VFMO vs. LST

Last updated Jun 4, 2026

VFMO (Vanguard U.S. Momentum Factor ETF) and LST (Leuthold Select Industries ETF) are both exchange-traded funds - VFMO is a Momentum fund actively managed by Vanguard, while LST is a Mid Cap Blend Equities fund actively managed by Leuthold Group. Both are actively managed. Over the past year, VFMO returned 43.34% vs 34.83% for LST. Their correlation of 0.87 suggests significant overlap in exposure. VFMO charges 0.13%/yr vs 0.65%/yr for LST.

Performance

VFMO vs. LST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Momentum Factor ETF (VFMO) and Leuthold Select Industries ETF (LST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFMO achieves a 23.68% return, which is significantly higher than LST's 16.81% return.

VFMO

• 1D: 0.11%
• 1M: 5.53%
• YTD: 23.68%
• 6M: 23.37%
• 1Y: 43.34%
• 3Y*: 27.93%
• 5Y*: 13.84%
• 10Y*: —

LST

• 1D: -0.18%
• 1M: 7.41%
• YTD: 16.81%
• 6M: 18.46%
• 1Y: 34.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VFMO vs. LST - Yearly Performance Comparison

	2026 (YTD)	2025
VFMO Vanguard U.S. Momentum Factor ETF	23.68%	10.93%
LST Leuthold Select Industries ETF	16.81%	15.64%

Correlation

The correlation between VFMO and LST is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.87

The correlation between VFMO and LST has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

VFMO vs. LST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VFMO

VFMO Risk / Return Rank: 65
VFMO Sharpe Ratio Rank: 59
VFMO Sortino Ratio Rank: 55
VFMO Omega Ratio Rank: 56
VFMO Calmar Ratio Rank: 77
VFMO Martin Ratio Rank: 76

LST

LST Risk / Return Rank: 73
LST Sharpe Ratio Rank: 76
LST Sortino Ratio Rank: 77
LST Omega Ratio Rank: 73
LST Calmar Ratio Rank: 66
LST Martin Ratio Rank: 72

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.

VFMO vs. LST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) and Leuthold Select Industries ETF (LST). 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.

	VFMO	LST	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.44	-0.39
Sortino ratio: Return per unit of downside risk	2.70	3.42	-0.72
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	3.96	3.23	+0.74
Martin ratio: Return relative to average drawdown	14.97	13.38	+1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFMO vs. LST - Sharpe Ratio Comparison

The current VFMO Sharpe Ratio is 2.05, which is comparable to the LST Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of VFMO and LST, 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

	VFMO	LST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.44	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.38	-0.72

Drawdowns

VFMO vs. LST - Drawdown Comparison

The maximum VFMO drawdown since its inception was -36.77%, which is greater than LST's maximum drawdown of -19.47%. Use the drawdown chart below to compare losses from any high point for VFMO and LST.

Drawdown Indicators

	VFMO	LST	Difference
Max Drawdown Largest peak-to-trough decline	-36.77%	-19.47%	-17.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	-10.85%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	—	—
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-7.77%	-2.92%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.61%	+0.29%

Volatility

VFMO vs. LST - Volatility Comparison

Vanguard U.S. Momentum Factor ETF (VFMO) has a higher volatility of 6.20% compared to Leuthold Select Industries ETF (LST) at 4.11%. This indicates that VFMO's price experiences larger fluctuations and is considered to be riskier than LST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFMO	LST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	4.11%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	11.72%	+4.65%
Volatility (1Y) Calculated over the trailing 1-year period	21.20%	14.33%	+6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	17.93%	+3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.57%	17.93%	+5.64%

VFMO vs. LST - Expense Ratio Comparison

VFMO has a 0.13% expense ratio, which is lower than LST's 0.65% expense ratio.

Dividends

VFMO vs. LST - Dividend Comparison

VFMO's dividend yield for the trailing twelve months is around 0.63%, less than LST's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LST Leuthold Select Industries ETF	1.15%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFMO Vanguard U.S. Momentum Factor ETF	0.63%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%

Frequently Asked Questions

Can I hold both VFMO and LST in my portfolio?

VFMO and LST have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFMO or LST?

VFMO has higher volatility (6.20%) compared to LST (4.11%). In terms of maximum drawdown, VFMO dropped -36.77% vs LST's -19.47%.

Which ETF is better, VFMO or LST?

On 1-year performance, VFMO leads with 43.34% vs 34.83% for LST. On fees, VFMO is cheaper at 0.13% per year. On volatility, LST has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFMO or LST?

Over the 1-year period, VFMO has performed better with a 43.34% return vs 34.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFMO or LST?

VFMO is cheaper with a 0.13% expense ratio, compared with 0.65% for LST.

Which ETF pays a higher dividend yield, VFMO or LST?

LST has the higher dividend yield at 1.15%, compared with 0.63% for VFMO.

What is the main difference between VFMO and LST?

VFMO is categorized as Momentum, while LST is Mid Cap Blend Equities. They also come from different issuers: Vanguard and Leuthold Group. Their fees differ too: 0.13% for VFMO and 0.65% for LST.

Which has better risk-adjusted returns?

LST currently has the higher Sharpe Ratio (2.44 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.