NVDU vs. CDL

Last updated Jun 23, 2026

NVDU (Direxion Daily NVDA Bull 2X Shares ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - NVDU is a Leveraged Equities fund actively managed by Direxion, while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. NVDU is actively managed, while CDL is passively managed. Over the past year, NVDU returned 67.40% vs 20.35% for CDL. At a correlation of -0.03, they often move in opposite directions. NVDU charges 1.04%/yr vs 0.35%/yr for CDL.

Performance

NVDU vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bull 2X Shares ETF (NVDU) 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, NVDU achieves a 11.81% return, which is significantly lower than CDL's 12.64% return.

NVDU

• 1D: -1.73%
• 1M: -8.04%
• YTD: 11.81%
• 6M: 14.78%
• 1Y: 67.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDL

• 1D: 0.41%
• 1M: -0.23%
• YTD: 12.64%
• 6M: 12.31%
• 1Y: 20.35%
• 3Y*: 15.41%
• 5Y*: 10.07%
• 10Y*: 11.19%

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

NVDU vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDU Direxion Daily NVDA Bull 2X Shares ETF	11.81%	33.65%	289.29%	12.08%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	12.64%	9.04%	15.58%	5.03%

Correlation

The correlation between NVDU and CDL is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	-0.03

The correlation between NVDU and CDL shifts across timeframes, from -0.18 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

NVDU vs. CDL - Sectors Allocation Comparison

Sectors	NVDU	CDL
Technology	100.0%	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

NVDU vs. CDL — Risk / Return Rank

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

NVDU

NVDU Risk / Return Rank: 30
NVDU Sharpe Ratio Rank: 28
NVDU Sortino Ratio Rank: 31
NVDU Omega Ratio Rank: 29
NVDU Calmar Ratio Rank: 33
NVDU Martin Ratio Rank: 27

CDL

CDL Risk / Return Rank: 67
CDL Sharpe Ratio Rank: 65
CDL Sortino Ratio Rank: 69
CDL Omega Ratio Rank: 59
CDL Calmar Ratio Rank: 73
CDL Martin Ratio Rank: 70

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.

NVDU vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bull 2X Shares ETF (NVDU) 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.

	NVDU	CDL	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.06	-1.09
Sortino ratio: Return per unit of downside risk	1.62	3.02	-1.40
Omega ratio: Gain probability vs. loss probability	1.19	1.35	-0.16
Calmar ratio: Return relative to maximum drawdown	1.60	3.61	-2.01
Martin ratio: Return relative to average drawdown	3.52	12.75	-9.23

NVDU vs. CDL - Sharpe Ratio Comparison

The current NVDU Sharpe Ratio is 0.97, which is lower than the CDL Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NVDU 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

NVDU vs. CDL - Drawdown Comparison

The maximum NVDU drawdown since its inception was -67.27%, which is greater than CDL's maximum drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for NVDU and CDL.

Drawdown Indicators

	NVDU	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.27%	-41.03%	-26.24%
Max Drawdown (1Y) Largest decline over 1 year	-42.27%	-5.66%	-36.61%
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	-23.85%	-1.51%	-22.34%
Average Drawdown Average peak-to-trough decline	-18.90%	-4.33%	-14.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.21%	1.60%	+17.61%

Volatility

NVDU vs. CDL - Volatility Comparison

Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a higher volatility of 25.10% compared to VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) at 3.37%. This indicates that NVDU'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

	NVDU	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.10%	3.37%	+21.73%
Volatility (6M) Calculated over the trailing 6-month period	52.56%	7.08%	+45.48%
Volatility (1Y) Calculated over the trailing 1-year period	70.05%	9.95%	+60.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.93%	13.85%	+77.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.93%	17.05%	+73.88%

NVDU vs. CDL - Expense Ratio Comparison

NVDU has a 1.04% expense ratio, which is higher than CDL's 0.35% expense ratio.

Dividends

NVDU vs. CDL - Dividend Comparison

NVDU's dividend yield for the trailing twelve months is around 5.18%, more than CDL's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.16%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	5.18%	5.68%	16.85%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDU and CDL in my portfolio?

NVDU and CDL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDU or CDL?

NVDU has higher volatility (25.10%) compared to CDL (3.37%). In terms of maximum drawdown, NVDU dropped -67.27% vs CDL's -41.03%.

Which ETF is better, NVDU or CDL?

On 1-year performance, NVDU leads with 67.40% vs 20.35% for CDL. On fees, CDL is cheaper at 0.35% per year. On volatility, CDL has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDU or CDL?

Over the 1-year period, NVDU has performed better with a 67.40% return vs 20.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDU or CDL?

CDL is cheaper with a 0.35% expense ratio, compared with 1.04% for NVDU.

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

NVDU has the higher dividend yield at 5.18%, compared with 3.16% for CDL.

What is the main difference between NVDU and CDL?

NVDU is categorized as Leveraged Equities, while CDL is Large Cap Value Equities. They also come from different issuers: Direxion and Crestview. Their fees differ too: 1.04% for NVDU and 0.35% for CDL.

Which has better risk-adjusted returns?

CDL currently has the higher Sharpe Ratio (2.06 vs 0.97), 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.