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CFA vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CFA vs. USMV

Last updated Aug 2, 2026
Documentation

CFA (VictoryShares US 500 Volatility Weighted ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Low Volatility funds - CFA tracks the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, CFA returned 11.58%/yr vs 9.63%/yr for USMV. Their correlation of 0.82 means they have usually moved in the same direction. CFA charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

CFA vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Volatility Weighted ETF (CFA) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CFA achieves a 10.24% return, which is significantly higher than USMV's 4.76% return. Over the past 10 years, CFA has outperformed USMV with an annualized return of 11.58%, while USMV has yielded a comparatively lower 9.63% annualized return.

CFA

1D
-0.18%
1M
0.23%
6M
7.04%
YTD
10.24%
1Y
15.32%
3Y*
12.46%
5Y*
7.95%
10Y*
11.58%
ALL TIME*
10.46%

USMV

1D
0.09%
1M
0.04%
6M
3.84%
YTD
4.76%
1Y
7.68%
3Y*
11.04%
5Y*
6.87%
10Y*
9.63%
ALL TIME*
11.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CFA

VictoryShares US 500 Volatility Weighted ETF
$524.86K$498.13K$606.17K

USMV

iShares MSCI USA Min Vol Factor ETF
$217.70M$221.64M$218.77M

CFA vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CFA
VictoryShares US 500 Volatility Weighted ETF		10.24%8.63%15.34%11.85%-11.39%26.09%11.98%30.15%-8.62%22.47%
USMV
iShares MSCI USA Min Vol Factor ETF		4.76%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between CFA and USMV is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.75

Correlation (3Y)
Balances recent behavior with more history.

0.84

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.87

Correlation (10Y)
Provides a long-term view across more market conditions.

0.85

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2014

0.82

The correlation between CFA and USMV shifts across timeframes, from 0.75 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

CFA vs. USMV - Sectors Allocation Comparison

Sectors
CFA
USMV

Industrials

18.6%
6.4%

Financial Services

18.1%
11.8%

Technology

16.6%
33.0%

Healthcare

9.8%
13.4%

Consumer Cyclical

9.6%
5.8%

Utilities

8.7%
7.2%

Consumer Defensive

6.6%
9.3%

Energy

4.8%
2.6%

Basic Materials

3.5%
2.2%

Communication Services

3.2%
5.7%

Real Estate

0.4%
2.6%

Industrials

CFA
18.6%
USMV
6.4%

Financial Services

CFA
18.1%
USMV
11.8%

Technology

CFA
16.6%
USMV
33.0%

Healthcare

CFA
9.8%
USMV
13.4%

Consumer Cyclical

CFA
9.6%
USMV
5.8%

Utilities

CFA
8.7%
USMV
7.2%

Consumer Defensive

CFA
6.6%
USMV
9.3%

Energy

CFA
4.8%
USMV
2.6%

Basic Materials

CFA
3.5%
USMV
2.2%

Communication Services

CFA
3.2%
USMV
5.7%

Real Estate

CFA
0.4%
USMV
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VictoryShares US 500 Volatility Weighted ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with CFA:
CFA vs. BDGSCFA vs. CFOCFA vs. SPYCFA vs. CDCCFA vs. XLGCFA vs. LGLVCFA vs. VONG
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

CFA vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CFA
CFA Risk / Return Rank: 5757
Overall Rank
CFA Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
CFA Sortino Ratio Rank: 5858
Sortino Ratio Rank
CFA Omega Ratio Rank: 5353
Omega Ratio Rank
CFA Calmar Ratio Rank: 5757
Calmar Ratio Rank
CFA Martin Ratio Rank: 6363
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 3434
Overall Rank
USMV Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3434
Sortino Ratio Rank
USMV Omega Ratio Rank: 3232
Omega Ratio Rank
USMV Calmar Ratio Rank: 3434
Calmar Ratio Rank
USMV Martin Ratio Rank: 3737
Martin Ratio Rank
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.

CFA vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) 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.

CFAUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.34
0.87

+0.47

Sortino ratioReturn per unit of downside risk
1.98
1.29

+0.70

Omega ratioGain probability vs. loss probability

1.24

1.15

+0.09

Calmar ratioReturn relative to maximum drawdown

2.01

1.15

+0.87

Martin ratioReturn relative to average drawdown

7.58

3.74

+3.84

CFA vs. USMV - Sharpe Ratio Comparison

The current CFA Sharpe Ratio is 1.34, which is higher than the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of CFA 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.

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Drawdowns

CFA vs. USMV - Drawdown Comparison

The maximum CFA drawdown since its inception was -37.74%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for CFA and USMV.

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Drawdown Indicators

CFAUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-37.74%

-33.10%

-4.64%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-6.46%

-0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-17.28%

-9.36%

-7.92%

Max Drawdown (5Y)

Largest decline over 5 years

-20.88%

-17.93%

-2.95%

Max Drawdown (10Y)

Largest decline over 10 years

-37.74%

-33.10%

-4.64%

Current Drawdown

Current decline from peak

-1.36%

-0.64%

-0.72%

Average Drawdown

Average peak-to-trough decline

-4.12%

-2.86%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

1.98%

-0.09%

Volatility

CFA vs. USMV - Volatility Comparison

VictoryShares US 500 Volatility Weighted ETF (CFA) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.68% and 2.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CFAUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.68%

2.80%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

7.88%

6.44%

+1.44%

Volatility (1Y)

Calculated over the trailing 1-year period

10.75%

8.56%

+2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.03%

12.38%

+2.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.14%

14.50%

+2.64%

CFA vs. USMV - Expense Ratio Comparison

CFA has a 0.35% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

CFA vs. USMV - Dividend Comparison

CFA's dividend yield for the trailing twelve months is around 1.22%, less than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
CFA
VictoryShares US 500 Volatility Weighted ETF		1.22%1.29%1.32%1.42%1.59%1.04%1.21%1.35%1.50%1.15%1.37%1.31%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%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

CFA and USMV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.80%) compared to CFA (2.68%). In terms of maximum drawdown, CFA dropped -37.74% vs USMV's -33.10%.

On 10-year performance, CFA leads with 11.58% vs 9.63% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, CFA has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CFA has performed better with a 11.58% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for CFA.

USMV has the higher dividend yield at 1.47%, compared with 1.22% for CFA.

CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: VictoryShares and iShares. Their fees differ too: 0.35% for CFA and 0.15% for USMV.

CFA currently has the higher Sharpe Ratio (1.34 vs 0.87), 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.

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