CZAR vs. USMV

Last updated Jul 14, 2026

CZAR (Themes Natural Monopoly ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - CZAR tracks the Solactive Natural Monopoly Index - Benchmark TR Gross while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, CZAR returned 2.18% vs 7.10% for USMV. A 0.67 correlation means they provide meaningful diversification when combined. CZAR charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

CZAR vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) 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, CZAR achieves a -0.16% return, which is significantly lower than USMV's 4.64% return.

CZAR

• 1D: -0.30%
• 1M: 1.67%
• 6M: -1.92%
• YTD: -0.16%
• 1Y: 2.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

CZAR vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CZAR Themes Natural Monopoly ETF	-0.16%	13.32%	10.92%	3.83%
USMV iShares MSCI USA Min Vol Factor ETF	4.64%	7.65%	15.74%	1.06%

Correlation

The correlation between CZAR and USMV is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.67

The correlation between CZAR and USMV has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

CZAR vs. USMV - Sectors Allocation Comparison

Sectors	CZAR	USMV
Industrials	27.8%	6.1%
Technology	18.6%	33.9%
Financial Services	18.2%	11.7%
Healthcare	9.1%	12.6%
Consumer Cyclical	6.3%	5.7%
Consumer Defensive	5.9%	9.4%
Basic Materials	3.5%	2.4%
Energy	3.3%	2.7%
Utilities	2.8%	6.9%
Communication Services	2.2%	6.2%
Real Estate	-	2.5%

Return for Risk

CZAR vs. USMV — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 12
CZAR Sharpe Ratio Rank: 12
CZAR Sortino Ratio Rank: 11
CZAR Omega Ratio Rank: 11
CZAR Calmar Ratio Rank: 12
CZAR Martin Ratio Rank: 13

USMV

USMV Risk / Return Rank: 28
USMV Sharpe Ratio Rank: 29
USMV Sortino Ratio Rank: 26
USMV Omega Ratio Rank: 25
USMV Calmar Ratio Rank: 28
USMV Martin Ratio Rank: 31

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.

CZAR vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) 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.

	CZAR	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.18	0.84	-0.66
Sortino ratio: Return per unit of downside risk	0.34	1.23	-0.89
Omega ratio: Gain probability vs. loss probability	1.04	1.15	-0.11
Calmar ratio: Return relative to maximum drawdown	0.23	1.10	-0.87
Martin ratio: Return relative to average drawdown	0.65	3.61	-2.96

CZAR vs. USMV - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.18, which is lower than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CZAR 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

CZAR vs. USMV - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for CZAR and USMV.

Drawdown Indicators

	CZAR	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-33.10%	+19.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-6.46%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-2.92%	-0.54%	-2.38%
Average Drawdown Average peak-to-trough decline	-2.27%	-2.87%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.97%	+1.39%

Volatility

CZAR vs. USMV - Volatility Comparison

Themes Natural Monopoly ETF (CZAR) has a higher volatility of 3.25% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that CZAR'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

	CZAR	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.54%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	6.22%	+3.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	8.48%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.92%	12.36%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	14.49%	+0.43%

CZAR vs. USMV - Expense Ratio Comparison

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

Dividends

CZAR vs. USMV - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.47%, which matches USMV's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZAR Themes Natural Monopoly ETF	1.47%	1.47%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both CZAR and USMV in my portfolio?

CZAR and USMV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZAR or USMV?

CZAR has higher volatility (3.25%) compared to USMV (2.54%). In terms of maximum drawdown, CZAR dropped -13.38% vs USMV's -33.10%.

Which ETF is better, CZAR or USMV?

On 1-year performance, USMV leads with 7.10% vs 2.18% for CZAR. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or USMV?

Over the 1-year period, USMV has performed better with a 7.10% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or USMV?

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

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

USMV has the higher dividend yield at 1.48%, compared with 1.47% for CZAR.

What is the main difference between CZAR and USMV?

CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for CZAR and 0.15% for USMV.

Which has better risk-adjusted returns?

USMV currently has the higher Sharpe Ratio (0.84 vs 0.18), 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.