SRS vs. CDL
SRS (ProShares UltraShort Real Estate) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, SRS returned -16.94%/yr vs 11.32%/yr for CDL. At a correlation of -0.65, they often move in opposite directions. SRS charges 0.95%/yr vs 0.35%/yr for CDL.
Performance
SRS vs. CDL - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -19.64% return, which is significantly lower than CDL's 13.91% return. Over the past 10 years, SRS has underperformed CDL with an annualized return of -16.94%, while CDL has yielded a comparatively higher 11.32% annualized return.
SRS
- 1D
- -0.10%
- 1M
- -1.96%
- YTD
- -19.64%
- 6M
- -19.15%
- 1Y
- -11.91%
- 3Y*
- -15.72%
- 5Y*
- -6.69%
- 10Y*
- -16.94%
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%
SRS vs. CDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -19.64% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 13.91% | 9.04% | 15.58% | 3.03% | -0.45% | 33.42% | -3.35% | 26.38% | -5.86% | 16.29% |
Correlation
The correlation between SRS and CDL is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | -0.65 |
The correlation between SRS and CDL has been stable across timeframes, ranging from -0.72 to -0.65 - a consistent structural relationship.
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Return for Risk
SRS vs. CDL — Risk / Return Rank
SRS
CDL
SRS vs. CDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) 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.
| SRS | CDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.36 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 3.68 | -4.22 |
| Martin ratioReturn relative to average drawdown | -1.17 | 12.99 | -14.15 |
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Drawdowns
SRS vs. CDL - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than CDL's maximum drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for SRS and CDL.
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Drawdown Indicators
| SRS | CDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -41.03% | -58.93% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -5.66% | -16.55% |
Max Drawdown (3Y)Largest decline over 3 years | -52.58% | -12.87% | -39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -52.58% | -17.28% | -35.30% |
Max Drawdown (10Y)Largest decline over 10 years | -86.12% | -41.03% | -45.09% |
Current DrawdownCurrent decline from peak | -99.96% | -0.40% | -99.56% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -4.33% | -86.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.23% | 1.60% | +8.63% |
Volatility
SRS vs. CDL - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.69% compared to VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) at 3.35%. This indicates that SRS'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.
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Volatility by Period
| SRS | CDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.69% | 3.35% | +7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 21.28% | 7.11% | +14.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.37% | 9.96% | +18.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.73% | 13.85% | +23.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.77% | 17.04% | +23.73% |
SRS vs. CDL - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than CDL's 0.35% expense ratio.
Dividends
SRS vs. CDL - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.92%, 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% |
SRS ProShares UltraShort Real Estate | 3.92% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SRS and CDL have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRS has higher volatility (10.69%) compared to CDL (3.35%). In terms of maximum drawdown, SRS dropped -99.96% vs CDL's -41.03%.
On 10-year performance, CDL leads with 11.32% vs -16.94% for SRS. On fees, CDL is cheaper at 0.35% per year. On volatility, CDL has been the lower-risk option at 3.35%. 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 11.32% return vs -16.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDL is cheaper with a 0.35% expense ratio, compared with 0.95% for SRS.
SRS has the higher dividend yield at 3.92%, compared with 3.13% for CDL.
SRS is categorized as REIT, while CDL is Large Cap Value Equities. SRS tracks Dow Jones U.S. Real Estate Index (-200%), while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: ProShares and Crestview. Their fees differ too: 0.95% for SRS and 0.35% for CDL.
CDL currently has the higher Sharpe Ratio (2.09 vs -0.42), 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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