PEZ vs. USVM

Last updated Jul 14, 2026

PEZ (Invesco DWA Consumer Cyclicals Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - PEZ tracks the DWA Consumer Cyclicals Technical Leaders Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, PEZ returned 2.90%/yr vs 11.31%/yr for USVM. A 0.79 correlation means they provide meaningful diversification when combined. PEZ charges 0.60%/yr vs 0.29%/yr for USVM.

Performance

PEZ vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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, PEZ achieves a -3.63% return, which is significantly lower than USVM's 20.14% return.

PEZ

• 1D: -0.94%
• 1M: -3.38%
• 6M: -8.42%
• YTD: -3.63%
• 1Y: 1.41%
• 3Y*: 11.72%
• 5Y*: 2.90%
• 10Y*: 9.31%

USVM

• 1D: -0.19%
• 1M: 0.93%
• 6M: 14.65%
• YTD: 20.14%
• 1Y: 30.87%
• 3Y*: 19.18%
• 5Y*: 11.31%
• 10Y*: —

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

PEZ vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	-3.63%	5.40%	20.06%	29.55%	-29.59%	20.35%	38.97%	18.05%	-6.85%	5.64%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.14%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between PEZ and USVM is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.79

The correlation between PEZ and USVM has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

PEZ vs. USVM - Sectors Allocation Comparison

Sectors	PEZ	USVM
Consumer Cyclical	70.2%	12.3%
Communication Services	11.9%	3.0%
Healthcare	6.7%	12.8%
Consumer Defensive	5.5%	3.7%
Technology	3.9%	8.7%
Industrials	3.8%	10.6%
Real Estate	1.9%	9.6%
Financial Services	0.6%	25.1%
Basic Materials	-	1.7%
Energy	-	5.1%
Utilities	-	7.4%

Return for Risk

PEZ vs. USVM — Risk / Return Rank

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

PEZ

PEZ Risk / Return Rank: 10
PEZ Sharpe Ratio Rank: 10
PEZ Sortino Ratio Rank: 10
PEZ Omega Ratio Rank: 10
PEZ Calmar Ratio Rank: 10
PEZ Martin Ratio Rank: 10

USVM

USVM Risk / Return Rank: 84
USVM Sharpe Ratio Rank: 83
USVM Sortino Ratio Rank: 86
USVM Omega Ratio Rank: 79
USVM Calmar Ratio Rank: 85
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.

PEZ vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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.

	PEZ	USVM	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.09	-2.02
Sortino ratio: Return per unit of downside risk	0.25	3.06	-2.81
Omega ratio: Gain probability vs. loss probability	1.03	1.37	-0.34
Calmar ratio: Return relative to maximum drawdown	0.09	3.71	-3.62
Martin ratio: Return relative to average drawdown	0.22	13.98	-13.76

PEZ vs. USVM - Sharpe Ratio Comparison

The current PEZ Sharpe Ratio is 0.07, which is lower than the USVM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PEZ 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

PEZ vs. USVM - Drawdown Comparison

The maximum PEZ drawdown since its inception was -58.39%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for PEZ and USVM.

Drawdown Indicators

	PEZ	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-42.38%	-16.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-8.36%	-7.47%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-24.34%	-7.14%
Max Drawdown (5Y) Largest decline over 5 years	-41.72%	-25.27%	-16.45%
Max Drawdown (10Y) Largest decline over 10 years	-52.05%	—	—
Current Drawdown Current decline from peak	-10.69%	-0.92%	-9.77%
Average Drawdown Average peak-to-trough decline	-13.83%	-7.81%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	2.21%	+4.17%

Volatility

PEZ vs. USVM - Volatility Comparison

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) has a higher volatility of 4.40% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 3.46%. This indicates that PEZ'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

	PEZ	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	3.46%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	10.86%	+3.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	14.83%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	19.57%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	21.91%	+3.14%

PEZ vs. USVM - Expense Ratio Comparison

PEZ has a 0.60% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

PEZ vs. USVM - Dividend Comparison

PEZ's dividend yield for the trailing twelve months is around 0.25%, less than USVM's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	0.25%	0.11%	0.12%	0.60%	0.43%	0.23%	0.39%	0.01%	0.40%	0.42%	0.83%	0.64%
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%	0.00%

Frequently Asked Questions

Can I hold both PEZ and USVM in my portfolio?

PEZ and USVM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEZ or USVM?

PEZ has higher volatility (4.40%) compared to USVM (3.46%). In terms of maximum drawdown, PEZ dropped -58.39% vs USVM's -42.38%.

Which ETF is better, PEZ or USVM?

On 5-year performance, USVM leads with 11.31% vs 2.90% for PEZ. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEZ or USVM?

Over the 5-year period, USVM has performed better with a 11.31% return vs 2.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEZ or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.60% for PEZ.

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

USVM has the higher dividend yield at 1.83%, compared with 0.25% for PEZ.

What is the main difference between PEZ and USVM?

PEZ tracks DWA Consumer Cyclicals Technical Leaders Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory Capital. Their fees differ too: 0.60% for PEZ and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.09 vs 0.07), 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.