VIOV vs. XSVM

Last updated Aug 2, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 10 years, VIOV returned 10.33%/yr vs 13.34%/yr for XSVM. Their correlation of 0.90 means they have usually moved in the same direction. VIOV charges 0.10%/yr vs 0.37%/yr for XSVM.

Performance

VIOV vs. XSVM - 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 Invesco S&P SmallCap Value with Momentum ETF (XSVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 20.41% return, which is significantly lower than XSVM's 25.81% return. Over the past 10 years, VIOV has underperformed XSVM with an annualized return of 10.33%, while XSVM has yielded a comparatively higher 13.34% annualized return.

VIOV

• 1D: 0.17%
• 1M: 0.49%
• 6M: 12.83%
• YTD: 20.41%
• 1Y: 39.50%
• 3Y*: 12.68%
• 5Y*: 8.14%
• 10Y*: 10.33%
• ALL TIME*: 11.84%

XSVM

• 1D: -0.35%
• 1M: 2.37%
• 6M: 17.50%
• YTD: 25.81%
• 1Y: 41.62%
• 3Y*: 14.54%
• 5Y*: 9.57%
• 10Y*: 13.34%
• ALL TIME*: 9.32%

*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)
VIOV Vanguard S&P Small-Cap 600 Value ETF	$4.48M	$4.51M	$5.05M
XSVM Invesco S&P SmallCap Value with Momentum ETF	$2.60M	$2.40M	$2.07M

VIOV vs. XSVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	20.41%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%
XSVM Invesco S&P SmallCap Value with Momentum ETF	25.81%	7.47%	2.30%	20.20%	-13.63%	56.36%	5.08%	30.01%	-12.33%	3.62%

Correlation

The correlation between VIOV and XSVM is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.90

The correlation between VIOV and XSVM has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

VIOV vs. XSVM - Sectors Allocation Comparison

Sectors	VIOV	XSVM
Financial Services	20.3%	45.1%
Consumer Cyclical	15.3%	18.1%
Technology	13.5%	2.6%
Industrials	12.2%	5.3%
Real Estate	8.5%	9.7%
Healthcare	7.5%	1.7%
Basic Materials	6.1%	3.0%
Energy	6.0%	5.7%
Consumer Defensive	5.0%	4.1%
Communication Services	3.8%	2.6%
Utilities	2.0%	2.1%

Return for Risk

VIOV vs. XSVM — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 88
VIOV Sharpe Ratio Rank: 88
VIOV Sortino Ratio Rank: 89
VIOV Omega Ratio Rank: 85
VIOV Calmar Ratio Rank: 91
VIOV Martin Ratio Rank: 89

XSVM

XSVM Risk / Return Rank: 89
XSVM Sharpe Ratio Rank: 90
XSVM Sortino Ratio Rank: 91
XSVM Omega Ratio Rank: 87
XSVM Calmar Ratio Rank: 91
XSVM Martin Ratio Rank: 87

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.

VIOV vs. XSVM - 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 Invesco S&P SmallCap Value with Momentum ETF (XSVM). 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.

	VIOV	XSVM	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.21	-0.11
Sortino ratio: Return per unit of downside risk	3.04	3.22	-0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	4.00	3.91	+0.09
Martin ratio: Return relative to average drawdown	13.68	12.49	+1.19

VIOV vs. XSVM - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.10, which is comparable to the XSVM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of VIOV and XSVM, 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

VIOV vs. XSVM - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for VIOV and XSVM.

Drawdown Indicators

	VIOV	XSVM	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-62.57%	+15.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-10.08%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-26.21%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-26.21%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	-49.02%	+1.66%
Current Drawdown Current decline from peak	-1.44%	-1.45%	+0.01%
Average Drawdown Average peak-to-trough decline	-7.31%	-11.48%	+4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	3.15%	-0.43%

Volatility

VIOV vs. XSVM - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Value ETF (VIOV) is 3.57%, while Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a volatility of 4.18%. This indicates that VIOV experiences smaller price fluctuations and is considered to be less risky than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	XSVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	4.18%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	11.73%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	17.89%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	22.33%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	25.00%	-1.18%

VIOV vs. XSVM - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than XSVM's 0.37% expense ratio.

Dividends

VIOV vs. XSVM - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.68%, less than XSVM's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.68%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%
XSVM Invesco S&P SmallCap Value with Momentum ETF	1.75%	2.29%	1.69%	1.31%	1.79%	1.23%	1.21%	1.22%	2.54%	1.90%	2.29%	2.68%

Frequently Asked Questions

Can I hold both VIOV and XSVM in my portfolio?

With a correlation of 0.91, VIOV and XSVM 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 XSVM?

XSVM has higher volatility (4.18%) compared to VIOV (3.57%). In terms of maximum drawdown, VIOV dropped -47.36% vs XSVM's -62.57%.

Which ETF is better, VIOV or XSVM?

On 10-year performance, XSVM leads with 13.34% vs 10.33% for VIOV. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or XSVM?

Over the 10-year period, XSVM has performed better with a 13.34% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or XSVM?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.37% for XSVM.

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

XSVM has the higher dividend yield at 1.75%, compared with 1.68% for VIOV.

What is the main difference between VIOV and XSVM?

VIOV is categorized as Small Cap Value Equities, while XSVM is Momentum. VIOV tracks S&P SmallCap 600 Value Index, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for VIOV and 0.37% for XSVM.

Which has better risk-adjusted returns?

XSVM currently has the higher Sharpe Ratio (2.21 vs 2.10), 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.