SPLV vs. CDL
SPLV (Invesco S&P 500 Low Volatility ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 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, SPLV returned 8.31%/yr vs 11.21%/yr for CDL. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SPLV charges 0.25%/yr vs 0.35%/yr for CDL.
Performance
SPLV vs. CDL - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 8.35% return, which is significantly lower than CDL's 18.63% return. Over the past 10 years, SPLV has underperformed CDL with an annualized return of 8.31%, while CDL has yielded a comparatively higher 11.21% annualized return.
SPLV
- 1D
- 0.24%
- 1M
- -0.26%
- 6M
- 4.38%
- YTD
- 8.35%
- 1Y
- 6.81%
- 3Y*
- 9.48%
- 5Y*
- 6.08%
- 10Y*
- 8.31%
- ALL TIME*
- 10.15%
CDL
- 1D
- 0.79%
- 1M
- 1.55%
- 6M
- 10.53%
- YTD
- 18.63%
- 1Y
- 22.78%
- 3Y*
- 15.66%
- 5Y*
- 10.66%
- 10Y*
- 11.21%
- ALL TIME*
- 11.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $584.84K | $637.86K | $551.23K | |
| $170.51M | $164.24M | $187.77M |
SPLV vs. CDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 8.35% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 18.63% | 9.04% | 15.58% | 3.03% | -0.45% | 33.42% | -3.35% | 26.38% | -5.86% | 16.29% |
Correlation
The correlation between SPLV and CDL is 0.86, 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. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | 0.77 |
The correlation between SPLV and CDL has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
SPLV vs. CDL — Risk / Return Rank
SPLV
CDL
SPLV vs. CDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.
| SPLV | CDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.38 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 4.04 | -3.12 |
| Martin ratioReturn relative to average drawdown | 2.11 | 14.32 | -12.21 |
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Drawdowns
SPLV vs. CDL - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for SPLV and CDL.
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Drawdown Indicators
| SPLV | CDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -41.03% | +4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -5.66% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -12.87% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -17.28% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -41.03% | +4.77% |
Current DrawdownCurrent decline from peak | -2.03% | -1.13% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -4.29% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 1.59% | +1.64% |
Volatility
SPLV vs. CDL - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) have volatilities of 3.86% and 3.90%, 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.
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Volatility by Period
| SPLV | CDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.86% | 3.90% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.27% | 7.86% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.70% | 10.33% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.60% | 13.88% | -1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.42% | 17.05% | -1.63% |
SPLV vs. CDL - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than CDL's 0.35% expense ratio.
Dividends
SPLV vs. CDL - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.12%, less than CDL's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 3.02% | 3.33% | 3.27% | 3.61% | 3.31% | 2.60% | 3.32% | 3.04% | 3.32% | 2.87% | 2.97% | 1.28% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.12% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPLV and CDL have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDL has higher volatility (3.90%) compared to SPLV (3.86%). In terms of maximum drawdown, SPLV dropped -36.26% vs CDL's -41.03%.
On 10-year performance, CDL leads with 11.21% vs 8.31% for SPLV. On fees, SPLV is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CDL has performed better with a 11.21% return vs 8.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.35% for CDL.
CDL has the higher dividend yield at 3.02%, compared with 2.12% for SPLV.
SPLV is categorized as S&P 500, while CDL is Dividend. SPLV tracks S&P 500 Low Volatility Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: Invesco and Crestview. Their fees differ too: 0.25% for SPLV and 0.35% for CDL.
CDL currently has the higher Sharpe Ratio (2.22 vs 0.64), 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.
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