USVM vs. QQQA

Last updated Jun 4, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) are both exchange-traded funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, while QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, USVM returned 9.74%/yr vs 14.74%/yr for QQQA. A 0.65 correlation means they provide meaningful diversification when combined. USVM charges 0.29%/yr vs 0.58%/yr for QQQA.

Performance

USVM vs. QQQA - 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 ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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 QQQA's 65.37% return.

USVM

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

QQQA

• 1D: 2.20%
• 1M: 23.31%
• YTD: 65.37%
• 6M: 67.98%
• 1Y: 88.43%
• 3Y*: 34.58%
• 5Y*: 14.74%
• 10Y*: —

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

USVM vs. QQQA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	6.99%
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	65.37%	9.87%	16.17%	24.98%	-29.08%	8.43%

Correlation

The correlation between USVM and QQQA is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 21, 2021	0.65

The correlation between USVM and QQQA has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

USVM vs. QQQA - Sectors Allocation Comparison

Sectors	USVM	QQQA
Financial Services	22.0%	-
Industrials	12.1%	-
Real Estate	11.9%	-
Technology	11.6%	65.2%
Consumer Cyclical	11.1%	4.2%
Healthcare	11.0%	7.8%
Utilities	6.4%	-
Consumer Defensive	5.0%	-
Energy	4.4%	9.1%
Communication Services	2.8%	13.7%
Basic Materials	1.8%	-

Return for Risk

USVM vs. QQQA — 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

QQQA

QQQA Risk / Return Rank: 90
QQQA Sharpe Ratio Rank: 92
QQQA Sortino Ratio Rank: 87
QQQA Omega Ratio Rank: 87
QQQA Calmar Ratio Rank: 92
QQQA Martin Ratio Rank: 92

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. QQQA - 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 ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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	QQQA	Difference
Sharpe ratio Return per unit of total volatility	2.05	3.41	-1.36
Sortino ratio Return per unit of downside risk	2.98	4.00	-1.02
Omega ratio Gain probability vs. loss probability	1.36	1.54	-0.19
Calmar ratio Return relative to maximum drawdown	3.66	6.11	-2.46
Martin ratio Return relative to average drawdown	13.76	22.85	-9.08
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. QQQA - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.05, which is lower than the QQQA Sharpe Ratio of 3.41. The chart below compares the historical Sharpe Ratios of USVM and QQQA, 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	QQQA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	3.41	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.57	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.59	-0.10

Drawdowns

USVM vs. QQQA - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, which is greater than QQQA's maximum drawdown of -38.44%. Use the drawdown chart below to compare losses from any high point for USVM and QQQA.

Drawdown Indicators

	USVM	QQQA	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-38.44%	-3.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-14.54%	+6.18%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-30.84%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-38.44%	+13.17%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-7.90%	-15.68%	+7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.88%	-1.66%

Volatility

USVM vs. QQQA - Volatility Comparison

The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 4.50%, while ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has a volatility of 10.17%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than QQQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVM	QQQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	10.17%	-5.67%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	22.18%	-11.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	26.05%	-11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	25.83%	-6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	25.77%	-3.76%

USVM vs. QQQA - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than QQQA's 0.58% expense ratio.

Dividends

USVM vs. QQQA - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.76%, more than QQQA's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	0.06%	0.10%	0.09%	0.34%	0.28%	0.10%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both USVM and QQQA in my portfolio?

USVM and QQQA have a correlation of 0.56, 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 QQQA?

QQQA has higher volatility (10.17%) compared to USVM (4.50%). In terms of maximum drawdown, USVM dropped -42.38% vs QQQA's -38.44%.

Which ETF is better, USVM or QQQA?

On 5-year performance, QQQA leads with 14.74% vs 9.74% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVM or QQQA?

Over the 5-year period, QQQA has performed better with a 14.74% return vs 9.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or QQQA?

USVM is cheaper with a 0.29% expense ratio, compared with 0.58% for QQQA.

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

USVM has the higher dividend yield at 1.76%, compared with 0.06% for QQQA.

What is the main difference between USVM and QQQA?

USVM is categorized as Momentum, while QQQA is Nasdaq-100. USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. They also come from different issuers: Victory Capital and ProShares. Their fees differ too: 0.29% for USVM and 0.58% for QQQA.

Which has better risk-adjusted returns?

QQQA currently has the higher Sharpe Ratio (3.41 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.