USVM vs VONV: Grades, Fees and Holdings Compared

VictoryShares US Small Mid Cap Value Momentum ETF

USVMBNasdaq

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

1.5%by weight

Expense ratio

VONV −0.16pt a year

USVM0.22%VONV0.06%

Avg volume · 30D

VONV 16.3×the volume

USVM47.3KVONV774K

5Y return · a year

VONV +1.9pt

USVM+9.8%VONV+11.7%

USVM vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+59.7%USVM+73.8%VONV

Expense ratio: USVM 0.22%; VONV 0.06%, better
Fund size: USVM $1.85B; VONV $23.3B
1Y total return: USVM +21.9%; VONV +28.5%, better
Yield (12M): USVM 1.88%, better; VONV 1.53%
Holdings: USVM 294; VONV 873
Avg volume (30D): USVM 47.3K sh; VONV 774K sh, better
NAV per share: USVM $106.31; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for USVM, VONV, with each pillar’s weight
Pillar	USVM	VONV
Cost30% weight	B67	A96Higher
Mission25% weight	A94	A100Higher
Risk15% weight	C50	A86Higher
Tradability15% weight	B64Higher	B60
Holdings10% weight	A78Higher	C49
Durability5% weight	B57	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. USVM 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 USVM 18th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 18ATILTNorthern Trust Morningstar US Market Factor Tilt ETFScore 71
Rank 18BUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71
Rank 23ADEUSXtrackers Russell US Multifactor ETFScore 70

Our read on each fund

ETF.net Research

USVMBVictoryShares US Small Mid Cap Value Momentum ETF

VONVAVanguard Russell 1000 Value ETF

In short

USVM Two screens that rarely ride together, cheap and climbing, pointed at the small and mid-cap end of the US market. Roughly 300 stocks, rules-based, and priced under the typical multifactor fund.

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

USVM The Fund seeks to track the returns of the Nasdaq Victory US Small Mid Cap Value Momentum Index before fees and expenses, primarily by holding the Index's stocks through a replication strategy.

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

USVM Screens on value and momentum together instead of picking one lane, tracking a single Nasdaq-built index by replication rather than a manager's hunches.
Costs 0.29% a year, below the median for its multifactor peer group.
Works the small and mid-cap aisle while most highly graded funds in the cohort (VONV, VYM, FNDX, GVUS, IUSG) crowd into large caps.
Spreads the bet across about 300 names and pays distributions monthly.

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

USVM Trades thinly for a fund of its size, so spreads can be wider than the multi-billion-dollar asset base suggests.
Small and mid caps swing harder than large caps, and a value-plus-momentum tilt can wander well away from the broad market for long stretches.
Cheap for a factor strategy, but plain-vanilla peers like VYM (0.04%) and IUSG (0.04%) cost a fraction as much.

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 USVM profile⁠

Full VONV profile⁠

USVM vs VONV Holdings

How USVM and VONV differ

Overlap by weight

1.5%

Shared holdings make up 29.5% of USVM and 1.5% of VONV.

Level by level

Holdings77 in both1.5%
Sector11 Sectors80.7%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in USVM and VONV, widest gap first
Sector	More in USVMMore in VONV	USVM	VONV
Technology	VONV +12.0 points	9.9%	21.9%
Financials	USVM +7.0 points	24.9%	17.9%
Real Estate	USVM +4.2 points	7.7%	3.5%
Industrials	USVM +4.0 points	13.5%	9.5%
Consumer Staples	VONV +3.3 points	3.9%	7.2%
Utilities	USVM +2.8 points	6.2%	3.4%
Materials	VONV +1.7 points	1.6%	3.3%
Energy	VONV +1.3 points	4.9%	6.2%
Consumer Discretionary	USVM +1.1 points	11.5%	10.4%
Health Care	VONV +0.9 points	12.5%	13.4%
Communication	Same weight	3.4%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in USVM and VONV, widest gap first
Country	More in USVMMore in VONV	USVM	VONV
United States	VONV +0.7 points	99.3%	100.0%
Other countries (3)	USVM +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

USVM6.8%
VONV29.8%

Securities held

USVM292
VONV871

Asset class

USVM: Equity
VONV: Equity

Holdings

Only in USVM215
In both77
Only in VONV794

Only in USVM

215 securities, 70.3% of USVM by weight

Southwest Gas Holdings In0.73%
Spire Inc0.68%
Kite Realty Group Trust0.68%
New Jersey Resources Corp0.67%
One Gas Inc0.67%
Avista Corp0.64%
Everest Group Ltd0.64%
Apple Hospitality Reit In0.63%
Sunstone Hotel Investors0.63%
Cno Financial Group Inc0.63%
United Bankshares Inc0.62%
Cathay General Bancorp0.61%
Ellington Financial Inc0.61%
Black Hills Corp0.60%
Independent Bank Corp.0.60%
Portland General Electric0.58%
Diamondrock Hospitality C0.58%
Otter Tail Corp.0.57%
Wsfs Financial Corp0.57%
Graham Holdings Co0.57%
First Busey Corp0.56%
Ameris Bancorp0.56%
Hancock Whitney Corp0.54%
Broadstone Net Lease Inc0.53%
H20 America0.53%
Innoviva Inc0.53%
Fulton Financial Corp0.53%
First Financial Bancorp0.52%
Valley National Bancorp0.52%
Associated Banc-Corp0.52%
Concentra Group Holdings0.52%
First Interstate Bancsys-0.52%
Essent Group Ltd0.51%
Outfront Media Inc0.51%
Provident Financial Svcs0.51%
Genworth Financial Inc0.50%
First Bancorp/Puerto Rico0.49%
Radian Group Inc.0.49%
Greif Inc. - Class A0.49%
Rlj Lodging Trust0.48%
Nelnet Inc-Cl A0.48%
Wesbanco Inc0.48%
Mercury General Corp0.47%
Pebblebrook Hotel Trust0.47%
Siriuspoint Ltd0.46%
Amneal Pharmaceuticals In0.46%
Columbia Financial Inc/Md0.45%
Bankunited Inc0.45%
Park Hotels & Resorts Inc0.45%
Wafd Inc0.45%

Only in VONV

794 securities, 98.3% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
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%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in USVM and VONV, widest gap first
Holding	More in USVMMore in VONV	USVM	VONV
Pinnacle West CapitalPNW	USVM +0.75 points	0.78%	0.03%
White Mountains InsuranceWTM	USVM +0.68 points	0.69%	0.01%
Mdu Resources Group Inc.MDU	USVM +0.62 points	0.63%	0.01%
Bok Financial CorpBOKF	USVM +0.61 points	0.62%	<0.01%
Hanover Insurance GroupTHG	USVM +0.61 points	0.63%	0.02%
Adt IncADT	USVM +0.56 points	0.57%	<0.01%
Bank OzkOZK	USVM +0.56 points	0.57%	0.01%
Host Hotels & Resorts IncHST	USVM +0.53 points	0.57%	0.04%
Fnb CorpFNB	USVM +0.52 points	0.54%	0.02%
Globe Life IncGL	USVM +0.51 points	0.55%	0.04%
Renaissancere Holdings LtRNR	USVM +0.50 points	0.54%	0.04%
First Horizon CorpFHN	USVM +0.50 points	0.53%	0.03%
Axis Capital Holdings LtdAXS	USVM +0.50 points	0.52%	0.02%
Unum GroupUNM	USVM +0.49 points	0.53%	0.04%
Popular IncBPOP	USVM +0.49 points	0.51%	0.02%
Henry Schein Inc.HSIC	USVM +0.48 points	0.50%	0.02%
Assured Guaranty LtdAGO	USVM +0.47 points	0.48%	<0.01%
Mgic Investment Corp.MTG	USVM +0.47 points	0.48%	0.01%
Msc Industrial Direct CoMSM	USVM +0.46 points	0.48%	0.02%
Kirby CorpKEX	USVM +0.45 points	0.47%	0.02%
Old Republic Int. Corp.ORI	USVM +0.45 points	0.47%	0.02%
Rithm Capital CorpRITM	USVM +0.44 points	0.45%	0.01%
Voya FinancialVOYA	USVM +0.43 points	0.45%	0.02%
Boyd Gaming CorpBYD	USVM +0.43 points	0.44%	<0.01%
Molson Coors Beverage CoTAP	USVM +0.41 points	0.43%	0.02%
Penske Auto Group IncPAG	USVM +0.42 points	0.43%	<0.01%
Ryder System IncR	USVM +0.42 points	0.44%	0.02%
Kilroy Realty Corp.KRC	USVM +0.41 points	0.42%	0.01%
AramarkARMK	USVM +0.40 points	0.44%	0.04%
Sirius Xm Holdings IncSIRI	USVM +0.39 points	0.40%	0.01%
Dolby Laboratories IncDLB	USVM +0.38 points	0.39%	<0.01%
Millrose Properties IncMRP	USVM +0.38 points	0.39%	0.01%
Post Holdings IncPOST	USVM +0.37 points	0.38%	<0.01%
Middleby CorpMIDD	USVM +0.37 points	0.38%	0.01%
Ally Financial IncALLY	USVM +0.36 points	0.39%	0.03%
Universal Health ServicesUHS	USVM +0.36 points	0.38%	0.02%
Seaboard CorpSEB	USVM +0.34 points	0.34%	<0.01%
Solventum CorpSOLV	USVM +0.33 points	0.37%	0.04%
Crocs IncCROX	USVM +0.32 points	0.34%	0.02%
Cirrus Logic IncCRUS	USVM +0.32 points	0.34%	0.02%
Macy's Inc.M	USVM +0.32 points	0.34%	0.02%
Stanley Black & DeckerSWK	USVM +0.31 points	0.35%	0.04%
Lear CorpLEA	USVM +0.31 points	0.33%	0.02%
Albertsons Cos IncACI	USVM +0.32 points	0.33%	0.01%
Lincoln National Corp.LNC	USVM +0.31 points	0.33%	0.02%
Mohawk Industries Inc.MHK	USVM +0.31 points	0.33%	0.02%
Pvh CorpPVH	USVM +0.31 points	0.32%	<0.01%
Sonoco Products Co.SON	USVM +0.31 points	0.32%	0.01%
Timken Co.TKR	USVM +0.30 points	0.32%	0.02%
Teleflex Inc.TFX	USVM +0.30 points	0.32%	0.02%
Darling Ingredients IncDAR	USVM +0.30 points	0.33%	0.03%
Chord Energy CorpCHRD	USVM +0.30 points	0.32%	0.02%
Skyworks Solutions IncSWKS	USVM +0.30 points	0.34%	0.04%
Bio-Rad Laboratories IncBIO	USVM +0.30 points	0.32%	0.02%
Matador Resources CoMTDR	USVM +0.30 points	0.31%	0.01%
Apa CorpAPA	USVM +0.29 points	0.33%	0.04%
Arrow ElectronicsARW	USVM +0.29 points	0.32%	0.03%
Avnet IncAVT	USVM +0.29 points	0.31%	0.02%
Western Union CoWU	USVM +0.27 points	0.28%	<0.01%
Schneider National IncSNDR	USVM +0.27 points	0.27%	<0.01%
Envista Holdings CorpNVST	USVM +0.26 points	0.27%	0.01%
Knight-Swift TransportKNX	USVM +0.25 points	0.28%	0.03%
Oshkosh CorpOSK	USVM +0.25 points	0.27%	0.02%
Davita IncDVA	USVM +0.24 points	0.26%	0.02%
Celanese Corp.CE	USVM +0.25 points	0.26%	0.01%
Littelfuse Inc.LFUS	USVM +0.24 points	0.27%	0.03%
Elanco Animal Health IncELAN	USVM +0.24 points	0.27%	0.03%
Olin Corp.OLN	USVM +0.23 points	0.23%	<0.01%
Versant Media Group IncVSNT	USVM +0.22 points	0.23%	0.01%
Mgm Resorts InternationalMGM	USVM +0.21 points	0.23%	0.02%
Graphic Packaging HoldingGPK	USVM +0.20 points	0.21%	<0.01%
Borgwarner Inc.BWA	USVM +0.19 points	0.22%	0.03%
The Mosaic Co.MOS	USVM +0.18 points	0.20%	0.02%
Arrowhead PharmaceuticalsARWR	USVM +0.16 points	0.17%	<0.01%
Sanmina CorpSANM	USVM +0.13 points	0.15%	0.02%
Amkor Technology IncAMKR	USVM +0.11 points	0.13%	0.02%
Onto Innovation IncONTO	USVM +0.10 points	0.13%	0.03%

All 296 USVM 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.

USVM vs VONV Cost

Overpaying USVM vs VONV

$3,288

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

USVM 0.22%
$4,558
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

USVM 0.22%
VONV 0.06%
Overpaying

Year by year

Year	USVM	VONV	Overpaying
10	$401	$110	$291
20	$1,561	$432	$1,129
30	$4,558	$1,270	$3,288

Expense ratio

0.22%USVM
0.06%VONV, cheaper

VONV0.06%USVM0.22%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

USVM 33rd cheapest of 99 funds

USVM vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): USVM 1.88%, better; VONV 1.53%
Payout (12M): USVM $2.00; VONV $1.74
Last payment: USVM $0.25; VONV $0.42
Ex-dividend: USVM Oct 8, 2026; VONV Sep 23, 2026
Paid on: USVM Oct 9, 2026; VONV Sep 25, 2026
Frequency: USVM Monthly; VONV Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

USVMMonthly · 45 paymentsAll USVM payments⁠

VONVQuarterly · 15 paymentsAll VONV payments⁠

USVM vs VONV Risk

Fall from peak · 5 years

USVM
VONV

Risk facts

VolatilityStd dev, 3 years: USVM 16.8%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: USVM 1.02VONV 1.43, better
Worst fallMax drawdown, 5 years: USVM −25.3%VONV −18.9%, better
Market sensitivityBeta, 5 years: USVM 1.00VONV 0.85; Market = 1

USVM and VONV in the news

All news⁠

Best ETFs
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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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