USVM vs. MTUM

Last updated Jun 24, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, USVM returned 10.06%/yr vs 15.18%/yr for MTUM. A 0.70 correlation means they provide meaningful diversification when combined. USVM charges 0.29%/yr vs 0.15%/yr for MTUM.

Performance

USVM vs. MTUM - 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 iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVM achieves a 18.75% return, which is significantly lower than MTUM's 32.00% return.

USVM

• 1D: 0.05%
• 1M: 4.06%
• YTD: 18.75%
• 6M: 16.97%
• 1Y: 32.76%
• 3Y*: 20.77%
• 5Y*: 10.06%
• 10Y*: —

MTUM

• 1D: -4.48%
• 1M: 8.74%
• YTD: 32.00%
• 6M: 29.92%
• 1Y: 41.78%
• 3Y*: 33.87%
• 5Y*: 15.18%
• 10Y*: 17.49%

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

USVM vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	18.75%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%
MTUM iShares MSCI USA Momentum Factor ETF	32.00%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	4.37%

Correlation

The correlation between USVM and MTUM is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.70

The correlation between USVM and MTUM shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

USVM vs. MTUM - Sectors Allocation Comparison

Sectors	USVM	MTUM
Financial Services	21.6%	5.0%
Technology	12.5%	50.2%
Industrials	12.4%	15.0%
Real Estate	12.1%	1.3%
Consumer Cyclical	11.3%	2.9%
Healthcare	11.3%	3.5%
Utilities	5.9%	0.6%
Consumer Defensive	4.8%	3.7%
Energy	4.0%	10.5%
Communication Services	2.5%	5.1%
Basic Materials	1.6%	2.3%

Return for Risk

USVM vs. MTUM — Risk / Return Rank

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

USVM

USVM Risk / Return Rank: 75
USVM Sharpe Ratio Rank: 73
USVM Sortino Ratio Rank: 76
USVM Omega Ratio Rank: 68
USVM Calmar Ratio Rank: 80
USVM Martin Ratio Rank: 80

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 59
MTUM Sortino Ratio Rank: 54
MTUM Omega Ratio Rank: 59
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 76

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. MTUM - 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 iShares MSCI USA Momentum Factor ETF (MTUM). 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.

	USVM	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.92	+0.28
Sortino ratio: Return per unit of downside risk	3.18	2.53	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	3.94	3.64	+0.30
Martin ratio: Return relative to average drawdown	14.82	13.91	+0.91

USVM vs. MTUM - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.20, which is comparable to the MTUM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of USVM and MTUM, 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

USVM vs. MTUM - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USVM and MTUM.

Drawdown Indicators

	USVM	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-34.08%	-8.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-11.54%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-20.99%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-32.28%	+7.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.24%	-4.48%	+4.24%
Average Drawdown Average peak-to-trough decline	-7.85%	-6.19%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.01%	-0.79%

Volatility

USVM vs. MTUM - Volatility Comparison

The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 4.10%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVM	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	12.20%	-8.10%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	19.44%	-8.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	21.93%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	21.15%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	21.31%	+0.66%

USVM vs. MTUM - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

USVM vs. MTUM - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.77%, more than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.56%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.77%	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 MTUM in my portfolio?

USVM and MTUM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVM or MTUM?

MTUM has higher volatility (12.20%) compared to USVM (4.10%). In terms of maximum drawdown, USVM dropped -42.38% vs MTUM's -34.08%.

Which ETF is better, USVM or MTUM?

On 5-year performance, MTUM leads with 15.18% vs 10.06% for USVM. On fees, MTUM is cheaper at 0.15% per year. On volatility, USVM has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVM or MTUM?

Over the 5-year period, MTUM has performed better with a 15.18% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for USVM.

Which ETF pays a higher dividend yield, USVM or MTUM?

USVM has the higher dividend yield at 1.77%, compared with 0.56% for MTUM.

What is the main difference between USVM and MTUM?

USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Victory Capital and iShares. Their fees differ too: 0.29% for USVM and 0.15% for MTUM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.20 vs 1.92), 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.