VTWV vs. USVM

Last updated Jun 5, 2026

VTWV (Vanguard Russell 2000 Value ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - VTWV is a Small Cap Value Equities fund tracking the Russell 2000 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, VTWV returned 6.94%/yr vs 9.96%/yr for USVM. Their correlation of 0.94 suggests significant overlap in exposure. VTWV charges 0.10%/yr vs 0.29%/yr for USVM.

Performance

VTWV vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Value ETF (VTWV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTWV achieves a 18.98% return, which is significantly higher than USVM's 16.40% return.

VTWV

• 1D: 1.31%
• 1M: 2.63%
• YTD: 18.98%
• 6M: 18.10%
• 1Y: 43.90%
• 3Y*: 19.06%
• 5Y*: 6.94%
• 10Y*: 10.34%

USVM

• 1D: 0.99%
• 1M: 1.96%
• YTD: 16.40%
• 6M: 16.14%
• 1Y: 32.38%
• 3Y*: 20.65%
• 5Y*: 9.96%
• 10Y*: —

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

VTWV vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTWV Vanguard Russell 2000 Value ETF	18.98%	12.72%	7.83%	14.67%	-14.46%	27.90%	4.88%	22.44%	-13.34%	2.06%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	16.40%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.21%

Correlation

The correlation between VTWV and USVM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.94

The correlation between VTWV and USVM has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

VTWV vs. USVM - Sectors Allocation Comparison

Sectors	VTWV	USVM
Financial Services	23.9%	22.0%
Industrials	11.9%	12.1%
Real Estate	10.4%	11.9%
Healthcare	10.2%	11.0%
Technology	10.0%	11.6%
Consumer Cyclical	9.2%	11.1%
Energy	8.9%	4.4%
Basic Materials	5.4%	1.8%
Utilities	5.2%	6.4%
Communication Services	2.7%	2.8%
Consumer Defensive	2.2%	5.0%

Return for Risk

VTWV vs. USVM — Risk / Return Rank

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

VTWV

VTWV Risk / Return Rank: 79
VTWV Sharpe Ratio Rank: 76
VTWV Sortino Ratio Rank: 77
VTWV Omega Ratio Rank: 69
VTWV Calmar Ratio Rank: 88
VTWV Martin Ratio Rank: 85

USVM

USVM Risk / Return Rank: 71
USVM Sharpe Ratio Rank: 67
USVM Sortino Ratio Rank: 70
USVM Omega Ratio Rank: 64
USVM Calmar Ratio Rank: 77
USVM Martin Ratio Rank: 77

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.

VTWV vs. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 Value ETF (VTWV) 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.

	VTWV	USVM	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.18	+0.25
Sortino ratio: Return per unit of downside risk	3.39	3.14	+0.25
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio: Return relative to maximum drawdown	5.11	3.89	+1.21
Martin ratio: Return relative to average drawdown	17.42	14.65	+2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTWV vs. USVM - Sharpe Ratio Comparison

The current VTWV Sharpe Ratio is 2.43, which is comparable to the USVM Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VTWV 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

	VTWV	USVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.18	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.51	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.49	0.00

Drawdowns

VTWV vs. USVM - Drawdown Comparison

The maximum VTWV drawdown since its inception was -45.73%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for VTWV and USVM.

Drawdown Indicators

	VTWV	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-45.73%	-42.38%	-3.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-8.36%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-26.72%	-24.34%	-2.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.72%	-25.27%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-45.73%	—	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.81%	-7.90%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.22%	+0.31%

Volatility

VTWV vs. USVM - Volatility Comparison

Vanguard Russell 2000 Value ETF (VTWV) has a higher volatility of 5.00% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 4.32%. This indicates that VTWV's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTWV	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	4.32%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	10.76%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	14.93%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	19.65%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	22.01%	+1.53%

VTWV vs. USVM - Expense Ratio Comparison

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

Dividends

VTWV vs. USVM - Dividend Comparison

VTWV's dividend yield for the trailing twelve months is around 1.56%, less than USVM's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.74%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%
VTWV Vanguard Russell 2000 Value ETF	1.56%	1.79%	1.78%	2.02%	2.07%	1.60%	1.49%	1.82%	2.04%	1.63%	1.57%	2.03%

Frequently Asked Questions

Can I hold both VTWV and USVM in my portfolio?

With a correlation of 0.96, VTWV 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, VTWV or USVM?

VTWV has higher volatility (5.00%) compared to USVM (4.32%). In terms of maximum drawdown, VTWV dropped -45.73% vs USVM's -42.38%.

Which ETF is better, VTWV or USVM?

On 5-year performance, USVM leads with 9.96% vs 6.94% for VTWV. On fees, VTWV is cheaper at 0.10% per year. On volatility, USVM has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTWV or USVM?

Over the 5-year period, USVM has performed better with a 9.96% return vs 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTWV or USVM?

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

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

USVM has the higher dividend yield at 1.74%, compared with 1.56% for VTWV.

What is the main difference between VTWV and USVM?

VTWV is categorized as Small Cap Value Equities, while USVM is Momentum. VTWV tracks Russell 2000 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 VTWV and 0.29% for USVM.

Which has better risk-adjusted returns?

VTWV currently has the higher Sharpe Ratio (2.43 vs 2.18), 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.