CDL vs SPY
VictoryShares US Large Cap High Div Volatility Wtd ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CDL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CDL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $409M | $814.4B | |
| Dividend Yield | 3.03% | 1.01% | |
| Holdings | 102 | 505 | |
| YTD Return | +18.67% | +13.78% | |
| 1Y Return | +21.48% | +21.44% | |
| 3Y Return (annualized) | +16.75% | +21.38% | |
| 5Y Return (annualized) | +10.19% | +12.80% | |
| Volatility (annualized) | 14.9% | 15.2% | |
| Max Drawdown | -41.4% | -56.5% | |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 7, 2015 | Jan 22, 1993 |
CDL vs SPY Performance
VictoryShares US Large Cap High Div Volatility Wtd ETF (CDL) is a ETF from Victory Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CDL returned +21.48% while SPY returned +21.44%. Year to date, CDL is up 18.67% versus a gain of 13.78% for SPY.
Over three years, CDL compounded at +16.75% per year against +21.38% for SPY; over five years the annualized figures are +10.19% and +12.80% respectively. Across the full 11-year window we track, CDL has the edge at +9.64% annualized vs +8.83%. 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 14.9% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 3.03% against 1.01% for SPY.
Holdings Overlap
CDL and SPY share 88 holdings out of 516 unique holdings combined, representing a 13.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, CDL or SPY?
Over the past year CDL returned +21.48% vs +21.44% for SPY, so CDL leads on 1-year performance. Over the longest common window we track (11 years), CDL annualized +9.64% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, CDL or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 14.9% for CDL. Worst drawdown: CDL -41.4% vs SPY -56.5%.
Should I hold both CDL and SPY?
CDL and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CDL and SPY?
CDL and SPY share 88 common holdings with a 13.0% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, CDL or SPY?
CDL yields 3.03% while SPY yields 1.01%, so CDL currently pays the higher dividend yield.
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