FDMO vs. USVM

Last updated Jul 15, 2026

FDMO (Fidelity Momentum Factor ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - FDMO tracks the Fidelity U.S. Momentum Factor Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, FDMO returned 15.49%/yr vs 11.48%/yr for USVM. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

FDMO vs. USVM - Performance Comparison

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

Returns By Period

In the year-to-date period, FDMO achieves a 14.58% return, which is significantly lower than USVM's 20.35% return.

FDMO

• 1D: 1.28%
• 1M: 0.79%
• 6M: 10.53%
• YTD: 14.58%
• 1Y: 26.27%
• 3Y*: 26.24%
• 5Y*: 15.49%
• 10Y*: —

USVM

• 1D: 0.17%
• 1M: 1.10%
• 6M: 15.01%
• YTD: 20.35%
• 1Y: 30.27%
• 3Y*: 19.25%
• 5Y*: 11.48%
• 10Y*: —

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

FDMO vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDMO Fidelity Momentum Factor ETF	14.58%	21.43%	32.78%	24.79%	-19.32%	22.23%	21.71%	25.29%	-4.13%	4.83%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.35%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between FDMO and USVM is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.75

The correlation between FDMO and USVM shifts across timeframes, from 0.60 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

FDMO vs. USVM - Sectors Allocation Comparison

Sectors	FDMO	USVM
Technology	38.3%	8.7%
Financial Services	11.3%	25.1%
Consumer Cyclical	9.8%	12.3%
Communication Services	9.4%	3.0%
Industrials	9.1%	10.6%
Healthcare	8.7%	12.8%
Consumer Defensive	4.0%	3.7%
Energy	3.2%	5.1%
Basic Materials	2.1%	1.7%
Utilities	2.1%	7.4%
Real Estate	2.0%	9.6%

Return for Risk

FDMO vs. USVM — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 53
FDMO Sharpe Ratio Rank: 52
FDMO Sortino Ratio Rank: 50
FDMO Omega Ratio Rank: 50
FDMO Calmar Ratio Rank: 54
FDMO Martin Ratio Rank: 59

USVM

USVM Risk / Return Rank: 83
USVM Sharpe Ratio Rank: 82
USVM Sortino Ratio Rank: 85
USVM Omega Ratio Rank: 78
USVM Calmar Ratio Rank: 84
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.

FDMO vs. USVM - Risk-Adjusted Trends Comparison

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

	FDMO	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.06	-0.62
Sortino ratio: Return per unit of downside risk	1.99	3.01	-1.03
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	2.16	3.64	-1.48
Martin ratio: Return relative to average drawdown	8.24	13.77	-5.53

FDMO vs. USVM - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.43, which is lower than the USVM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FDMO 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

FDMO vs. USVM - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for FDMO and USVM.

Drawdown Indicators

	FDMO	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-42.38%	+8.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-8.36%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-24.34%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-25.27%	-0.17%
Current Drawdown Current decline from peak	-2.70%	-0.75%	-1.95%
Average Drawdown Average peak-to-trough decline	-5.38%	-7.81%	+2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.21%	+0.99%

Volatility

FDMO vs. USVM - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 7.09% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 2.92%. This indicates that FDMO'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

	FDMO	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	2.92%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	15.23%	10.85%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	14.80%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	19.56%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	21.91%	-2.30%

FDMO vs. USVM - Expense Ratio Comparison

Both FDMO and USVM have an expense ratio of 0.29%.

Dividends

FDMO vs. USVM - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.59%, less than USVM's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
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%

Frequently Asked Questions

Can I hold both FDMO and USVM in my portfolio?

FDMO and USVM have a correlation of 0.60, 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 USVM?

FDMO has higher volatility (7.09%) compared to USVM (2.92%). In terms of maximum drawdown, FDMO dropped -33.94% vs USVM's -42.38%.

Which ETF is better, FDMO or USVM?

On 5-year performance, FDMO leads with 15.49% vs 11.48% for USVM. Both ETFs have the same 0.29% expense ratio. On volatility, USVM has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDMO or USVM?

Over the 5-year period, FDMO has performed better with a 15.49% return vs 11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDMO or USVM?

FDMO and USVM have the same expense ratio: 0.29% per year.

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

USVM has the higher dividend yield at 1.83%, compared with 0.59% for FDMO.

What is the main difference between FDMO and USVM?

FDMO tracks Fidelity U.S. Momentum Factor Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Fidelity and Victory Capital.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.06 vs 1.43), 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.