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ULVM vs. XMVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ULVM vs. XMVM

Last updated Jun 24, 2026

ULVM (VictoryShares US Value Momentum ETF) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both Momentum funds - ULVM tracks the Nasdaq Victory US Value Momentum Index while XMVM tracks the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 5 years, ULVM returned 12.23%/yr vs 11.21%/yr for XMVM. Their correlation of 0.86 suggests significant overlap in exposure. ULVM charges 0.20%/yr vs 0.39%/yr for XMVM.

Performance

ULVM vs. XMVM - Performance Comparison

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

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Returns By Period

In the year-to-date period, ULVM achieves a 16.65% return, which is significantly higher than XMVM's 10.77% return.

ULVM

1D
0.10%
1M
2.65%
YTD
16.65%
6M
15.46%
1Y
28.69%
3Y*
21.42%
5Y*
12.23%
10Y*
—

XMVM

1D
0.27%
1M
2.58%
YTD
10.77%
6M
8.75%
1Y
30.72%
3Y*
18.96%
5Y*
11.21%
10Y*
12.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULVM vs. XMVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ULVM
VictoryShares US Value Momentum ETF		16.65%15.84%19.76%10.16%-9.04%31.06%3.51%22.08%-12.07%4.11%
XMVM
Invesco S&P MidCap Value with Momentum ETF		10.77%18.46%11.73%16.31%-8.21%35.15%5.68%30.38%-9.62%3.63%

Correlation

The correlation between ULVM and XMVM is 0.81, 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

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2017

0.86

The correlation between ULVM and XMVM has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

ULVM vs. XMVM - Sectors Allocation Comparison

Sectors
ULVM
XMVM

Financial Services

22.6%
41.9%

Technology

13.5%
4.0%

Industrials

12.3%
8.8%

Utilities

12.2%
9.5%

Healthcare

10.2%
0.7%

Real Estate

8.5%
4.2%

Consumer Cyclical

5.4%
15.0%

Consumer Defensive

4.6%
7.1%

Basic Materials

4.1%
0.8%

Communication Services

3.4%
0.9%

Energy

3.3%
8.0%

Financial Services

ULVM
22.6%
XMVM
41.9%

Technology

ULVM
13.5%
XMVM
4.0%

Industrials

ULVM
12.3%
XMVM
8.8%

Utilities

ULVM
12.2%
XMVM
9.5%

Healthcare

ULVM
10.2%
XMVM
0.7%

Real Estate

ULVM
8.5%
XMVM
4.2%

Consumer Cyclical

ULVM
5.4%
XMVM
15.0%

Consumer Defensive

ULVM
4.6%
XMVM
7.1%

Basic Materials

ULVM
4.1%
XMVM
0.8%

Communication Services

ULVM
3.4%
XMVM
0.9%

Energy

ULVM
3.3%
XMVM
8.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VictoryShares US Value Momentum ETF

Invesco S&P MidCap Value with Momentum ETF

Often compared with ULVM:
ULVM vs. SEIVULVM vs. SPMOULVM vs. SPYULVM vs. JPUSULVM vs. USVMULVM vs. FXAIXULVM vs. ONEV
Often compared with XMVM:
XMVM vs. AVUVXMVM vs. MDYXMVM vs. RFVXMVM vs. RWKXMVM vs. SYLDXMVM vs. MDYVXMVM vs. MDYG

Return for Risk

ULVM vs. XMVM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ULVM
ULVM Risk / Return Rank: 8686
Overall Rank
ULVM Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ULVM Sortino Ratio Rank: 8888
Sortino Ratio Rank
ULVM Omega Ratio Rank: 8383
Omega Ratio Rank
ULVM Calmar Ratio Rank: 8585
Calmar Ratio Rank
ULVM Martin Ratio Rank: 8989
Martin Ratio Rank
XMVM
XMVM Risk / Return Rank: 6565
Overall Rank
XMVM Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMVM Sortino Ratio Rank: 6767
Sortino Ratio Rank
XMVM Omega Ratio Rank: 6363
Omega Ratio Rank
XMVM Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMVM Martin Ratio Rank: 6161
Martin Ratio Rank
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. XMVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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.

ULVMXMVMDifference
Sharpe ratioReturn per unit of total volatility
2.65
2.03

+0.62

Sortino ratioReturn per unit of downside risk
3.75
2.92

+0.82

Omega ratioGain probability vs. loss probability

1.46

1.36

+0.10

Calmar ratioReturn relative to maximum drawdown

4.46

3.36

+1.09

Martin ratioReturn relative to average drawdown

18.39

10.39

+8.00

ULVM vs. XMVM - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.65, which is higher than the XMVM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ULVM and XMVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ULVM vs. XMVM - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for ULVM and XMVM.

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Drawdown Indicators

ULVMXMVMDifference

Max Drawdown

Largest peak-to-trough decline

-40.71%

-62.83%

+22.12%

Max Drawdown (1Y)

Largest decline over 1 year

-6.47%

-9.18%

+2.71%

Max Drawdown (3Y)

Largest decline over 3 years

-18.14%

-24.12%

+5.98%

Max Drawdown (5Y)

Largest decline over 5 years

-19.77%

-24.12%

+4.35%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.07%

—

Current Drawdown

Current decline from peak

-0.52%

-1.22%

+0.70%

Average Drawdown

Average peak-to-trough decline

-5.72%

-10.25%

+4.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.56%

2.96%

-1.40%

Volatility

ULVM vs. XMVM - Volatility Comparison

VictoryShares US Value Momentum ETF (ULVM) and Invesco S&P MidCap Value with Momentum ETF (XMVM) have volatilities of 3.34% and 3.29%, 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.

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Volatility by Period

ULVMXMVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.34%

3.29%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

8.31%

9.65%

-1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

10.92%

15.26%

-4.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.48%

21.45%

-5.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.82%

22.81%

-3.99%

ULVM vs. XMVM - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is lower than XMVM's 0.39% expense ratio.

Dividends

ULVM vs. XMVM - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.62%, less than XMVM's 1.89% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
XMVM
Invesco S&P MidCap Value with Momentum ETF		1.89%2.07%1.43%1.57%1.76%1.10%1.37%1.73%2.87%2.22%2.27%2.58%

Frequently Asked Questions

ULVM and XMVM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ULVM has higher volatility (3.34%) compared to XMVM (3.29%). In terms of maximum drawdown, ULVM dropped -40.71% vs XMVM's -62.83%.

On 5-year performance, ULVM leads with 12.23% vs 11.21% for XMVM. On fees, ULVM is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ULVM has performed better with a 12.23% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ULVM is cheaper with a 0.20% expense ratio, compared with 0.39% for XMVM.

XMVM has the higher dividend yield at 1.89%, compared with 1.62% for ULVM.

ULVM tracks Nasdaq Victory US Value Momentum Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. They also come from different issuers: Victory Capital and Invesco. Their fees differ too: 0.20% for ULVM and 0.39% for XMVM.

ULVM currently has the higher Sharpe Ratio (2.65 vs 2.03), 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.

Portfolio Optimizer

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