USTB vs. MODL

Last updated Jun 4, 2026

USTB (VictoryShares Short-Term Bond ETF) and MODL (Victoryshares Westend U.S. Sector ETF) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while MODL is a Large Cap Blend Equities fund actively managed by Victory. USTB is passively managed, while MODL is actively managed. Over the past 3 years, USTB returned 6.13%/yr vs 20.06%/yr for MODL. At a 0.19 correlation, their price movements are largely independent. USTB charges 0.34%/yr vs 0.46%/yr for MODL.

Performance

USTB vs. MODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Short-Term Bond ETF (USTB) and Victoryshares Westend U.S. Sector ETF (MODL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTB achieves a 1.19% return, which is significantly lower than MODL's 7.06% return.

USTB

• 1D: -0.04%
• 1M: 0.32%
• YTD: 1.19%
• 6M: 1.58%
• 1Y: 4.75%
• 3Y*: 6.13%
• 5Y*: 3.50%
• 10Y*: —

MODL

• 1D: -0.69%
• 1M: 3.92%
• YTD: 7.06%
• 6M: 6.87%
• 1Y: 23.54%
• 3Y*: 20.06%
• 5Y*: —
• 10Y*: —

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

USTB vs. MODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USTB VictoryShares Short-Term Bond ETF	1.19%	6.08%	6.49%	6.69%	1.60%
MODL Victoryshares Westend U.S. Sector ETF	7.06%	18.99%	24.73%	23.74%	7.13%

Correlation

The correlation between USTB and MODL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.19

Return for Risk

USTB vs. MODL — Risk / Return Rank

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

USTB

USTB Risk / Return Rank: 95
USTB Sharpe Ratio Rank: 95
USTB Sortino Ratio Rank: 97
USTB Omega Ratio Rank: 97
USTB Calmar Ratio Rank: 90
USTB Martin Ratio Rank: 93

MODL

MODL Risk / Return Rank: 61
MODL Sharpe Ratio Rank: 63
MODL Sortino Ratio Rank: 65
MODL Omega Ratio Rank: 63
MODL Calmar Ratio Rank: 51
MODL Martin Ratio Rank: 63

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.

USTB vs. MODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) and Victoryshares Westend U.S. Sector ETF (MODL). 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.

	USTB	MODL	Difference
Sharpe ratio Return per unit of total volatility	3.93	2.12	+1.81
Sortino ratio Return per unit of downside risk	6.69	3.00	+3.69
Omega ratio Gain probability vs. loss probability	1.88	1.38	+0.50
Calmar ratio Return relative to maximum drawdown	5.65	2.50	+3.15
Martin ratio Return relative to average drawdown	25.66	11.21	+14.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USTB vs. MODL - Sharpe Ratio Comparison

The current USTB Sharpe Ratio is 3.93, which is higher than the MODL Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of USTB and MODL, 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

	USTB	MODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	2.12	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.57	+0.16

Drawdowns

USTB vs. MODL - Drawdown Comparison

The maximum USTB drawdown since its inception was -5.32%, smaller than the maximum MODL drawdown of -17.60%. Use the drawdown chart below to compare losses from any high point for USTB and MODL.

Drawdown Indicators

	USTB	MODL	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-17.60%	+12.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	-9.46%	+8.62%
Max Drawdown (3Y) Largest decline over 3 years	-1.02%	-17.60%	+16.58%
Max Drawdown (5Y) Largest decline over 5 years	-4.96%	—	—
Current Drawdown Current decline from peak	-0.04%	-0.85%	+0.81%
Average Drawdown Average peak-to-trough decline	-0.66%	-2.04%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	2.10%	-1.91%

Volatility

USTB vs. MODL - Volatility Comparison

The current volatility for VictoryShares Short-Term Bond ETF (USTB) is 0.33%, while Victoryshares Westend U.S. Sector ETF (MODL) has a volatility of 2.68%. This indicates that USTB experiences smaller price fluctuations and is considered to be less risky than MODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USTB	MODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	2.68%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	8.37%	-7.53%
Volatility (1Y) Calculated over the trailing 1-year period	1.22%	11.17%	-9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	14.58%	-12.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	14.58%	-12.57%

USTB vs. MODL - Expense Ratio Comparison

USTB has a 0.34% expense ratio, which is lower than MODL's 0.46% expense ratio.

Dividends

USTB vs. MODL - Dividend Comparison

USTB's dividend yield for the trailing twelve months is around 4.58%, more than MODL's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MODL Victoryshares Westend U.S. Sector ETF	0.68%	0.67%	0.83%	1.02%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%
USTB VictoryShares Short-Term Bond ETF	4.58%	4.62%	5.05%	4.49%	2.54%	1.84%	2.59%	2.69%	2.32%	0.43%

Frequently Asked Questions

Can I hold both USTB and MODL in my portfolio?

USTB and MODL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USTB or MODL?

MODL has higher volatility (2.68%) compared to USTB (0.33%). In terms of maximum drawdown, USTB dropped -5.32% vs MODL's -17.60%.

Which ETF is better, USTB or MODL?

On 3-year performance, MODL leads with 20.06% vs 6.13% for USTB. On fees, USTB is cheaper at 0.34% per year. On volatility, USTB has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USTB or MODL?

Over the 3-year period, MODL has performed better with a 20.06% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USTB or MODL?

USTB is cheaper with a 0.34% expense ratio, compared with 0.46% for MODL.

Which ETF pays a higher dividend yield, USTB or MODL?

USTB has the higher dividend yield at 4.58%, compared with 0.68% for MODL.

What is the main difference between USTB and MODL?

USTB is categorized as Short-Term Bond, while MODL is Large Cap Blend Equities. Their fees differ too: 0.34% for USTB and 0.46% for MODL.

Which has better risk-adjusted returns?

USTB currently has the higher Sharpe Ratio (3.93 vs 2.12), 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.