DWAS vs. USVM

Last updated Jul 14, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - DWAS tracks the Dorsey Wright SmallCap Technical Leaders Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, DWAS returned 7.20%/yr vs 11.31%/yr for USVM. Their correlation of 0.88 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.29%/yr for USVM.

Performance

DWAS vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) 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 stocks are quite close, with DWAS having a 20.43% return and USVM slightly lower at 20.14%.

DWAS

• 1D: -2.58%
• 1M: -1.51%
• 6M: 16.18%
• YTD: 20.43%
• 1Y: 39.51%
• 3Y*: 14.12%
• 5Y*: 7.20%
• 10Y*: 12.66%

USVM

• 1D: -0.19%
• 1M: 0.93%
• 6M: 14.65%
• YTD: 20.14%
• 1Y: 30.87%
• 3Y*: 19.18%
• 5Y*: 11.31%
• 10Y*: —

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

DWAS vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWAS Invesco DWA SmallCap Momentum ETF	20.43%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	2.27%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.14%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between DWAS and USVM is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.88

The correlation between DWAS and USVM shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

DWAS vs. USVM - Sectors Allocation Comparison

Sectors	DWAS	USVM
Healthcare	25.9%	12.8%
Technology	20.9%	8.7%
Industrials	18.0%	10.6%
Financial Services	13.3%	25.1%
Energy	6.5%	5.1%
Consumer Cyclical	5.9%	12.3%
Basic Materials	3.9%	1.7%
Consumer Defensive	3.0%	3.7%
Real Estate	1.2%	9.6%
Communication Services	1.1%	3.0%
Utilities	0.3%	7.4%

Return for Risk

DWAS vs. USVM — Risk / Return Rank

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

DWAS

DWAS Risk / Return Rank: 68
DWAS Sharpe Ratio Rank: 61
DWAS Sortino Ratio Rank: 59
DWAS Omega Ratio Rank: 54
DWAS Calmar Ratio Rank: 87
DWAS Martin Ratio Rank: 80

USVM

USVM Risk / Return Rank: 84
USVM Sharpe Ratio Rank: 83
USVM Sortino Ratio Rank: 86
USVM Omega Ratio Rank: 79
USVM Calmar Ratio Rank: 85
USVM Martin Ratio Rank: 86

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.

DWAS vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) 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.

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.

	DWAS	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.09	-0.48
Sortino ratio: Return per unit of downside risk	2.21	3.06	-0.85
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	3.96	3.71	+0.25
Martin ratio: Return relative to average drawdown	12.15	13.98	-1.83

DWAS vs. USVM - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.61, which is comparable to the USVM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of DWAS 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.

Drawdowns

DWAS vs. USVM - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for DWAS and USVM.

Drawdown Indicators

	DWAS	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-42.38%	-3.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-8.36%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-24.34%	-9.49%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-25.27%	-8.56%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	—	—
Current Drawdown Current decline from peak	-8.46%	-0.92%	-7.54%
Average Drawdown Average peak-to-trough decline	-10.25%	-7.81%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.21%	+1.05%

Volatility

DWAS vs. USVM - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.31% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 3.46%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	3.46%	+5.85%
Volatility (6M) Calculated over the trailing 6-month period	19.09%	10.86%	+8.23%
Volatility (1Y) Calculated over the trailing 1-year period	24.66%	14.83%	+9.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.94%	19.57%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.73%	21.91%	+4.82%

DWAS vs. USVM - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

DWAS vs. USVM - Dividend Comparison

DWAS has not paid dividends to shareholders, while USVM's dividend yield for the trailing twelve months is around 1.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWAS Invesco DWA SmallCap Momentum ETF	0.00%	0.07%	0.79%	1.42%	0.81%	0.16%	0.21%	0.13%	0.04%	0.20%	0.52%	0.19%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.83%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWAS and USVM in my portfolio?

DWAS and USVM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWAS or USVM?

DWAS has higher volatility (9.31%) compared to USVM (3.46%). In terms of maximum drawdown, DWAS dropped -46.16% vs USVM's -42.38%.

Which ETF is better, DWAS or USVM?

On 5-year performance, USVM leads with 11.31% vs 7.20% for DWAS. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or USVM?

Over the 5-year period, USVM has performed better with a 11.31% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.60% for DWAS.

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

USVM has the higher dividend yield at 1.83%, compared with 0.00% for DWAS.

What is the main difference between DWAS and USVM?

DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory Capital. Their fees differ too: 0.60% for DWAS and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.09 vs 1.61), 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.