SMIG vs. USVM

Last updated Jun 4, 2026

SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - SMIG is a Small Cap Value Equities fund actively managed by Bahl & Gaynor, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. SMIG is actively managed, while USVM is passively managed. Over the past 3 years, SMIG returned 13.09%/yr vs 19.79%/yr for USVM. Their correlation of 0.90 suggests significant overlap in exposure. SMIG charges 0.60%/yr vs 0.29%/yr for USVM.

Performance

SMIG vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) 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, SMIG achieves a 10.18% return, which is significantly lower than USVM's 15.26% return.

SMIG

• 1D: -0.28%
• 1M: 1.31%
• YTD: 10.18%
• 6M: 11.46%
• 1Y: 11.81%
• 3Y*: 13.09%
• 5Y*: —
• 10Y*: —

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

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

SMIG vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	10.18%	0.78%	17.63%	13.62%	-11.83%	5.51%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	4.22%

Correlation

The correlation between SMIG and USVM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.90

The correlation between SMIG and USVM has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

SMIG vs. USVM - Sectors Allocation Comparison

Sectors	SMIG	USVM
Technology	19.8%	11.6%
Consumer Cyclical	17.2%	11.1%
Financial Services	14.2%	22.0%
Industrials	13.9%	12.1%
Energy	12.8%	4.4%
Healthcare	10.1%	11.0%
Basic Materials	7.9%	1.8%
Real Estate	6.9%	11.9%
Utilities	5.4%	6.4%
Consumer Defensive	2.4%	5.0%
Communication Services	2.2%	2.8%

Return for Risk

SMIG vs. USVM — Risk / Return Rank

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

SMIG

SMIG Risk / Return Rank: 27
SMIG Sharpe Ratio Rank: 27
SMIG Sortino Ratio Rank: 28
SMIG Omega Ratio Rank: 26
SMIG Calmar Ratio Rank: 29
SMIG Martin Ratio Rank: 27

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

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.

SMIG vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) 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.

	SMIG	USVM	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.05	-1.06
Sortino ratio: Return per unit of downside risk	1.53	2.98	-1.45
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratio: Return relative to maximum drawdown	1.39	3.66	-2.26
Martin ratio: Return relative to average drawdown	3.62	13.76	-10.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMIG vs. USVM - Sharpe Ratio Comparison

The current SMIG Sharpe Ratio is 0.99, which is lower than the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SMIG 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.

Sharpe Ratios by Period

	SMIG	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	2.05	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.49	-0.05

Drawdowns

SMIG vs. USVM - Drawdown Comparison

The maximum SMIG drawdown since its inception was -19.65%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for SMIG and USVM.

Drawdown Indicators

	SMIG	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-42.38%	+22.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-8.36%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-24.34%	+5.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Current Drawdown Current decline from peak	-1.79%	-0.57%	-1.22%
Average Drawdown Average peak-to-trough decline	-6.55%	-7.90%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.22%	+1.05%

Volatility

SMIG vs. USVM - Volatility Comparison

The current volatility for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) is 3.65%, while VictoryShares US Small Mid Cap Value Momentum ETF (USVM) has a volatility of 4.50%. This indicates that SMIG experiences smaller price fluctuations and is considered to be less risky than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIG	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	4.50%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	10.73%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	14.93%	-2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	19.65%	-3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.20%	22.01%	-5.81%

SMIG vs. USVM - Expense Ratio Comparison

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

Dividends

SMIG vs. USVM - Dividend Comparison

SMIG's dividend yield for the trailing twelve months is around 1.75%, which matches USVM's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.75%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%

Frequently Asked Questions

Can I hold both SMIG and USVM in my portfolio?

SMIG and USVM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIG or USVM?

USVM has higher volatility (4.50%) compared to SMIG (3.65%). In terms of maximum drawdown, SMIG dropped -19.65% vs USVM's -42.38%.

Which ETF is better, SMIG or USVM?

On 3-year performance, USVM leads with 19.79% vs 13.09% for SMIG. On fees, USVM is cheaper at 0.29% per year. On volatility, SMIG has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIG or USVM?

Over the 3-year period, USVM has performed better with a 19.79% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIG or USVM?

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

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

SMIG and USVM have nearly identical dividend yields, around 1.75%.

What is the main difference between SMIG and USVM?

SMIG is categorized as Small Cap Value Equities, while USVM is Momentum. They also come from different issuers: Bahl & Gaynor and Victory Capital. Their fees differ too: 0.60% for SMIG and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 0.99), 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.