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FCPI vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCPI vs. USMV

Last updated Jul 14, 2026
Documentation

FCPI (Fidelity Stocks for Inflation ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - FCPI tracks the Fidelity Stocks for Inflation Factor Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, FCPI returned 14.14%/yr vs 7.16%/yr for USMV. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

FCPI vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Stocks for Inflation ETF (FCPI) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FCPI achieves a 10.40% return, which is significantly higher than USMV's 4.64% return.

FCPI

1D
-0.72%
1M
0.78%
6M
8.92%
YTD
10.40%
1Y
17.40%
3Y*
20.08%
5Y*
14.14%
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)

FCPI vs. USMV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
FCPI
Fidelity Stocks for Inflation ETF		10.40%16.24%25.54%15.40%-7.11%34.19%2.19%4.26%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%-9.43%20.85%5.64%3.82%

Correlation

The correlation between FCPI and USMV is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2019

0.76

Over the past year, the correlation between FCPI and USMV has dropped to 0.46 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

FCPI vs. USMV - Sectors Allocation Comparison

Sectors
FCPI
USMV

Technology

32.9%
33.9%

Healthcare

13.2%
12.6%

Energy

10.7%
2.7%

Financial Services

7.9%
11.7%

Consumer Defensive

7.6%
9.4%

Industrials

6.2%
6.1%

Basic Materials

5.4%
2.4%

Consumer Cyclical

4.8%
5.7%

Communication Services

4.8%
6.2%

Real Estate

4.4%
2.5%

Utilities

2.1%
6.9%

Technology

FCPI
32.9%
USMV
33.9%

Healthcare

FCPI
13.2%
USMV
12.6%

Energy

FCPI
10.7%
USMV
2.7%

Financial Services

FCPI
7.9%
USMV
11.7%

Consumer Defensive

FCPI
7.6%
USMV
9.4%

Industrials

FCPI
6.2%
USMV
6.1%

Basic Materials

FCPI
5.4%
USMV
2.4%

Consumer Cyclical

FCPI
4.8%
USMV
5.7%

Communication Services

FCPI
4.8%
USMV
6.2%

Real Estate

FCPI
4.4%
USMV
2.5%

Utilities

FCPI
2.1%
USMV
6.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Stocks for Inflation ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with FCPI:
FCPI vs. VOOFCPI vs. SPYFCPI vs. JCPIFCPI vs. FELGFCPI vs. FXAIXFCPI vs. FTECFCPI vs. FSELX
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

FCPI vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FCPI
FCPI Risk / Return Rank: 5454
Overall Rank
FCPI Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FCPI Sortino Ratio Rank: 4949
Sortino Ratio Rank
FCPI Omega Ratio Rank: 5050
Omega Ratio Rank
FCPI Calmar Ratio Rank: 5656
Calmar Ratio Rank
FCPI Martin Ratio Rank: 6262
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
Martin Ratio Rank
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.

FCPI vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Stocks for Inflation ETF (FCPI) 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.

FCPIUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.41
0.84

+0.56

Sortino ratioReturn per unit of downside risk
1.96
1.23

+0.73

Omega ratioGain probability vs. loss probability

1.25

1.15

+0.10

Calmar ratioReturn relative to maximum drawdown

2.22

1.10

+1.11

Martin ratioReturn relative to average drawdown

8.77

3.61

+5.16

FCPI vs. USMV - Sharpe Ratio Comparison

The current FCPI Sharpe Ratio is 1.41, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FCPI 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.

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Drawdowns

FCPI vs. USMV - Drawdown Comparison

The maximum FCPI drawdown since its inception was -37.26%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FCPI and USMV.

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Drawdown Indicators

FCPIUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-37.26%

-33.10%

-4.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.88%

-6.46%

-1.42%

Max Drawdown (3Y)

Largest decline over 3 years

-17.44%

-9.36%

-8.08%

Max Drawdown (5Y)

Largest decline over 5 years

-18.25%

-17.93%

-0.32%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-1.03%

-0.54%

-0.49%

Average Drawdown

Average peak-to-trough decline

-4.33%

-2.87%

-1.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

1.97%

+0.02%

Volatility

FCPI vs. USMV - Volatility Comparison

Fidelity Stocks for Inflation ETF (FCPI) has a higher volatility of 3.78% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that FCPI'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.

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Volatility by Period

FCPIUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.78%

2.54%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

10.02%

6.22%

+3.80%

Volatility (1Y)

Calculated over the trailing 1-year period

12.45%

8.48%

+3.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.44%

12.36%

+4.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.05%

14.49%

+5.56%

FCPI vs. USMV - Expense Ratio Comparison

Both FCPI and USMV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FCPI vs. USMV - Dividend Comparison

FCPI's dividend yield for the trailing twelve months is around 1.62%, more than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
FCPI
Fidelity Stocks for Inflation ETF		1.62%1.74%1.29%1.88%1.77%1.19%3.53%0.43%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

FCPI and USMV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FCPI has higher volatility (3.78%) compared to USMV (2.54%). In terms of maximum drawdown, FCPI dropped -37.26% vs USMV's -33.10%.

On 5-year performance, FCPI leads with 14.14% vs 7.16% for USMV. Both ETFs have the same 0.15% expense ratio. 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.

Over the 5-year period, FCPI has performed better with a 14.14% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FCPI and USMV have the same expense ratio: 0.15% per year.

FCPI has the higher dividend yield at 1.62%, compared with 1.48% for USMV.

FCPI tracks Fidelity Stocks for Inflation Factor Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Fidelity and iShares.

FCPI currently has the higher Sharpe Ratio (1.41 vs 0.84), 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.

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