VSMV vs. SPY

Last updated Aug 2, 2026

VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VSMV is a Multi-factor fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VSMV returned 10.59%/yr vs 12.76%/yr for SPY. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VSMV charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

VSMV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSMV achieves a 8.83% return, which is significantly lower than SPY's 10.13% return.

VSMV

• 1D: -0.85%
• 1M: 0.25%
• 6M: 5.49%
• YTD: 8.83%
• 1Y: 23.97%
• 3Y*: 14.87%
• 5Y*: 10.59%
• 10Y*: —
• ALL TIME*: 12.05%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	$373.65K	$273.95K	$267.92K

VSMV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	8.83%	16.77%	15.79%	12.34%	-7.56%	25.66%	5.05%	26.79%	-1.12%	11.48%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	10.95%

Correlation

The correlation between VSMV and SPY is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017	0.78

The correlation between VSMV and SPY shifts across timeframes, from 0.63 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

VSMV vs. SPY - Sectors Allocation Comparison

Sectors	VSMV	SPY
Technology	38.1%	36.9%
Consumer Defensive	16.0%	4.8%
Healthcare	15.0%	9.4%
Industrials	8.2%	7.6%
Financial Services	7.8%	12.5%
Consumer Cyclical	4.9%	8.9%
Communication Services	4.6%	9.7%
Energy	3.9%	3.4%
Basic Materials	1.6%	1.9%
Real Estate	0.0%	2.0%
Utilities	0.0%	2.6%

Return for Risk

VSMV vs. SPY — Risk / Return Rank

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

VSMV

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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

VSMV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) and State Street SPDR S&P 500 ETF (SPY). 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.

	VSMV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.52	+0.94
Sortino ratio: Return per unit of downside risk	3.56	2.11	+1.45
Omega ratio: Gain probability vs. loss probability	1.44	1.27	+0.17
Calmar ratio: Return relative to maximum drawdown	4.47	2.20	+2.27
Martin ratio: Return relative to average drawdown	16.05	9.40	+6.65

VSMV vs. SPY - Sharpe Ratio Comparison

The current VSMV Sharpe Ratio is 2.46, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VSMV and SPY, 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

VSMV vs. SPY - Drawdown Comparison

The maximum VSMV drawdown since its inception was -31.33%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSMV and SPY.

Drawdown Indicators

	VSMV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.33%	-55.19%	+23.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-8.88%	+3.70%
Max Drawdown (3Y) Largest decline over 3 years	-13.22%	-18.76%	+5.54%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-24.50%	+6.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.82%	-1.40%	-1.42%
Average Drawdown Average peak-to-trough decline	-3.38%	-9.01%	+5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	2.08%	-0.64%

Volatility

VSMV vs. SPY - Volatility Comparison

The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 3.13%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that VSMV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSMV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	3.58%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	10.14%	-3.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	12.89%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.89%	17.18%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.98%	17.95%	-2.97%

VSMV vs. SPY - Expense Ratio Comparison

VSMV has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VSMV vs. SPY - Dividend Comparison

VSMV's dividend yield for the trailing twelve months is around 1.32%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.32%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSMV and SPY in my portfolio?

VSMV and SPY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSMV or SPY?

SPY has higher volatility (3.58%) compared to VSMV (3.13%). In terms of maximum drawdown, VSMV dropped -31.33% vs SPY's -55.19%.

Which ETF is better, VSMV or SPY?

On 5-year performance, SPY leads with 12.76% vs 10.59% for VSMV. On fees, SPY is cheaper at 0.09% per year. On volatility, VSMV has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSMV or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 10.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSMV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for VSMV.

Which ETF pays a higher dividend yield, VSMV or SPY?

VSMV has the higher dividend yield at 1.32%, compared with 1.01% for SPY.

What is the main difference between VSMV and SPY?

VSMV is categorized as Multi-factor, while SPY is S&P 500. VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index, while SPY tracks S&P 500 Index. They also come from different issuers: Crestview and State Street. Their fees differ too: 0.35% for VSMV and 0.09% for SPY.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.46 vs 1.52), 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.