ESMV vs. AFOS

Last updated Jun 4, 2026

ESMV (iShares ESG MSCI USA Min Vol Factor ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. At a 0.36 correlation, their price movements are largely independent. ESMV charges 0.18%/yr vs 0.45%/yr for AFOS.

Performance

ESMV vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESMV achieves a 5.28% return, which is significantly lower than AFOS's 32.04% return.

ESMV

• 1D: -0.78%
• 1M: 3.36%
• YTD: 5.28%
• 6M: 5.39%
• 1Y: 6.76%
• 3Y*: 11.27%
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESMV vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
ESMV iShares ESG MSCI USA Min Vol Factor ETF	5.28%	1.99%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between ESMV and AFOS is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.36

Return for Risk

ESMV vs. AFOS — Risk / Return Rank

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

ESMV

ESMV Risk / Return Rank: 21
ESMV Sharpe Ratio Rank: 20
ESMV Sortino Ratio Rank: 19
ESMV Omega Ratio Rank: 20
ESMV Calmar Ratio Rank: 22
ESMV Martin Ratio Rank: 23

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.

ESMV vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	ESMV	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.67	—	—
Sortino ratio: Return per unit of downside risk	1.00	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.97	—	—
Martin ratio: Return relative to average drawdown	2.97	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ESMV	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	4.35	-3.91

Drawdowns

ESMV vs. AFOS - Drawdown Comparison

The maximum ESMV drawdown since its inception was -19.77%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for ESMV and AFOS.

Drawdown Indicators

	ESMV	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-11.52%	-8.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	—	—
Current Drawdown Current decline from peak	-0.78%	-0.29%	-0.49%
Average Drawdown Average peak-to-trough decline	-5.33%	-1.37%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	—	—

Volatility

Volatility by Period

	ESMV	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	20.19%	-10.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	20.19%	-6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.24%	20.19%	-6.95%

ESMV vs. AFOS - Expense Ratio Comparison

ESMV has a 0.18% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

ESMV vs. AFOS - Dividend Comparison

ESMV's dividend yield for the trailing twelve months is around 1.58%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%	0.00%	0.00%	0.00%
ESMV iShares ESG MSCI USA Min Vol Factor ETF	1.58%	1.56%	1.71%	1.75%	1.66%	0.24%

Frequently Asked Questions

Can I hold both ESMV and AFOS in my portfolio?

ESMV and AFOS have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESMV or AFOS?

On fees, ESMV is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESMV or AFOS?

ESMV is cheaper with a 0.18% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, ESMV or AFOS?

ESMV has the higher dividend yield at 1.58%, compared with 0.22% for AFOS.

What is the main difference between ESMV and AFOS?

They also come from different issuers: iShares and ARS Investment Partners. Their fees differ too: 0.18% for ESMV and 0.45% for AFOS.