DFSV vs. USVM

Last updated Jun 4, 2026

DFSV (Dimensional US Small Cap Value ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - DFSV is a Small Cap Value Equities fund actively managed by Dimensional, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. DFSV is actively managed, while USVM is passively managed. Over the past 3 years, DFSV returned 16.87%/yr vs 19.79%/yr for USVM. Their correlation of 0.95 suggests significant overlap in exposure. DFSV charges 0.31%/yr vs 0.29%/yr for USVM.

Performance

DFSV vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Small Cap Value ETF (DFSV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DFSV having a 15.01% return and USVM slightly higher at 15.26%.

DFSV

• 1D: -0.84%
• 1M: 1.32%
• YTD: 15.01%
• 6M: 14.63%
• 1Y: 33.99%
• 3Y*: 16.87%
• 5Y*: —
• 10Y*: —

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

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

DFSV vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	15.01%	8.59%	7.13%	19.26%	0.60%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-5.12%

Correlation

The correlation between DFSV and USVM is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 25, 2022	0.95

The correlation between DFSV and USVM has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

DFSV vs. USVM - Sectors Allocation Comparison

Sectors	DFSV	USVM
Financial Services	27.5%	22.0%
Industrials	15.1%	12.1%
Energy	13.6%	4.4%
Consumer Cyclical	13.5%	11.1%
Technology	8.1%	11.6%
Healthcare	6.9%	11.0%
Consumer Defensive	5.8%	5.0%
Basic Materials	5.4%	1.8%
Communication Services	2.6%	2.8%
Real Estate	0.9%	11.9%
Utilities	0.6%	6.4%

Return for Risk

DFSV vs. USVM — Risk / Return Rank

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

DFSV

DFSV Risk / Return Rank: 61
DFSV Sharpe Ratio Rank: 56
DFSV Sortino Ratio Rank: 59
DFSV Omega Ratio Rank: 55
DFSV Calmar Ratio Rank: 72
DFSV Martin Ratio Rank: 63

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

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.

DFSV vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Small Cap Value ETF (DFSV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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.

	DFSV	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.05	-0.10
Sortino ratio: Return per unit of downside risk	2.84	2.98	-0.13
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.64	3.66	-0.02
Martin ratio: Return relative to average drawdown	11.57	13.76	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSV vs. USVM - Sharpe Ratio Comparison

The current DFSV Sharpe Ratio is 1.95, which is comparable to the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DFSV and USVM, 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

	DFSV	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.05	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.04

Drawdowns

DFSV vs. USVM - Drawdown Comparison

The maximum DFSV drawdown since its inception was -28.02%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for DFSV and USVM.

Drawdown Indicators

	DFSV	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-42.38%	+14.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-8.36%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-24.34%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Current Drawdown Current decline from peak	-0.84%	-0.57%	-0.27%
Average Drawdown Average peak-to-trough decline	-6.71%	-7.90%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.22%	+0.73%

Volatility

DFSV vs. USVM - Volatility Comparison

The current volatility for Dimensional US Small Cap Value ETF (DFSV) is 3.95%, while VictoryShares US Small Mid Cap Value Momentum ETF (USVM) has a volatility of 4.50%. This indicates that DFSV experiences smaller price fluctuations and is considered to be less risky than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSV	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.50%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	10.73%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	14.93%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	19.65%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	22.01%	+0.23%

DFSV vs. USVM - Expense Ratio Comparison

DFSV has a 0.31% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

DFSV vs. USVM - Dividend Comparison

DFSV's dividend yield for the trailing twelve months is around 1.42%, less than USVM's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSV Dimensional US Small Cap Value ETF	1.42%	1.53%	1.31%	1.29%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%

Frequently Asked Questions

Can I hold both DFSV and USVM in my portfolio?

With a correlation of 0.93, DFSV and USVM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFSV or USVM?

USVM has higher volatility (4.50%) compared to DFSV (3.95%). In terms of maximum drawdown, DFSV dropped -28.02% vs USVM's -42.38%.

Which ETF is better, DFSV or USVM?

On 3-year performance, USVM leads with 19.79% vs 16.87% for DFSV. On fees, USVM is cheaper at 0.29% per year. On volatility, DFSV has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSV or USVM?

Over the 3-year period, USVM has performed better with a 19.79% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSV or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.31% for DFSV.

Which ETF pays a higher dividend yield, DFSV or USVM?

USVM has the higher dividend yield at 1.76%, compared with 1.42% for DFSV.

What is the main difference between DFSV and USVM?

DFSV is categorized as Small Cap Value Equities, while USVM is Momentum. They also come from different issuers: Dimensional and Victory Capital. Their fees differ too: 0.31% for DFSV and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 1.95), 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.