VFLO vs. USVM

Last updated Aug 4, 2026

VFLO (VictoryShares Free Cash Flow ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 3 years, VFLO returned 25.26%/yr vs 19.23%/yr for USVM. Their 0.77 correlation means they have sometimes moved together and sometimes differently. VFLO charges 0.39%/yr vs 0.29%/yr for USVM.

Performance

VFLO vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFLO achieves a 27.47% return, which is significantly higher than USVM's 22.48% return.

VFLO

• 1D: 0.52%
• 1M: 6.44%
• 6M: 26.76%
• YTD: 27.47%
• 1Y: 47.53%
• 3Y*: 25.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.88%

USVM

• 1D: 1.15%
• 1M: 1.97%
• 6M: 15.40%
• YTD: 22.48%
• 1Y: 37.25%
• 3Y*: 19.23%
• 5Y*: 11.56%
• 10Y*: —
• ALL TIME*: 11.23%

*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	$4.36M	$4.66M	$4.71M
VFLO VictoryShares Free Cash Flow ETF	$87.61M	$73.14M	$52.34M

VFLO vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	27.47%	17.51%	21.83%	15.05%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	22.48%	10.56%	16.59%	13.26%

Correlation

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

VFLO vs. USVM - Sectors Allocation Comparison

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

Return for Risk

VFLO vs. USVM — Risk / Return Rank

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

VFLO

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

USVM

USVM Risk / Return Rank: 93
USVM Sharpe Ratio Rank: 93
USVM Sortino Ratio Rank: 94
USVM Omega Ratio Rank: 92
USVM Calmar Ratio Rank: 93
USVM Martin Ratio Rank: 93

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.

VFLO vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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.

	VFLO	USVM	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.57	+0.54
Sortino ratio: Return per unit of downside risk	4.31	3.72	+0.59
Omega ratio: Gain probability vs. loss probability	1.55	1.45	+0.09
Calmar ratio: Return relative to maximum drawdown	7.41	4.48	+2.94
Martin ratio: Return relative to average drawdown	24.91	17.35	+7.56

VFLO vs. USVM - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 3.11, which is comparable to the USVM Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of VFLO and USVM, 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

VFLO vs. USVM - Drawdown Comparison

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

Drawdown Indicators

	VFLO	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-42.38%	+24.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-8.36%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-24.34%	+6.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.43%	-7.76%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.15%	-0.24%

Volatility

VFLO vs. USVM - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 3.87% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 3.07%. This indicates that VFLO's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.07%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	10.70%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	14.59%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	19.46%	-3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	21.86%	-5.89%

VFLO vs. USVM - Expense Ratio Comparison

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

Dividends

VFLO vs. USVM - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, less than USVM's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.80%	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 VFLO and USVM in my portfolio?

VFLO and USVM 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, VFLO or USVM?

VFLO has higher volatility (3.87%) compared to USVM (3.07%). In terms of maximum drawdown, VFLO dropped -17.79% vs USVM's -42.38%.

Which ETF is better, VFLO or USVM?

On 3-year performance, VFLO leads with 25.26% vs 19.23% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or USVM?

Over the 3-year period, VFLO has performed better with a 25.26% return vs 19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or USVM?

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

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

USVM has the higher dividend yield at 1.80%, compared with 1.07% for VFLO.

What is the main difference between VFLO and USVM?

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

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (3.11 vs 2.57), 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.