UEVM vs. USVM

Last updated Jun 4, 2026

UEVM (VictoryShares Emerging Markets Value Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds from Victory Capital - UEVM tracks the Nasdaq Victory Emerging Market Value Momentum Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, UEVM returned 7.55%/yr vs 9.74%/yr for USVM. A 0.58 correlation means they provide meaningful diversification when combined. UEVM charges 0.45%/yr vs 0.29%/yr for USVM.

Performance

UEVM vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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, UEVM achieves a 8.99% return, which is significantly lower than USVM's 15.26% return.

UEVM

• 1D: -1.86%
• 1M: 0.77%
• YTD: 8.99%
• 6M: 8.31%
• 1Y: 24.92%
• 3Y*: 18.34%
• 5Y*: 7.55%
• 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)

UEVM vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UEVM VictoryShares Emerging Markets Value Momentum ETF	8.99%	22.74%	11.92%	17.41%	-14.60%	11.09%	3.77%	10.71%	-16.96%	3.70%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%

Correlation

The correlation between UEVM and USVM is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.58

The correlation between UEVM and USVM has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

UEVM vs. USVM - Sectors Allocation Comparison

Sectors	UEVM	USVM
Financial Services	17.7%	22.0%
Technology	15.5%	11.6%
Industrials	8.7%	12.1%
Consumer Defensive	5.5%	5.0%
Energy	5.2%	4.4%
Consumer Cyclical	5.0%	11.1%
Basic Materials	4.6%	1.8%
Healthcare	4.4%	11.0%
Utilities	4.1%	6.4%
Real Estate	2.8%	11.9%
Communication Services	2.0%	2.8%

Return for Risk

UEVM vs. USVM — Risk / Return Rank

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

UEVM

UEVM Risk / Return Rank: 49
UEVM Sharpe Ratio Rank: 48
UEVM Sortino Ratio Rank: 45
UEVM Omega Ratio Rank: 47
UEVM Calmar Ratio Rank: 52
UEVM Martin Ratio Rank: 51

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.

UEVM vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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.

	UEVM	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.05	-0.40
Sortino ratio: Return per unit of downside risk	2.26	2.98	-0.72
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	2.56	3.66	-1.10
Martin ratio: Return relative to average drawdown	8.65	13.76	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UEVM vs. USVM - Sharpe Ratio Comparison

The current UEVM Sharpe Ratio is 1.65, which is comparable to the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of UEVM 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

	UEVM	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.05	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.50	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.49	-0.16

Drawdowns

UEVM vs. USVM - Drawdown Comparison

The maximum UEVM drawdown since its inception was -45.44%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for UEVM and USVM.

Drawdown Indicators

	UEVM	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-42.38%	-3.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-8.36%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-24.34%	+5.46%
Max Drawdown (5Y) Largest decline over 5 years	-26.98%	-25.27%	-1.71%
Current Drawdown Current decline from peak	-2.18%	-0.57%	-1.61%
Average Drawdown Average peak-to-trough decline	-11.67%	-7.90%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.22%	+0.67%

Volatility

UEVM vs. USVM - Volatility Comparison

VictoryShares Emerging Markets Value Momentum ETF (UEVM) has a higher volatility of 5.15% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 4.50%. This indicates that UEVM'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

	UEVM	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	4.50%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	10.73%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	14.93%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	19.65%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	22.01%	-3.62%

UEVM vs. USVM - Expense Ratio Comparison

UEVM has a 0.45% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

UEVM vs. USVM - Dividend Comparison

UEVM's dividend yield for the trailing twelve months is around 3.05%, more than USVM's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UEVM VictoryShares Emerging Markets Value Momentum ETF	3.05%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%
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 UEVM and USVM in my portfolio?

UEVM and USVM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UEVM or USVM?

UEVM has higher volatility (5.15%) compared to USVM (4.50%). In terms of maximum drawdown, UEVM dropped -45.44% vs USVM's -42.38%.

Which ETF is better, UEVM or USVM?

On 5-year performance, USVM leads with 9.74% vs 7.55% for UEVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UEVM or USVM?

Over the 5-year period, USVM has performed better with a 9.74% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UEVM or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.45% for UEVM.

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

UEVM has the higher dividend yield at 3.05%, compared with 1.76% for USVM.

What is the main difference between UEVM and USVM?

UEVM tracks Nasdaq Victory Emerging Market Value Momentum Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. Their fees differ too: 0.45% for UEVM and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 1.65), 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.