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PDP vs. ULVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PDP vs. ULVM

Last updated Aug 2, 2026
Documentation

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 8.11%/yr vs 12.55%/yr for ULVM. Their 0.80 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

In the year-to-date period, PDP achieves a 14.75% return, which is significantly lower than ULVM's 20.05% return.

PDP

1D
0.32%
1M
-5.52%
6M
9.33%
YTD
14.75%
1Y
20.18%
3Y*
18.14%
5Y*
8.11%
10Y*
12.35%
ALL TIME*
9.66%

ULVM

1D
-0.20%
1M
1.85%
6M
15.22%
YTD
20.05%
1Y
30.95%
3Y*
20.61%
5Y*
12.55%
10Y*
—
ALL TIME*
11.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PDP

Invesco Dorsey Wright Momentum ETF
$3.96M$3.45M$3.85M

ULVM

VictoryShares US Value Momentum ETF
$297.74K$260.49K$217.66K

PDP vs. ULVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PDP
Invesco Dorsey Wright Momentum ETF		14.75%8.37%26.06%20.88%-24.49%7.72%36.59%33.13%-5.96%3.65%
ULVM
VictoryShares US Value Momentum ETF		20.05%15.84%19.76%10.16%-9.04%31.06%3.51%22.08%-12.07%4.11%

Correlation

The correlation between PDP and ULVM is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.60

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.80

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2017

0.80

The correlation between PDP and ULVM shifts across timeframes, from 0.60 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

PDP vs. ULVM - Sectors Allocation Comparison

Sectors
PDP
ULVM

Technology

42.9%
9.1%

Industrials

25.3%
11.0%

Healthcare

8.4%
11.2%

Financial Services

6.0%
27.0%

Energy

4.9%
4.7%

Basic Materials

4.7%
3.7%

Consumer Cyclical

2.5%
8.0%

Consumer Defensive

1.3%
4.7%

Communication Services

1.1%
3.1%

Real Estate

0.7%
7.1%

Utilities

0.5%
10.4%

Technology

PDP
42.9%
ULVM
9.1%

Industrials

PDP
25.3%
ULVM
11.0%

Healthcare

PDP
8.4%
ULVM
11.2%

Financial Services

PDP
6.0%
ULVM
27.0%

Energy

PDP
4.9%
ULVM
4.7%

Basic Materials

PDP
4.7%
ULVM
3.7%

Consumer Cyclical

PDP
2.5%
ULVM
8.0%

Consumer Defensive

PDP
1.3%
ULVM
4.7%

Communication Services

PDP
1.1%
ULVM
3.1%

Real Estate

PDP
0.7%
ULVM
7.1%

Utilities

PDP
0.5%
ULVM
10.4%

Compare stocks, funds, or ETFs

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

Invesco Dorsey Wright Momentum ETF

VictoryShares US Value Momentum ETF

Often compared with PDP:
PDP vs. MTUMPDP vs. QQQPDP vs. SPYPDP vs. MMTMPDP vs. VOOPDP vs. BBUSPDP vs. RSP
Often compared with ULVM:
ULVM vs. SPMOULVM vs. SEIVULVM vs. SPYULVM vs. JPUSULVM vs. USVMULVM vs. ONEVULVM vs. FXAIX

Return for Risk

PDP vs. ULVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PDP
PDP Risk / Return Rank: 3131
Overall Rank
PDP Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
PDP Sortino Ratio Rank: 2929
Sortino Ratio Rank
PDP Omega Ratio Rank: 2929
Omega Ratio Rank
PDP Calmar Ratio Rank: 3131
Calmar Ratio Rank
PDP Martin Ratio Rank: 3838
Martin Ratio Rank
ULVM
ULVM Risk / Return Rank: 9494
Overall Rank
ULVM Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ULVM Sortino Ratio Rank: 9595
Sortino Ratio Rank
ULVM Omega Ratio Rank: 9494
Omega Ratio Rank
ULVM Calmar Ratio Rank: 9393
Calmar Ratio Rank
ULVM Martin Ratio Rank: 9595
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

PDPULVMDifference
Sharpe ratioReturn per unit of total volatility
0.70
2.78

-2.08

Sortino ratioReturn per unit of downside risk
1.10
3.92

-2.82

Omega ratioGain probability vs. loss probability

1.14

1.49

-0.35

Calmar ratioReturn relative to maximum drawdown

1.03

4.63

-3.60

Martin ratioReturn relative to average drawdown

4.02

19.50

-15.48

PDP vs. ULVM - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is lower than the ULVM Sharpe Ratio of 2.78. 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.

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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.

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Drawdown Indicators

PDPULVMDifference

Max Drawdown

Largest peak-to-trough decline

-59.34%

-40.71%

-18.63%

Max Drawdown (1Y)

Largest decline over 1 year

-17.58%

-6.47%

-11.11%

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

-12.80%

-1.26%

-11.54%

Average Drawdown

Average peak-to-trough decline

-10.57%

-5.65%

-4.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.51%

1.53%

+2.98%

Volatility

PDP vs. ULVM - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.72%. 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.

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Volatility by Period

PDPULVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.41%

2.72%

+8.69%

Volatility (6M)

Calculated over the trailing 6-month period

21.23%

8.10%

+13.13%

Volatility (1Y)

Calculated over the trailing 1-year period

25.85%

10.81%

+15.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.80%

15.39%

+7.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.01%

18.73%

+3.28%

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 0.08%, less than ULVM's 1.62% yield.

PositionTTM20252024202320222021202020192018201720162015
PDP
Invesco Dorsey Wright Momentum ETF		0.08%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		1.62%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

PDP and ULVM 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.

PDP has higher volatility (11.41%) compared to ULVM (2.72%). In terms of maximum drawdown, PDP dropped -59.34% vs ULVM's -40.71%.

On 5-year performance, ULVM leads with 12.55% vs 8.11% for PDP. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ULVM has performed better with a 12.55% return vs 8.11%. 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 0.62% for PDP.

ULVM has the higher dividend yield at 1.62%, compared with 0.08% for PDP.

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. Their fees differ too: 0.62% for PDP and 0.20% for ULVM.

ULVM currently has the higher Sharpe Ratio (2.78 vs 0.70), 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.

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