DVOL vs. ULVM

Last updated Jun 24, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and ULVM (VictoryShares US Value Momentum ETF) are both Momentum funds - DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index while ULVM tracks the Nasdaq Victory US Value Momentum Index. Both are passively managed. Over the past 5 years, DVOL returned 7.45%/yr vs 12.23%/yr for ULVM. A 0.75 correlation means they provide meaningful diversification when combined. DVOL charges 0.60%/yr vs 0.20%/yr for ULVM.

Performance

DVOL vs. ULVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and VictoryShares US Value Momentum ETF (ULVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVOL achieves a 4.76% return, which is significantly lower than ULVM's 16.65% return.

DVOL

• 1D: 0.71%
• 1M: 0.26%
• YTD: 4.76%
• 6M: 3.40%
• 1Y: 5.26%
• 3Y*: 13.38%
• 5Y*: 7.45%
• 10Y*: —

ULVM

• 1D: 0.10%
• 1M: 2.65%
• YTD: 16.65%
• 6M: 15.46%
• 1Y: 28.69%
• 3Y*: 21.42%
• 5Y*: 12.23%
• 10Y*: —

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

DVOL vs. ULVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	4.76%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%
ULVM VictoryShares US Value Momentum ETF	16.65%	15.84%	19.76%	10.16%	-9.04%	31.06%	3.51%	22.08%	-15.01%

Correlation

The correlation between DVOL and ULVM is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.75

The correlation between DVOL and ULVM has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

DVOL vs. ULVM - Sectors Allocation Comparison

Sectors	DVOL	ULVM
Financial Services	19.2%	22.6%
Industrials	16.7%	12.3%
Energy	13.6%	3.3%
Real Estate	12.0%	8.5%
Consumer Cyclical	9.7%	5.4%
Consumer Defensive	8.3%	4.6%
Basic Materials	6.1%	4.1%
Technology	4.5%	13.5%
Communication Services	3.5%	3.4%
Healthcare	3.3%	10.2%
Utilities	2.9%	12.2%

Return for Risk

DVOL vs. ULVM — Risk / Return Rank

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

DVOL

DVOL Risk / Return Rank: 15
DVOL Sharpe Ratio Rank: 16
DVOL Sortino Ratio Rank: 15
DVOL Omega Ratio Rank: 14
DVOL Calmar Ratio Rank: 15
DVOL Martin Ratio Rank: 18

ULVM

ULVM Risk / Return Rank: 86
ULVM Sharpe Ratio Rank: 87
ULVM Sortino Ratio Rank: 88
ULVM Omega Ratio Rank: 83
ULVM Calmar Ratio Rank: 85
ULVM Martin Ratio Rank: 89

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.

DVOL vs. ULVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and VictoryShares US Value Momentum ETF (ULVM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DVOL	ULVM	Difference
Sharpe ratio: Return per unit of total volatility	0.45	2.65	-2.20
Sortino ratio: Return per unit of downside risk	0.73	3.75	-3.01
Omega ratio: Gain probability vs. loss probability	1.08	1.46	-0.38
Calmar ratio: Return relative to maximum drawdown	0.54	4.46	-3.92
Martin ratio: Return relative to average drawdown	1.87	18.39	-16.52

DVOL vs. ULVM - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.45, which is lower than the ULVM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of DVOL and ULVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DVOL vs. ULVM - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, smaller than the maximum ULVM drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for DVOL and ULVM.

Drawdown Indicators

	DVOL	ULVM	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-40.71%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-6.47%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-18.14%	+6.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	-19.77%	-4.88%
Current Drawdown Current decline from peak	-1.90%	-0.52%	-1.38%
Average Drawdown Average peak-to-trough decline	-7.14%	-5.72%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.56%	+1.26%

Volatility

DVOL vs. ULVM - Volatility Comparison

First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) and VictoryShares US Value Momentum ETF (ULVM) have volatilities of 3.36% and 3.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVOL	ULVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.34%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	8.31%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	10.92%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	15.48%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	18.82%	-1.14%

DVOL vs. ULVM - Expense Ratio Comparison

DVOL has a 0.60% expense ratio, which is higher than ULVM's 0.20% expense ratio.

Dividends

DVOL vs. ULVM - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.66%, less than ULVM's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.66%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%
ULVM VictoryShares US Value Momentum ETF	1.62%	1.81%	1.57%	1.94%	1.91%	1.36%	1.51%	1.88%	1.67%	0.38%

Frequently Asked Questions

Can I hold both DVOL and ULVM in my portfolio?

DVOL and ULVM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVOL or ULVM?

DVOL has higher volatility (3.36%) compared to ULVM (3.34%). In terms of maximum drawdown, DVOL dropped -38.26% vs ULVM's -40.71%.

Which ETF is better, DVOL or ULVM?

On 5-year performance, ULVM leads with 12.23% vs 7.45% for DVOL. On fees, ULVM is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVOL or ULVM?

Over the 5-year period, ULVM has performed better with a 12.23% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or ULVM?

ULVM is cheaper with a 0.20% expense ratio, compared with 0.60% for DVOL.

Which ETF pays a higher dividend yield, DVOL or ULVM?

ULVM has the higher dividend yield at 1.62%, compared with 0.66% for DVOL.

What is the main difference between DVOL and ULVM?

DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while ULVM tracks Nasdaq Victory US Value Momentum Index. They also come from different issuers: First Trust and Victory Capital. Their fees differ too: 0.60% for DVOL and 0.20% for ULVM.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.65 vs 0.45), 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.