ESMV vs. PABD

Last updated Apr 2, 2026

Compare and contrast key facts about iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD).

ESMV and PABD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ESMV is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross. It was launched on Nov 2, 2021. PABD is a passively managed fund by iShares that tracks the performance of the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. It was launched on Jan 17, 2024. Both ESMV and PABD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ESMV vs. PABD - 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 iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). The values are adjusted to include any dividend payments, if applicable.

ESMV vs. PABD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESMV iShares ESG MSCI USA Min Vol Factor ETF	-1.54%	5.34%	11.98%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	-0.19%	30.06%	5.32%

Returns By Period

In the year-to-date period, ESMV achieves a -1.54% return, which is significantly lower than PABD's -0.19% return.

ESMV

• 1D: 0.30%
• 1M: -4.99%
• YTD: -1.54%
• 6M: -2.08%
• 1Y: 0.35%
• 3Y*: 8.85%
• 5Y*: —
• 10Y*: —

PABD

• 1D: 2.61%
• 1M: -5.93%
• YTD: -0.19%
• 6M: 3.31%
• 1Y: 22.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESMV vs. PABD - Expense Ratio Comparison

ESMV has a 0.18% expense ratio, which is higher than PABD's 0.12% 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%.

ESMV

iShares ESG MSCI USA Min Vol Factor ETF

PABD

iShares Paris-Aligned Climate MSCI World Ex USA ETF

Return for Risk

ESMV vs. PABD — Risk / Return Rank

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

ESMV

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

PABD

PABD Risk / Return Rank: 67
PABD Sharpe Ratio Rank: 69
PABD Sortino Ratio Rank: 70
PABD Omega Ratio Rank: 66
PABD Calmar Ratio Rank: 65
PABD Martin Ratio Rank: 64

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. PABD - 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 iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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	PABD	Difference
Sharpe ratio Return per unit of total volatility	0.03	1.29	-1.26
Sortino ratio Return per unit of downside risk	0.13	1.83	-1.70
Omega ratio Gain probability vs. loss probability	1.02	1.25	-0.23
Calmar ratio Return relative to maximum drawdown	0.04	1.78	-1.74
Martin ratio Return relative to average drawdown	0.15	7.09	-6.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESMV vs. PABD - Sharpe Ratio Comparison

The current ESMV Sharpe Ratio is 0.03, which is lower than the PABD Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ESMV and PABD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ESMV	PABD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	1.29	-1.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.01	-0.68

Correlation

The correlation between ESMV and PABD is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ESMV vs. PABD - Dividend Comparison

ESMV's dividend yield for the trailing twelve months is around 1.69%, less than PABD's 2.74% yield.

	TTM	2025	2024	2023	2022	2021
ESMV iShares ESG MSCI USA Min Vol Factor ETF	1.69%	1.56%	1.71%	1.75%	1.66%	0.24%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.74%	2.74%	2.87%	0.00%	0.00%	0.00%

Drawdowns

ESMV vs. PABD - Drawdown Comparison

The maximum ESMV drawdown since its inception was -19.77%, which is greater than PABD's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for ESMV and PABD.

Drawdown Indicators

	ESMV	PABD	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-13.37%	-6.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.46%	-12.55%	+3.09%
Current Drawdown Current decline from peak	-5.02%	-7.92%	+2.90%
Average Drawdown Average peak-to-trough decline	-5.46%	-2.58%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.15%	-0.59%

Volatility

ESMV vs. PABD - Volatility Comparison

The current volatility for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) is 3.38%, while iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a volatility of 7.65%. This indicates that ESMV experiences smaller price fluctuations and is considered to be less risky than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESMV	PABD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	7.65%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	11.65%	-3.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	17.30%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.39%	15.21%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.39%	15.21%	-1.82%