TMDV vs. CVAR

Last updated Jun 4, 2026

TMDV (ProShares Russell U.S. Dividend Growers ETF) and CVAR (Cultivar ETF) are both Mid Cap Value Equities funds. TMDV is passively managed, while CVAR is actively managed. Over the past 3 years, TMDV returned 4.85%/yr vs 8.39%/yr for CVAR. Their correlation of 0.80 suggests significant overlap in exposure. TMDV charges 0.35%/yr vs 0.87%/yr for CVAR.

Performance

TMDV vs. CVAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell U.S. Dividend Growers ETF (TMDV) and Cultivar ETF (CVAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMDV achieves a 4.53% return, which is significantly higher than CVAR's 0.62% return.

TMDV

• 1D: -0.33%
• 1M: 0.05%
• YTD: 4.53%
• 6M: 4.29%
• 1Y: 5.96%
• 3Y*: 4.85%
• 5Y*: 2.41%
• 10Y*: —

CVAR

• 1D: -0.80%
• 1M: -0.06%
• YTD: 0.62%
• 6M: 2.14%
• 1Y: 11.92%
• 3Y*: 8.39%
• 5Y*: —
• 10Y*: —

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

TMDV vs. CVAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TMDV ProShares Russell U.S. Dividend Growers ETF	4.53%	2.91%	2.64%	2.25%	-5.10%	2.15%
CVAR Cultivar ETF	0.62%	14.95%	3.12%	11.74%	-5.03%	0.71%

Correlation

The correlation between TMDV and CVAR is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 27, 2021	0.80

The correlation between TMDV and CVAR shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMDV vs. CVAR — Risk / Return Rank

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

TMDV

TMDV Risk / Return Rank: 16
TMDV Sharpe Ratio Rank: 16
TMDV Sortino Ratio Rank: 17
TMDV Omega Ratio Rank: 15
TMDV Calmar Ratio Rank: 17
TMDV Martin Ratio Rank: 16

CVAR

CVAR Risk / Return Rank: 29
CVAR Sharpe Ratio Rank: 30
CVAR Sortino Ratio Rank: 30
CVAR Omega Ratio Rank: 28
CVAR Calmar Ratio Rank: 29
CVAR Martin Ratio Rank: 26

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.

TMDV vs. CVAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell U.S. Dividend Growers ETF (TMDV) and Cultivar ETF (CVAR). 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.

	TMDV	CVAR	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.05	-0.55
Sortino ratio: Return per unit of downside risk	0.82	1.57	-0.75
Omega ratio: Gain probability vs. loss probability	1.09	1.18	-0.09
Calmar ratio: Return relative to maximum drawdown	0.61	1.42	-0.81
Martin ratio: Return relative to average drawdown	1.50	3.45	-1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMDV vs. CVAR - Sharpe Ratio Comparison

The current TMDV Sharpe Ratio is 0.50, which is lower than the CVAR Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of TMDV and CVAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMDV	CVAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.05	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.37	-0.06

Drawdowns

TMDV vs. CVAR - Drawdown Comparison

The maximum TMDV drawdown since its inception was -33.42%, which is greater than CVAR's maximum drawdown of -19.39%. Use the drawdown chart below to compare losses from any high point for TMDV and CVAR.

Drawdown Indicators

	TMDV	CVAR	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-19.39%	-14.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-8.45%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-15.58%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	—	—
Current Drawdown Current decline from peak	-6.56%	-6.22%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.43%	-5.51%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.46%	+0.53%

Volatility

TMDV vs. CVAR - Volatility Comparison

ProShares Russell U.S. Dividend Growers ETF (TMDV) has a higher volatility of 2.97% compared to Cultivar ETF (CVAR) at 2.24%. This indicates that TMDV's price experiences larger fluctuations and is considered to be riskier than CVAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMDV	CVAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.24%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	7.48%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	11.43%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	15.47%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	15.47%	+3.17%

TMDV vs. CVAR - Expense Ratio Comparison

TMDV has a 0.35% expense ratio, which is lower than CVAR's 0.87% expense ratio.

Dividends

TMDV vs. CVAR - Dividend Comparison

TMDV's dividend yield for the trailing twelve months is around 2.62%, more than CVAR's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CVAR Cultivar ETF	1.52%	1.53%	3.57%	1.41%	5.52%	0.00%	0.00%	0.00%
TMDV ProShares Russell U.S. Dividend Growers ETF	2.62%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%

Frequently Asked Questions

Can I hold both TMDV and CVAR in my portfolio?

TMDV and CVAR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMDV or CVAR?

TMDV has higher volatility (2.97%) compared to CVAR (2.24%). In terms of maximum drawdown, TMDV dropped -33.42% vs CVAR's -19.39%.

Which ETF is better, TMDV or CVAR?

On 3-year performance, CVAR leads with 8.39% vs 4.85% for TMDV. On fees, TMDV is cheaper at 0.35% per year. On volatility, CVAR has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMDV or CVAR?

Over the 3-year period, CVAR has performed better with a 8.39% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMDV or CVAR?

TMDV is cheaper with a 0.35% expense ratio, compared with 0.87% for CVAR.

Which ETF pays a higher dividend yield, TMDV or CVAR?

TMDV has the higher dividend yield at 2.62%, compared with 1.52% for CVAR.

What is the main difference between TMDV and CVAR?

They also come from different issuers: ProShares and Cultivar. Their fees differ too: 0.35% for TMDV and 0.87% for CVAR.

Which has better risk-adjusted returns?

CVAR currently has the higher Sharpe Ratio (1.05 vs 0.50), 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.