VIOV vs. USVM

Last updated Jun 4, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value 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 5 years, VIOV returned 5.75%/yr vs 9.74%/yr for USVM. Their correlation of 0.93 suggests significant overlap in exposure. VIOV charges 0.10%/yr vs 0.29%/yr for USVM.

Performance

VIOV vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VIOV having a 15.28% return and USVM slightly lower at 15.26%.

VIOV

• 1D: -1.28%
• 1M: 2.26%
• YTD: 15.28%
• 6M: 14.76%
• 1Y: 37.06%
• 3Y*: 14.29%
• 5Y*: 5.75%
• 10Y*: 10.23%

USVM

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

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

VIOV vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.28%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	2.99%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	15.26%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%

Correlation

The correlation between VIOV and USVM is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.93

The correlation between VIOV and USVM has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

VIOV vs. USVM - Sectors Allocation Comparison

Sectors	VIOV	USVM
Financial Services	19.8%	22.0%
Consumer Cyclical	15.4%	11.1%
Industrials	12.7%	12.1%
Technology	10.6%	11.6%
Energy	9.1%	4.4%
Real Estate	8.8%	11.9%
Healthcare	7.5%	11.0%
Basic Materials	6.3%	1.8%
Consumer Defensive	3.8%	5.0%
Communication Services	3.4%	2.8%
Utilities	1.9%	6.4%

Return for Risk

VIOV vs. USVM — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 64
VIOV Sharpe Ratio Rank: 59
VIOV Sortino Ratio Rank: 61
VIOV Omega Ratio Rank: 55
VIOV Calmar Ratio Rank: 77
VIOV Martin Ratio Rank: 69

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

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.

VIOV vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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.

	VIOV	USVM	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.05	-0.02
Sortino ratio: Return per unit of downside risk	2.92	2.98	-0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.99	3.66	+0.34
Martin ratio: Return relative to average drawdown	13.00	13.76	-0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. USVM - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.03, which is comparable to the USVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VIOV 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.

Sharpe Ratios by Period

	VIOV	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.05	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.50	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.04

Drawdowns

VIOV vs. USVM - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for VIOV and USVM.

Drawdown Indicators

	VIOV	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-42.38%	-4.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.36%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-24.34%	-4.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-25.27%	-3.17%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.28%	-0.57%	-0.71%
Average Drawdown Average peak-to-trough decline	-7.38%	-7.90%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.22%	+0.64%

Volatility

VIOV vs. USVM - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM) have volatilities of 4.54% and 4.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.50%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	10.73%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	14.93%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	19.65%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	22.01%	+1.88%

VIOV vs. USVM - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than USVM's 0.29% expense ratio.

Dividends

VIOV vs. USVM - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, less than USVM's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and USVM in my portfolio?

With a correlation of 0.94, VIOV and USVM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIOV or USVM?

VIOV has higher volatility (4.54%) compared to USVM (4.50%). In terms of maximum drawdown, VIOV dropped -47.36% vs USVM's -42.38%.

Which ETF is better, VIOV or USVM?

On 5-year performance, USVM leads with 9.74% vs 5.75% for VIOV. On fees, VIOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or USVM?

Over the 5-year period, USVM has performed better with a 9.74% return vs 5.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or USVM?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.29% for USVM.

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

USVM has the higher dividend yield at 1.76%, compared with 1.59% for VIOV.

What is the main difference between VIOV and USVM?

VIOV is categorized as Small Cap Value Equities, while USVM is Momentum. VIOV tracks S&P SmallCap 600 Value Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Vanguard and Victory Capital. Their fees differ too: 0.10% for VIOV and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.05 vs 2.03), 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.