VSMV vs. CDL

Last updated Jun 4, 2026

VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility 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, VSMV returned 11.35%/yr vs 8.68%/yr for CDL. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

VSMV vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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, VSMV achieves a 9.29% return, which is significantly lower than CDL's 10.43% return.

VSMV

• 1D: 0.33%
• 1M: 2.75%
• YTD: 9.29%
• 6M: 9.79%
• 1Y: 24.46%
• 3Y*: 16.84%
• 5Y*: 11.35%
• 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)

VSMV vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	9.29%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	26.79%	-1.12%	11.48%
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%	8.83%

Correlation

The correlation between VSMV and CDL is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.73

The correlation between VSMV and CDL shifts across timeframes, from 0.65 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

VSMV vs. CDL - Sectors Allocation Comparison

Sectors	VSMV	CDL
Technology	34.4%	6.9%
Consumer Defensive	17.6%	15.9%
Healthcare	14.8%	6.8%
Industrials	8.5%	2.3%
Financial Services	8.1%	23.4%
Communication Services	5.4%	4.4%
Consumer Cyclical	5.0%	6.6%
Energy	4.4%	9.5%
Basic Materials	1.8%	0.0%
Real Estate	0.0%	0.0%
Utilities	0.0%	24.3%

Return for Risk

VSMV vs. CDL — Risk / Return Rank

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

VSMV

VSMV Risk / Return Rank: 84
VSMV Sharpe Ratio Rank: 82
VSMV Sortino Ratio Rank: 88
VSMV Omega Ratio Rank: 81
VSMV Calmar Ratio Rank: 85
VSMV Martin Ratio Rank: 85

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.

VSMV vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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.

	VSMV	CDL	Difference
Sharpe ratio Return per unit of total volatility	2.71	1.86	+0.85
Sortino ratio Return per unit of downside risk	4.03	2.77	+1.26
Omega ratio Gain probability vs. loss probability	1.49	1.32	+0.17
Calmar ratio Return relative to maximum drawdown	4.74	3.20	+1.54
Martin ratio Return relative to average drawdown	18.09	11.35	+6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSMV vs. CDL - Sharpe Ratio Comparison

The current VSMV Sharpe Ratio is 2.71, which is higher than the CDL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of VSMV 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

	VSMV	CDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.86	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.63	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.65	+0.18

Drawdowns

VSMV vs. CDL - Drawdown Comparison

The maximum VSMV drawdown since its inception was -31.33%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for VSMV and CDL.

Drawdown Indicators

	VSMV	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-31.33%	-41.03%	+9.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-5.66%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.22%	-12.87%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-17.28%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.03%	—
Current Drawdown Current decline from peak	-0.79%	-2.19%	+1.40%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.35%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	1.59%	-0.23%

Volatility

VSMV vs. CDL - Volatility Comparison

The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 2.41%, while VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a volatility of 2.66%. This indicates that VSMV 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

	VSMV	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	2.66%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	6.86%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.08%	9.75%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	13.85%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	17.04%	-2.00%

VSMV vs. CDL - Expense Ratio Comparison

Both VSMV and CDL have an expense ratio of 0.35%.

Dividends

VSMV vs. CDL - Dividend Comparison

VSMV's dividend yield for the trailing twelve months is around 1.31%, 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%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.31%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSMV and CDL in my portfolio?

VSMV and CDL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSMV or CDL?

CDL has higher volatility (2.66%) compared to VSMV (2.41%). In terms of maximum drawdown, VSMV dropped -31.33% vs CDL's -41.03%.

Which ETF is better, VSMV or CDL?

On 5-year performance, VSMV leads with 11.35% vs 8.68% for CDL. Both ETFs have the same 0.35% expense ratio. On volatility, VSMV has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSMV or CDL?

Over the 5-year period, VSMV has performed better with a 11.35% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSMV or CDL?

VSMV and CDL have the same expense ratio: 0.35% per year.

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

CDL has the higher dividend yield at 3.17%, compared with 1.31% for VSMV.

What is the main difference between VSMV and CDL?

VSMV is categorized as Volatility Hedged Equity, while CDL is Large Cap Value Equities. VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index, while CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.71 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.