CSD vs. USMF

Last updated Jun 5, 2026

CSD (Invesco S&P Spin-Off ETF) and USMF (WisdomTree US Multifactor Fund) are both Mid Cap Blend Equities funds - CSD tracks the S&P U.S. Spin-Off Index while USMF tracks the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, CSD returned 16.53%/yr vs 7.68%/yr for USMF. A 0.78 correlation means they provide meaningful diversification when combined. CSD charges 0.65%/yr vs 0.28%/yr for USMF.

Performance

CSD vs. USMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Spin-Off ETF (CSD) and WisdomTree US Multifactor Fund (USMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSD achieves a 40.17% return, which is significantly higher than USMF's 4.43% return.

CSD

• 1D: 0.36%
• 1M: 5.52%
• YTD: 40.17%
• 6M: 38.88%
• 1Y: 73.14%
• 3Y*: 37.02%
• 5Y*: 16.53%
• 10Y*: 14.06%

USMF

• 1D: 0.08%
• 1M: 3.17%
• YTD: 4.43%
• 6M: 4.58%
• 1Y: 6.68%
• 3Y*: 14.35%
• 5Y*: 7.68%
• 10Y*: —

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

CSD vs. USMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSD Invesco S&P Spin-Off ETF	40.17%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-17.82%	8.03%
USMF WisdomTree US Multifactor Fund	4.43%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%

Correlation

The correlation between CSD and USMF is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.78

The correlation between CSD and USMF shifts across timeframes, from 0.61 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

CSD vs. USMF - Sectors Allocation Comparison

Sectors	CSD	USMF
Industrials	31.1%	7.8%
Technology	18.6%	35.6%
Healthcare	13.1%	9.3%
Basic Materials	11.1%	0.9%
Communication Services	9.0%	10.3%
Utilities	7.0%	2.0%
Real Estate	5.1%	2.0%
Consumer Cyclical	2.9%	11.1%
Financial Services	0.1%	11.8%
Consumer Defensive	-	5.2%
Energy	-	4.1%

Return for Risk

CSD vs. USMF — Risk / Return Rank

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

CSD

CSD Risk / Return Rank: 89
CSD Sharpe Ratio Rank: 90
CSD Sortino Ratio Rank: 86
CSD Omega Ratio Rank: 84
CSD Calmar Ratio Rank: 93
CSD Martin Ratio Rank: 93

USMF

USMF Risk / Return Rank: 21
USMF Sharpe Ratio Rank: 20
USMF Sortino Ratio Rank: 19
USMF Omega Ratio Rank: 18
USMF Calmar Ratio Rank: 23
USMF Martin Ratio Rank: 24

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.

CSD vs. USMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) and WisdomTree US Multifactor Fund (USMF). 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.

	CSD	USMF	Difference
Sharpe ratio: Return per unit of total volatility	3.09	0.62	+2.46
Sortino ratio: Return per unit of downside risk	3.85	0.94	+2.91
Omega ratio: Gain probability vs. loss probability	1.50	1.11	+0.39
Calmar ratio: Return relative to maximum drawdown	6.48	1.04	+5.45
Martin ratio: Return relative to average drawdown	25.42	3.11	+22.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSD vs. USMF - Sharpe Ratio Comparison

The current CSD Sharpe Ratio is 3.09, which is higher than the USMF Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of CSD and USMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CSD	USMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	0.62	+2.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.54	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.63	-0.19

Drawdowns

CSD vs. USMF - Drawdown Comparison

The maximum CSD drawdown since its inception was -70.47%, which is greater than USMF's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for CSD and USMF.

Drawdown Indicators

	CSD	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-70.47%	-36.24%	-34.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-6.47%	-4.87%
Max Drawdown (3Y) Largest decline over 3 years	-30.15%	-15.39%	-14.76%
Max Drawdown (5Y) Largest decline over 5 years	-30.15%	-18.10%	-12.05%
Max Drawdown (10Y) Largest decline over 10 years	-57.55%	—	—
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-14.23%	-4.16%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.15%	+0.74%

Volatility

CSD vs. USMF - Volatility Comparison

Invesco S&P Spin-Off ETF (CSD) has a higher volatility of 5.60% compared to WisdomTree US Multifactor Fund (USMF) at 2.25%. This indicates that CSD's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSD	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	2.25%	+3.35%
Volatility (6M) Calculated over the trailing 6-month period	18.29%	7.42%	+10.87%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	10.79%	+13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.26%	14.26%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.83%	16.96%	+7.87%

CSD vs. USMF - Expense Ratio Comparison

CSD has a 0.65% expense ratio, which is higher than USMF's 0.28% expense ratio.

Dividends

CSD vs. USMF - Dividend Comparison

CSD's dividend yield for the trailing twelve months is around 0.11%, less than USMF's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
USMF WisdomTree US Multifactor Fund	1.31%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSD and USMF in my portfolio?

CSD and USMF have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSD or USMF?

CSD has higher volatility (5.60%) compared to USMF (2.25%). In terms of maximum drawdown, CSD dropped -70.47% vs USMF's -36.24%.

Which ETF is better, CSD or USMF?

On 5-year performance, CSD leads with 16.53% vs 7.68% for USMF. On fees, USMF is cheaper at 0.28% per year. On volatility, USMF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSD or USMF?

Over the 5-year period, CSD has performed better with a 16.53% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSD or USMF?

USMF is cheaper with a 0.28% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, CSD or USMF?

USMF has the higher dividend yield at 1.31%, compared with 0.11% for CSD.

What is the main difference between CSD and USMF?

CSD tracks S&P U.S. Spin-Off Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.65% for CSD and 0.28% for USMF.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.09 vs 0.62), 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.