USVM vs. HRTVX

Last updated Jun 4, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and HRTVX (Heartland Value Fund) are both funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, while HRTVX is a Small Cap Value Equities fund managed by Heartland. Over the past 5 years, USVM returned 9.74%/yr vs 11.41%/yr for HRTVX. Their correlation of 0.93 suggests significant overlap in exposure. USVM charges 0.29%/yr vs 1.04%/yr for HRTVX.

Performance

USVM vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Mid Cap Value Momentum ETF (USVM) and Heartland Value Fund (HRTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVM achieves a 15.26% return, which is significantly lower than HRTVX's 20.07% return.

USVM

• 1D: -0.40%
• 1M: 2.60%
• YTD: 15.26%
• 6M: 15.00%
• 1Y: 30.42%
• 3Y*: 19.79%
• 5Y*: 9.74%
• 10Y*: —

HRTVX

• 1D: 0.94%
• 1M: 2.89%
• YTD: 20.07%
• 6M: 21.31%
• 1Y: 41.37%
• 3Y*: 22.21%
• 5Y*: 11.41%
• 10Y*: 11.89%

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

USVM vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%
HRTVX Heartland Value Fund	20.07%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	0.13%

Correlation

The correlation between USVM and HRTVX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.93

The correlation between USVM and HRTVX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

USVM vs. HRTVX — Risk / Return Rank

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

USVM

USVM Risk / Return Rank: 65
USVM Sharpe Ratio Rank: 60
USVM Sortino Ratio Rank: 63
USVM Omega Ratio Rank: 57
USVM Calmar Ratio Rank: 73
USVM Martin Ratio Rank: 73

HRTVX

HRTVX Risk / Return Rank: 79
HRTVX Sharpe Ratio Rank: 80
HRTVX Sortino Ratio Rank: 77
HRTVX Omega Ratio Rank: 64
HRTVX Calmar Ratio Rank: 90
HRTVX Martin Ratio Rank: 84

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.

USVM vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) and Heartland Value Fund (HRTVX). 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.

	USVM	HRTVX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.59	-0.54
Sortino ratio: Return per unit of downside risk	2.98	3.69	-0.72
Omega ratio: Gain probability vs. loss probability	1.36	1.45	-0.09
Calmar ratio: Return relative to maximum drawdown	3.66	4.60	-0.94
Martin ratio: Return relative to average drawdown	13.76	15.84	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USVM vs. HRTVX - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.05, which is comparable to the HRTVX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of USVM and HRTVX, 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

	USVM	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.59	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.59	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.59	-0.10

Drawdowns

USVM vs. HRTVX - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, smaller than the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for USVM and HRTVX.

Drawdown Indicators

	USVM	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-61.68%	+19.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-9.50%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-23.17%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-23.17%	-2.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.31%	—
Current Drawdown Current decline from peak	-0.57%	-0.11%	-0.46%
Average Drawdown Average peak-to-trough decline	-7.90%	-9.04%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.75%	-0.53%

Volatility

USVM vs. HRTVX - Volatility Comparison

VictoryShares US Small Mid Cap Value Momentum ETF (USVM) and Heartland Value Fund (HRTVX) have volatilities of 4.50% and 4.54%, 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.

Volatility by Period

	USVM	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.54%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	11.66%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	16.83%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	19.50%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	21.04%	+0.97%

USVM vs. HRTVX - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than HRTVX's 1.04% expense ratio.

Dividends

USVM vs. HRTVX - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.76%, less than HRTVX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTVX Heartland Value Fund	7.73%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.76%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USVM and HRTVX in my portfolio?

With a correlation of 0.93, USVM and HRTVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USVM or HRTVX?

HRTVX has higher volatility (4.54%) compared to USVM (4.50%). In terms of maximum drawdown, USVM dropped -42.38% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.59 vs 2.05), 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.