CDL vs SPY
VictoryShares US Large Cap High Div Volatility Wtd ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CDL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CDL is less concentrated, with 14.8% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CDL | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $407M | $804.7B |
| Dividend Yield | 3.04% | 0.98% |
| Holdings | 102 | 505 |
| YTD Return | +12.03% | +12.99%Best |
| 1Y Return | +13.93% | +16.73%Best |
| 3Y Return (annualized) | +15.06% | +22.52%Best |
| 5Y Return (annualized) | +9.51% | +13.07%Best |
| Volatility (annualized) | 15.0%Best | 15.2% |
| Max Drawdown | -41.4% | -34.1%Best |
| $10,000 over 5 years | $15,750 | $18,481Best |
| Top 10 Weight | 14.8%Best | 37.8% |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jul 7, 2015 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 8, 2015 to Sep 23, 2026 (11.2 years).
CDL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.2 years both funds cover.
CDL vs SPY Performance
VictoryShares US Large Cap High Div Volatility Wtd ETF (CDL) is an ETF from Victory Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CDL returned +13.93% while SPY returned +16.73%. Year to date, CDL is up 12.03% versus a gain of 12.99% for SPY.
Over three years, CDL compounded at +15.06% per year against +22.52% for SPY; over five years the annualized figures are +9.51% and +13.07% respectively. Across the full 11-year window we track, SPY has the edge at +13.27% annualized vs +9.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 15.0% for CDL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -41.4% for CDL and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CDL charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, CDL currently yields 3.04% against 0.98% for SPY.
Holdings Overlap
90.9% of CDL's money is in holdings SPY also owns. 13.4% of SPY's money is in holdings CDL also owns.
Most of CDL is already inside SPY. Owning both mostly buys the same companies twice.
88 positions in common, counted across the 100 positions we hold weights for in CDL and 504 in SPY, against full books of 102 and 505.
What only one of them owns
Our book lists 409 positions for SPY that do not appear in our book for CDL (85.9% of the fund), and 10 for CDL that do not appear in SPY (7.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CDL | Weight in SPY | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp. | 1.12% | 1.04% | 0.08% |
| KOCoca Cola Co. | 1.58% | 0.52% | 1.06% |
| CVXChevron Corp | 1.28% | 0.60% | 0.68% |
| ABBVAbbvie Inc. | 1.06% | 0.70% | 0.36% |
| PGProcter & Gamble Company | 1.21% | 0.52% | 0.69% |
| DUKDuke Energy Corp | 1.53% | 0.14% | 1.39% |
| ADPAutomatic Data Processing, Inc. | 1.46% | 0.17% | 1.29% |
| MRKMerck & Company Inc | 1.02% | 0.56% | 0.46% |
| EVRGEvergy Inc. | 1.54% | 0.03% | 1.51% |
| FEFirstenergy Corp. | 1.53% | 0.04% | 1.49% |
90.9% of CDL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CDL or SPY?
CDL has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, CDL or SPY?
Over the past year CDL returned +13.93% vs +16.73% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), CDL annualized +9.03% vs +13.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CDL or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 15.0% for CDL. Worst drawdown: CDL -41.4% vs SPY -34.1%.
Should I hold both CDL and SPY?
CDL and SPY have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CDL and SPY?
90.9% of CDL's money is in holdings SPY also owns. 13.4% of SPY's is in holdings CDL also owns. They hold 88 positions in common, counted across the 100 positions we hold weights for in CDL and 504 in SPY.
Which pays a higher dividend, CDL or SPY?
CDL yields 3.04% while SPY yields 0.98%, so CDL currently pays the higher dividend yield.
Is SPY better than CDL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CDL is less concentrated, with 14.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.