ULVM vs VONV: Grades, Fees and Holdings Compared

VictoryShares US Value Momentum ETF

ULVMBNasdaq

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

16.5%by weight

Expense ratio

VONV −0.14pt a year

ULVM0.20%VONV0.06%

Avg volume · 30D

VONV 365.7×the volume

ULVM2.12KVONV774K

5Y return · a year

VONV +0.4pt

ULVM+11.3%VONV+11.7%

ULVM vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+70.4%ULVM+73.8%VONV

Expense ratio: ULVM 0.20%; VONV 0.06%, better
Fund size: ULVM $267M; VONV $23.3B
1Y total return: ULVM +21.7%; VONV +28.5%, better
Yield (12M): ULVM 1.79%, better; VONV 1.53%
Holdings: ULVM 126; VONV 873
Avg volume (30D): ULVM 2.12K sh; VONV 774K sh, better
NAV per share: ULVM $106.88; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for ULVM, VONV, with each pillar’s weight
Pillar	ULVM	VONV
Cost30% weight	A71	A96Higher
Mission25% weight	A80	A100Higher
Risk15% weight	A75	A86Higher
Tradability15% weight	D32	B60Higher
Holdings10% weight	B67Higher	C49
Durability5% weight	C51	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. ULVM and VONV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

VONV ranks 1st and ULVM 32nd of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 32BMFUSPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETFScore 66
Rank 32BULVMVictoryShares US Value Momentum ETFScore 66
Rank 35BFCPIFidelity Stocks for Inflation ETFScore 65

Our read on each fund

ETF.net Research

ULVMBVictoryShares US Value Momentum ETF

VONVAVanguard Russell 1000 Value ETF

In short

ULVM Most factor funds make you pick a side: cheap stocks or winning stocks. ULVM buys the overlap, holding roughly 130 US names that screen well on both value and momentum, with weights tilted toward the calmer ones.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

ULVM The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Select Value Momentum Blend Index.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

ULVM Costs 0.25% a year, under the median for US multifactor ETFs, and matches Schwab's FNDX while doing a more specialized job.
Sticks tightly to the MSCI USA Select Value Momentum Blend Index, one of the closer index implementations in its multifactor peer group.
The index family is built to weight toward lower-volatility names and keep turnover moderate, so the value-momentum tilt arrives with less churn than a raw factor sleeve.msci.com
Pays distributions monthly, not the quarterly cadence most US equity funds run on.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

ULVM Thinly traded for its size. Spreads can widen, and that cost lands on you at the moment you trade, on top of the expense ratio.
About 130 stocks, a slice of the large-cap universe, so individual names and sector tilts swing the fund more than in a broad value index.
Plain value exposure costs less: VONV runs 0.06% and GVUS 0.12%. The momentum screen and volatility weighting are what the extra fee buys.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full ULVM profile⁠

Full VONV profile⁠

ULVM vs VONV Holdings

How ULVM and VONV differ

Overlap by weight

16.5%

Shared holdings make up 88.7% of ULVM and 19.6% of VONV.

Level by level

Holdings105 in both16.5%
Sector11 Sectors79.2%
Countryby domicile97.6%
Asset classEquity100%

Sector

Sector weights in ULVM and VONV, widest gap first
Sector	More in ULVMMore in VONV	ULVM	VONV
Technology	VONV +12.6 points	9.3%	21.9%
Financials	ULVM +10.5 points	28.4%	17.9%
Utilities	ULVM +4.4 points	7.8%	3.4%
Real Estate	ULVM +3.5 points	7.0%	3.5%
Consumer Staples	VONV +3.3 points	3.9%	7.2%
Consumer Discretionary	VONV +2.5 points	7.9%	10.4%
Energy	VONV +1.4 points	4.8%	6.2%
Materials	ULVM +1.4 points	4.7%	3.3%
Industrials	ULVM +0.9 points	10.4%	9.5%
Health Care	VONV +0.7 points	12.7%	13.4%
Communication	VONV +0.2 points	3.2%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in ULVM and VONV, widest gap first
Country	More in ULVMMore in VONV	ULVM	VONV
United States	VONV +2.4 points	97.6%	100.0%
Switzerland	ULVM +1.3 points	1.3%	0.0%
China	ULVM +0.7 points	0.7%	0.0%
Ireland	ULVM +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

ULVM14.3%
VONV29.8%

Securities held

ULVM125
VONV871

Asset class

ULVM: Equity
VONV: Equity

Holdings

Only in ULVM20
In both105
Only in VONV766

Only in ULVM

20 securities, 10.9% of ULVM by weight

Chubb Limited1.28%
Simon Property Group Inc1.26%
Johnson Controls Intl0.83%
Elevance Health Inc0.69%
Te Connectivity PLC0.67%
Alphabet Inc - Class A0.61%
Fiserv Inc.0.58%
Lyondellbasell Industries0.57%
Tapestry Inc0.53%
Smurfit Westrock PLC0.48%
Ati Inc0.46%
Caterpillar Inc0.45%
Jabil Inc0.44%
Expedia Group Inc.0.44%
Comfort Systems Usa Inc.0.34%
Bloom Energy Corp0.30%
Micron Technology Inc.0.28%
Western Digital Corp.0.25%
Seagate Technology Hold0.24%
Sandisk Corp/De0.22%

Only in VONV

766 securities, 80.3% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%
Newmont Corp0.33%
Progressive Corp/The0.33%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Chubb Ltd0.31%
American Express Co0.31%
Altria Group Inc0.31%
Accenture PLC0.31%

Weight gaps

The 100 widest of 105 Holdings in both funds.

Holding weights in ULVM and VONV, widest gap first
Holding	More in ULVMMore in VONV	ULVM	VONV
Evergy IncEVRG	ULVM +1.46 points	1.51%	0.05%
Loews CorpL	ULVM +1.40 points	1.45%	0.05%
Consolidated Edison Inc.ED	ULVM +1.40 points	1.50%	0.10%
Centerpoint Energy Inc.CNP	ULVM +1.36 points	1.43%	0.07%
Ameren Corp.AEE	ULVM +1.31 points	1.39%	0.08%
Aflac IncAFL	ULVM +1.30 points	1.44%	0.14%
Intel CorpINTC	VONV +1.29 points	0.22%	1.51%
Wp Carey IncWPC	ULVM +1.17 points	1.21%	0.04%
Realty Income CorpO	ULVM +1.17 points	1.31%	0.14%
Cincinnati Financial CorpCINF	ULVM +1.13 points	1.20%	0.07%
Arch Capital Group LtdACGL	ULVM +1.13 points	1.21%	0.08%
Vici Properties IncVICI	ULVM +1.10 points	1.17%	0.07%
Principal Finl Group IncPFG	ULVM +1.06 points	1.13%	0.07%
Snap-On Inc.SNA	ULVM +1.04 points	1.09%	0.05%
East West Bancorp Inc.EWBC	ULVM +1.03 points	1.08%	0.05%
Entergy Corp.ETR	ULVM +1.03 points	1.16%	0.13%
Reliance IncRS	ULVM +1.01 points	1.06%	0.05%
KeycorpKEY	ULVM +1.00 points	1.05%	0.05%
Travelers Companies IncTRV	ULVM +1.00 points	1.20%	0.20%
American Intl Group Inc.AIG	ULVM +0.97 points	1.08%	0.11%
M&T Bank CorpMTB	ULVM +0.96 points	1.05%	0.09%
Quest Diagnostics Inc.DGX	ULVM +0.95 points	1.02%	0.07%
Marriott Int'l Inc - Class AMAR	ULVM +0.95 points	1.00%	0.05%
Regions Financial Corp.RF	ULVM +0.91 points	0.97%	0.06%
First Citizens Bcshs -ClFCNCA	ULVM +0.90 points	0.95%	0.05%
Annaly Capital ManagementNLY	ULVM +0.89 points	0.93%	0.04%
Csx Corp.CSX	ULVM +0.86 points	1.10%	0.24%
Ross Stores Inc.ROST	ULVM +0.85 points	0.88%	0.03%
Berkshire Hathaway Inc BBRK.B	VONV +0.84 points	1.71%	2.55%
News CorpNWSA	ULVM +0.84 points	0.87%	0.03%
Truist Financial CorpTFC	ULVM +0.81 points	0.97%	0.16%
Pnc Finl Services GroupPNC	ULVM +0.80 points	1.05%	0.25%
Viatris IncVTRS	ULVM +0.80 points	0.86%	0.06%
Us BancorpUSB	ULVM +0.79 points	1.04%	0.25%
Citizens Financial GroupCFG	ULVM +0.79 points	0.86%	0.07%
Northern Trust Corp.NTRS	ULVM +0.78 points	0.86%	0.08%
United Therapeutics CorpUTHR	ULVM +0.78 points	0.84%	0.06%
Allstate Corp/TheALL	ULVM +0.77 points	0.93%	0.16%
Dupont De Nemours IncDD	ULVM +0.76 points	0.81%	0.05%
Cigna Group/TheCI	ULVM +0.76 points	0.96%	0.20%
Franklin Templeton IncBEN	ULVM +0.76 points	0.78%	0.02%
Kraft Heinz Co/TheKHC	ULVM +0.75 points	0.80%	0.05%
Pfizer Inc.PFE	ULVM +0.74 points	1.19%	0.45%
Archer-Daniels-Midland CoADM	ULVM +0.73 points	0.82%	0.10%
Ssnc Technologies Hldgs ISSNC	ULVM +0.72 points	0.76%	0.04%
State Street Corp.STT	ULVM +0.71 points	0.84%	0.13%
Bank of New York MellonBNY	ULVM +0.72 points	0.97%	0.25%
Regeneron PharmaceuticalsREGN	ULVM +0.71 points	0.92%	0.21%
Nucor Corp.NUE	ULVM +0.69 points	0.83%	0.14%
Best Buy Co IncBBY	ULVM +0.69 points	0.74%	0.05%
Biogen IncBIIB	ULVM +0.69 points	0.78%	0.09%
Eog Resources IncEOG	ULVM +0.69 points	0.89%	0.20%
Prologis IncPLD	ULVM +0.68 points	1.02%	0.34%
Ovintiv IncOVV	ULVM +0.68 points	0.72%	0.04%
United Parcel ServiceUPS	ULVM +0.66 points	0.82%	0.16%
Diamondback Energy IncFANG	ULVM +0.65 points	0.75%	0.10%
Synchrony FinancialSYF	ULVM +0.65 points	0.71%	0.06%
Dollar General CorpDG	ULVM +0.64 points	0.71%	0.07%
Pultegroup Inc.PHM	ULVM +0.64 points	0.70%	0.06%
Lennar Corp. Class ALEN	ULVM +0.63 points	0.66%	0.03%
Edison InternationalEIX	ULVM +0.63 points	0.69%	0.06%
Bunge Global SABG	ULVM +0.63 points	0.67%	0.04%
Marathon Petroleum Corp.MPC	ULVM +0.62 points	0.78%	0.16%
Hf Sinclair CorpDINO	ULVM +0.62 points	0.67%	0.04%
Steel Dynamics IncSTLD	ULVM +0.61 points	0.69%	0.08%
Leidos Holdings IncLDOS	ULVM +0.61 points	0.65%	0.04%
Fedex Corp.FDX	ULVM +0.61 points	0.78%	0.17%
Td Synnex CorpSNX	ULVM +0.61 points	0.66%	0.05%
Jazz Pharmaceuticals PLCJAZZ	ULVM +0.60 points	0.64%	0.04%
PG&E Corp.PCG	ULVM +0.59 points	0.66%	0.07%
Dr Horton Inc.DHI	ULVM +0.59 points	0.68%	0.09%
Caseys General StoresincCASY	ULVM +0.58 points	0.59%	<0.01%
Occidental Petroleum CorpOXY	ULVM +0.57 points	0.68%	0.11%
J.b. Hunt Transport ServJBHT	ULVM +0.57 points	0.62%	0.05%
Dow IncDOW	ULVM +0.58 points	0.63%	0.05%
Paccar Inc.PCAR	ULVM +0.57 points	0.73%	0.16%
Fox Corp - Class AFOXA	ULVM +0.57 points	0.60%	0.03%
General Motors Co.GM	ULVM +0.56 points	0.75%	0.19%
Global Payments Inc.GPN	ULVM +0.54 points	0.59%	0.05%
Target Corp.TGT	ULVM +0.54 points	0.74%	0.20%
Johnson & JohnsonJNJ	VONV +0.53 points	1.22%	1.75%
Southwest Airlines Co.LUV	ULVM +0.52 points	0.57%	0.05%
Bristol-Myers Squibb CoBMY	ULVM +0.50 points	0.85%	0.35%
Delta Air Lines IncDAL	ULVM +0.49 points	0.62%	0.13%
Tenet Healthcare CorpTHC	ULVM +0.49 points	0.55%	0.06%
PayPal Holdings IncPYPL	ULVM +0.48 points	0.56%	0.08%
Cognizant Tech SolutionsCTSH	ULVM +0.48 points	0.55%	0.07%
Centene Corp.CNC	ULVM +0.46 points	0.54%	0.08%
Cf Industries HoldingsCF	ULVM +0.44 points	0.49%	0.05%
Zoom Communications IncZM	ULVM +0.43 points	0.50%	0.07%
Valero Energy Corp.VLO	ULVM +0.43 points	0.70%	0.27%
Hp IncHPQ	ULVM +0.42 points	0.50%	0.08%
Ford Motor Co.F	ULVM +0.42 points	0.55%	0.13%
Humana Inc.HUM	ULVM +0.41 points	0.54%	0.13%
Keysight Technologies IncKEYS	ULVM +0.42 points	0.49%	0.07%
Cvs Health CorpCVS	ULVM +0.40 points	0.70%	0.30%
United Airlines HoldingsUAL	ULVM +0.37 points	0.46%	0.09%
Capital 1 Financial CorpCOF	ULVM +0.37 points	0.69%	0.32%
Verizon CommunicationsVZ	ULVM +0.28 points	0.81%	0.53%
On Semiconductor CorpON	ULVM +0.27 points	0.35%	0.08%

All 127 ULVM holdings⁠All 872 VONV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ULVM vs VONV Cost

Overpaying ULVM vs VONV

$2,885

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ULVM 0.20%
$4,155
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

ULVM 0.20%
VONV 0.06%
Overpaying

Year by year

Year	ULVM	VONV	Overpaying
10	$365	$110	$255
20	$1,421	$432	$989
30	$4,155	$1,270	$2,885

Expense ratio

0.20%ULVM
0.06%VONV, cheaper

VONV0.06%ULVM0.20%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

ULVM 30th cheapest of 99 funds

ULVM vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ULVM 1.79%, better; VONV 1.53%
Payout (12M): ULVM $1.92; VONV $1.74
Last payment: ULVM $0.21; VONV $0.42
Ex-dividend: ULVM Oct 8, 2026; VONV Sep 23, 2026
Paid on: ULVM Oct 9, 2026; VONV Sep 25, 2026
Frequency: ULVM Monthly; VONV Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

ULVMMonthly · 45 paymentsAll ULVM payments⁠

VONVQuarterly · 15 paymentsAll VONV payments⁠

ULVM vs VONV Risk

Fall from peak · 5 years

ULVM
VONV

Risk facts

VolatilityStd dev, 3 years: ULVM 13.1%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: ULVM 1.35VONV 1.43, better
Worst fallMax drawdown, 5 years: ULVM −19.8%VONV −18.9%, better
Market sensitivityBeta, 5 years: ULVM 0.87VONV 0.85; Market = 1

ULVM and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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ULVM vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How ULVM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ULVM

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How ULVM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ULVM

Only in VONV

Weight gaps