PUI vs. USVM

Last updated Aug 2, 2026

PUI (Invesco DWA Utilities Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - PUI tracks the DWA Utilities 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, PUI returned 8.49%/yr vs 11.10%/yr for USVM. Their 0.46 correlation means their historical movements had little consistent relationship. PUI charges 0.60%/yr vs 0.29%/yr for USVM.

Performance

PUI vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Utilities Momentum ETF (PUI) 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, PUI achieves a 5.60% return, which is significantly lower than USVM's 21.09% return.

PUI

• 1D: -0.27%
• 1M: -4.01%
• 6M: 2.49%
• YTD: 5.60%
• 1Y: 4.90%
• 3Y*: 13.99%
• 5Y*: 8.49%
• 10Y*: 7.81%
• ALL TIME*: 8.18%

USVM

• 1D: -0.42%
• 1M: 0.81%
• 6M: 15.17%
• YTD: 21.09%
• 1Y: 35.70%
• 3Y*: 18.46%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 11.10%

*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)
PUI Invesco DWA Utilities Momentum ETF	$210.08K	$1.19M	$591.02K
USVM VictoryShares US Small Mid Cap Value Momentum ETF	$4.40M	$4.64M	$4.70M

PUI vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PUI Invesco DWA Utilities Momentum ETF	5.60%	15.25%	23.91%	-4.47%	-2.17%	15.02%	-5.05%	20.95%	6.12%	-2.08%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	21.09%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between PUI and USVM is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.46

The correlation between PUI and USVM has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

PUI vs. USVM - Sectors Allocation Comparison

Sectors	PUI	USVM
Utilities	88.7%	7.3%
Energy	8.7%	5.0%
Industrials	2.4%	10.8%
Communication Services	1.7%	3.0%
Financial Services	0.1%	24.6%
Basic Materials	-	1.7%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	3.6%
Healthcare	-	12.6%
Real Estate	-	9.4%
Technology	-	9.6%

Return for Risk

PUI vs. USVM — Risk / Return Rank

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

PUI

PUI Risk / Return Rank: 17
PUI Sharpe Ratio Rank: 18
PUI Sortino Ratio Rank: 17
PUI Omega Ratio Rank: 16
PUI Calmar Ratio Rank: 18
PUI Martin Ratio Rank: 18

USVM

USVM Risk / Return Rank: 91
USVM Sharpe Ratio Rank: 91
USVM Sortino Ratio Rank: 92
USVM Omega Ratio Rank: 89
USVM Calmar Ratio Rank: 91
USVM Martin Ratio Rank: 92

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.

PUI vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Utilities Momentum ETF (PUI) 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.

	PUI	USVM	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.32	-2.00
Sortino ratio: Return per unit of downside risk	0.53	3.38	-2.85
Omega ratio: Gain probability vs. loss probability	1.06	1.41	-0.35
Calmar ratio: Return relative to maximum drawdown	0.43	4.06	-3.62
Martin ratio: Return relative to average drawdown	0.95	15.72	-14.76

PUI vs. USVM - Sharpe Ratio Comparison

The current PUI Sharpe Ratio is 0.32, which is lower than the USVM Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PUI 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

PUI vs. USVM - Drawdown Comparison

The maximum PUI drawdown since its inception was -43.20%, roughly equal to the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for PUI and USVM.

Drawdown Indicators

	PUI	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-43.20%	-42.38%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-8.36%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-11.31%	-24.34%	+13.03%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	-25.27%	+1.80%
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	—	—
Current Drawdown Current decline from peak	-5.95%	-1.11%	-4.84%
Average Drawdown Average peak-to-trough decline	-8.42%	-7.76%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	2.15%	+2.83%

Volatility

PUI vs. USVM - Volatility Comparison

Invesco DWA Utilities Momentum ETF (PUI) has a higher volatility of 4.20% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 2.91%. This indicates that PUI'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

	PUI	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	2.91%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	10.68%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	14.64%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	19.45%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	21.86%	-2.77%

PUI vs. USVM - Expense Ratio Comparison

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

Dividends

PUI vs. USVM - Dividend Comparison

PUI's dividend yield for the trailing twelve months is around 2.05%, more than USVM's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUI Invesco DWA Utilities Momentum ETF	2.05%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.82%	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 PUI and USVM in my portfolio?

PUI and USVM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUI or USVM?

PUI has higher volatility (4.20%) compared to USVM (2.91%). In terms of maximum drawdown, PUI dropped -43.20% vs USVM's -42.38%.

Which ETF is better, PUI or USVM?

On 5-year performance, USVM leads with 11.10% vs 8.49% for PUI. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PUI or USVM?

Over the 5-year period, USVM has performed better with a 11.10% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PUI or USVM?

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

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

PUI has the higher dividend yield at 2.05%, compared with 1.82% for USVM.

What is the main difference between PUI and USVM?

PUI tracks DWA Utilities 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: 0.60% for PUI and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.32 vs 0.32), 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.