HRTVX vs. USVM

Last updated Jun 27, 2026

HRTVX (Heartland Value Fund) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both funds - HRTVX is a Small Cap Value Equities fund managed by Heartland, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. Over the past 5 years, HRTVX returned 12.42%/yr vs 10.44%/yr for USVM. Their correlation of 0.93 suggests significant overlap in exposure. HRTVX charges 1.04%/yr vs 0.29%/yr for USVM.

Performance

HRTVX vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heartland Value Fund (HRTVX) 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, HRTVX achieves a 23.84% return, which is significantly higher than USVM's 21.26% return.

HRTVX

• 1D: 0.90%
• 1M: 3.02%
• YTD: 23.84%
• 6M: 22.01%
• 1Y: 40.34%
• 3Y*: 23.57%
• 5Y*: 12.42%
• 10Y*: 12.85%

USVM

• 1D: 0.78%
• 1M: 4.61%
• YTD: 21.26%
• 6M: 19.42%
• 1Y: 33.98%
• 3Y*: 20.89%
• 5Y*: 10.44%
• 10Y*: —

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

HRTVX vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRTVX Heartland Value Fund	23.84%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	0.29%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	21.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between HRTVX and USVM is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.93

The correlation between HRTVX and USVM has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

HRTVX vs. USVM — Risk / Return Rank

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

HRTVX

HRTVX Risk / Return Rank: 88
HRTVX Sharpe Ratio Rank: 88
HRTVX Sortino Ratio Rank: 86
HRTVX Omega Ratio Rank: 80
HRTVX Calmar Ratio Rank: 93
HRTVX Martin Ratio Rank: 91

USVM

USVM Risk / Return Rank: 83
USVM Sharpe Ratio Rank: 83
USVM Sortino Ratio Rank: 84
USVM Omega Ratio Rank: 77
USVM Calmar Ratio Rank: 85
USVM Martin Ratio Rank: 85

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.

HRTVX vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heartland Value Fund (HRTVX) 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.

	HRTVX	USVM	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.29	+0.21
Sortino ratio: Return per unit of downside risk	3.57	3.29	+0.27
Omega ratio: Gain probability vs. loss probability	1.43	1.40	+0.03
Calmar ratio: Return relative to maximum drawdown	4.49	4.08	+0.40
Martin ratio: Return relative to average drawdown	15.44	15.38	+0.06

HRTVX vs. USVM - Sharpe Ratio Comparison

The current HRTVX Sharpe Ratio is 2.50, which is comparable to the USVM Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of HRTVX 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

HRTVX vs. USVM - Drawdown Comparison

The maximum HRTVX drawdown since its inception was -61.68%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for HRTVX and USVM.

Drawdown Indicators

	HRTVX	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-61.68%	-42.38%	-19.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-8.36%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-24.34%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-23.17%	-25.27%	+2.10%
Max Drawdown (10Y) Largest decline over 10 years	-46.31%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.02%	-7.84%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.22%	+0.53%

Volatility

HRTVX vs. USVM - Volatility Comparison

Heartland Value Fund (HRTVX) has a higher volatility of 4.73% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 3.95%. This indicates that HRTVX'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

	HRTVX	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	3.95%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	11.05%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	14.92%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	19.63%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	21.96%	-0.94%

HRTVX vs. USVM - Expense Ratio Comparison

HRTVX has a 1.04% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

HRTVX vs. USVM - Dividend Comparison

HRTVX's dividend yield for the trailing twelve months is around 7.50%, more than USVM's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTVX Heartland Value Fund	7.50%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.74%	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 HRTVX and USVM in my portfolio?

With a correlation of 0.93, HRTVX 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 is riskier, HRTVX or USVM?

HRTVX has higher volatility (4.73%) compared to USVM (3.95%). In terms of maximum drawdown, HRTVX dropped -61.68% vs USVM's -42.38%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.50 vs 2.29), 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.