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USMV vs. CDC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. CDC

Last updated Aug 4, 2026
Documentation

USMV (iShares MSCI USA Min Vol Factor ETF) and CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) are both Low Volatility funds - USMV tracks the MSCI USA Minimum Volatility Index while CDC tracks the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index. Both are passively managed. Over the past 10 years, USMV returned 9.69%/yr vs 10.31%/yr for CDC. Their 0.77 correlation means they have sometimes moved together and sometimes differently. USMV charges 0.15%/yr vs 0.37%/yr for CDC.

Performance

USMV vs. CDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USMV achieves a 5.12% return, which is significantly lower than CDC's 17.86% return. Over the past 10 years, USMV has underperformed CDC with an annualized return of 9.69%, while CDC has yielded a comparatively higher 10.31% annualized return.

USMV

1D
0.35%
1M
0.39%
6M
3.78%
YTD
5.12%
1Y
8.05%
3Y*
11.61%
5Y*
6.93%
10Y*
9.69%
ALL TIME*
11.67%

CDC

1D
0.32%
1M
0.75%
6M
10.89%
YTD
17.86%
1Y
22.83%
3Y*
14.17%
5Y*
6.93%
10Y*
10.31%
ALL TIME*
10.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CDC

VictoryShares US EQ Income Enhanced Volatility Wtd ETF
$1.02M$962.07K$1.21M

USMV

iShares MSCI USA Min Vol Factor ETF
$238.33M$228.63M$219.79M

USMV vs. CDC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMV
iShares MSCI USA Min Vol Factor ETF		5.12%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%
CDC
VictoryShares US EQ Income Enhanced Volatility Wtd ETF		17.86%8.96%14.48%-4.99%-7.86%33.05%12.88%19.64%-5.97%15.77%

Correlation

The correlation between USMV and CDC is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.72

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (10Y)
Provides a long-term view across more market conditions.

0.75

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2014

0.77

The correlation between USMV and CDC has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

USMV vs. CDC - Sectors Allocation Comparison

Sectors
USMV
CDC

Technology

33.0%
6.9%

Healthcare

13.4%
7.2%

Financial Services

11.8%
24.1%

Consumer Defensive

9.3%
15.7%

Utilities

7.2%
24.3%

Industrials

6.4%
2.3%

Consumer Cyclical

5.8%
7.0%

Communication Services

5.7%
3.9%

Energy

2.6%
8.6%

Real Estate

2.6%
0.0%

Basic Materials

2.2%
0.6%

Technology

USMV
33.0%
CDC
6.9%

Healthcare

USMV
13.4%
CDC
7.2%

Financial Services

USMV
11.8%
CDC
24.1%

Consumer Defensive

USMV
9.3%
CDC
15.7%

Utilities

USMV
7.2%
CDC
24.3%

Industrials

USMV
6.4%
CDC
2.3%

Consumer Cyclical

USMV
5.8%
CDC
7.0%

Communication Services

USMV
5.7%
CDC
3.9%

Energy

USMV
2.6%
CDC
8.6%

Real Estate

USMV
2.6%
CDC
0.0%

Basic Materials

USMV
2.2%
CDC
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Min Vol Factor ETF

VictoryShares US EQ Income Enhanced Volatility Wtd ETF

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Often compared with CDC:
CDC vs. SCHDCDC vs. FNDBCDC vs. VSDACDC vs. VOOCDC vs. JNKCDC vs. DIACDC vs. JEPI

Return for Risk

USMV vs. CDC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
USMV
USMV Risk / Return Rank: 3737
Overall Rank
USMV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3737
Sortino Ratio Rank
USMV Omega Ratio Rank: 3434
Omega Ratio Rank
USMV Calmar Ratio Rank: 3636
Calmar Ratio Rank
USMV Martin Ratio Rank: 3939
Martin Ratio Rank
CDC
CDC Risk / Return Rank: 8989
Overall Rank
CDC Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
CDC Sortino Ratio Rank: 9090
Sortino Ratio Rank
CDC Omega Ratio Rank: 8484
Omega Ratio Rank
CDC Calmar Ratio Rank: 9090
Calmar Ratio Rank
CDC Martin Ratio Rank: 8989
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USMV vs. CDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC). 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.

USMVCDCDifference
Sharpe ratioReturn per unit of total volatility
0.95
2.23

-1.28

Sortino ratioReturn per unit of downside risk
1.40
3.29

-1.89

Omega ratioGain probability vs. loss probability

1.17

1.38

-0.21

Calmar ratioReturn relative to maximum drawdown

1.25

4.05

-2.79

Martin ratioReturn relative to average drawdown

4.09

14.28

-10.19

USMV vs. CDC - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.95, which is lower than the CDC Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of USMV and CDC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USMV vs. CDC - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than CDC's maximum drawdown of -21.37%. Use the drawdown chart below to compare losses from any high point for USMV and CDC.

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Drawdown Indicators

USMVCDCDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-21.37%

-11.73%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-5.67%

-0.79%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-12.70%

+3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-21.37%

+3.44%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-21.37%

-11.73%

Current Drawdown

Current decline from peak

-0.29%

-1.91%

+1.62%

Average Drawdown

Average peak-to-trough decline

-2.86%

-5.05%

+2.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.60%

+0.38%

Volatility

USMV vs. CDC - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) has a volatility of 3.84%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than CDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVCDCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

3.84%

-1.21%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

7.78%

-1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

8.54%

10.32%

-1.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.38%

12.56%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

13.22%

+1.29%

USMV vs. CDC - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than CDC's 0.37% expense ratio.

Dividends

USMV vs. CDC - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, less than CDC's 3.05% yield.

PositionTTM20252024202320222021202020192018201720162015
CDC
VictoryShares US EQ Income Enhanced Volatility Wtd ETF		3.05%3.36%3.32%4.24%3.48%2.65%2.48%3.04%3.37%2.81%2.99%3.17%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

USMV and CDC have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CDC has higher volatility (3.84%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs CDC's -21.37%.

On 10-year performance, CDC leads with 10.31% vs 9.69% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CDC has performed better with a 10.31% return vs 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.37% for CDC.

CDC has the higher dividend yield at 3.05%, compared with 1.47% for USMV.

USMV tracks MSCI USA Minimum Volatility Index, while CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index. They also come from different issuers: iShares and Crestview. Their fees differ too: 0.15% for USMV and 0.37% for CDC.

CDC currently has the higher Sharpe Ratio (2.23 vs 0.95), 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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