BKLC vs. USMV

Last updated Jul 15, 2026

BKLC (BNY Mellon US Large Cap Core Equity ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - BKLC tracks the Morningstar US Large Cap Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, BKLC returned 13.34%/yr vs 6.93%/yr for USMV. A 0.75 correlation means they provide meaningful diversification when combined. BKLC charges 0.00%/yr vs 0.15%/yr for USMV.

Performance

BKLC vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon US Large Cap Core Equity ETF (BKLC) 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, BKLC achieves a 10.87% return, which is significantly higher than USMV's 3.64% return.

BKLC

• 1D: 0.36%
• 1M: 1.68%
• 6M: 9.05%
• YTD: 10.87%
• 1Y: 21.78%
• 3Y*: 21.21%
• 5Y*: 13.34%
• 10Y*: —

USMV

• 1D: -0.96%
• 1M: 1.18%
• 6M: 3.50%
• YTD: 3.64%
• 1Y: 5.50%
• 3Y*: 11.07%
• 5Y*: 6.93%
• 10Y*: 9.48%

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

BKLC vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKLC BNY Mellon US Large Cap Core Equity ETF	10.87%	18.06%	25.56%	30.88%	-20.52%	27.41%	37.31%
USMV iShares MSCI USA Min Vol Factor ETF	3.64%	7.65%	15.74%	10.33%	-9.43%	20.85%	19.57%

Correlation

The correlation between BKLC and USMV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 9, 2020	0.75

Over the past year, the correlation between BKLC and USMV has dropped to 0.45 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

BKLC vs. USMV - Sectors Allocation Comparison

Sectors	BKLC	USMV
Technology	38.8%	33.9%
Communication Services	10.9%	6.2%
Financial Services	10.7%	11.7%
Consumer Cyclical	10.1%	5.7%
Healthcare	8.4%	12.6%
Industrials	8.1%	6.1%
Consumer Defensive	4.4%	9.4%
Energy	3.2%	2.7%
Utilities	2.0%	6.9%
Basic Materials	1.8%	2.4%
Real Estate	1.7%	2.5%

Return for Risk

BKLC vs. USMV — Risk / Return Rank

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

BKLC

BKLC Risk / Return Rank: 65
BKLC Sharpe Ratio Rank: 65
BKLC Sortino Ratio Rank: 62
BKLC Omega Ratio Rank: 65
BKLC Calmar Ratio Rank: 61
BKLC Martin Ratio Rank: 71

USMV

USMV Risk / Return Rank: 22
USMV Sharpe Ratio Rank: 23
USMV Sortino Ratio Rank: 21
USMV Omega Ratio Rank: 20
USMV Calmar Ratio Rank: 23
USMV Martin Ratio Rank: 26

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.

BKLC vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon US Large Cap Core Equity ETF (BKLC) 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.

	BKLC	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.65	+1.05
Sortino ratio: Return per unit of downside risk	2.33	0.96	+1.36
Omega ratio: Gain probability vs. loss probability	1.31	1.11	+0.20
Calmar ratio: Return relative to maximum drawdown	2.40	0.86	+1.55
Martin ratio: Return relative to average drawdown	10.32	2.80	+7.52

BKLC vs. USMV - Sharpe Ratio Comparison

The current BKLC Sharpe Ratio is 1.70, which is higher than the USMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of BKLC 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

BKLC vs. USMV - Drawdown Comparison

The maximum BKLC drawdown since its inception was -26.14%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for BKLC and USMV.

Drawdown Indicators

	BKLC	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-26.14%	-33.10%	+6.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-6.46%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-9.36%	-9.69%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-17.93%	-8.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-0.79%	-1.49%	+0.70%
Average Drawdown Average peak-to-trough decline	-5.21%	-2.87%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.97%	+0.15%

Volatility

BKLC vs. USMV - Volatility Comparison

BNY Mellon US Large Cap Core Equity ETF (BKLC) has a higher volatility of 3.76% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.75%. This indicates that BKLC's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKLC	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.75%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	6.30%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	8.52%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	12.37%	+4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	14.50%	+2.92%

BKLC vs. USMV - Expense Ratio Comparison

BKLC has a 0.00% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKLC vs. USMV - Dividend Comparison

BKLC's dividend yield for the trailing twelve months is around 1.05%, less than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLC BNY Mellon US Large Cap Core Equity ETF	1.05%	1.05%	1.22%	1.35%	1.64%	1.10%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	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 BKLC and USMV in my portfolio?

BKLC and USMV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKLC or USMV?

BKLC has higher volatility (3.76%) compared to USMV (2.75%). In terms of maximum drawdown, BKLC dropped -26.14% vs USMV's -33.10%.

Which ETF is better, BKLC or USMV?

On 5-year performance, BKLC leads with 13.34% vs 6.93% for USMV. On fees, BKLC is cheaper at 0.00% per year. On volatility, USMV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKLC or USMV?

Over the 5-year period, BKLC has performed better with a 13.34% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKLC or USMV?

BKLC is cheaper with a 0.00% expense ratio, compared with 0.15% for USMV.

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

USMV has the higher dividend yield at 1.49%, compared with 1.05% for BKLC.

What is the main difference between BKLC and USMV?

BKLC tracks Morningstar US Large Cap Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.00% for BKLC and 0.15% for USMV.

Which has better risk-adjusted returns?

BKLC currently has the higher Sharpe Ratio (1.70 vs 0.65), 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.