FDMO vs. ULVM

Last updated Jun 4, 2026

FDMO (Fidelity Momentum Factor ETF) and ULVM (VictoryShares US Value Momentum ETF) are both Momentum funds - FDMO tracks the Fidelity U.S. Momentum Factor Index while ULVM tracks the Nasdaq Victory US Value Momentum Index. Both are passively managed. Over the past 5 years, FDMO returned 16.35%/yr vs 11.43%/yr for ULVM. Their correlation of 0.81 suggests significant overlap in exposure. FDMO charges 0.29%/yr vs 0.20%/yr for ULVM.

Performance

FDMO vs. ULVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and VictoryShares US Value Momentum ETF (ULVM). 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 FDMO having a 15.24% return and ULVM slightly lower at 14.84%.

FDMO

• 1D: -0.32%
• 1M: 7.12%
• YTD: 15.24%
• 6M: 14.87%
• 1Y: 32.96%
• 3Y*: 28.59%
• 5Y*: 16.35%
• 10Y*: —

ULVM

• 1D: -0.13%
• 1M: 3.70%
• YTD: 14.84%
• 6M: 14.92%
• 1Y: 28.96%
• 3Y*: 21.27%
• 5Y*: 11.43%
• 10Y*: —

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

FDMO vs. ULVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDMO Fidelity Momentum Factor ETF	15.24%	21.43%	32.78%	24.79%	-19.32%	22.23%	21.71%	25.29%	-4.13%	4.42%
ULVM VictoryShares US Value Momentum ETF	14.84%	15.84%	19.76%	10.16%	-9.04%	31.06%	3.51%	22.08%	-12.07%	4.30%

Correlation

The correlation between FDMO and ULVM is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.81

The correlation between FDMO and ULVM shifts across timeframes, from 0.62 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

FDMO vs. ULVM - Sectors Allocation Comparison

Sectors	FDMO	ULVM
Technology	35.7%	13.1%
Financial Services	11.7%	22.5%
Consumer Cyclical	10.1%	5.3%
Industrials	10.1%	12.2%
Communication Services	9.8%	3.5%
Healthcare	8.8%	10.1%
Consumer Defensive	4.0%	4.7%
Energy	3.5%	3.4%
Utilities	2.3%	12.6%
Real Estate	2.0%	8.7%
Basic Materials	2.0%	4.1%

Return for Risk

FDMO vs. ULVM — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 57
FDMO Sharpe Ratio Rank: 58
FDMO Sortino Ratio Rank: 56
FDMO Omega Ratio Rank: 56
FDMO Calmar Ratio Rank: 54
FDMO Martin Ratio Rank: 60

ULVM

ULVM Risk / Return Rank: 83
ULVM Sharpe Ratio Rank: 83
ULVM Sortino Ratio Rank: 84
ULVM Omega Ratio Rank: 79
ULVM Calmar Ratio Rank: 83
ULVM Martin Ratio Rank: 87

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.

FDMO vs. ULVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.

	FDMO	ULVM	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.71	-0.70
Sortino ratio: Return per unit of downside risk	2.74	3.82	-1.08
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.71	4.50	-1.79
Martin ratio: Return relative to average drawdown	10.79	18.64	-7.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDMO vs. ULVM - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 2.01, which is comparable to the ULVM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FDMO 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.

Sharpe Ratios by Period

	FDMO	ULVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.71	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.74	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.58	+0.24

Drawdowns

FDMO vs. ULVM - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum ULVM drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for FDMO and ULVM.

Drawdown Indicators

	FDMO	ULVM	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-40.71%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-6.47%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-18.14%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-19.77%	-5.67%
Current Drawdown Current decline from peak	-0.32%	-0.13%	-0.19%
Average Drawdown Average peak-to-trough decline	-5.42%	-5.75%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.56%	+1.50%

Volatility

FDMO vs. ULVM - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 4.82% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.96%. This indicates that FDMO's price experiences larger fluctuations and is considered to be riskier than ULVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDMO	ULVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	2.96%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	7.97%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	10.74%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	15.48%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	18.86%	+0.65%

FDMO vs. ULVM - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is higher than ULVM's 0.20% expense ratio.

Dividends

FDMO vs. ULVM - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.56%, less than ULVM's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDMO Fidelity Momentum Factor ETF	0.56%	0.61%	0.90%	0.87%	1.19%	0.60%	0.77%	1.23%	1.22%	1.09%	0.45%
ULVM VictoryShares US Value Momentum ETF	1.58%	1.81%	1.57%	1.94%	1.91%	1.36%	1.51%	1.88%	1.67%	0.38%	0.00%

Frequently Asked Questions

Can I hold both FDMO and ULVM in my portfolio?

FDMO and ULVM have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDMO or ULVM?

FDMO has higher volatility (4.82%) compared to ULVM (2.96%). In terms of maximum drawdown, FDMO dropped -33.94% vs ULVM's -40.71%.

Which ETF is better, FDMO or ULVM?

On 5-year performance, FDMO leads with 16.35% vs 11.43% for ULVM. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDMO or ULVM?

Over the 5-year period, FDMO has performed better with a 16.35% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDMO or ULVM?

ULVM is cheaper with a 0.20% expense ratio, compared with 0.29% for FDMO.

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

ULVM has the higher dividend yield at 1.58%, compared with 0.56% for FDMO.

What is the main difference between FDMO and ULVM?

FDMO tracks Fidelity U.S. Momentum Factor Index, while ULVM tracks Nasdaq Victory US Value Momentum Index. They also come from different issuers: Fidelity and Victory Capital. Their fees differ too: 0.29% for FDMO and 0.20% for ULVM.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.71 vs 2.01), 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.