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XSMO vs. ULVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSMO vs. ULVM

Last updated Aug 2, 2026
Documentation

XSMO (Invesco S&P SmallCap Momentum ETF) and ULVM (VictoryShares US Value Momentum ETF) are both Momentum funds - XSMO tracks the S&P SmallCap 600 Momentum Index while ULVM tracks the Nasdaq Victory US Value Momentum Index. Both are passively managed. Over the past 5 years, XSMO returned 11.40%/yr vs 12.55%/yr for ULVM. Their correlation of 0.83 means they have usually moved in the same direction. XSMO charges 0.36%/yr vs 0.20%/yr for ULVM.

Performance

XSMO vs. ULVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) and VictoryShares US Value Momentum ETF (ULVM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with XSMO having a 20.85% return and ULVM slightly lower at 20.05%.

XSMO

1D
-0.23%
1M
-4.08%
6M
14.13%
YTD
20.85%
1Y
30.10%
3Y*
20.56%
5Y*
11.40%
10Y*
13.85%
ALL TIME*
9.09%

ULVM

1D
-0.20%
1M
1.85%
6M
15.22%
YTD
20.05%
1Y
30.95%
3Y*
20.61%
5Y*
12.55%
10Y*
—
ALL TIME*
11.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ULVM

VictoryShares US Value Momentum ETF
$297.74K$260.49K$217.66K

XSMO

Invesco S&P SmallCap Momentum ETF
$20.63M$21.90M$21.28M

XSMO vs. ULVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSMO
Invesco S&P SmallCap Momentum ETF		20.85%9.80%17.45%21.55%-15.44%19.24%21.96%28.65%-3.44%5.10%
ULVM
VictoryShares US Value Momentum ETF		20.05%15.84%19.76%10.16%-9.04%31.06%3.51%22.08%-12.07%4.11%

Correlation

The correlation between XSMO and ULVM is 0.73, 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.

0.73

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2017

0.83

The correlation between XSMO and ULVM shifts across timeframes, from 0.73 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

XSMO vs. ULVM - Sectors Allocation Comparison

Sectors
XSMO
ULVM

Industrials

19.8%
11.0%

Technology

17.8%
9.1%

Healthcare

16.9%
11.2%

Financial Services

13.4%
27.0%

Consumer Cyclical

9.0%
8.0%

Basic Materials

6.0%
3.7%

Real Estate

4.6%
7.1%

Communication Services

4.0%
3.1%

Utilities

3.4%
10.4%

Energy

2.7%
4.7%

Consumer Defensive

2.5%
4.7%

Industrials

XSMO
19.8%
ULVM
11.0%

Technology

XSMO
17.8%
ULVM
9.1%

Healthcare

XSMO
16.9%
ULVM
11.2%

Financial Services

XSMO
13.4%
ULVM
27.0%

Consumer Cyclical

XSMO
9.0%
ULVM
8.0%

Basic Materials

XSMO
6.0%
ULVM
3.7%

Real Estate

XSMO
4.6%
ULVM
7.1%

Communication Services

XSMO
4.0%
ULVM
3.1%

Utilities

XSMO
3.4%
ULVM
10.4%

Energy

XSMO
2.7%
ULVM
4.7%

Consumer Defensive

XSMO
2.5%
ULVM
4.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P SmallCap Momentum ETF

VictoryShares US Value Momentum ETF

Often compared with XSMO:
XSMO vs. AVUVXSMO vs. XSVMXSMO vs. XMMOXSMO vs. SPMOXSMO vs. DWASXSMO vs. VIOGXSMO vs. FCPVX
Often compared with ULVM:
ULVM vs. SPMOULVM vs. SEIVULVM vs. SPYULVM vs. JPUSULVM vs. USVMULVM vs. ONEVULVM vs. FXAIX

Return for Risk

XSMO vs. ULVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XSMO
XSMO Risk / Return Rank: 6868
Overall Rank
XSMO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
XSMO Sortino Ratio Rank: 6565
Sortino Ratio Rank
XSMO Omega Ratio Rank: 5757
Omega Ratio Rank
XSMO Calmar Ratio Rank: 8282
Calmar Ratio Rank
XSMO Martin Ratio Rank: 7474
Martin Ratio Rank
ULVM
ULVM Risk / Return Rank: 9494
Overall Rank
ULVM Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ULVM Sortino Ratio Rank: 9595
Sortino Ratio Rank
ULVM Omega Ratio Rank: 9494
Omega Ratio Rank
ULVM Calmar Ratio Rank: 9393
Calmar Ratio Rank
ULVM Martin Ratio Rank: 9595
Martin Ratio Rank
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.

XSMO vs. ULVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) and VictoryShares US Value Momentum ETF (ULVM). 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.

XSMOULVMDifference
Sharpe ratioReturn per unit of total volatility
1.43
2.78

-1.35

Sortino ratioReturn per unit of downside risk
2.15
3.92

-1.77

Omega ratioGain probability vs. loss probability

1.25

1.49

-0.24

Calmar ratioReturn relative to maximum drawdown

3.02

4.63

-1.61

Martin ratioReturn relative to average drawdown

9.15

19.50

-10.35

XSMO vs. ULVM - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.43, which is lower than the ULVM Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of XSMO and ULVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XSMO vs. ULVM - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than ULVM's maximum drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for XSMO and ULVM.

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Drawdown Indicators

XSMOULVMDifference

Max Drawdown

Largest peak-to-trough decline

-58.06%

-40.71%

-17.35%

Max Drawdown (1Y)

Largest decline over 1 year

-9.44%

-6.47%

-2.97%

Max Drawdown (3Y)

Largest decline over 3 years

-24.76%

-18.14%

-6.62%

Max Drawdown (5Y)

Largest decline over 5 years

-29.62%

-19.77%

-9.85%

Max Drawdown (10Y)

Largest decline over 10 years

-39.39%

—

—

Current Drawdown

Current decline from peak

-7.34%

-1.26%

-6.08%

Average Drawdown

Average peak-to-trough decline

-11.07%

-5.65%

-5.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

1.53%

+1.58%

Volatility

XSMO vs. ULVM - Volatility Comparison

Invesco S&P SmallCap Momentum ETF (XSMO) has a higher volatility of 5.63% compared to VictoryShares US Value Momentum ETF (ULVM) at 2.72%. This indicates that XSMO's price experiences larger fluctuations and is considered to be riskier than ULVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSMOULVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.63%

2.72%

+2.91%

Volatility (6M)

Calculated over the trailing 6-month period

15.61%

8.10%

+7.51%

Volatility (1Y)

Calculated over the trailing 1-year period

19.92%

10.81%

+9.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.58%

15.39%

+7.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.13%

18.73%

+5.40%

XSMO vs. ULVM - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is higher than ULVM's 0.20% expense ratio.

Dividends

XSMO vs. ULVM - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.55%, less than ULVM's 1.62% yield.

PositionTTM20252024202320222021202020192018201720162015
ULVM
VictoryShares US Value Momentum ETF		1.62%1.81%1.57%1.94%1.91%1.36%1.51%1.88%1.67%0.38%0.00%0.00%
XSMO
Invesco S&P SmallCap Momentum ETF		0.55%0.75%0.63%0.96%1.19%0.30%0.82%0.69%0.66%0.27%0.30%0.35%

Frequently Asked Questions

XSMO and ULVM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSMO has higher volatility (5.63%) compared to ULVM (2.72%). In terms of maximum drawdown, XSMO dropped -58.06% vs ULVM's -40.71%.

On 5-year performance, ULVM leads with 12.55% vs 11.40% for XSMO. On fees, ULVM is cheaper at 0.20% per year. On volatility, ULVM has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ULVM has performed better with a 12.55% return vs 11.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ULVM is cheaper with a 0.20% expense ratio, compared with 0.36% for XSMO.

ULVM has the higher dividend yield at 1.62%, compared with 0.55% for XSMO.

XSMO tracks S&P SmallCap 600 Momentum Index, while ULVM tracks Nasdaq Victory US Value Momentum Index. They also come from different issuers: Invesco and Victory. Their fees differ too: 0.36% for XSMO and 0.20% for ULVM.

ULVM currently has the higher Sharpe Ratio (2.78 vs 1.43), 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.

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