USVM vs. USO
USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, USVM returned 9.92%/yr vs 23.92%/yr for USO. At a 0.21 correlation, their price movements are largely independent. USVM charges 0.29%/yr vs 0.86%/yr for USO.
Performance
USVM vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, USVM achieves a 15.72% return, which is significantly lower than USO's 98.48% return.
USVM
- 1D
- 1.03%
- 1M
- 2.09%
- YTD
- 15.72%
- 6M
- 16.31%
- 1Y
- 32.37%
- 3Y*
- 19.95%
- 5Y*
- 9.92%
- 10Y*
- —
USO
- 1D
- 1.31%
- 1M
- -3.87%
- YTD
- 98.48%
- 6M
- 95.54%
- 1Y
- 97.37%
- 3Y*
- 28.86%
- 5Y*
- 23.92%
- 10Y*
- 3.80%
USVM vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USVM VictoryShares US Small Mid Cap Value Momentum ETF | 15.72% | 10.56% | 16.59% | 18.90% | -13.23% | 24.44% | 11.56% | 21.65% | -9.39% | 2.21% |
USO United States Oil Fund LP | 98.48% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 13.62% |
Correlation
The correlation between USVM and USO is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.21 |
The correlation between USVM and USO shifts across timeframes, from -0.24 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USVM vs. USO — Risk / Return Rank
USVM
USO
USVM vs. USO - 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 United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.18 | 2.22 | -0.04 |
Sortino ratioReturn per unit of downside risk | 3.14 | 2.81 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 3.86 | 5.12 | -1.27 |
Martin ratioReturn relative to average drawdown | 14.54 | 9.66 | +4.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USVM | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.18 | 2.22 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.67 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.18 | +0.67 |
Drawdowns
USVM vs. USO - Drawdown Comparison
The maximum USVM drawdown since its inception was -42.38%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for USVM and USO.
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Drawdown Indicators
| USVM | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.38% | -98.19% | +55.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.36% | -20.39% | +12.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.34% | -26.05% | +1.71% |
Max Drawdown (5Y)Largest decline over 5 years | -25.27% | -36.23% | +10.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.17% | -85.39% | +85.22% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -75.30% | +67.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 10.81% | -8.59% |
Volatility
USVM vs. USO - Volatility Comparison
The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 4.58%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USVM | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 15.03% | -10.45% |
Volatility (6M)Calculated over the trailing 6-month period | 10.77% | 38.18% | -27.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 44.26% | -29.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 36.04% | -16.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.01% | 39.00% | -16.99% |
USVM vs. USO - Expense Ratio Comparison
USVM has a 0.29% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
USVM vs. USO - Dividend Comparison
USVM's dividend yield for the trailing twelve months is around 1.75%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USVM VictoryShares US Small Mid Cap Value Momentum ETF | 1.75% | 1.84% | 1.75% | 1.63% | 1.43% | 0.70% | 1.21% | 1.77% | 1.43% | 0.65% |
Frequently Asked Questions
USVM and USO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (15.03%) compared to USVM (4.58%). In terms of maximum drawdown, USVM dropped -42.38% vs USO's -98.19%.
On 5-year performance, USO leads with 23.92% vs 9.92% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 23.92% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USVM is cheaper with a 0.29% expense ratio, compared with 0.86% for USO.
USVM has the higher dividend yield at 1.75%, compared with 0.00% for USO.
USVM is categorized as Momentum, while USO is Oil & Gas. USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Victory Capital and USCF. Their fees differ too: 0.29% for USVM and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.22 vs 2.18), 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.
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