MSFW vs. CDL

Last updated Jun 25, 2026

MSFW (Roundhill MSFT WeeklyPay™ ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - MSFW is a Derivative Income fund actively managed by Roundhill, while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. MSFW is actively managed, while CDL is passively managed. At a correlation of -0.03, they often move in opposite directions. MSFW charges 0.99%/yr vs 0.35%/yr for CDL.

Performance

MSFW vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill MSFT WeeklyPay™ ETF (MSFW) 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, MSFW achieves a -29.51% return, which is significantly lower than CDL's 13.91% return.

MSFW

• 1D: -3.05%
• 1M: -15.28%
• YTD: -29.51%
• 6M: -30.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDL

• 1D: 0.10%
• 1M: 0.90%
• YTD: 13.91%
• 6M: 13.24%
• 1Y: 20.72%
• 3Y*: 15.84%
• 5Y*: 9.98%
• 10Y*: 11.32%

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

MSFW vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025
MSFW Roundhill MSFT WeeklyPay™ ETF	-29.51%	-7.80%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	13.91%	2.01%

Correlation

The correlation between MSFW and CDL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	-0.03

MSFW vs. CDL - Sectors Allocation Comparison

Sectors	MSFW	CDL
Technology	35.1%	8.0%
Basic Materials	-	0.0%
Communication Services	-	4.4%
Consumer Cyclical	-	6.9%
Consumer Defensive	-	15.8%
Energy	-	9.0%
Financial Services	-	23.1%
Healthcare	-	6.9%
Industrials	-	2.2%
Real Estate	-	0.0%
Utilities	-	23.7%

Return for Risk

MSFW vs. CDL — Risk / Return Rank

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

MSFW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CDL

CDL Risk / Return Rank: 75
CDL Sharpe Ratio Rank: 74
CDL Sortino Ratio Rank: 78
CDL Omega Ratio Rank: 68
CDL Calmar Ratio Rank: 79
CDL Martin Ratio Rank: 77

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.

MSFW vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill MSFT WeeklyPay™ ETF (MSFW) 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.

	MSFW	CDL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	3.07	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	3.68	—
Martin ratio: Return relative to average drawdown	—	12.99	—

Drawdowns

MSFW vs. CDL - Drawdown Comparison

The maximum MSFW drawdown since its inception was -40.42%, roughly equal to the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for MSFW and CDL.

Drawdown Indicators

	MSFW	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-41.03%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.03%	—
Current Drawdown Current decline from peak	-39.05%	-0.40%	-38.65%
Average Drawdown Average peak-to-trough decline	-18.35%	-4.33%	-14.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.60%	—

Volatility

Volatility by Period

	MSFW	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.77%	9.96%	+22.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.77%	13.85%	+18.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.77%	17.04%	+15.73%

MSFW vs. CDL - Expense Ratio Comparison

MSFW has a 0.99% expense ratio, which is higher than CDL's 0.35% expense ratio.

Dividends

MSFW vs. CDL - Dividend Comparison

MSFW's dividend yield for the trailing twelve months is around 50.19%, more than CDL's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.13%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
MSFW Roundhill MSFT WeeklyPay™ ETF	50.19%	20.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFW and CDL in my portfolio?

MSFW and CDL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSFW or CDL?

On fees, CDL is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSFW or CDL?

CDL is cheaper with a 0.35% expense ratio, compared with 0.99% for MSFW.

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

MSFW has the higher dividend yield at 50.19%, compared with 3.13% for CDL.

What is the main difference between MSFW and CDL?

MSFW is categorized as Derivative Income, while CDL is Large Cap Value Equities. They also come from different issuers: Roundhill and Crestview. Their fees differ too: 0.99% for MSFW and 0.35% for CDL.