EQTY vs. USMV

Last updated Jul 18, 2026

EQTY (Kovitz Core Equity ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - EQTY tracks the NONE while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 3 years, EQTY returned 14.45%/yr vs 10.84%/yr for USMV. A 0.72 correlation means they provide meaningful diversification when combined. EQTY charges 0.99%/yr vs 0.15%/yr for USMV.

Performance

EQTY vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kovitz Core Equity ETF (EQTY) 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, EQTY achieves a 5.88% return, which is significantly higher than USMV's 3.34% return.

EQTY

• 1D: -1.10%
• 1M: 4.23%
• 6M: 2.01%
• YTD: 5.88%
• 1Y: 12.61%
• 3Y*: 14.45%
• 5Y*: —
• 10Y*: —

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)

EQTY vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EQTY Kovitz Core Equity ETF	5.88%	13.63%	19.89%	26.97%	-3.12%
USMV iShares MSCI USA Min Vol Factor ETF	3.34%	7.65%	15.74%	10.33%	-1.73%

Correlation

The correlation between EQTY 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 (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022	0.73

The correlation between EQTY and USMV has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

EQTY vs. USMV - Sectors Allocation Comparison

Sectors	EQTY	USMV
Technology	22.3%	33.9%
Financial Services	22.0%	11.7%
Healthcare	14.7%	12.6%
Industrials	14.6%	6.1%
Communication Services	10.9%	6.2%
Consumer Cyclical	10.0%	5.7%
Consumer Defensive	4.0%	9.4%
Energy	1.5%	2.7%
Basic Materials	-	2.4%
Real Estate	-	2.5%
Utilities	-	6.9%

Return for Risk

EQTY vs. USMV — Risk / Return Rank

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

EQTY

EQTY Risk / Return Rank: 32
EQTY Sharpe Ratio Rank: 34
EQTY Sortino Ratio Rank: 34
EQTY Omega Ratio Rank: 32
EQTY Calmar Ratio Rank: 28
EQTY Martin Ratio Rank: 34

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.

EQTY vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kovitz Core Equity ETF (EQTY) 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.

	EQTY	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.64	+0.33
Sortino ratio: Return per unit of downside risk	1.43	0.96	+0.47
Omega ratio: Gain probability vs. loss probability	1.17	1.11	+0.06
Calmar ratio: Return relative to maximum drawdown	1.07	0.84	+0.22
Martin ratio: Return relative to average drawdown	3.92	2.75	+1.17

EQTY vs. USMV - Sharpe Ratio Comparison

The current EQTY Sharpe Ratio is 0.97, which is higher than the USMV Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of EQTY 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

EQTY vs. USMV - Drawdown Comparison

The maximum EQTY drawdown since its inception was -17.28%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for EQTY and USMV.

Drawdown Indicators

	EQTY	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-17.28%	-33.10%	+15.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-6.46%	-5.39%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-9.36%	-7.92%
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	-1.10%	-1.78%	+0.68%
Average Drawdown Average peak-to-trough decline	-2.66%	-2.86%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	1.98%	+1.25%

Volatility

EQTY vs. USMV - Volatility Comparison

Kovitz Core Equity ETF (EQTY) has a higher volatility of 3.82% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 3.01%. This indicates that EQTY'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

	EQTY	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	3.01%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	6.43%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	8.53%	+4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	12.38%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	14.50%	+0.40%

EQTY vs. USMV - Expense Ratio Comparison

EQTY has a 0.99% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

EQTY vs. USMV - Dividend Comparison

EQTY's dividend yield for the trailing twelve months is around 0.02%, less than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQTY Kovitz Core Equity ETF	0.02%	0.02%	0.33%	0.26%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 EQTY and USMV in my portfolio?

EQTY 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, EQTY or USMV?

EQTY has higher volatility (3.82%) compared to USMV (3.01%). In terms of maximum drawdown, EQTY dropped -17.28% vs USMV's -33.10%.

Which ETF is better, EQTY or USMV?

On 3-year performance, EQTY leads with 14.45% vs 10.84% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQTY or USMV?

Over the 3-year period, EQTY has performed better with a 14.45% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQTY or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.99% for EQTY.

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

USMV has the higher dividend yield at 1.49%, compared with 0.02% for EQTY.

What is the main difference between EQTY and USMV?

EQTY tracks NONE, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Kovitz and iShares. Their fees differ too: 0.99% for EQTY and 0.15% for USMV.

Which has better risk-adjusted returns?

EQTY currently has the higher Sharpe Ratio (0.97 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.