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FDMO vs. ULVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDMO vs. ULVM

Last updated Jun 24, 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 15.71%/yr vs 12.23%/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.

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Returns By Period

In the year-to-date period, FDMO achieves a 14.45% return, which is significantly lower than ULVM's 16.65% return.

FDMO

1D
-2.80%
1M
2.15%
YTD
14.45%
6M
12.49%
1Y
31.10%
3Y*
27.66%
5Y*
15.71%
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)

FDMO vs. ULVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDMO
Fidelity Momentum Factor ETF		14.45%21.43%32.78%24.79%-19.32%22.23%21.71%25.29%-4.13%4.83%
ULVM
VictoryShares US Value Momentum ETF		16.65%15.84%19.76%10.16%-9.04%31.06%3.51%22.08%-12.07%4.11%

Correlation

The correlation between FDMO and ULVM is 0.59, 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

0.59

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 26, 2017

0.81

Over the past year, the correlation between FDMO and ULVM has dropped to 0.59 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

FDMO vs. ULVM - Sectors Allocation Comparison

Sectors
FDMO
ULVM

Technology

38.3%
13.5%

Financial Services

11.3%
22.6%

Consumer Cyclical

9.8%
5.4%

Communication Services

9.4%
3.4%

Industrials

9.1%
12.3%

Healthcare

8.7%
10.2%

Consumer Defensive

4.0%
4.6%

Energy

3.2%
3.3%

Basic Materials

2.1%
4.1%

Utilities

2.1%
12.2%

Real Estate

2.0%
8.5%

Technology

FDMO
38.3%
ULVM
13.5%

Financial Services

FDMO
11.3%
ULVM
22.6%

Consumer Cyclical

FDMO
9.8%
ULVM
5.4%

Communication Services

FDMO
9.4%
ULVM
3.4%

Industrials

FDMO
9.1%
ULVM
12.3%

Healthcare

FDMO
8.7%
ULVM
10.2%

Consumer Defensive

FDMO
4.0%
ULVM
4.6%

Energy

FDMO
3.2%
ULVM
3.3%

Basic Materials

FDMO
2.1%
ULVM
4.1%

Utilities

FDMO
2.1%
ULVM
12.2%

Real Estate

FDMO
2.0%
ULVM
8.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Momentum Factor ETF

VictoryShares US Value Momentum ETF

Often compared with FDMO:
FDMO vs. SPMOFDMO vs. JEPQFDMO vs. VOOFDMO vs. FTECFDMO vs. SCHGFDMO vs. FDISFDMO vs. FMTM
Often compared with ULVM:
ULVM vs. SEIVULVM vs. SPMOULVM vs. SPYULVM vs. JPUSULVM vs. USVMULVM vs. FXAIXULVM vs. ONEV

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: 5353
Overall Rank
FDMO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
FDMO Sortino Ratio Rank: 5050
Sortino Ratio Rank
FDMO Omega Ratio Rank: 5151
Omega Ratio Rank
FDMO Calmar Ratio Rank: 5454
Calmar Ratio Rank
FDMO Martin Ratio Rank: 5959
Martin Ratio Rank
ULVM
ULVM Risk / Return Rank: 8686
Overall Rank
ULVM Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ULVM Sortino Ratio Rank: 8888
Sortino Ratio Rank
ULVM Omega Ratio Rank: 8383
Omega Ratio Rank
ULVM Calmar Ratio Rank: 8585
Calmar Ratio Rank
ULVM Martin Ratio Rank: 8989
Martin Ratio Rank
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.

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.

FDMOULVMDifference
Sharpe ratioReturn per unit of total volatility
1.75
2.65

-0.90

Sortino ratioReturn per unit of downside risk
2.37
3.75

-1.37

Omega ratioGain probability vs. loss probability

1.31

1.46

-0.15

Calmar ratioReturn relative to maximum drawdown

2.56

4.46

-1.90

Martin ratioReturn relative to average drawdown

9.99

18.39

-8.40

FDMO vs. ULVM - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.75, which is lower than the ULVM Sharpe Ratio of 2.65. 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.

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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.

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Drawdown Indicators

FDMOULVMDifference

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

-2.80%

-0.52%

-2.28%

Average Drawdown

Average peak-to-trough decline

-5.40%

-5.72%

+0.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

1.56%

+1.56%

Volatility

FDMO vs. ULVM - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 7.76% compared to VictoryShares US Value Momentum ETF (ULVM) at 3.34%. 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.

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Volatility by Period

FDMOULVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.76%

3.34%

+4.42%

Volatility (6M)

Calculated over the trailing 6-month period

14.60%

8.31%

+6.29%

Volatility (1Y)

Calculated over the trailing 1-year period

17.88%

10.92%

+6.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.25%

15.48%

+3.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

18.82%

+0.77%

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 0.59%, less than ULVM's 1.62% yield.

PositionTTM2025202420232022202120202019201820172016
FDMO
Fidelity Momentum Factor ETF		0.59%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		1.62%1.81%1.57%1.94%1.91%1.36%1.51%1.88%1.67%0.38%0.00%

Frequently Asked Questions

FDMO and ULVM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDMO has higher volatility (7.76%) compared to ULVM (3.34%). In terms of maximum drawdown, FDMO dropped -33.94% vs ULVM's -40.71%.

On 5-year performance, FDMO leads with 15.71% vs 12.23% for ULVM. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 3.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FDMO has performed better with a 15.71% return vs 12.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ULVM has the higher dividend yield at 1.62%, compared with 0.59% for FDMO.

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.

ULVM currently has the higher Sharpe Ratio (2.65 vs 1.75), 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.

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