USSPX vs. PTF

Last updated Aug 4, 2026

USSPX (Victory 500 Index Fund Member Shares) and PTF (Invesco Dorsey Wright Technology Momentum ETF) are both funds - USSPX is a Large Cap Blend Equities fund tracking the Victory US Large Cap 500 Index, while PTF is a Momentum fund tracking the Dorsey Wright Technology Technical Leaders Index. Both are passively managed. Over the past 10 years, USSPX returned 15.05%/yr vs 22.59%/yr for PTF. Their 0.76 correlation means they have sometimes moved together and sometimes differently. USSPX charges 0.23%/yr vs 0.60%/yr for PTF.

Performance

USSPX vs. PTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory 500 Index Fund Member Shares (USSPX) and Invesco Dorsey Wright Technology Momentum ETF (PTF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USSPX achieves a 10.08% return, which is significantly lower than PTF's 32.93% return. Over the past 10 years, USSPX has underperformed PTF with an annualized return of 15.05%, while PTF has yielded a comparatively higher 22.59% annualized return.

USSPX

• 1D: 0.68%
• 1M: -0.04%
• 6M: 8.06%
• YTD: 10.08%
• 1Y: 21.10%
• 3Y*: 19.42%
• 5Y*: 12.45%
• 10Y*: 15.05%
• ALL TIME*: 10.20%

PTF

• 1D: 3.60%
• 1M: -10.35%
• 6M: 16.15%
• YTD: 32.93%
• 1Y: 48.98%
• 3Y*: 28.03%
• 5Y*: 14.94%
• 10Y*: 22.59%
• ALL TIME*: 13.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PTF Invesco Dorsey Wright Technology Momentum ETF	$25.58M	$20.59M	$16.31M
USSPX Victory 500 Index Fund Member Shares	$0.00	$0.00	$0.00

USSPX vs. PTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSPX Victory 500 Index Fund Member Shares	10.08%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%
PTF Invesco Dorsey Wright Technology Momentum ETF	32.93%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%

Correlation

The correlation between USSPX and PTF is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.76

The correlation between USSPX and PTF has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

USSPX vs. PTF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USSPX

USSPX Risk / Return Rank: 55
USSPX Sharpe Ratio Rank: 52
USSPX Sortino Ratio Rank: 48
USSPX Omega Ratio Rank: 48
USSPX Calmar Ratio Rank: 57
USSPX Martin Ratio Rank: 69

PTF

PTF Risk / Return Rank: 41
PTF Sharpe Ratio Rank: 38
PTF Sortino Ratio Rank: 39
PTF Omega Ratio Rank: 41
PTF Calmar Ratio Rank: 37
PTF Martin Ratio Rank: 48

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.

USSPX vs. PTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory 500 Index Fund Member Shares (USSPX) and Invesco Dorsey Wright Technology Momentum ETF (PTF). 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.

	USSPX	PTF	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.97	+0.51
Sortino ratio: Return per unit of downside risk	2.06	1.48	+0.57
Omega ratio: Gain probability vs. loss probability	1.26	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	2.15	1.28	+0.87
Martin ratio: Return relative to average drawdown	9.11	5.65	+3.46

USSPX vs. PTF - Sharpe Ratio Comparison

The current USSPX Sharpe Ratio is 1.48, which is higher than the PTF Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of USSPX and PTF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USSPX vs. PTF - Drawdown Comparison

The maximum USSPX drawdown since its inception was -55.39%, roughly equal to the maximum PTF drawdown of -55.38%. Use the drawdown chart below to compare losses from any high point for USSPX and PTF.

Drawdown Indicators

	USSPX	PTF	Difference
Max Drawdown Largest peak-to-trough decline	-55.39%	-55.38%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-38.59%	+29.67%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-38.59%	+18.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.88%	-44.88%	+18.00%
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	-44.88%	+11.24%
Current Drawdown Current decline from peak	-1.64%	-26.52%	+24.88%
Average Drawdown Average peak-to-trough decline	-10.09%	-13.29%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	8.70%	-6.60%

Volatility

USSPX vs. PTF - Volatility Comparison

The current volatility for Victory 500 Index Fund Member Shares (USSPX) is 3.56%, while Invesco Dorsey Wright Technology Momentum ETF (PTF) has a volatility of 26.35%. This indicates that USSPX experiences smaller price fluctuations and is considered to be less risky than PTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSPX	PTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	26.35%	-22.79%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	43.30%	-33.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	51.04%	-38.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	38.01%	-20.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	34.60%	-16.23%

USSPX vs. PTF - Expense Ratio Comparison

USSPX has a 0.23% expense ratio, which is lower than PTF's 0.60% expense ratio.

Dividends

USSPX vs. PTF - Dividend Comparison

USSPX's dividend yield for the trailing twelve months is around 3.76%, more than PTF's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTF Invesco Dorsey Wright Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	0.00%
USSPX Victory 500 Index Fund Member Shares	3.76%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both USSPX and PTF in my portfolio?

USSPX and PTF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USSPX or PTF?

PTF has higher volatility (26.35%) compared to USSPX (3.56%). In terms of maximum drawdown, USSPX dropped -55.39% vs PTF's -55.38%.

Which has better risk-adjusted returns?

USSPX currently has the higher Sharpe Ratio (1.48 vs 0.97), 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.