USVM vs. VFLO

Last updated Aug 2, 2026

USVM (VictoryShares US Small Mid Cap Value Momentum ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both exchange-traded funds - USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index, while VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index. Both are passively managed. Over the past 3 years, USVM returned 18.46%/yr vs 24.37%/yr for VFLO. Their 0.77 correlation means they have sometimes moved together and sometimes differently. USVM charges 0.29%/yr vs 0.39%/yr for VFLO.

Performance

USVM vs. VFLO - 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 VictoryShares Free Cash Flow ETF (VFLO). 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 VFLO's 26.80% 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%

VFLO

• 1D: 0.24%
• 1M: 5.89%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 46.76%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

*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)
USVM VictoryShares US Small Mid Cap Value Momentum ETF	$4.40M	$4.64M	$4.70M
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

USVM vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVM VictoryShares US Small Mid Cap Value Momentum ETF	21.09%	10.56%	16.59%	13.26%
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%

Correlation

The correlation between USVM and VFLO is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.77

The correlation between USVM and VFLO shifts across timeframes, from 0.62 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

USVM vs. VFLO - Sectors Allocation Comparison

Sectors	USVM	VFLO
Financial Services	24.6%	0.0%
Healthcare	12.6%	21.6%
Consumer Cyclical	12.3%	10.8%
Industrials	10.8%	0.0%
Technology	9.6%	30.4%
Real Estate	9.4%	0.0%
Utilities	7.3%	3.3%
Energy	5.0%	22.6%
Consumer Defensive	3.6%	0.0%
Communication Services	3.0%	4.4%
Basic Materials	1.7%	7.0%

Return for Risk

USVM vs. VFLO — 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

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

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. VFLO - 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 VictoryShares Free Cash Flow ETF (VFLO). 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	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.94	-0.62
Sortino ratio: Return per unit of downside risk	3.38	4.10	-0.72
Omega ratio: Gain probability vs. loss probability	1.41	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	4.06	7.03	-2.97
Martin ratio: Return relative to average drawdown	15.72	23.62	-7.91

USVM vs. VFLO - Sharpe Ratio Comparison

The current USVM Sharpe Ratio is 2.32, which is comparable to the VFLO Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of USVM and VFLO, 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. VFLO - Drawdown Comparison

The maximum USVM drawdown since its inception was -42.38%, which is greater than VFLO's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for USVM and VFLO.

Drawdown Indicators

	USVM	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-42.38%	-17.79%	-24.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-6.44%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-17.79%	-6.55%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	—	—
Current Drawdown Current decline from peak	-1.11%	-0.96%	-0.15%
Average Drawdown Average peak-to-trough decline	-7.76%	-2.43%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.91%	+0.24%

Volatility

USVM vs. VFLO - Volatility Comparison

The current volatility for VictoryShares US Small Mid Cap Value Momentum ETF (USVM) is 2.91%, while VictoryShares Free Cash Flow ETF (VFLO) has a volatility of 4.11%. This indicates that USVM experiences smaller price fluctuations and is considered to be less risky than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVM	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	4.11%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	12.12%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	15.64%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	15.98%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	15.98%	+5.88%

USVM vs. VFLO - Expense Ratio Comparison

USVM has a 0.29% expense ratio, which is lower than VFLO's 0.39% expense ratio.

Dividends

USVM vs. VFLO - Dividend Comparison

USVM's dividend yield for the trailing twelve months is around 1.82%, more than VFLO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USVM and VFLO in my portfolio?

USVM and VFLO have a correlation of 0.62, 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 VFLO?

VFLO has higher volatility (4.11%) compared to USVM (2.91%). In terms of maximum drawdown, USVM dropped -42.38% vs VFLO's -17.79%.

Which ETF is better, USVM or VFLO?

On 3-year performance, VFLO leads with 24.37% vs 18.46% 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 VFLO?

Over the 3-year period, VFLO has performed better with a 24.37% return vs 18.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVM or VFLO?

USVM is cheaper with a 0.29% expense ratio, compared with 0.39% for VFLO.

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

USVM has the higher dividend yield at 1.82%, compared with 1.07% for VFLO.

What is the main difference between USVM and VFLO?

USVM is categorized as Momentum, while VFLO is Large Cap Value Equities. USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index, while VFLO tracks Victory U.S. Large Cap Free Cash Flow Index. Their fees differ too: 0.29% for USVM and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.94 vs 2.32), 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.