USVM vs. PXI

Last updated Aug 2, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 5 years, USVM returned 11.10%/yr vs 20.85%/yr for PXI. Their 0.59 correlation means they have sometimes moved together and sometimes differently. USVM charges 0.29%/yr vs 0.60%/yr for PXI.

Performance

USVM vs. PXI - 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 Invesco DWA Energy Momentum ETF (PXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVM achieves a 21.09% return, which is significantly lower than PXI's 32.32% return.

USVM

• 1D: -0.42%
• 1M: 0.81%
• 6M: 15.17%
• YTD: 21.09%
• 1Y: 35.70%
• 3Y*: 18.46%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 11.10%

PXI

• 1D: 1.27%
• 1M: 10.04%
• 6M: 18.58%
• YTD: 32.32%
• 1Y: 43.31%
• 3Y*: 12.52%
• 5Y*: 20.85%
• 10Y*: 7.01%
• ALL TIME*: 5.73%

*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)
PXI Invesco DWA Energy Momentum ETF	$1.61M	$2.88M	$1.35M
USVM VictoryShares US Small Mid Cap Value Momentum ETF	$4.40M	$4.64M	$4.70M

USVM vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	21.09%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%
PXI Invesco DWA Energy Momentum ETF	32.32%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	16.26%

Correlation

The correlation between USVM and PXI is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.59

Over the past year, the correlation between USVM and PXI has dropped to 0.20 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

USVM vs. PXI - Sectors Allocation Comparison

Sectors	USVM	PXI
Financial Services	24.6%	0.3%
Healthcare	12.6%	-
Consumer Cyclical	12.3%	-
Industrials	10.8%	0.8%
Technology	9.6%	-
Real Estate	9.4%	-
Utilities	7.3%	-
Energy	5.0%	95.0%
Consumer Defensive	3.6%	-
Communication Services	3.0%	-
Basic Materials	1.7%	3.9%

Return for Risk

USVM vs. PXI — Risk / Return Rank

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

USVM

USVM Risk / Return Rank: 91
USVM Sharpe Ratio Rank: 91
USVM Sortino Ratio Rank: 92
USVM Omega Ratio Rank: 89
USVM Calmar Ratio Rank: 91
USVM Martin Ratio Rank: 92

PXI

PXI Risk / Return Rank: 75
PXI Sharpe Ratio Rank: 78
PXI Sortino Ratio Rank: 73
PXI Omega Ratio Rank: 69
PXI Calmar Ratio Rank: 85
PXI Martin Ratio Rank: 72

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.

USVM vs. PXI - 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 Invesco DWA Energy Momentum ETF (PXI). 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	PXI	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.78	+0.54
Sortino ratio: Return per unit of downside risk	3.38	2.34	+1.04
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	4.06	3.22	+0.84
Martin ratio: Return relative to average drawdown	15.72	8.88	+6.84

USVM vs. PXI - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.32, which is higher than the PXI Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of USVM and PXI, 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. PXI - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for USVM and PXI.

Drawdown Indicators

	USVM	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-85.08%	+42.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-12.40%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-30.74%	+6.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-33.47%	+8.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-79.55%	—
Current Drawdown Current decline from peak	-1.11%	-3.60%	+2.49%
Average Drawdown Average peak-to-trough decline	-7.76%	-29.25%	+21.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	4.54%	-2.39%

Volatility

USVM vs. PXI - Volatility Comparison

The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 2.91%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.05%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVM	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	7.05%	-4.14%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	17.89%	-7.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	22.49%	-7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	32.81%	-13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	36.94%	-15.08%

USVM vs. PXI - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

USVM vs. PXI - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.82%, more than PXI's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXI Invesco DWA Energy Momentum ETF	1.24%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.82%	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 PXI in my portfolio?

USVM and PXI have a correlation of 0.20, 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 PXI?

PXI has higher volatility (7.05%) compared to USVM (2.91%). In terms of maximum drawdown, USVM dropped -42.38% vs PXI's -85.08%.

Which ETF is better, USVM or PXI?

On 5-year performance, PXI leads with 20.85% vs 11.10% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVM or PXI?

Over the 5-year period, PXI has performed better with a 20.85% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or PXI?

USVM is cheaper with a 0.29% expense ratio, compared with 0.60% for PXI.

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

USVM has the higher dividend yield at 1.82%, compared with 1.24% for PXI.

What is the main difference between USVM and PXI?

USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: Victory and Invesco. Their fees differ too: 0.29% for USVM and 0.60% for PXI.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.32 vs 1.78), 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.