USVM vs. CDL

Last updated Jun 4, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, 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 5 years, USVM returned 9.74%/yr vs 8.68%/yr for CDL. A 0.75 correlation means they provide meaningful diversification when combined. USVM charges 0.29%/yr vs 0.35%/yr for CDL.

Performance

USVM vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Mid Cap Value Momentum ETF (USVM) 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, USVM achieves a 15.26% return, which is significantly higher than CDL's 10.43% return.

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

CDL

• 1D: -0.61%
• 1M: -0.38%
• YTD: 10.43%
• 6M: 10.31%
• 1Y: 18.04%
• 3Y*: 14.68%
• 5Y*: 8.68%
• 10Y*: 10.83%

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

USVM vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	10.43%	9.04%	15.58%	3.03%	-0.45%	33.42%	-3.35%	26.38%	-5.86%	3.89%

Correlation

The correlation between USVM and CDL is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.75

The correlation between USVM and CDL has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

USVM vs. CDL - Sectors Allocation Comparison

Sectors	USVM	CDL
Financial Services	22.0%	23.4%
Industrials	12.1%	2.3%
Real Estate	11.9%	0.0%
Technology	11.6%	6.9%
Consumer Cyclical	11.1%	6.6%
Healthcare	11.0%	6.8%
Utilities	6.4%	24.3%
Consumer Defensive	5.0%	15.9%
Energy	4.4%	9.5%
Communication Services	2.8%	4.4%
Basic Materials	1.8%	0.0%

Return for Risk

USVM vs. CDL — Risk / Return Rank

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

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

CDL

CDL Risk / Return Rank: 58
CDL Sharpe Ratio Rank: 54
CDL Sortino Ratio Rank: 58
CDL Omega Ratio Rank: 50
CDL Calmar Ratio Rank: 64
CDL Martin Ratio Rank: 63

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.

USVM vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) 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.

	USVM	CDL	Difference
Sharpe ratio Return per unit of total volatility	2.05	1.86	+0.19
Sortino ratio Return per unit of downside risk	2.98	2.77	+0.21
Omega ratio Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio Return relative to maximum drawdown	3.66	3.20	+0.46
Martin ratio Return relative to average drawdown	13.76	11.35	+2.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USVM vs. CDL - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.05, which is comparable to the CDL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of USVM 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.

Sharpe Ratios by Period

	USVM	CDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.86	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.63	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.65	-0.16

Drawdowns

USVM vs. CDL - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, roughly equal to the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for USVM and CDL.

Drawdown Indicators

	USVM	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-41.03%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-5.66%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-12.87%	-11.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-17.28%	-7.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.03%	—
Current Drawdown Current decline from peak	-0.57%	-2.19%	+1.62%
Average Drawdown Average peak-to-trough decline	-7.90%	-4.35%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.59%	+0.63%

Volatility

USVM vs. CDL - Volatility Comparison

VictoryShares US Small Mid Cap Value Momentum ETF (USVM) has a higher volatility of 4.50% compared to VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) at 2.66%. This indicates that USVM'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.

Volatility by Period

	USVM	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	2.66%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	6.86%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	9.75%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	13.85%	+5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	17.04%	+4.97%

USVM vs. CDL - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than CDL's 0.35% expense ratio.

Dividends

USVM vs. CDL - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.76%, less than CDL's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.17%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USVM and CDL in my portfolio?

USVM and CDL 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.

Which is riskier, USVM or CDL?

USVM has higher volatility (4.50%) compared to CDL (2.66%). In terms of maximum drawdown, USVM dropped -42.38% vs CDL's -41.03%.

Which ETF is better, USVM or CDL?

On 5-year performance, USVM leads with 9.74% vs 8.68% for CDL. On fees, USVM is cheaper at 0.29% per year. On volatility, CDL has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVM or CDL?

Over the 5-year period, USVM has performed better with a 9.74% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or CDL?

USVM is cheaper with a 0.29% expense ratio, compared with 0.35% for CDL.

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

CDL has the higher dividend yield at 3.17%, compared with 1.76% for USVM.

What is the main difference between USVM and CDL?

USVM is categorized as Momentum, while CDL is Large Cap Value Equities. USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: Victory Capital and Crestview. Their fees differ too: 0.29% for USVM and 0.35% for CDL.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 1.86), 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.