XSMO vs. USVM

Last updated Aug 2, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - XSMO tracks the S&P SmallCap 600 Momentum Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, XSMO returned 11.40%/yr vs 11.10%/yr for USVM. Their correlation of 0.92 means they have usually moved in the same direction. XSMO charges 0.36%/yr vs 0.29%/yr for USVM.

Performance

XSMO vs. USVM - 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 Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XSMO having a 20.85% return and USVM slightly higher at 21.09%.

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%

USVM

• 1D: -0.42%
• 1M: 0.81%
• 6M: 15.17%
• YTD: 21.09%
• 1Y: 35.70%
• 3Y*: 18.46%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 11.10%

*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)
USVM VictoryShares US Small Mid Cap Value Momentum ETF	$4.40M	$4.64M	$4.70M
XSMO Invesco S&P SmallCap Momentum ETF	$20.63M	$21.90M	$21.28M

XSMO vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	21.09%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between XSMO and USVM is 0.86, 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.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.92

The correlation between XSMO and USVM has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

XSMO vs. USVM - Sectors Allocation Comparison

Sectors	XSMO	USVM
Industrials	19.8%	10.8%
Technology	17.8%	9.6%
Healthcare	16.9%	12.6%
Financial Services	13.4%	24.6%
Consumer Cyclical	9.0%	12.3%
Basic Materials	6.0%	1.7%
Real Estate	4.6%	9.4%
Communication Services	4.0%	3.0%
Utilities	3.4%	7.3%
Energy	2.7%	5.0%
Consumer Defensive	2.5%	3.6%

Return for Risk

XSMO vs. USVM — Risk / Return Rank

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

XSMO

XSMO Risk / Return Rank: 68
XSMO Sharpe Ratio Rank: 62
XSMO Sortino Ratio Rank: 65
XSMO Omega Ratio Rank: 57
XSMO Calmar Ratio Rank: 82
XSMO Martin Ratio Rank: 74

USVM

USVM Risk / Return Rank: 91
USVM Sharpe Ratio Rank: 91
USVM Sortino Ratio Rank: 92
USVM Omega Ratio Rank: 89
USVM Calmar Ratio Rank: 91
USVM Martin Ratio Rank: 92

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. USVM - 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 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.

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.

	XSMO	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.32	-0.89
Sortino ratio: Return per unit of downside risk	2.15	3.38	-1.23
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	3.02	4.06	-1.03
Martin ratio: Return relative to average drawdown	9.15	15.72	-6.56

XSMO vs. USVM - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.43, which is lower than the USVM Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XSMO 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.

Drawdowns

XSMO vs. USVM - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for XSMO and USVM.

Drawdown Indicators

	XSMO	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-42.38%	-15.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-8.36%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-24.34%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-25.27%	-4.35%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	—	—
Current Drawdown Current decline from peak	-7.34%	-1.11%	-6.23%
Average Drawdown Average peak-to-trough decline	-11.07%	-7.76%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.15%	+0.96%

Volatility

XSMO vs. USVM - Volatility Comparison

Invesco S&P SmallCap Momentum ETF (XSMO) has a higher volatility of 5.63% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 2.91%. This indicates that XSMO'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

	XSMO	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	2.91%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	10.68%	+4.93%
Volatility (1Y) Calculated over the trailing 1-year period	19.92%	14.64%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	19.45%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	21.86%	+2.27%

XSMO vs. USVM - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

XSMO vs. USVM - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.55%, less than USVM's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.82%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	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

Can I hold both XSMO and USVM in my portfolio?

XSMO and USVM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or USVM?

XSMO has higher volatility (5.63%) compared to USVM (2.91%). In terms of maximum drawdown, XSMO dropped -58.06% vs USVM's -42.38%.

Which ETF is better, XSMO or USVM?

On 5-year performance, XSMO leads with 11.40% vs 11.10% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or USVM?

Over the 5-year period, XSMO has performed better with a 11.40% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.36% for XSMO.

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

USVM has the higher dividend yield at 1.82%, compared with 0.55% for XSMO.

What is the main difference between XSMO and USVM?

XSMO tracks S&P SmallCap 600 Momentum Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory. Their fees differ too: 0.36% for XSMO and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.32 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.