VFQY vs. CSD

Last updated Jun 24, 2026

VFQY (Vanguard U.S. Quality Factor ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds. VFQY is actively managed, while CSD is passively managed. Over the past 5 years, VFQY returned 8.39%/yr vs 18.05%/yr for CSD. Their correlation of 0.87 suggests significant overlap in exposure. VFQY charges 0.13%/yr vs 0.65%/yr for CSD.

Performance

VFQY vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Quality Factor ETF (VFQY) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFQY achieves a 8.55% return, which is significantly lower than CSD's 44.05% return.

VFQY

• 1D: -0.88%
• 1M: 1.91%
• YTD: 8.55%
• 6M: 6.89%
• 1Y: 19.65%
• 3Y*: 16.09%
• 5Y*: 8.39%
• 10Y*: —

CSD

• 1D: -2.62%
• 1M: 5.93%
• YTD: 44.05%
• 6M: 41.48%
• 1Y: 75.45%
• 3Y*: 37.97%
• 5Y*: 18.05%
• 10Y*: 14.95%

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

VFQY vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFQY Vanguard U.S. Quality Factor ETF	8.55%	10.24%	12.93%	22.48%	-15.74%	27.96%	16.97%	25.75%	-8.19%
CSD Invesco S&P Spin-Off ETF	44.05%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-19.37%

Correlation

The correlation between VFQY and CSD is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.87

The correlation between VFQY and CSD shifts across timeframes, from 0.73 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

VFQY vs. CSD - Sectors Allocation Comparison

Sectors	VFQY	CSD
Technology	25.8%	19.2%
Financial Services	18.9%	0.1%
Industrials	16.8%	31.7%
Consumer Cyclical	13.3%	5.8%
Consumer Defensive	9.2%	-
Healthcare	8.9%	13.1%
Communication Services	2.8%	8.5%
Basic Materials	2.2%	10.6%
Energy	2.2%	-
Real Estate	-	5.2%
Utilities	-	5.9%

Return for Risk

VFQY vs. CSD — Risk / Return Rank

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

VFQY

VFQY Risk / Return Rank: 44
VFQY Sharpe Ratio Rank: 43
VFQY Sortino Ratio Rank: 44
VFQY Omega Ratio Rank: 40
VFQY Calmar Ratio Rank: 45
VFQY Martin Ratio Rank: 49

CSD

CSD Risk / Return Rank: 91
CSD Sharpe Ratio Rank: 92
CSD Sortino Ratio Rank: 88
CSD Omega Ratio Rank: 85
CSD Calmar Ratio Rank: 94
CSD Martin Ratio Rank: 94

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.

VFQY vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Quality Factor ETF (VFQY) and Invesco S&P Spin-Off ETF (CSD). 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.

	VFQY	CSD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	3.07	-1.61
Sortino ratio: Return per unit of downside risk	2.12	3.81	-1.68
Omega ratio: Gain probability vs. loss probability	1.25	1.49	-0.24
Calmar ratio: Return relative to maximum drawdown	2.16	6.69	-4.52
Martin ratio: Return relative to average drawdown	8.04	26.12	-18.08

VFQY vs. CSD - Sharpe Ratio Comparison

The current VFQY Sharpe Ratio is 1.46, which is lower than the CSD Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of VFQY and CSD, 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

VFQY vs. CSD - Drawdown Comparison

The maximum VFQY drawdown since its inception was -37.41%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for VFQY and CSD.

Drawdown Indicators

	VFQY	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-70.47%	+33.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.12%	-11.34%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-30.15%	+9.48%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-30.15%	+4.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-1.29%	-2.62%	+1.33%
Average Drawdown Average peak-to-trough decline	-6.65%	-14.19%	+7.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.90%	-0.45%

Volatility

VFQY vs. CSD - Volatility Comparison

The current volatility for Vanguard U.S. Quality Factor ETF (VFQY) is 3.79%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 7.74%. This indicates that VFQY experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFQY	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	7.74%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	18.71%	-8.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	24.74%	-11.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	23.43%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	24.90%	-4.06%

VFQY vs. CSD - Expense Ratio Comparison

VFQY has a 0.13% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

VFQY vs. CSD - Dividend Comparison

VFQY's dividend yield for the trailing twelve months is around 0.82%, more than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
VFQY Vanguard U.S. Quality Factor ETF	0.82%	1.17%	1.34%	1.38%	1.43%	0.98%	1.22%	1.34%	1.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFQY and CSD in my portfolio?

VFQY and CSD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFQY or CSD?

CSD has higher volatility (7.74%) compared to VFQY (3.79%). In terms of maximum drawdown, VFQY dropped -37.41% vs CSD's -70.47%.

Which ETF is better, VFQY or CSD?

On 5-year performance, CSD leads with 18.05% vs 8.39% for VFQY. On fees, VFQY is cheaper at 0.13% per year. On volatility, VFQY has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFQY or CSD?

Over the 5-year period, CSD has performed better with a 18.05% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFQY or CSD?

VFQY is cheaper with a 0.13% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, VFQY or CSD?

VFQY has the higher dividend yield at 0.82%, compared with 0.11% for CSD.

What is the main difference between VFQY and CSD?

They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.13% for VFQY and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.07 vs 1.46), 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.