05%	-16.61%	-9.76%	12.13%	4.29%	0.19%	13.62%	-30.54%	-10.29%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	15.17%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	21.12%	-7.10%	11.32%

Correlation

The correlation between HOG and CSB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.58

The correlation between HOG and CSB shifts across timeframes, from 0.48 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HOG vs. CSB — Risk / Return Rank

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

HOG

HOG Risk / Return Rank: 53
HOG Sharpe Ratio Rank: 56
HOG Sortino Ratio Rank: 53
HOG Omega Ratio Rank: 51
HOG Calmar Ratio Rank: 52
HOG Martin Ratio Rank: 51

CSB

CSB Risk / Return Rank: 64
CSB Sharpe Ratio Rank: 59
CSB Sortino Ratio Rank: 65
CSB Omega Ratio Rank: 56
CSB Calmar Ratio Rank: 75
CSB Martin Ratio Rank: 63

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.

HOG vs. CSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harley-Davidson, Inc. (HOG) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	HOG	CSB	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.61	-1.32
Sortino ratio: Return per unit of downside risk	0.73	2.42	-1.69
Omega ratio: Gain probability vs. loss probability	1.09	1.29	-0.20
Calmar ratio: Return relative to maximum drawdown	0.27	3.11	-2.84
Martin ratio: Return relative to average drawdown	0.50	9.05	-8.56

HOG vs. CSB - Sharpe Ratio Comparison

The current HOG Sharpe Ratio is 0.29, which is lower than the CSB Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HOG and CSB, 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

HOG vs. CSB - Drawdown Comparison

The maximum HOG drawdown since its inception was -88.26%, which is greater than CSB's maximum drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for HOG and CSB.

Drawdown Indicators

	HOG	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-88.26%	-42.07%	-46.19%
Max Drawdown (1Y) Largest decline over 1 year	-43.24%	-7.18%	-36.06%
Max Drawdown (3Y) Largest decline over 3 years	-58.74%	-21.82%	-36.92%
Max Drawdown (5Y) Largest decline over 5 years	-64.11%	-24.49%	-39.62%
Max Drawdown (10Y) Largest decline over 10 years	-73.28%	-42.07%	-31.21%
Current Drawdown Current decline from peak	-52.61%	0.00%	-52.61%
Average Drawdown Average peak-to-trough decline	-24.49%	-7.07%	-17.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.51%	2.46%	+21.05%

Volatility

HOG vs. CSB - Volatility Comparison

Harley-Davidson, Inc. (HOG) has a higher volatility of 10.03% compared to VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) at 3.63%. This indicates that HOG's price experiences larger fluctuations and is considered to be riskier than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOG	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.03%	3.63%	+6.40%
Volatility (6M) Calculated over the trailing 6-month period	28.77%	9.13%	+19.64%
Volatility (1Y) Calculated over the trailing 1-year period	41.09%	14.10%	+26.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.46%	18.63%	+21.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.47%	21.24%	+21.23%

Dividends

HOG vs. CSB - Dividend Comparison

HOG's dividend yield for the trailing twelve months is around 2.83%, less than CSB's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.13%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
HOG Harley-Davidson, Inc.	2.83%	3.51%	2.29%	1.79%	1.51%	1.59%	1.20%	4.03%	4.34%	2.87%	2.40%	2.73%

Frequently Asked Questions

Can I hold both HOG and CSB in my portfolio?

HOG and CSB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOG or CSB?

HOG has higher volatility (10.03%) compared to CSB (3.63%). In terms of maximum drawdown, HOG dropped -88.26% vs CSB's -42.07%.

Which has better risk-adjusted returns?

CSB currently has the higher Sharpe Ratio (1.61 vs 0.29), 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.