PDP vs. ULVM

Last updated Jun 4, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and ULVM (VictoryShares US Value Momentum ETF) are both Momentum funds - PDP tracks the Dorsey Wright Technical Leaders Index while ULVM tracks the Nasdaq Victory US Value Momentum Index. Both are passively managed. Over the past 5 years, PDP returned 11.32%/yr vs 11.43%/yr for ULVM. Their correlation of 0.82 suggests significant overlap in exposure. PDP charges 0.62%/yr vs 0.20%/yr for ULVM.

Performance

PDP vs. ULVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and VictoryShares US Value Momentum ETF (ULVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDP achieves a 24.95% return, which is significantly higher than ULVM's 14.84% return.

PDP

• 1D: 0.57%
• 1M: 6.22%
• YTD: 24.95%
• 6M: 24.18%
• 1Y: 37.20%
• 3Y*: 24.44%
• 5Y*: 11.32%
• 10Y*: 13.60%

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)

PDP vs. ULVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDP Invesco Dorsey Wright Momentum ETF	24.95%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	2.85%
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 PDP and ULVM is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.82

The correlation between PDP and ULVM shifts across timeframes, from 0.70 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

PDP vs. ULVM - Sectors Allocation Comparison

Sectors	PDP	ULVM
Industrials	39.2%	12.2%
Technology	26.9%	13.1%
Healthcare	6.5%	10.1%
Energy	6.3%	3.4%
Consumer Cyclical	5.5%	5.3%
Financial Services	4.4%	22.5%
Consumer Defensive	3.8%	4.7%
Basic Materials	2.3%	4.1%
Communication Services	2.2%	3.5%
Utilities	1.6%	12.6%
Real Estate	1.3%	8.7%

Return for Risk

PDP vs. ULVM — Risk / Return Rank

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

PDP

PDP Risk / Return Rank: 53
PDP Sharpe Ratio Rank: 49
PDP Sortino Ratio Rank: 46
PDP Omega Ratio Rank: 46
PDP Calmar Ratio Rank: 63
PDP Martin Ratio Rank: 61

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.

PDP vs. ULVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) 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.

	PDP	ULVM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.71	-1.01
Sortino ratio: Return per unit of downside risk	2.29	3.82	-1.52
Omega ratio: Gain probability vs. loss probability	1.30	1.47	-0.18
Calmar ratio: Return relative to maximum drawdown	3.15	4.50	-1.35
Martin ratio: Return relative to average drawdown	11.16	18.64	-7.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDP vs. ULVM - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 1.70, which is lower than the ULVM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PDP 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

	PDP	ULVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.71	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.74	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.58	-0.12

Drawdowns

PDP vs. ULVM - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, which is greater than ULVM's maximum drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for PDP and ULVM.

Drawdown Indicators

	PDP	ULVM	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-40.71%	-18.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-6.47%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-18.14%	-5.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-19.77%	-14.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	—	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-10.61%	-5.75%	-4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	1.56%	+1.78%

Volatility

PDP vs. ULVM - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 6.51% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.96%. This indicates that PDP'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

	PDP	ULVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	2.96%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	17.34%	7.97%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	21.94%	10.74%	+11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	15.48%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	18.86%	+2.73%

PDP vs. ULVM - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than ULVM's 0.20% expense ratio.

Dividends

PDP vs. ULVM - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.11%, less than ULVM's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDP Invesco Dorsey Wright Momentum ETF	0.11%	0.17%	0.15%	0.42%	0.45%	0.00%	0.11%	0.25%	0.18%	0.28%	0.81%	0.39%
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%	0.00%

Frequently Asked Questions

Can I hold both PDP and ULVM in my portfolio?

PDP and ULVM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDP or ULVM?

PDP has higher volatility (6.51%) compared to ULVM (2.96%). In terms of maximum drawdown, PDP dropped -59.34% vs ULVM's -40.71%.

Which ETF is better, PDP or ULVM?

On 5-year performance, ULVM leads with 11.43% vs 11.32% for PDP. 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, PDP or ULVM?

Over the 5-year period, ULVM has performed better with a 11.43% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or ULVM?

ULVM is cheaper with a 0.20% expense ratio, compared with 0.62% for PDP.

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

ULVM has the higher dividend yield at 1.58%, compared with 0.11% for PDP.

What is the main difference between PDP and ULVM?

PDP tracks Dorsey Wright Technical Leaders Index, while ULVM tracks Nasdaq Victory US Value Momentum Index. They also come from different issuers: Invesco and Victory Capital. Their fees differ too: 0.62% for PDP and 0.20% for ULVM.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.71 vs 1.70), 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.