USMV vs. CDL

Last updated Aug 4, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum 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, USMV returned 9.69%/yr vs 11.12%/yr for CDL. Their 0.75 correlation means they have sometimes moved together and sometimes differently. USMV charges 0.15%/yr vs 0.35%/yr for CDL.

Performance

USMV vs. CDL - 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 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, USMV achieves a 5.12% return, which is significantly lower than CDL's 17.70% return. Over the past 10 years, USMV has underperformed CDL with an annualized return of 9.69%, while CDL has yielded a comparatively higher 11.12% 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%

CDL

• 1D: 0.45%
• 1M: 0.75%
• 6M: 10.88%
• YTD: 17.70%
• 1Y: 22.86%
• 3Y*: 15.35%
• 5Y*: 10.60%
• 10Y*: 11.12%
• ALL TIME*: 11.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	$541.63K	$634.09K	$546.81K
USMV iShares MSCI USA Min Vol Factor ETF	$238.33M	$228.63M	$219.79M

USMV vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	17.70%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	16.29%

Correlation

The correlation between USMV and CDL is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.75

The correlation between USMV and CDL shifts across timeframes, from 0.68 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

USMV vs. CDL - Sectors Allocation Comparison

Sectors	USMV	CDL
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%	0.0%

Return for Risk

USMV vs. CDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USMV

USMV Risk / Return Rank: 37
USMV Sharpe Ratio Rank: 38
USMV Sortino Ratio Rank: 37
USMV Omega Ratio Rank: 34
USMV Calmar Ratio Rank: 36
USMV Martin Ratio Rank: 39

CDL

CDL Risk / Return Rank: 89
CDL Sharpe Ratio Rank: 89
CDL Sortino Ratio Rank: 91
CDL Omega Ratio Rank: 85
CDL Calmar Ratio Rank: 91
CDL Martin Ratio Rank: 89

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. CDL - 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 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.

	USMV	CDL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.23	-1.28
Sortino ratio: Return per unit of downside risk	1.40	3.31	-1.91
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	1.25	4.06	-2.80
Martin ratio: Return relative to average drawdown	4.09	14.38	-10.30

USMV vs. CDL - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.95, which is lower than the CDL Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of USMV 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

USMV vs. CDL - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for USMV and CDL.

Drawdown Indicators

	USMV	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-41.03%	+7.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-5.66%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-12.87%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-17.28%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-41.03%	+7.93%
Current Drawdown Current decline from peak	-0.29%	-1.91%	+1.62%
Average Drawdown Average peak-to-trough decline	-2.86%	-4.29%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.59%	+0.39%

Volatility

USMV vs. CDL - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a volatility of 3.89%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than CDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMV	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	3.89%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	7.83%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	10.33%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.38%	13.89%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	17.05%	-2.54%

USMV vs. CDL - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than CDL's 0.35% expense ratio.

Dividends

USMV vs. CDL - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, less than CDL's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.04%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
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

Can I hold both USMV and CDL in my portfolio?

USMV and CDL 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, USMV or CDL?

CDL has higher volatility (3.89%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs CDL's -41.03%.

Which ETF is better, USMV or CDL?

On 10-year performance, CDL leads with 11.12% 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.

Which ETF has performed better, USMV or CDL?

Over the 10-year period, CDL has performed better with a 11.12% return vs 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMV or CDL?

USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for CDL.

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

CDL has the higher dividend yield at 3.04%, compared with 1.47% for USMV.

What is the main difference between USMV and CDL?

USMV is categorized as Low Volatility, while CDL is Dividend. USMV tracks MSCI USA Minimum Volatility Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: iShares and Crestview. Their fees differ too: 0.15% for USMV and 0.35% for CDL.

Which has better risk-adjusted returns?

CDL 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.