FSEV vs. USVM

Last updated Jul 19, 2026

FSEV (Fidelity Enhanced Small Cap Value ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - FSEV is a Small Cap Value Equities fund actively managed by Fidelity, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. FSEV is actively managed, while USVM is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. FSEV charges 0.28%/yr vs 0.29%/yr for USVM.

Performance

FSEV vs. USVM - Performance Comparison

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

Returns By Period

FSEV

• 1D: -0.70%
• 1M: 2.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USVM

• 1D: -0.28%
• 1M: 3.15%
• 6M: 14.70%
• YTD: 21.91%
• 1Y: 34.12%
• 3Y*: 19.14%
• 5Y*: 12.10%
• 10Y*: —

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

FSEV vs. USVM - Yearly Performance Comparison

	2026 (YTD)
FSEV Fidelity Enhanced Small Cap Value ETF	6.85%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	9.08%

Correlation

The correlation between FSEV and USVM is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.94

FSEV vs. USVM - Sectors Allocation Comparison

Sectors	FSEV	USVM
Financial Services	27.7%	24.6%
Industrials	13.8%	10.8%
Consumer Cyclical	10.5%	12.3%
Healthcare	10.3%	12.6%
Technology	10.1%	9.6%
Real Estate	7.9%	9.4%
Energy	6.0%	5.0%
Basic Materials	4.0%	1.7%
Utilities	3.7%	7.3%
Communication Services	2.6%	3.0%
Consumer Defensive	2.0%	3.6%

Return for Risk

FSEV vs. USVM — Risk / Return Rank

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

FSEV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USVM

USVM Risk / Return Rank: 88
USVM Sharpe Ratio Rank: 88
USVM Sortino Ratio Rank: 89
USVM Omega Ratio Rank: 84
USVM Calmar Ratio Rank: 88
USVM 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.

FSEV vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Value ETF (FSEV) 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.

	FSEV	USVM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.27	—
Sortino ratio: Return per unit of downside risk	—	3.33	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	3.99	—
Martin ratio: Return relative to average drawdown	—	15.10	—

Drawdowns

FSEV vs. USVM - Drawdown Comparison

The maximum FSEV drawdown since its inception was -4.16%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for FSEV and USVM.

Drawdown Indicators

	FSEV	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-4.16%	-42.38%	+38.22%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Current Drawdown Current decline from peak	-0.70%	-0.28%	-0.42%
Average Drawdown Average peak-to-trough decline	-1.00%	-7.80%	+6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	FSEV	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	14.68%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	19.54%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	21.90%	-6.45%

FSEV vs. USVM - Expense Ratio Comparison

FSEV has a 0.28% expense ratio, which is lower than USVM's 0.29% expense ratio.

Dividends

FSEV vs. USVM - Dividend Comparison

FSEV's dividend yield for the trailing twelve months is around 0.27%, less than USVM's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSEV Fidelity Enhanced Small Cap Value ETF	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.81%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%

Frequently Asked Questions

Can I hold both FSEV and USVM in my portfolio?

With a correlation of 0.94, FSEV and USVM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, FSEV or USVM?

On fees, FSEV is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSEV or USVM?

FSEV is cheaper with a 0.28% expense ratio, compared with 0.29% for USVM.

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

USVM has the higher dividend yield at 1.81%, compared with 0.27% for FSEV.

What is the main difference between FSEV and USVM?

FSEV is categorized as Small Cap Value Equities, while USVM is Momentum. They also come from different issuers: Fidelity and Victory Capital. Their fees differ too: 0.28% for FSEV and 0.29% for USVM.