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FDLO vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDLO vs. USMV

Last updated Jul 12, 2026
Documentation

FDLO (Fidelity Low Volatility Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, FDLO returned 9.31%/yr vs 7.18%/yr for USMV. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

FDLO vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Low Volatility Factor ETF (FDLO) 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, FDLO achieves a 5.94% return, which is significantly higher than USMV's 4.58% return.

FDLO

1D
0.10%
1M
1.59%
6M
4.33%
YTD
5.94%
1Y
13.05%
3Y*
13.78%
5Y*
9.31%
10Y*
—

USMV

1D
0.16%
1M
2.10%
6M
4.05%
YTD
4.58%
1Y
7.03%
3Y*
11.50%
5Y*
7.18%
10Y*
9.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FDLO vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDLO
Fidelity Low Volatility Factor ETF		5.94%11.77%16.06%16.38%-10.38%24.00%12.19%31.10%-0.26%20.44%
USMV
iShares MSCI USA Min Vol Factor ETF		4.58%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between FDLO and USMV is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.80

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

0.87

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

0.91

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.92

The correlation between FDLO and USMV shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

FDLO vs. USMV - Sectors Allocation Comparison

Sectors
FDLO
USMV

Technology

35.5%
33.9%

Financial Services

12.1%
11.7%

Communication Services

10.6%
6.2%

Consumer Cyclical

10.1%
5.7%

Healthcare

9.6%
12.6%

Industrials

8.3%
6.1%

Consumer Defensive

4.6%
9.4%

Energy

3.2%
2.7%

Utilities

2.2%
6.9%

Real Estate

2.2%
2.5%

Basic Materials

1.7%
2.4%

Technology

FDLO
35.5%
USMV
33.9%

Financial Services

FDLO
12.1%
USMV
11.7%

Communication Services

FDLO
10.6%
USMV
6.2%

Consumer Cyclical

FDLO
10.1%
USMV
5.7%

Healthcare

FDLO
9.6%
USMV
12.6%

Industrials

FDLO
8.3%
USMV
6.1%

Consumer Defensive

FDLO
4.6%
USMV
9.4%

Energy

FDLO
3.2%
USMV
2.7%

Utilities

FDLO
2.2%
USMV
6.9%

Real Estate

FDLO
2.2%
USMV
2.5%

Basic Materials

FDLO
1.7%
USMV
2.4%

Compare stocks, funds, or ETFs

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

Fidelity Low Volatility Factor ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with FDLO:
FDLO vs. FDVVFDLO vs. FULVXFDLO vs. VOOFDLO vs. FDRRFDLO vs. SCHDFDLO vs. FTLSFDLO vs. FMIL
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

FDLO vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDLO
FDLO Risk / Return Rank: 4949
Overall Rank
FDLO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FDLO Sortino Ratio Rank: 5050
Sortino Ratio Rank
FDLO Omega Ratio Rank: 4949
Omega Ratio Rank
FDLO Calmar Ratio Rank: 4444
Calmar Ratio Rank
FDLO Martin Ratio Rank: 5353
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2424
Overall Rank
USMV Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2323
Sortino Ratio Rank
USMV Omega Ratio Rank: 2222
Omega Ratio Rank
USMV Calmar Ratio Rank: 2424
Calmar Ratio Rank
USMV Martin Ratio Rank: 2828
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.

FDLO vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) 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.

FDLOUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.42
0.73

+0.68

Sortino ratioReturn per unit of downside risk
2.01
1.08

+0.93

Omega ratioGain probability vs. loss probability

1.25

1.13

+0.12

Calmar ratioReturn relative to maximum drawdown

1.77

0.97

+0.81

Martin ratioReturn relative to average drawdown

7.20

3.16

+4.04

FDLO vs. USMV - Sharpe Ratio Comparison

The current FDLO Sharpe Ratio is 1.42, which is higher than the USMV Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FDLO 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

FDLO vs. USMV - Drawdown Comparison

The maximum FDLO drawdown since its inception was -34.35%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FDLO and USMV.

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Drawdown Indicators

FDLOUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-34.35%

-33.10%

-1.25%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-6.46%

-0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-13.68%

-9.36%

-4.32%

Max Drawdown (5Y)

Largest decline over 5 years

-19.23%

-17.93%

-1.30%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.28%

-0.60%

+0.32%

Average Drawdown

Average peak-to-trough decline

-3.36%

-2.87%

-0.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.75%

1.97%

-0.22%

Volatility

FDLO vs. USMV - Volatility Comparison

Fidelity Low Volatility Factor ETF (FDLO) has a higher volatility of 3.14% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.59%. This indicates that FDLO'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

FDLOUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

2.59%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

6.88%

6.23%

+0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

8.93%

8.51%

+0.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.09%

12.35%

+0.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.46%

14.49%

+0.97%

FDLO vs. USMV - Expense Ratio Comparison

Both FDLO 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

FDLO vs. USMV - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.40%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
FDLO
Fidelity Low Volatility Factor ETF		1.40%1.37%1.40%1.35%1.49%1.11%1.38%1.55%1.76%1.61%0.55%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

FDLO and USMV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDLO has higher volatility (3.14%) compared to USMV (2.59%). In terms of maximum drawdown, FDLO dropped -34.35% vs USMV's -33.10%.

On 5-year performance, FDLO leads with 9.31% vs 7.18% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FDLO has performed better with a 9.31% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.48%, compared with 1.40% for FDLO.

FDLO is categorized as Volatility Hedged Equity, while USMV is Large Cap Blend Equities. FDLO tracks Fidelity U.S. Low Volatility Factor Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Fidelity and iShares.

FDLO currently has the higher Sharpe Ratio (1.42 vs 0.73), 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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