ULVM vs. XSMO

Last updated Jun 3, 2026

ULVM (VictoryShares US Value Momentum ETF) and XSMO (Invesco S&P SmallCap Momentum ETF) are both Momentum funds - ULVM tracks the Nasdaq Victory US Value Momentum Index while XSMO tracks the S&P SmallCap 600 Momentum Index. Both are passively managed. Over the past 5 years, ULVM returned 11.59%/yr vs 11.36%/yr for XSMO. Their correlation of 0.84 suggests significant overlap in exposure. ULVM charges 0.20%/yr vs 0.36%/yr for XSMO.

Performance

ULVM vs. XSMO - 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 SmallCap Momentum ETF (XSMO). 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 lower than XSMO's 22.64% return.

ULVM

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

XSMO

• 1D: 1.45%
• 1M: 1.22%
• YTD: 22.64%
• 6M: 21.99%
• 1Y: 34.67%
• 3Y*: 24.74%
• 5Y*: 11.36%
• 10Y*: 14.68%

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

ULVM vs. XSMO - 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%
XSMO Invesco S&P SmallCap Momentum ETF	22.64%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-3.44%	4.63%

Correlation

The correlation between ULVM and XSMO is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.84

The correlation between ULVM and XSMO has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

ULVM vs. XSMO - Sectors Allocation Comparison

Sectors	ULVM	XSMO
Financial Services	22.5%	12.3%
Technology	13.1%	20.9%
Utilities	12.6%	4.0%
Industrials	12.2%	19.5%
Healthcare	10.1%	13.9%
Real Estate	8.7%	5.0%
Consumer Cyclical	5.3%	9.0%
Consumer Defensive	4.7%	2.4%
Basic Materials	4.1%	5.8%
Communication Services	3.5%	4.1%
Energy	3.4%	3.1%

Return for Risk

ULVM vs. XSMO — 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

XSMO

XSMO Risk / Return Rank: 61
XSMO Sharpe Ratio Rank: 53
XSMO Sortino Ratio Rank: 55
XSMO Omega Ratio Rank: 50
XSMO Calmar Ratio Rank: 76
XSMO Martin Ratio Rank: 70

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. XSMO - 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 SmallCap Momentum ETF (XSMO). 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	XSMO	Difference
Sharpe ratio Return per unit of total volatility	2.80	1.86	+0.94
Sortino ratio Return per unit of downside risk	3.92	2.67	+1.25
Omega ratio Gain probability vs. loss probability	1.49	1.32	+0.17
Calmar ratio Return relative to maximum drawdown	4.64	3.90	+0.74
Martin ratio Return relative to average drawdown	19.27	13.35	+5.93
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. XSMO - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.80, which is higher than the XSMO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of ULVM and XSMO, 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	XSMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.86	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.50	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.39	+0.19

Drawdowns

ULVM vs. XSMO - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for ULVM and XSMO.

Drawdown Indicators

	ULVM	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-58.06%	+17.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-8.89%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.14%	-24.76%	+6.62%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-29.62%	+9.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	0.00%	-1.17%	+1.17%
Average Drawdown Average peak-to-trough decline	-5.75%	-11.13%	+5.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	2.60%	-1.04%

Volatility

ULVM vs. XSMO - Volatility Comparison

The current volatility for VictoryShares US Value Momentum ETF (ULVM) is 3.13%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 6.35%. This indicates that ULVM experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULVM	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	6.35%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	14.18%	-6.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	18.72%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.48%	22.71%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	24.12%	-5.26%

ULVM vs. XSMO - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is lower than XSMO's 0.36% expense ratio.

Dividends

ULVM vs. XSMO - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.57%, more than XSMO's 0.53% 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%
XSMO Invesco S&P SmallCap Momentum ETF	0.53%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both ULVM and XSMO in my portfolio?

ULVM and XSMO have a correlation of 0.82, 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 XSMO?

XSMO has higher volatility (6.35%) compared to ULVM (3.13%). In terms of maximum drawdown, ULVM dropped -40.71% vs XSMO's -58.06%.

Which ETF is better, ULVM or XSMO?

On 5-year performance, ULVM leads with 11.59% vs 11.36% for XSMO. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULVM or XSMO?

Over the 5-year period, ULVM has performed better with a 11.59% return vs 11.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULVM or XSMO?

ULVM is cheaper with a 0.20% expense ratio, compared with 0.36% for XSMO.

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

ULVM has the higher dividend yield at 1.57%, compared with 0.53% for XSMO.

What is the main difference between ULVM and XSMO?

ULVM tracks Nasdaq Victory US Value Momentum Index, while XSMO tracks S&P SmallCap 600 Momentum Index. They also come from different issuers: Victory Capital and Invesco. Their fees differ too: 0.20% for ULVM and 0.36% for XSMO.

Which has better risk-adjusted returns?

ULVM currently has the higher Sharpe Ratio (2.80 vs 1.86), 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.