ULVM vs. VOO

Last updated Jun 4, 2026

ULVM (VictoryShares US Value Momentum ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ULVM returned 11.43%/yr vs 13.90%/yr for VOO. Their correlation of 0.86 suggests significant overlap in exposure. ULVM charges 0.20%/yr vs 0.03%/yr for VOO.

Performance

ULVM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Value Momentum ETF (ULVM) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULVM achieves a 14.84% return, which is significantly higher than VOO's 10.91% return.

ULVM

• 1D: -0.13%
• 1M: 3.70%
• YTD: 14.84%
• 6M: 14.92%
• 1Y: 28.96%
• 3Y*: 21.27%
• 5Y*: 11.43%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

ULVM vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULVM VictoryShares US Value Momentum ETF	14.84%	15.84%	19.76%	10.16%	-9.04%	31.06%	3.51%	22.08%	-12.07%	4.30%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	5.01%

Correlation

The correlation between ULVM and VOO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.86

The correlation between ULVM and VOO shifts across timeframes, from 0.70 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

ULVM vs. VOO - Sectors Allocation Comparison

Sectors	ULVM	VOO
Financial Services	22.5%	11.6%
Technology	13.1%	35.7%
Utilities	12.6%	2.4%
Industrials	12.2%	8.3%
Healthcare	10.1%	8.5%
Real Estate	8.7%	1.9%
Consumer Cyclical	5.3%	10.2%
Consumer Defensive	4.7%	4.9%
Basic Materials	4.1%	1.8%
Communication Services	3.5%	11.3%
Energy	3.4%	3.5%

Return for Risk

ULVM vs. VOO — Risk / Return Rank

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

ULVM

ULVM Risk / Return Rank: 83
ULVM Sharpe Ratio Rank: 83
ULVM Sortino Ratio Rank: 84
ULVM Omega Ratio Rank: 79
ULVM Calmar Ratio Rank: 83
ULVM Martin Ratio Rank: 87

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.71	2.39	+0.32
Sortino ratio Return per unit of downside risk	3.82	3.25	+0.56
Omega ratio Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio Return relative to maximum drawdown	4.50	3.16	+1.33
Martin ratio Return relative to average drawdown	18.64	14.73	+3.91
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. VOO - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.71, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ULVM and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.39	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.83	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.89	-0.31

Drawdowns

ULVM vs. VOO - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ULVM and VOO.

Drawdown Indicators

	ULVM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-33.99%	-6.72%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-8.90%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.14%	-18.69%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-24.52%	+4.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.13%	-0.70%	+0.57%
Average Drawdown Average peak-to-trough decline	-5.75%	-3.69%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.91%	-0.35%

Volatility

ULVM vs. VOO - Volatility Comparison

VictoryShares US Value Momentum ETF (ULVM) and Vanguard S&P 500 ETF (VOO) have volatilities of 2.96% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULVM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	2.84%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.97%	8.90%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	11.80%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.48%	16.81%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	18.01%	+0.85%

ULVM vs. VOO - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.58%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULVM VictoryShares US Value Momentum ETF	1.58%	1.81%	1.57%	1.94%	1.91%	1.36%	1.51%	1.88%	1.67%	0.38%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both ULVM and VOO in my portfolio?

ULVM and VOO have a correlation of 0.70, 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 VOO?

ULVM has higher volatility (2.96%) compared to VOO (2.84%). In terms of maximum drawdown, ULVM dropped -40.71% vs VOO's -33.99%.

Which ETF is better, ULVM or VOO?

On 5-year performance, VOO leads with 13.90% vs 11.43% for ULVM. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULVM or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULVM or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.20% for ULVM.

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

ULVM has the higher dividend yield at 1.58%, compared with 1.03% for VOO.

What is the main difference between ULVM and VOO?

ULVM is categorized as Momentum, while VOO is S&P 500. ULVM tracks Nasdaq Victory US Value Momentum Index, while VOO tracks S&P 500 Index. They also come from different issuers: Victory Capital and Vanguard. Their fees differ too: 0.20% for ULVM and 0.03% for VOO.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.71 vs 2.39), 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.