CFA vs LGLV: Grades, Fees and Holdings Compared

VictoryShares US 500 Volatility Wtd ETF

CFACNasdaq

State Street SPDR US Large Cap Low Volatility Index ETF

LGLVANYSE Arca

Overlap

28.5%by weight

Expense ratio

LGLV −0.23pt a year

CFA0.35%LGLV0.12%

Avg volume · 30D

LGLV 4.6×the volume

CFA5.74KLGLV26.6K

10Y return · a year

LGLV +0.1pt

CFA+11.8%LGLV+11.9%

CFA vs LGLV Performance

Oct 29, 2021 – Oct 30, 2026

+44.4%CFA+45.7%LGLV

Expense ratio: CFA 0.35%; LGLV 0.12%, better
Fund size: CFA $535M; LGLV $1.2B
1Y total return: CFA +13.8%, better; LGLV +11.7%
Yield (12M): CFA 1.21%; LGLV 2.06%, better
Holdings: CFA 501; LGLV 174
Avg volume (30D): CFA 5.74K sh; LGLV 26.6K sh, better
NAV per share: CFA $101.04; LGLV $187.96
52W range

ETF.net Grade

Pillar letters and Scores for CFA, LGLV, with each pillar’s weight
Pillar	CFA	LGLV
Cost30% weight	F7	A90Higher
Mission25% weight	A92	A93Higher
Risk15% weight	C47Higher	C44
Tradability15% weight	C40	A82Higher
Holdings10% weight	A88Higher	C52
Durability5% weight	C54	A74Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. CFA and LGLV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds

See all 16 ›

LGLV ranks 1st and CFA 10th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 9BVFMVVanguard U.S. Minimum Volatility ETFScore 55
Rank 10CCFAVictoryShares US 500 Volatility Wtd ETFScore 49
Rank 10CESMViShares ESG Optimized MSCI USA Min Vol Factor ETFScore 49

Our read on each fund

ETF.net Research

CFACVictoryShares US 500 Volatility Wtd ETF

LGLVAState Street SPDR US Large Cap Low Volatility Index ETF

In short

CFA CFA puts its low-volatility tilt in the weighting rather than a screen: roughly 500 US large caps, each sized by its own volatility instead of its market value. A 2014-vintage take on the factor.

LGLV Most low-vol funds run an optimizer. LGLV just ranks the biggest 1,000 US stocks by how calm they have been and gives the quietest ones the heaviest weights, for 0.12% a year.

Stated mandate

CFA The fund aims to track the performance of the CEMP US Large Cap 500 Volatility Weighted Index before accounting for fees and expenses.

LGLV The fund is designed to provide exposure to U.S. large-capitalization equities selected through a low-volatility index strategy.

Why people hold it

CFA Sizes positions by volatility instead of market value, so the market's largest companies don't automatically become the fund's largest holdings.
Holds about 500 large caps rather than narrowing to a short list, so the calm-down effect comes from position sizing, not from what gets cut out.
Tracks its stated index closely, and the portfolio matches what the name advertises: broad US large-cap, volatility-weighted.
Running since 2014, with a monthly distribution cadence rather than the quarterly rhythm of most equity funds.

LGLV 0.12% a year, below the typical US low-vol fund (cohort median 0.20%) and under USMV's 0.15%.
The rules fit in one sentence: screen the largest 1,000 US stocks, weight the calmest heaviest, subject to liquidity limits. No black box.ssga.com
Running since 2013 and tracking its index tightly, it rates as one of the stronger builds in the US low-vol group.

Worth knowing

CFA At 0.39% a year it costs roughly double the typical US low-volatility fund. Rivals like LGLV and QLV charge a fraction of that for the same broad idea.
Thinly traded next to the giants of the category, which can mean wider bid-ask spreads at the moment you transact.
Volatility weighting reshuffles risk, it doesn't remove it. The fund stays fully invested in large-cap stocks and moves with them in a selloff.

LGLV Weighting by volatility alone means the sector mix can lean hard into whatever is quiet (often utilities and staples) and look nothing like the S&P 500.ssga.com
Trades lighter than the category's household names, so spreads can be wider. Limit orders matter more here.
Low volatility is not low risk: this is a fully invested stock fund and it can move very differently from the broad market.ssga.com

Full CFA profile⁠

Full LGLV profile⁠

CFA vs LGLV Holdings

How CFA and LGLV differ

Overlap by weight

28.5%

Shared holdings make up 69.9% of LGLV and 28.5% of CFA.

Level by level

Holdings109 in both28.5%
Sector11 Sectors75.7%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in CFA and LGLV, widest gap first
Sector	More in CFAMore in LGLV	CFA	LGLV
Real Estate	LGLV +15.7 points	0.3%	16.0%
Financials	CFA +7.7 points	19.2%	11.5%
Technology	CFA +7.0 points	13.6%	6.6%
Industrials	LGLV +4.0 points	17.6%	21.6%
Consumer Discretionary	CFA +3.7 points	9.9%	6.2%
Health Care	CFA +3.7 points	11.6%	7.9%
Utilities	LGLV +2.5 points	8.7%	11.2%
Energy	CFA +2.0 points	5.5%	3.5%
Materials	LGLV +1.4 points	3.9%	5.3%
Communication	LGLV +0.7 points	3.2%	3.9%
Consumer Staples	CFA +0.3 points	6.5%	6.2%

Country, concentration and asset class

Country by domicile

Country weights in CFA and LGLV, widest gap first
Country	More in CFAMore in LGLV	CFA	LGLV
United States	CFA +1.6 points	99.0%	97.4%
Canada	LGLV +0.6 points	0.0%	0.6%
Other countries (5)	LGLV +1.0 points	1.0%	2.0%

Concentration

Weight in the 10 largest Holdings

CFA4.1%
LGLV15.8%

Securities held

CFA500
LGLV172

Asset class

CFA: Equity
LGLV: Equity

Holdings

Only in CFA391
In both109
Only in LGLV63

Only in CFA

391 securities, 71.2% of CFA by weight

Wec Energy Group0.43%
Atmos Energy Corp0.42%
Alliant Energy Corp.0.40%
Ppl Corp.0.36%
American Electric Power C0.36%
Xcel Energy Inc.0.35%
Chubb Limited0.34%
New Linde PLC0.34%
Exelon Corp.0.34%
Wr Berkley Corp.0.33%
Everest Group Ltd0.33%
Sempra Energy0.33%
Arch Capital Group Ltd0.33%
Cincinnati Financial Corp0.32%
Pfizer Inc.0.32%
Entergy Corp.0.31%
Nextera Energy Inc.0.31%
Hartford Insurance Group0.31%
Church & Dwight Co Inc0.30%
Principal Finl Group Inc0.30%
Reinsurance Group of Ame0.30%
Veralto Corp0.30%
Hilton Worldwide Hld0.30%
American Water Works Co.0.30%
Eversource Energy0.30%
Chevron Corp0.29%
East West Bancorp Inc.0.29%
American Intl Group Inc.0.29%
Assurant Inc.0.29%
Reliance Inc0.28%
Globe Life Inc0.28%
Pnc Finl Services Group0.28%
M&T Bank Corp0.28%
Keycorp0.28%
Metlife Inc0.28%
Renaissancere Holdings Lt0.28%
Us Bancorp0.28%
Medtronic PLC0.28%
Keurig Dr Pepper Inc0.28%
Quest Diagnostics Inc.0.28%
Unum Group0.27%
Prudential Financial Inc0.27%
Mondelez International0.27%
JPMorgan Chase & Co0.27%
Marriott Int'l Inc - Class A0.27%
Kimberly-Clark Corp0.27%
Altria Group Inc.0.27%
Truist Financial Corp0.26%
Amgen Inc0.26%
Regions Financial Corp.0.26%

Only in LGLV

63 securities, 30.0% of LGLV by weight

Welltower Inc4.37%
Realty Income Corp1.62%
Vivmark Residential1.44%
Chubb Ltd0.92%
Becton Dickinson and Co0.90%
Royalty Pharma PLC Class A0.87%
Linde PLC0.83%
Willis Towers Watson PLC0.82%
Vici Properties Inc0.80%
Restaurant Brands Intern0.63%
Medtronic PLC0.58%
Udr Inc0.57%
General Mills Inc0.54%
Essex Property Trust Inc0.54%
Lyondellbasell Indu Class A0.51%
Invitation Homes Inc0.49%
Kimco Realty Corp0.49%
Allegion PLC0.49%
Mid America Apartment Comm0.43%
Wp Carey Inc0.43%
Omega Healthcare Investors0.42%
Sun Communities Inc0.42%
Regency Centers Corp0.42%
Camden Property Trust0.41%
Cna Financial Corp0.40%
Check Point Software Tech0.39%
Crane Co0.36%
Equity Lifestyle Properties0.36%
Jack Henry & Associates Inc0.35%
Graco Inc0.34%
Applied Industrial Tech Inc0.34%
Gaming and Leisure Propertie0.33%
American Homes 4 Rent A0.32%
Eastgroup Properties Inc0.32%
Qiagen N.v.0.32%
Oge Energy Corp0.31%
Service Corp International0.31%
Booz Allen Hamilton Holdings0.31%
Donaldson Co Inc0.30%
Federal Realty Invs Trust0.29%
Pentair PLC0.29%
Brixmor Property Group Inc0.27%
Aptargroup Inc0.25%
Hanover Insurance Group Inc/0.25%
Aecom0.25%
Agree Realty Corp0.24%
Idacorp Inc0.24%
Copt Defense Properties0.23%
Nnn Reit Inc0.23%
National Fuel Gas Co0.23%

Weight gaps

The 100 widest of 109 Holdings in both funds.

Holding weights in CFA and LGLV, widest gap first
Holding	More in CFAMore in LGLV	CFA	LGLV
Duke Energy Corp.DUK	LGLV +0.97 points	0.41%	1.38%
Coca-Cola Co/TheKO	LGLV +0.88 points	0.35%	1.23%
Cme Group Inc.CME	LGLV +0.87 points	0.26%	1.13%
Visa Inc Class AV	LGLV +0.80 points	0.30%	1.10%
Cisco Systems Inc.CSCO	LGLV +0.81 points	0.16%	0.97%
Southern CoSO	LGLV +0.80 points	0.38%	1.18%
Consolidated Edison Inc.ED	LGLV +0.79 points	0.40%	1.19%
Travelers Companies IncTRV	LGLV +0.78 points	0.32%	1.10%
Public Service EnterprisePEG	LGLV +0.75 points	0.36%	1.11%
Johnson & JohnsonJNJ	LGLV +0.73 points	0.33%	1.06%
Marsh & Mclennan Cos IncMRSH	LGLV +0.73 points	0.25%	0.98%
General Dynamics Corp.GD	LGLV +0.72 points	0.27%	0.99%
Cheniere Energy IncLNG	LGLV +0.66 points	0.24%	0.90%
Automatic Data ProcessingADP	LGLV +0.66 points	0.23%	0.89%
Roper Technologies IncROP	LGLV +0.65 points	0.23%	0.88%
Colgate-Palmolive CoCL	LGLV +0.65 points	0.29%	0.94%
Pepsico Inc.PEP	LGLV +0.65 points	0.29%	0.94%
Mastercard Inc. - Class AMA	LGLV +0.62 points	0.29%	0.91%
Microsoft CorpMSFT	LGLV +0.61 points	0.18%	0.79%
Paychex Inc.PAYX	LGLV +0.58 points	0.19%	0.77%
Ameren Corp.AEE	LGLV +0.56 points	0.37%	0.93%
Amphenol Corp. - Class AAPH	LGLV +0.56 points	0.13%	0.69%
Procter & Gamble Co.PG	LGLV +0.55 points	0.35%	0.90%
Darden Restaurants Inc.DRI	LGLV +0.53 points	0.24%	0.77%
Berkshire Hathaway Inc BBRK.B	LGLV +0.51 points	0.46%	0.97%
Dte Energy Co.DTE	LGLV +0.49 points	0.36%	0.85%
Apple IncAAPL	LGLV +0.48 points	0.27%	0.75%
Republic Services Inc.RSG	LGLV +0.48 points	0.36%	0.84%
Amcor PLCAMCR	LGLV +0.47 points	0.19%	0.66%
Aflac IncAFL	LGLV +0.46 points	0.39%	0.85%
Labcorp Holdings IncLH	LGLV +0.46 points	0.31%	0.77%
Ametek Inc.AME	LGLV +0.46 points	0.28%	0.74%
Centerpoint Energy Inc.CNP	LGLV +0.45 points	0.39%	0.84%
AbbVie Inc.ABBV	LGLV +0.45 points	0.28%	0.73%
Ecolab Inc.ECL	LGLV +0.45 points	0.31%	0.76%
Firstenergy Corp.FE	LGLV +0.44 points	0.39%	0.83%
Kinder Morgan IncKMI	LGLV +0.43 points	0.32%	0.75%
Mcdonald's CorpMCD	LGLV +0.42 points	0.33%	0.75%
Abbott LaboratoriesABT	LGLV +0.43 points	0.21%	0.64%
Packaging Corp of AmericaPKG	LGLV +0.42 points	0.25%	0.67%
Broadridge Fin SolutionsBR	LGLV +0.41 points	0.20%	0.61%
Verisign Inc.VRSN	LGLV +0.42 points	0.22%	0.64%
Walmart Inc.WMT	LGLV +0.41 points	0.28%	0.69%
Danaher CorpDHR	LGLV +0.41 points	0.22%	0.63%
Wabtec CorpWAB	LGLV +0.38 points	0.23%	0.61%
Verizon CommunicationsVZ	LGLV +0.37 points	0.22%	0.59%
Waste Management Inc.WM	LGLV +0.36 points	0.34%	0.70%
Fortive CorpFTV	LGLV +0.37 points	0.25%	0.62%
Motorola Solutions Inc.MSI	LGLV +0.36 points	0.24%	0.60%
Markel Group IncMKL	LGLV +0.36 points	0.34%	0.70%
Williams Cos Inc.WMB	LGLV +0.36 points	0.27%	0.63%
Liberty Media Corp-CFWONK	LGLV +0.35 points	0.24%	0.59%
Cintas Corp.CTAS	LGLV +0.34 points	0.29%	0.63%
Exxonmobil Holdings CorpXOM	LGLV +0.34 points	0.27%	0.61%
Fox Corp - Class AFOXA	LGLV +0.34 points	0.16%	0.50%
Jacobs Solutions IncJ	LGLV +0.34 points	0.20%	0.54%
Vulcan Materials Co.VMC	LGLV +0.34 points	0.22%	0.56%
Union Pacific Corp.UNP	LGLV +0.33 points	0.27%	0.60%
Stryker Corp.SYK	LGLV +0.33 points	0.19%	0.52%
Cencora IncCOR	LGLV +0.32 points	0.20%	0.52%
Heico CorpHEI	LGLV +0.32 points	0.18%	0.50%
Caseys General StoresincCASY	LGLV +0.31 points	0.16%	0.47%
Genuine Parts CoGPC	LGLV +0.31 points	0.16%	0.47%
Ssnc Technologies Hldgs ISSNC	LGLV +0.30 points	0.21%	0.51%
Omnicom Group Inc.OMC	LGLV +0.30 points	0.16%	0.46%
Yum! Brands Inc.YUM	LGLV +0.29 points	0.27%	0.56%
O'reilly Automotive Inc.ORLY	LGLV +0.29 points	0.23%	0.52%
Fastenal CoFAST	LGLV +0.29 points	0.26%	0.55%
Rtx CorpRTX	LGLV +0.29 points	0.23%	0.52%
Cms Energy Corp.CMS	LGLV +0.28 points	0.37%	0.65%
Tjx Cos Inc.TJX	LGLV +0.27 points	0.31%	0.58%
Nisource Inc.NI	LGLV +0.26 points	0.39%	0.65%
Boston Scientific Corp.BSX	LGLV +0.26 points	0.13%	0.39%
Transdigm Group IncTDG	LGLV +0.25 points	0.22%	0.47%
Nordson CorpNDSN	LGLV +0.25 points	0.28%	0.53%
Illinois Tool Works IncITW	LGLV +0.25 points	0.29%	0.54%
Idex CorpIEX	LGLV +0.25 points	0.29%	0.54%
Csx Corp.CSX	LGLV +0.24 points	0.30%	0.54%
Martin Marietta MaterialsMLM	LGLV +0.24 points	0.22%	0.46%
Snap-On Inc.SNA	LGLV +0.23 points	0.29%	0.52%
Textron Inc.TXT	LGLV +0.22 points	0.24%	0.46%
Ww Grainger Inc.GWW	LGLV +0.22 points	0.27%	0.49%
News CorpNWSA	LGLV +0.22 points	0.23%	0.45%
Dover CorpDOV	LGLV +0.19 points	0.26%	0.45%
Autozone Inc.AZO	LGLV +0.20 points	0.22%	0.42%
Teledyne TechnologiesTDY	LGLV +0.19 points	0.25%	0.44%
Paccar Inc.PCAR	LGLV +0.18 points	0.20%	0.38%
Loews CorpL	LGLV +0.19 points	0.39%	0.58%
Evergy IncEVRG	LGLV +0.18 points	0.41%	0.59%
Home Depot Inc/TheHD	LGLV +0.17 points	0.25%	0.42%
AT&T IncT	LGLV +0.17 points	0.20%	0.37%
Tractor Supply CoTSCO	LGLV +0.16 points	0.18%	0.34%
Lockheed Martin CorpLMT	LGLV +0.16 points	0.24%	0.40%
Alphabet Inc - Class AGOOGL	LGLV +0.15 points	0.17%	0.32%
Northrop Grumman CorpNOC	LGLV +0.15 points	0.23%	0.38%
Costco Wholesale CorpCOST	LGLV +0.15 points	0.34%	0.49%
Avery Dennison Corp.AVY	LGLV +0.16 points	0.27%	0.43%
Otis Worldwide CorpOTIS	LGLV +0.15 points	0.30%	0.45%
Curtiss-Wright Corp.CW	LGLV +0.15 points	0.14%	0.29%
Lowe's Cos IncLOW	LGLV +0.14 points	0.23%	0.37%

All 502 CFA holdings⁠All 172 LGLV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CFA vs LGLV Cost

Overpaying CFA vs LGLV

$4,606

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CFA 0.35%
$7,126
LGLV 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

CFA 0.35%
LGLV 0.12%
Overpaying

Year by year

Year	CFA	LGLV	Overpaying
10	$634	$220	$414
20	$2,454	$859	$1,595
30	$7,126	$2,520	$4,606

Expense ratio

0.35%CFA
0.12%LGLV, cheaper

LGLV0.12%CFA0.35%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

LGLV 2nd cheapest of 16 funds

CFA 14th cheapest of 16 funds

CFA vs LGLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CFA 1.21%; LGLV 2.06%, better
Payout (12M): CFA $1.22; LGLV $3.88
Last payment: CFA $0.10; LGLV $0.99
Ex-dividend: CFA Oct 8, 2026; LGLV Sep 21, 2026
Paid on: CFA Oct 9, 2026; LGLV Sep 23, 2026
Frequency: CFA Monthly; LGLV Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CFAMonthly · 46 paymentsAll CFA payments⁠

LGLVQuarterly · 15 paymentsAll LGLV payments⁠

CFA vs LGLV Risk

Fall from peak · 5 years

CFA
LGLV

Risk facts

VolatilityStd dev, 3 years: CFA 12.0%LGLV 11.8%, better
Return per unit of riskSharpe ratio, 3 years: CFA 1.00, betterLGLV 0.86
Worst fallMax drawdown, 5 years: CFA −20.9%LGLV −17.5%, better
Market sensitivityBeta, 5 years: CFA 0.86LGLV 0.48; Market = 1

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