EFAV vs. USMV

Last updated Jul 18, 2026

EFAV (iShares MSCI EAFE Min Vol Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, EFAV returned 6.33%/yr vs 9.44%/yr for USMV. A 0.68 correlation means they provide meaningful diversification when combined. EFAV charges 0.20%/yr vs 0.15%/yr for USMV.

Performance

EFAV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Min Vol Factor ETF (EFAV) 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, EFAV achieves a 7.56% return, which is significantly higher than USMV's 3.34% return. Over the past 10 years, EFAV has underperformed USMV with an annualized return of 6.33%, while USMV has yielded a comparatively higher 9.44% annualized return.

EFAV

• 1D: 0.88%
• 1M: 3.93%
• 6M: 6.18%
• YTD: 7.56%
• 1Y: 13.34%
• 3Y*: 13.45%
• 5Y*: 6.73%
• 10Y*: 6.33%

USMV

• 1D: -0.55%
• 1M: 2.07%
• 6M: 3.05%
• YTD: 3.34%
• 1Y: 5.43%
• 3Y*: 10.84%
• 5Y*: 6.84%
• 10Y*: 9.44%

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

EFAV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFAV iShares MSCI EAFE Min Vol Factor ETF	7.56%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%
USMV iShares MSCI USA Min Vol Factor ETF	3.34%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between EFAV and USMV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.68

Over the past year, the correlation between EFAV and USMV has dropped to 0.47 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

EFAV vs. USMV - Sectors Allocation Comparison

Sectors	EFAV	USMV
Financial Services	19.4%	11.7%
Industrials	15.9%	6.1%
Healthcare	12.0%	12.6%
Consumer Defensive	11.9%	9.4%
Communication Services	9.6%	6.2%
Utilities	8.8%	6.9%
Energy	8.3%	2.7%
Consumer Cyclical	5.0%	5.7%
Technology	4.6%	33.9%
Real Estate	3.0%	2.5%
Basic Materials	1.5%	2.4%

Return for Risk

EFAV vs. USMV — Risk / Return Rank

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

EFAV

EFAV Risk / Return Rank: 43
EFAV Sharpe Ratio Rank: 44
EFAV Sortino Ratio Rank: 43
EFAV Omega Ratio Rank: 43
EFAV Calmar Ratio Rank: 49
EFAV Martin Ratio Rank: 38

USMV

USMV Risk / Return Rank: 22
USMV Sharpe Ratio Rank: 22
USMV Sortino Ratio Rank: 21
USMV Omega Ratio Rank: 20
USMV Calmar Ratio Rank: 23
USMV Martin Ratio Rank: 26

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.

EFAV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Min Vol Factor ETF (EFAV) 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.

	EFAV	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.64	+0.62
Sortino ratio: Return per unit of downside risk	1.83	0.96	+0.87
Omega ratio: Gain probability vs. loss probability	1.23	1.11	+0.12
Calmar ratio: Return relative to maximum drawdown	2.01	0.84	+1.17
Martin ratio: Return relative to average drawdown	4.68	2.75	+1.93

EFAV vs. USMV - Sharpe Ratio Comparison

The current EFAV Sharpe Ratio is 1.26, which is higher than the USMV Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of EFAV 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

EFAV vs. USMV - Drawdown Comparison

The maximum EFAV drawdown since its inception was -27.56%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for EFAV and USMV.

Drawdown Indicators

	EFAV	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-33.10%	+5.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-6.46%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-9.36%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-17.93%	-9.53%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	-33.10%	+5.54%
Current Drawdown Current decline from peak	-2.21%	-1.78%	-0.43%
Average Drawdown Average peak-to-trough decline	-4.77%	-2.86%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.98%	+0.88%

Volatility

EFAV vs. USMV - Volatility Comparison

iShares MSCI EAFE Min Vol Factor ETF (EFAV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.90% and 3.01%, 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.

Volatility by Period

	EFAV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	3.01%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	6.43%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	8.53%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.84%	12.38%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	14.50%	-1.48%

EFAV vs. USMV - Expense Ratio Comparison

EFAV has a 0.20% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EFAV vs. USMV - Dividend Comparison

EFAV's dividend yield for the trailing twelve months is around 3.14%, more than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFAV iShares MSCI EAFE Min Vol Factor ETF	3.14%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	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 EFAV and USMV in my portfolio?

EFAV and USMV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFAV or USMV?

USMV has higher volatility (3.01%) compared to EFAV (2.90%). In terms of maximum drawdown, EFAV dropped -27.56% vs USMV's -33.10%.

Which ETF is better, EFAV or USMV?

On 10-year performance, USMV leads with 9.44% vs 6.33% for EFAV. On fees, USMV is cheaper at 0.15% per year. On volatility, EFAV has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFAV or USMV?

Over the 10-year period, USMV has performed better with a 9.44% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFAV or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for EFAV.

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

EFAV has the higher dividend yield at 3.14%, compared with 1.49% for USMV.

What is the main difference between EFAV and USMV?

EFAV is categorized as Foreign Large Cap Equities, while USMV is Large Cap Blend Equities. EFAV tracks MSCI EAFE Minimum Volatility (USD) Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.20% for EFAV and 0.15% for USMV.

Which has better risk-adjusted returns?

EFAV currently has the higher Sharpe Ratio (1.26 vs 0.64), 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.