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ULVM vs. XSVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ULVM vs. XSVM

Last updated Aug 2, 2026
Documentation

ULVM (VictoryShares US Value Momentum ETF) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both Momentum funds - ULVM tracks the Nasdaq Victory US Value Momentum Index while XSVM tracks the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 5 years, ULVM returned 12.55%/yr vs 9.57%/yr for XSVM. Their 0.80 correlation means they have sometimes moved together and sometimes differently. ULVM charges 0.20%/yr vs 0.37%/yr for XSVM.

Performance

ULVM vs. XSVM - 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 Value with Momentum ETF (XSVM). 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 20.05% return, which is significantly lower than XSVM's 25.81% 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%

XSVM

1D
-0.35%
1M
2.37%
6M
17.50%
YTD
25.81%
1Y
41.62%
3Y*
14.54%
5Y*
9.57%
10Y*
13.34%
ALL TIME*
9.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ULVM

VictoryShares US Value Momentum ETF
$297.74K$260.49K$217.66K

XSVM

Invesco S&P SmallCap Value with Momentum ETF
$2.60M$2.40M$2.07M

ULVM vs. XSVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ULVM
VictoryShares US Value Momentum ETF		20.05%15.84%19.76%10.16%-9.04%31.06%3.51%22.08%-12.07%4.11%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		25.81%7.47%2.30%20.20%-13.63%56.36%5.08%30.01%-12.33%4.07%

Correlation

The correlation between ULVM and XSVM is 0.78, 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.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.82

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

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

0.80

The correlation between ULVM and XSVM has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

ULVM vs. XSVM - Sectors Allocation Comparison

Sectors
ULVM
XSVM

Financial Services

27.0%
45.1%

Healthcare

11.2%
1.7%

Industrials

11.0%
5.3%

Utilities

10.4%
2.1%

Technology

9.1%
2.6%

Consumer Cyclical

8.0%
18.1%

Real Estate

7.1%
9.7%

Energy

4.7%
5.7%

Consumer Defensive

4.7%
4.1%

Basic Materials

3.7%
3.0%

Communication Services

3.1%
2.6%

Financial Services

ULVM
27.0%
XSVM
45.1%

Healthcare

ULVM
11.2%
XSVM
1.7%

Industrials

ULVM
11.0%
XSVM
5.3%

Utilities

ULVM
10.4%
XSVM
2.1%

Technology

ULVM
9.1%
XSVM
2.6%

Consumer Cyclical

ULVM
8.0%
XSVM
18.1%

Real Estate

ULVM
7.1%
XSVM
9.7%

Energy

ULVM
4.7%
XSVM
5.7%

Consumer Defensive

ULVM
4.7%
XSVM
4.1%

Basic Materials

ULVM
3.7%
XSVM
3.0%

Communication Services

ULVM
3.1%
XSVM
2.6%

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 SmallCap Value with Momentum ETF

Often compared with ULVM:
ULVM vs. SPMOULVM vs. SEIVULVM vs. SPYULVM vs. JPUSULVM vs. USVMULVM vs. ONEVULVM vs. FXAIX
Often compared with XSVM:
XSVM vs. XSMOXSVM vs. AVUVXSVM vs. RWJXSVM vs. XSHQXSVM vs. SPHBXSVM vs. DGRSXSVM vs. RYPRX

Return for Risk

ULVM vs. XSVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ULVM
ULVM Risk / Return Rank: 9494
Overall Rank
ULVM Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ULVM Sortino Ratio Rank: 9595
Sortino Ratio Rank
ULVM Omega Ratio Rank: 9494
Omega Ratio Rank
ULVM Calmar Ratio Rank: 9393
Calmar Ratio Rank
ULVM Martin Ratio Rank: 9595
Martin Ratio Rank
XSVM
XSVM Risk / Return Rank: 8989
Overall Rank
XSVM Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 9191
Sortino Ratio Rank
XSVM Omega Ratio Rank: 8787
Omega Ratio Rank
XSVM Calmar Ratio Rank: 9191
Calmar Ratio Rank
XSVM Martin Ratio Rank: 8787
Martin Ratio Rank
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. XSVM - 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 Value with Momentum ETF (XSVM). 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.

ULVMXSVMDifference
Sharpe ratioReturn per unit of total volatility
2.78
2.21

+0.57

Sortino ratioReturn per unit of downside risk
3.92
3.22

+0.70

Omega ratioGain probability vs. loss probability

1.49

1.39

+0.10

Calmar ratioReturn relative to maximum drawdown

4.63

3.91

+0.72

Martin ratioReturn relative to average drawdown

19.50

12.49

+7.01

ULVM vs. XSVM - Sharpe Ratio Comparison

The current ULVM Sharpe Ratio is 2.78, which is comparable to the XSVM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ULVM and XSVM, 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. XSVM - Drawdown Comparison

The maximum ULVM drawdown since its inception was -40.71%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for ULVM and XSVM.

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Drawdown Indicators

ULVMXSVMDifference

Max Drawdown

Largest peak-to-trough decline

-40.71%

-62.57%

+21.86%

Max Drawdown (1Y)

Largest decline over 1 year

-6.47%

-10.08%

+3.61%

Max Drawdown (3Y)

Largest decline over 3 years

-18.14%

-26.21%

+8.07%

Max Drawdown (5Y)

Largest decline over 5 years

-19.77%

-26.21%

+6.44%

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.02%

—

Current Drawdown

Current decline from peak

-1.26%

-1.45%

+0.19%

Average Drawdown

Average peak-to-trough decline

-5.65%

-11.48%

+5.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

3.15%

-1.62%

Volatility

ULVM vs. XSVM - Volatility Comparison

The current volatility for VictoryShares US Value Momentum ETF (ULVM) is 2.72%, while Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a volatility of 4.18%. This indicates that ULVM experiences smaller price fluctuations and is considered to be less risky than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ULVMXSVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

4.18%

-1.46%

Volatility (6M)

Calculated over the trailing 6-month period

8.10%

11.73%

-3.63%

Volatility (1Y)

Calculated over the trailing 1-year period

10.81%

17.89%

-7.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.39%

22.33%

-6.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.73%

25.00%

-6.27%

ULVM vs. XSVM - Expense Ratio Comparison

ULVM has a 0.20% expense ratio, which is lower than XSVM's 0.37% expense ratio.

Dividends

ULVM vs. XSVM - Dividend Comparison

ULVM's dividend yield for the trailing twelve months is around 1.62%, less than XSVM's 1.75% 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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		1.75%2.29%1.69%1.31%1.79%1.23%1.21%1.22%2.54%1.90%2.29%2.68%

Frequently Asked Questions

ULVM and XSVM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSVM has higher volatility (4.18%) compared to ULVM (2.72%). In terms of maximum drawdown, ULVM dropped -40.71% vs XSVM's -62.57%.

On 5-year performance, ULVM leads with 12.55% vs 9.57% for XSVM. 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.

Over the 5-year period, ULVM has performed better with a 12.55% return vs 9.57%. 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 0.37% for XSVM.

XSVM has the higher dividend yield at 1.75%, compared with 1.62% for ULVM.

ULVM tracks Nasdaq Victory US Value Momentum Index, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. They also come from different issuers: Victory and Invesco. Their fees differ too: 0.20% for ULVM and 0.37% for XSVM.

ULVM currently has the higher Sharpe Ratio (2.78 vs 2.21), 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.

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