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CFO vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CFO vs. USMV

Last updated Jul 14, 2026
Documentation

CFO (VictoryShares US 500 Enhanced Volatility Weighted ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - CFO tracks the Nasdaq Victory U.S. Large Cap 500 Long/Cash Volatility Weighted Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, CFO returned 9.44%/yr vs 9.58%/yr for USMV. Their correlation of 0.84 suggests significant overlap in exposure. CFO charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

CFO vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) 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, CFO achieves a 9.90% return, which is significantly higher than USMV's 4.64% return. Both investments have delivered pretty close results over the past 10 years, with CFO having a 9.44% annualized return and USMV not far ahead at 9.58%.

CFO

1D
-0.04%
1M
1.64%
6M
6.79%
YTD
9.90%
1Y
13.61%
3Y*
10.61%
5Y*
4.37%
10Y*
9.44%

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)

CFO vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CFO
VictoryShares US 500 Enhanced Volatility Weighted ETF		9.90%8.60%15.37%-3.56%-14.46%26.02%19.84%21.64%-8.81%22.65%
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 CFO 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

0.82

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

0.83

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

0.83

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

0.84

The correlation between CFO and USMV has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

CFO vs. USMV - Sectors Allocation Comparison

Sectors
CFO
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

CFO
18.1%
USMV
6.1%

Financial Services

CFO
17.8%
USMV
11.7%

Technology

CFO
17.1%
USMV
33.9%

Consumer Cyclical

CFO
9.6%
USMV
5.7%

Healthcare

CFO
9.6%
USMV
12.6%

Utilities

CFO
8.5%
USMV
6.9%

Consumer Defensive

CFO
6.7%
USMV
9.4%

Energy

CFO
5.1%
USMV
2.7%

Basic Materials

CFO
3.6%
USMV
2.4%

Communication Services

CFO
3.6%
USMV
6.2%

Real Estate

CFO
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 Enhanced Volatility Weighted ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with CFO:
CFO vs. CFACFO vs. VOOCFO vs. BDGSCFO vs. CDCCFO vs. VFLOCFO vs. SPLVCFO vs. FNCMX
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

CFO vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CFO
CFO Risk / Return Rank: 4747
Overall Rank
CFO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CFO Sortino Ratio Rank: 4646
Sortino Ratio Rank
CFO Omega Ratio Rank: 4242
Omega Ratio Rank
CFO Calmar Ratio Rank: 4848
Calmar Ratio Rank
CFO 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.

CFO vs. USMV - Risk-Adjusted Trends Comparison

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

CFOUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.27
0.84

+0.42

Sortino ratioReturn per unit of downside risk
1.87
1.23

+0.63

Omega ratioGain probability vs. loss probability

1.22

1.15

+0.08

Calmar ratioReturn relative to maximum drawdown

1.93

1.10

+0.82

Martin ratioReturn relative to average drawdown

7.12

3.61

+3.51

CFO vs. USMV - Sharpe Ratio Comparison

The current CFO Sharpe Ratio is 1.27, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CFO 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

CFO vs. USMV - Drawdown Comparison

The maximum CFO drawdown since its inception was -24.35%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for CFO and USMV.

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Drawdown Indicators

CFOUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-24.35%

-33.10%

+8.75%

Max Drawdown (1Y)

Largest decline over 1 year

-7.10%

-6.46%

-0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-17.25%

-9.36%

-7.89%

Max Drawdown (5Y)

Largest decline over 5 years

-24.35%

-17.93%

-6.42%

Max Drawdown (10Y)

Largest decline over 10 years

-24.35%

-33.10%

+8.75%

Current Drawdown

Current decline from peak

-0.30%

-0.54%

+0.24%

Average Drawdown

Average peak-to-trough decline

-5.58%

-2.87%

-2.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

1.97%

-0.05%

Volatility

CFO vs. USMV - Volatility Comparison

VictoryShares US 500 Enhanced Volatility Weighted ETF (CFO) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.60% 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

CFOUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.60%

2.54%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

7.86%

6.22%

+1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

10.82%

8.48%

+2.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.31%

12.36%

+0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.16%

14.49%

-1.33%

CFO vs. USMV - Expense Ratio Comparison

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

Dividends

CFO vs. USMV - Dividend Comparison

CFO's dividend yield for the trailing twelve months is around 1.22%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
CFO
VictoryShares US 500 Enhanced Volatility Weighted ETF		1.22%1.32%1.44%1.72%3.95%1.06%0.90%1.44%1.49%1.18%1.35%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

CFO 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.

CFO has higher volatility (2.60%) compared to USMV (2.54%). In terms of maximum drawdown, CFO dropped -24.35% vs USMV's -33.10%.

On 10-year performance, USMV leads with 9.58% vs 9.44% for CFO. 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, USMV has performed better with a 9.58% return vs 9.44%. 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 CFO.

USMV has the higher dividend yield at 1.48%, compared with 1.22% for CFO.

CFO tracks Nasdaq Victory U.S. Large Cap 500 Long/Cash 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 CFO and 0.15% for USMV.

CFO currently has the higher Sharpe Ratio (1.27 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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