LGLV vs. CDL

Last updated Aug 2, 2026

LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - LGLV is a Low Volatility fund tracking the State Street U.S. Large Cap Low Volatility 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, LGLV returned 11.19%/yr vs 11.17%/yr for CDL. Their 0.79 correlation means they have sometimes moved together and sometimes differently. LGLV charges 0.12%/yr vs 0.35%/yr for CDL.

Performance

LGLV vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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

In the year-to-date period, LGLV achieves a 7.61% return, which is significantly lower than CDL's 17.17% return. Both investments have delivered pretty close results over the past 10 years, with LGLV having a 11.19% annualized return and CDL not far behind at 11.17%.

LGLV

• 1D: 0.02%
• 1M: 0.47%
• 6M: 3.70%
• YTD: 7.61%
• 1Y: 10.51%
• 3Y*: 11.84%
• 5Y*: 8.32%
• 10Y*: 11.19%
• ALL TIME*: 11.95%

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
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	$5.56M	$4.60M	$5.45M

LGLV vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	7.61%	8.37%	16.22%	9.19%	-8.17%	27.95%	7.42%	30.83%	0.32%	17.84%
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 LGLV and CDL is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.79

The correlation between LGLV and CDL has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

LGLV vs. CDL - Sectors Allocation Comparison

Sectors	LGLV	CDL
Industrials	18.7%	2.3%
Real Estate	17.8%	0.0%
Utilities	11.8%	24.3%
Financial Services	10.0%	24.1%
Consumer Cyclical	9.1%	7.0%
Technology	9.0%	6.9%
Healthcare	7.3%	7.2%
Consumer Defensive	5.6%	15.7%
Communication Services	3.9%	3.9%
Energy	3.5%	8.6%
Basic Materials	3.4%	0.0%

Return for Risk

LGLV vs. CDL — Risk / Return Rank

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

LGLV

LGLV Risk / Return Rank: 39
LGLV Sharpe Ratio Rank: 40
LGLV Sortino Ratio Rank: 41
LGLV Omega Ratio Rank: 37
LGLV Calmar Ratio Rank: 42
LGLV Martin Ratio Rank: 35

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.

LGLV vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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.

	LGLV	CDL	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.13	-1.13
Sortino ratio: Return per unit of downside risk	1.53	3.18	-1.65
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.47	3.87	-2.40
Martin ratio: Return relative to average drawdown	3.41	13.78	-10.37

LGLV vs. CDL - Sharpe Ratio Comparison

The current LGLV Sharpe Ratio is 0.99, which is lower than the CDL Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of LGLV 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

LGLV vs. CDL - Drawdown Comparison

The maximum LGLV drawdown since its inception was -36.64%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for LGLV and CDL.

Drawdown Indicators

	LGLV	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-36.64%	-41.03%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-5.66%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	-12.87%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-17.28%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-36.64%	-41.03%	+4.39%
Current Drawdown Current decline from peak	-2.14%	-2.35%	+0.21%
Average Drawdown Average peak-to-trough decline	-3.21%	-4.29%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.59%	+1.36%

Volatility

LGLV vs. CDL - Volatility Comparison

SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) has a higher volatility of 4.53% compared to VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) at 4.20%. This indicates that LGLV's price experiences larger fluctuations and is considered to be riskier than CDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGLV	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.20%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	7.85%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	10.34%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	13.88%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	17.04%	-0.95%

LGLV vs. CDL - Expense Ratio Comparison

LGLV has a 0.12% expense ratio, which is lower than CDL's 0.35% expense ratio.

Dividends

LGLV vs. CDL - Dividend Comparison

LGLV's dividend yield for the trailing twelve months is around 1.99%, less 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%
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	1.99%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%

Frequently Asked Questions

Can I hold both LGLV and CDL in my portfolio?

LGLV and CDL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGLV or CDL?

LGLV has higher volatility (4.53%) compared to CDL (4.20%). In terms of maximum drawdown, LGLV dropped -36.64% vs CDL's -41.03%.

Which ETF is better, LGLV or CDL?

On 10-year performance, LGLV leads with 11.19% vs 11.17% for CDL. On fees, LGLV is cheaper at 0.12% per year. On volatility, CDL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGLV or CDL?

Over the 10-year period, LGLV has performed better with a 11.19% return vs 11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGLV or CDL?

LGLV is cheaper with a 0.12% expense ratio, compared with 0.35% for CDL.

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

CDL has the higher dividend yield at 3.06%, compared with 1.99% for LGLV.

What is the main difference between LGLV and CDL?

LGLV is categorized as Low Volatility, while CDL is Dividend. LGLV tracks State Street U.S. Large Cap Low Volatility Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: State Street and Crestview. Their fees differ too: 0.12% for LGLV and 0.35% for CDL.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (2.13 vs 0.99), 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.