ACWV vs. USMV

Last updated Jun 24, 2026

ACWV (iShares MSCI Global Min Vol Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds from iShares - ACWV tracks the MSCI ACWI Minimum Volatility Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, ACWV returned 7.32%/yr vs 9.79%/yr for USMV. Their correlation of 0.90 suggests significant overlap in exposure. ACWV charges 0.20%/yr vs 0.15%/yr for USMV.

Performance

ACWV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWV achieves a 1.23% return, which is significantly higher than USMV's 1.14% return. Over the past 10 years, ACWV has underperformed USMV with an annualized return of 7.32%, while USMV has yielded a comparatively higher 9.79% annualized return.

ACWV

• 1D: -0.08%
• 1M: -1.78%
• YTD: 1.23%
• 6M: 0.78%
• 1Y: 3.93%
• 3Y*: 9.62%
• 5Y*: 5.34%
• 10Y*: 7.32%

USMV

• 1D: 0.29%
• 1M: -2.10%
• YTD: 1.14%
• 6M: 0.51%
• 1Y: 3.59%
• 3Y*: 10.93%
• 5Y*: 7.02%
• 10Y*: 9.79%

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

ACWV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWV iShares MSCI Global Min Vol Factor ETF	1.23%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%
USMV iShares MSCI USA Min Vol Factor ETF	1.14%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between ACWV and USMV is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.90

The correlation between ACWV and USMV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

ACWV vs. USMV - Sectors Allocation Comparison

Sectors	ACWV	USMV
Technology	25.8%	33.9%
Financial Services	13.2%	11.7%
Healthcare	13.0%	12.6%
Communication Services	11.9%	6.2%
Consumer Defensive	9.8%	9.4%
Industrials	8.1%	6.1%
Utilities	7.3%	6.9%
Consumer Cyclical	5.1%	5.7%
Energy	3.7%	2.7%
Basic Materials	1.5%	2.4%
Real Estate	0.6%	2.5%

Return for Risk

ACWV vs. USMV — Risk / Return Rank

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

ACWV

ACWV Risk / Return Rank: 16
ACWV Sharpe Ratio Rank: 17
ACWV Sortino Ratio Rank: 15
ACWV Omega Ratio Rank: 15
ACWV Calmar Ratio Rank: 16
ACWV Martin Ratio Rank: 18

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 15
USMV Sortino Ratio Rank: 13
USMV Omega Ratio Rank: 13
USMV Calmar Ratio Rank: 15
USMV Martin Ratio Rank: 17

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.

ACWV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

	ACWV	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.42	+0.09
Sortino ratio: Return per unit of downside risk	0.75	0.65	+0.11
Omega ratio: Gain probability vs. loss probability	1.09	1.08	+0.02
Calmar ratio: Return relative to maximum drawdown	0.62	0.56	+0.06
Martin ratio: Return relative to average drawdown	1.83	1.82	+0.01

ACWV vs. USMV - Sharpe Ratio Comparison

The current ACWV Sharpe Ratio is 0.51, which is comparable to the USMV Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of ACWV and USMV, 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

ACWV vs. USMV - Drawdown Comparison

The maximum ACWV drawdown since its inception was -28.82%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for ACWV and USMV.

Drawdown Indicators

	ACWV	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-33.10%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-6.46%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-9.36%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-17.93%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	-33.10%	+4.28%
Current Drawdown Current decline from peak	-3.99%	-2.63%	-1.36%
Average Drawdown Average peak-to-trough decline	-3.11%	-2.87%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.98%	+0.17%

Volatility

ACWV vs. USMV - Volatility Comparison

The current volatility for iShares MSCI Global Min Vol Factor ETF (ACWV) is 2.11%, while iShares MSCI USA Min Vol Factor ETF (USMV) has a volatility of 2.63%. This indicates that ACWV experiences smaller price fluctuations and is considered to be less risky than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.63%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	5.70%	6.14%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	8.60%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	12.35%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	14.51%	-2.22%

ACWV vs. USMV - Expense Ratio Comparison

ACWV has a 0.20% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ACWV vs. USMV - Dividend Comparison

ACWV's dividend yield for the trailing twelve months is around 1.98%, more than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	1.98%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both ACWV and USMV in my portfolio?

ACWV and USMV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWV or USMV?

USMV has higher volatility (2.63%) compared to ACWV (2.11%). In terms of maximum drawdown, ACWV dropped -28.82% vs USMV's -33.10%.

Which ETF is better, ACWV or USMV?

On 10-year performance, USMV leads with 9.79% vs 7.32% for ACWV. On fees, USMV is cheaper at 0.15% per year. On volatility, ACWV has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWV or USMV?

Over the 10-year period, USMV has performed better with a 9.79% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWV or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for ACWV.

Which ETF pays a higher dividend yield, ACWV or USMV?

ACWV has the higher dividend yield at 1.98%, compared with 1.53% for USMV.

What is the main difference between ACWV and USMV?

ACWV tracks MSCI ACWI Minimum Volatility Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.20% for ACWV and 0.15% for USMV.

Which has better risk-adjusted returns?

ACWV currently has the higher Sharpe Ratio (0.51 vs 0.42), 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.