PWV vs. ULVM
PWV (Invesco Large Cap Value ETF) and ULVM (VictoryShares US Value Momentum ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index. Both are passively managed. Over the past 5 years, PWV returned 15.05%/yr vs 12.55%/yr for ULVM. Their correlation of 0.89 means they have usually moved in the same direction. PWV charges 0.55%/yr vs 0.20%/yr for ULVM.
Performance
PWV vs. ULVM - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 21.58% return, which is significantly higher than ULVM's 20.05% return.
PWV
- 1D
- 0.13%
- 1M
- 4.66%
- 6M
- 18.00%
- YTD
- 21.58%
- 1Y
- 31.94%
- 3Y*
- 20.57%
- 5Y*
- 15.05%
- 10Y*
- 12.37%
- ALL TIME*
- 10.53%
ULVM
- 1D
- -0.20%
- 1M
- 2.46%
- 6M
- 15.22%
- YTD
- 20.05%
- 1Y
- 29.82%
- 3Y*
- 20.61%
- 5Y*
- 12.55%
- 10Y*
- —
- ALL TIME*
- 11.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.04M | $7.39M | $4.81M | |
| $297.74K | $260.49K | $217.66K |
PWV vs. ULVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 21.58% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 1.91% |
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 PWV and ULVM is 0.78, 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. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.89 |
The correlation between PWV and ULVM shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PWV vs. ULVM — Risk / Return Rank
PWV
ULVM
PWV vs. ULVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Value ETF (PWV) 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.
| PWV | ULVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.49 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 7.91 | 4.63 | +3.28 |
| Martin ratioReturn relative to average drawdown | 28.36 | 19.50 | +8.86 |
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Drawdowns
PWV vs. ULVM - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than ULVM's maximum drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for PWV and ULVM.
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Drawdown Indicators
| PWV | ULVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -40.71% | -8.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -6.47% | +2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -18.14% | +3.83% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -19.77% | +3.41% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | -1.26% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -5.65% | -3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.53% | -0.40% |
Volatility
PWV vs. ULVM - Volatility Comparison
Invesco Large Cap Value ETF (PWV) has a higher volatility of 2.91% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.72%. This indicates that PWV'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
| PWV | ULVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 2.72% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 8.10% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.69% | 10.81% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 15.39% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 18.73% | -1.59% |
PWV vs. ULVM - Expense Ratio Comparison
PWV has a 0.55% expense ratio, which is higher than ULVM's 0.20% expense ratio.
Dividends
PWV vs. ULVM - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.65%, more than ULVM's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Large Cap Value ETF | 1.65% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
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
PWV and ULVM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (2.91%) compared to ULVM (2.72%). In terms of maximum drawdown, PWV dropped -49.04% vs ULVM's -40.71%.
On 5-year performance, PWV leads with 15.05% vs 12.55% for ULVM. 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, PWV has performed better with a 15.05% return vs 12.55%. 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 0.55% for PWV.
PWV has the higher dividend yield at 1.65%, compared with 1.62% for ULVM.
PWV is categorized as Large Cap Value Equities, while ULVM is Momentum. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while ULVM tracks Nasdaq Victory US Value Momentum Index. They also come from different issuers: Invesco and Victory. Their fees differ too: 0.55% for PWV and 0.20% for ULVM.
PWV currently has the higher Sharpe Ratio (3.32 vs 2.78), 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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