PIZ vs. USVM

Last updated Aug 4, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - PIZ tracks the Dorsey Wright Developed Markets 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, PIZ returned 7.22%/yr vs 11.56%/yr for USVM. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PIZ charges 0.80%/yr vs 0.29%/yr for USVM.

Performance

PIZ vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) 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, PIZ achieves a 7.58% return, which is significantly lower than USVM's 22.48% return.

PIZ

• 1D: 1.13%
• 1M: -4.68%
• 6M: 0.00%
• YTD: 7.58%
• 1Y: 17.42%
• 3Y*: 21.00%
• 5Y*: 7.22%
• 10Y*: 10.07%
• ALL TIME*: 5.66%

USVM

• 1D: 1.15%
• 1M: 1.97%
• 6M: 15.40%
• YTD: 22.48%
• 1Y: 37.25%
• 3Y*: 19.23%
• 5Y*: 11.56%
• 10Y*: —
• ALL TIME*: 11.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PIZ Invesco DWA Developed Markets Momentum ETF	$5.38M	$4.25M	$4.38M
USVM VictoryShares US Small Mid Cap Value Momentum ETF	$4.36M	$4.66M	$4.71M

PIZ vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIZ Invesco DWA Developed Markets Momentum ETF	7.58%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	2.47%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	22.48%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between PIZ and USVM is 0.58, 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.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.65

The correlation between PIZ and USVM has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

PIZ vs. USVM - Sectors Allocation Comparison

Sectors	PIZ	USVM
Industrials	46.9%	10.8%
Financial Services	27.8%	24.6%
Technology	15.7%	9.6%
Basic Materials	2.5%	1.7%
Consumer Defensive	1.9%	3.6%
Consumer Cyclical	1.7%	12.3%
Energy	1.5%	5.0%
Utilities	1.4%	7.3%
Healthcare	0.7%	12.6%
Real Estate	0.4%	9.4%
Communication Services	-	3.0%

Return for Risk

PIZ vs. USVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIZ

PIZ Risk / Return Rank: 31
PIZ Sharpe Ratio Rank: 30
PIZ Sortino Ratio Rank: 31
PIZ Omega Ratio Rank: 30
PIZ Calmar Ratio Rank: 32
PIZ Martin Ratio Rank: 35

USVM

USVM Risk / Return Rank: 93
USVM Sharpe Ratio Rank: 93
USVM Sortino Ratio Rank: 94
USVM Omega Ratio Rank: 92
USVM Calmar Ratio Rank: 93
USVM Martin Ratio Rank: 93

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.

PIZ vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.

	PIZ	USVM	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.57	-1.83
Sortino ratio: Return per unit of downside risk	1.17	3.72	-2.55
Omega ratio: Gain probability vs. loss probability	1.14	1.45	-0.31
Calmar ratio: Return relative to maximum drawdown	1.10	4.48	-3.38
Martin ratio: Return relative to average drawdown	3.41	17.35	-13.95

PIZ vs. USVM - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 0.74, which is lower than the USVM Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of PIZ 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

PIZ vs. USVM - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for PIZ and USVM.

Drawdown Indicators

	PIZ	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-42.38%	-18.23%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-8.36%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-24.34%	+8.37%
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	-25.27%	-15.66%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	—	—
Current Drawdown Current decline from peak	-11.41%	0.00%	-11.41%
Average Drawdown Average peak-to-trough decline	-14.86%	-7.76%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.15%	+2.98%

Volatility

PIZ vs. USVM - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 8.01% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 3.07%. This indicates that PIZ'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

	PIZ	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	3.07%	+4.94%
Volatility (6M) Calculated over the trailing 6-month period	21.44%	10.70%	+10.74%
Volatility (1Y) Calculated over the trailing 1-year period	23.70%	14.59%	+9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	19.46%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	21.86%	-2.15%

PIZ vs. USVM - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

PIZ vs. USVM - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.60%, less than USVM's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIZ Invesco DWA Developed Markets Momentum ETF	1.60%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.80%	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 PIZ and USVM in my portfolio?

PIZ and USVM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIZ or USVM?

PIZ has higher volatility (8.01%) compared to USVM (3.07%). In terms of maximum drawdown, PIZ dropped -60.61% vs USVM's -42.38%.

Which ETF is better, PIZ or USVM?

On 5-year performance, USVM leads with 11.56% vs 7.22% for PIZ. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or USVM?

Over the 5-year period, USVM has performed better with a 11.56% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.80% for PIZ.

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

USVM has the higher dividend yield at 1.80%, compared with 1.60% for PIZ.

What is the main difference between PIZ and USVM?

PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory. Their fees differ too: 0.80% for PIZ and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.57 vs 0.74), 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.