ULVM vs. SFLO

Last updated Aug 2, 2026

ULVM (VictoryShares US Value Momentum ETF) and SFLO (Victoryshares Small Cap Free Cash Flow ETF) are both exchange-traded funds - ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index, while SFLO is a Small Cap Blend Equities fund tracking the Victory US Small Cap Free Cash Flow Index. Both are passively managed. Over the past year, ULVM returned 30.95% vs 44.31% for SFLO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. ULVM charges 0.20%/yr vs 0.49%/yr for SFLO.

Performance

ULVM vs. SFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Value Momentum ETF (ULVM) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULVM achieves a 20.05% return, which is significantly lower than SFLO's 27.87% return.

ULVM

• 1D: -0.20%
• 1M: 1.85%
• 6M: 15.22%
• YTD: 20.05%
• 1Y: 30.95%
• 3Y*: 20.61%
• 5Y*: 12.55%
• 10Y*: —
• ALL TIME*: 11.18%

SFLO

• 1D: 0.33%
• 1M: 6.46%
• 6M: 25.77%
• YTD: 27.87%
• 1Y: 44.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.65%

*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)
SFLO Victoryshares Small Cap Free Cash Flow ETF	$4.38M	$3.53M	$2.43M
ULVM VictoryShares US Value Momentum ETF	$297.74K	$260.49K	$217.66K

ULVM vs. SFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ULVM VictoryShares US Value Momentum ETF	20.05%	15.84%	19.76%	1.98%
SFLO Victoryshares Small Cap Free Cash Flow ETF	27.87%	11.88%	6.54%	0.27%

Correlation

The correlation between ULVM and SFLO is 0.57, 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.	0.57
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.70

The correlation between ULVM and SFLO shifts across timeframes, from 0.57 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

ULVM vs. SFLO - Sectors Allocation Comparison

Sectors	ULVM	SFLO
Financial Services	27.0%	0.2%
Healthcare	11.2%	16.3%
Industrials	11.0%	8.3%
Utilities	10.4%	0.1%
Technology	9.1%	32.1%
Consumer Cyclical	8.0%	12.6%
Real Estate	7.1%	0.1%
Energy	4.7%	15.4%
Consumer Defensive	4.7%	6.1%
Basic Materials	3.7%	0.8%
Communication Services	3.1%	8.2%

Return for Risk

ULVM vs. SFLO — Risk / Return Rank

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

ULVM

ULVM Risk / Return Rank: 94
ULVM Sharpe Ratio Rank: 95
ULVM Sortino Ratio Rank: 95
ULVM Omega Ratio Rank: 94
ULVM Calmar Ratio Rank: 93
ULVM Martin Ratio Rank: 95

SFLO

SFLO Risk / Return Rank: 92
SFLO Sharpe Ratio Rank: 91
SFLO Sortino Ratio Rank: 91
SFLO Omega Ratio Rank: 88
SFLO Calmar Ratio Rank: 95
SFLO Martin Ratio Rank: 94

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.

ULVM vs. SFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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.

	ULVM	SFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.30	+0.48
Sortino ratio: Return per unit of downside risk	3.92	3.26	+0.66
Omega ratio: Gain probability vs. loss probability	1.49	1.39	+0.10
Calmar ratio: Return relative to maximum drawdown	4.63	5.22	-0.58
Martin ratio: Return relative to average drawdown	19.50	17.48	+2.02

ULVM vs. SFLO - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.78, which is comparable to the SFLO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ULVM and SFLO, 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

ULVM vs. SFLO - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, which is greater than SFLO's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for ULVM and SFLO.

Drawdown Indicators

	ULVM	SFLO	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-26.63%	-14.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-7.80%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-18.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	—	—
Current Drawdown Current decline from peak	-1.26%	-1.26%	0.00%
Average Drawdown Average peak-to-trough decline	-5.65%	-4.15%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.33%	-0.80%

Volatility

ULVM vs. SFLO - Volatility Comparison

The current volatility for VictoryShares US Value Momentum ETF (ULVM) is 2.72%, while Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a volatility of 5.58%. This indicates that ULVM experiences smaller price fluctuations and is considered to be less risky than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULVM	SFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	5.58%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	13.04%	-4.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	17.73%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	20.50%	-5.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	20.50%	-1.77%

ULVM vs. SFLO - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is lower than SFLO's 0.49% expense ratio.

Dividends

ULVM vs. SFLO - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.62%, more than SFLO's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.72%	1.04%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both ULVM and SFLO in my portfolio?

ULVM and SFLO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULVM or SFLO?

SFLO has higher volatility (5.58%) compared to ULVM (2.72%). In terms of maximum drawdown, ULVM dropped -40.71% vs SFLO's -26.63%.

Which ETF is better, ULVM or SFLO?

On 1-year performance, SFLO leads with 44.31% vs 30.95% 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.

Which ETF has performed better, ULVM or SFLO?

Over the 1-year period, SFLO has performed better with a 44.31% return vs 30.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULVM or SFLO?

ULVM is cheaper with a 0.20% expense ratio, compared with 0.49% for SFLO.

Which ETF pays a higher dividend yield, ULVM or SFLO?

ULVM has the higher dividend yield at 1.62%, compared with 0.72% for SFLO.

What is the main difference between ULVM and SFLO?

ULVM is categorized as Momentum, while SFLO is Small Cap Blend Equities. ULVM tracks Nasdaq Victory US Value Momentum Index, while SFLO tracks Victory US Small Cap Free Cash Flow Index. Their fees differ too: 0.20% for ULVM and 0.49% for SFLO.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.78 vs 2.30), 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.