VSMV vs. SPY
Compare and contrast key facts about VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) and State Street SPDR S&P 500 ETF (SPY).
VSMV and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VSMV is a passively managed fund by Crestview that tracks the performance of the Nasdaq Victory Multi-Factor Minimum Volatility Index. It was launched on Jun 22, 2017. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both VSMV and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VSMV vs. SPY - Performance Comparison
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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 | 2.92% | 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 | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 11.00% |
Returns By Period
In the year-to-date period, VSMV achieves a 2.92% return, which is significantly higher than SPY's -3.65% return.
VSMV
- 1D
- 0.28%
- 1M
- -3.52%
- YTD
- 2.92%
- 6M
- 6.10%
- 1Y
- 18.74%
- 3Y*
- 15.36%
- 5Y*
- 11.21%
- 10Y*
- —
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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VSMV vs. SPY - Expense Ratio Comparison
VSMV has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
VSMV vs. SPY — Risk / Return Rank
VSMV
SPY
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.
| VSMV | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 0.96 | +0.45 |
Sortino ratioReturn per unit of downside risk | 2.02 | 1.49 | +0.53 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.23 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.53 | +0.28 |
Martin ratioReturn relative to average drawdown | 9.72 | 7.27 | +2.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSMV | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 0.96 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | 0.70 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.56 | +0.22 |
Correlation
The correlation between VSMV and SPY is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VSMV vs. SPY - Dividend Comparison
VSMV's dividend yield for the trailing twelve months is around 1.39%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 1.39% | 1.35% | 1.36% | 1.77% | 1.99% | 1.36% | 2.01% | 2.00% | 2.42% | 1.11% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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.
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Drawdown Indicators
| VSMV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.33% | -55.19% | +23.86% |
Max Drawdown (1Y)Largest decline over 1 year | -10.43% | -12.05% | +1.62% |
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 DrawdownCurrent decline from peak | -3.57% | -5.53% | +1.96% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -9.09% | +5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.54% | -0.59% |
Volatility
VSMV vs. SPY - Volatility Comparison
The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 2.76%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. 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.
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Volatility by Period
| VSMV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 5.35% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 6.73% | 9.50% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.40% | 19.06% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.92% | 17.06% | -4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 17.92% | -2.78% |