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CFA vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CFA vs. USMV

Last updated Jul 14, 2026
Documentation

CFA (VictoryShares US 500 Volatility Weighted ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities 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 11.49%/yr vs 9.58%/yr for USMV. Their correlation of 0.82 suggests significant overlap in exposure. 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 9.92% return, which is significantly higher than USMV's 4.64% return. Over the past 10 years, CFA has outperformed USMV with an annualized return of 11.49%, while USMV has yielded a comparatively lower 9.58% annualized return.

CFA

1D
-0.02%
1M
1.67%
6M
6.90%
YTD
9.92%
1Y
13.74%
3Y*
12.92%
5Y*
8.29%
10Y*
11.49%

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CFA vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CFA
VictoryShares US 500 Volatility Weighted ETF		9.92%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		4.64%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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

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

18.1%
6.1%

Financial Services

17.8%
11.7%

Technology

17.1%
33.9%

Consumer Cyclical

9.6%
5.7%

Healthcare

9.6%
12.6%

Utilities

8.5%
6.9%

Consumer Defensive

6.7%
9.4%

Energy

5.1%
2.7%

Basic Materials

3.6%
2.4%

Communication Services

3.6%
6.2%

Real Estate

0.4%
2.5%

Industrials

CFA
18.1%
USMV
6.1%

Financial Services

CFA
17.8%
USMV
11.7%

Technology

CFA
17.1%
USMV
33.9%

Consumer Cyclical

CFA
9.6%
USMV
5.7%

Healthcare

CFA
9.6%
USMV
12.6%

Utilities

CFA
8.5%
USMV
6.9%

Consumer Defensive

CFA
6.7%
USMV
9.4%

Energy

CFA
5.1%
USMV
2.7%

Basic Materials

CFA
3.6%
USMV
2.4%

Communication Services

CFA
3.6%
USMV
6.2%

Real Estate

CFA
0.4%
USMV
2.5%

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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CFA
CFA Risk / Return Rank: 4747
Overall Rank
CFA Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
CFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
CFA Omega Ratio Rank: 4343
Omega Ratio Rank
CFA Calmar Ratio Rank: 4848
Calmar Ratio Rank
CFA Martin Ratio Rank: 5353
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
Martin Ratio Rank
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.

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
1.28
0.84

+0.44

Sortino ratioReturn per unit of downside risk
1.89
1.23

+0.66

Omega ratioGain probability vs. loss probability

1.23

1.15

+0.08

Calmar ratioReturn relative to maximum drawdown

1.93

1.10

+0.83

Martin ratioReturn relative to average drawdown

7.17

3.61

+3.56

CFA vs. USMV - Sharpe Ratio Comparison

The current CFA Sharpe Ratio is 1.28, which is higher than the USMV Sharpe Ratio of 0.84. 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

-0.27%

-0.54%

+0.27%

Average Drawdown

Average peak-to-trough decline

-4.14%

-2.87%

-1.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

1.97%

-0.05%

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 2.59% and 2.54%, 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

2.59%

2.54%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

7.89%

6.22%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

10.81%

8.48%

+2.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.06%

12.36%

+2.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.13%

14.49%

+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 1.48% 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		1.48%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.

CFA has higher volatility (2.59%) compared to USMV (2.54%). In terms of maximum drawdown, CFA dropped -37.74% vs USMV's -33.10%.

On 10-year performance, CFA leads with 11.49% vs 9.58% for USMV. On fees, USMV is cheaper at 0.15% per year. Their volatility is very similar. 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 11.49% return vs 9.58%. 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 1.48%, 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 (1.28 vs 0.84), 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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