ULVM vs. USMV

Last updated Jun 3, 2026

ULVM (VictoryShares US Value Momentum ETF) and USMV (iShares MSCI USA Minimum Volatility Factor ETF) are both exchange-traded funds - ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, ULVM returned 11.59%/yr vs 7.76%/yr for USMV. Their correlation of 0.82 suggests significant overlap in exposure. ULVM charges 0.20%/yr vs 0.15%/yr for USMV.

Performance

ULVM vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Value Momentum ETF (ULVM) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULVM achieves a 14.99% return, which is significantly higher than USMV's 3.37% return.

ULVM

• 1D: 0.78%
• 1M: 2.92%
• YTD: 14.99%
• 6M: 15.51%
• 1Y: 29.88%
• 3Y*: 21.32%
• 5Y*: 11.59%
• 10Y*: —

USMV

• 1D: -0.02%
• 1M: 2.48%
• YTD: 3.37%
• 6M: 3.65%
• 1Y: 5.11%
• 3Y*: 12.04%
• 5Y*: 7.76%
• 10Y*: 10.00%

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

ULVM vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULVM VictoryShares US Value Momentum ETF	14.99%	15.84%	19.76%	10.16%	-9.04%	31.06%	3.51%	22.08%	-12.07%	4.30%
USMV iShares MSCI USA Minimum Volatility Factor ETF	3.37%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	3.31%

Correlation

The correlation between ULVM and USMV is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.82

The correlation between ULVM and USMV shifts across timeframes, from 0.68 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

ULVM vs. USMV - Sectors Allocation Comparison

Sectors	ULVM	USMV
Financial Services	22.5%	12.4%
Technology	13.1%	30.8%
Utilities	12.6%	7.5%
Industrials	12.2%	5.7%
Healthcare	10.1%	12.5%
Real Estate	8.7%	2.2%
Consumer Cyclical	5.3%	5.7%
Consumer Defensive	4.7%	10.0%
Basic Materials	4.1%	2.2%
Communication Services	3.5%	5.9%
Energy	3.4%	3.6%

Return for Risk

ULVM vs. USMV — Risk / Return Rank

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

ULVM

ULVM Risk / Return Rank: 84
ULVM Sharpe Ratio Rank: 84
ULVM Sortino Ratio Rank: 86
ULVM Omega Ratio Rank: 81
ULVM Calmar Ratio Rank: 84
ULVM Martin Ratio Rank: 88

USMV

USMV Risk / Return Rank: 19
USMV Sharpe Ratio Rank: 19
USMV Sortino Ratio Rank: 18
USMV Omega Ratio Rank: 17
USMV Calmar Ratio Rank: 19
USMV Martin Ratio Rank: 22

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.

ULVM vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). 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.

	ULVM	USMV	Difference
Sharpe ratio Return per unit of total volatility	2.80	0.61	+2.19
Sortino ratio Return per unit of downside risk	3.92	0.91	+3.01
Omega ratio Gain probability vs. loss probability	1.49	1.11	+0.38
Calmar ratio Return relative to maximum drawdown	4.64	0.82	+3.82
Martin ratio Return relative to average drawdown	19.27	2.74	+16.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULVM vs. USMV - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.80, which is higher than the USMV Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of ULVM and USMV, 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

	ULVM	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	0.61	+2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.63	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.87	-0.29

Drawdowns

ULVM vs. USMV - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for ULVM and USMV.

Drawdown Indicators

	ULVM	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-33.10%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.46%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.14%	-9.36%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-17.93%	-1.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-5.75%	-2.88%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.93%	-0.37%

Volatility

ULVM vs. USMV - Volatility Comparison

VictoryShares US Value Momentum ETF (ULVM) has a higher volatility of 3.13% compared to iShares MSCI USA Minimum Volatility Factor ETF (USMV) at 2.27%. This indicates that ULVM's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULVM	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	2.27%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	5.93%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	8.47%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.48%	12.35%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	14.51%	+4.35%

ULVM vs. USMV - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ULVM vs. USMV - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.57%, more than USMV's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULVM VictoryShares US Value Momentum ETF	1.57%	1.81%	1.57%	1.94%	1.91%	1.36%	1.51%	1.88%	1.67%	0.38%	0.00%	0.00%
USMV iShares MSCI USA Minimum Volatility Factor ETF	1.52%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both ULVM and USMV in my portfolio?

ULVM and USMV have a correlation of 0.68, 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 USMV?

ULVM has higher volatility (3.13%) compared to USMV (2.27%). In terms of maximum drawdown, ULVM dropped -40.71% vs USMV's -33.10%.

Which ETF is better, ULVM or USMV?

On 5-year performance, ULVM leads with 11.59% vs 7.76% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULVM or USMV?

Over the 5-year period, ULVM has performed better with a 11.59% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULVM or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for ULVM.

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

ULVM has the higher dividend yield at 1.57%, compared with 1.52% for USMV.

What is the main difference between ULVM and USMV?

ULVM is categorized as Momentum, while USMV is Large Cap Blend Equities. ULVM tracks Nasdaq Victory US Value Momentum Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Victory Capital and iShares. Their fees differ too: 0.20% for ULVM and 0.15% for USMV.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.80 vs 0.61), 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.