FDLO vs. USMV

Last updated Jun 23, 2026

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 9.34%/yr vs 7.10%/yr for USMV. Their correlation of 0.92 suggests significant overlap in exposure. FDLO charges 0.29%/yr vs 0.15%/yr for USMV.

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.

Returns By Period

In the year-to-date period, FDLO achieves a 2.30% return, which is significantly higher than USMV's 0.85% return.

FDLO

• 1D: -0.75%
• 1M: -3.23%
• YTD: 2.30%
• 6M: 2.04%
• 1Y: 12.80%
• 3Y*: 12.90%
• 5Y*: 9.34%
• 10Y*: —

USMV

• 1D: 0.04%
• 1M: -2.38%
• YTD: 0.85%
• 6M: 0.25%
• 1Y: 4.28%
• 3Y*: 10.83%
• 5Y*: 7.10%
• 10Y*: 9.75%

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

FDLO vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDLO Fidelity Low Volatility Factor ETF	2.30%	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	0.85%	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 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
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 0.81 (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%

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: 41
FDLO Sharpe Ratio Rank: 42
FDLO Sortino Ratio Rank: 41
FDLO Omega Ratio Rank: 40
FDLO Calmar Ratio Rank: 37
FDLO Martin Ratio Rank: 47

USMV

USMV Risk / Return Rank: 16
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 15
USMV Omega Ratio Rank: 14
USMV Calmar Ratio Rank: 16
USMV Martin Ratio Rank: 19

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.

	FDLO	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.50	+0.95
Sortino ratio: Return per unit of downside risk	2.06	0.76	+1.30
Omega ratio: Gain probability vs. loss probability	1.26	1.09	+0.17
Calmar ratio: Return relative to maximum drawdown	1.80	0.67	+1.14
Martin ratio: Return relative to average drawdown	7.61	2.18	+5.43

FDLO vs. USMV - Sharpe Ratio Comparison

The current FDLO Sharpe Ratio is 1.45, which is higher than the USMV Sharpe Ratio of 0.50. 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.

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.

Drawdown Indicators

	FDLO	USMV	Difference
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	-3.46%	-2.91%	-0.55%
Average Drawdown Average peak-to-trough decline	-3.37%	-2.87%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.97%	-0.28%

Volatility

FDLO vs. USMV - Volatility Comparison

Fidelity Low Volatility Factor ETF (FDLO) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.54% and 2.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDLO	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.62%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	6.13%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.89%	8.61%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	12.36%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	14.52%	+0.96%

FDLO vs. USMV - Expense Ratio Comparison

FDLO has a 0.29% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

FDLO vs. USMV - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.45%, less than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDLO Fidelity Low Volatility Factor ETF	1.45%	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	1.53%	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 FDLO and USMV in my portfolio?

FDLO and USMV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDLO or USMV?

USMV has higher volatility (2.62%) compared to FDLO (2.54%). In terms of maximum drawdown, FDLO dropped -34.35% vs USMV's -33.10%.

Which ETF is better, FDLO or USMV?

On 5-year performance, FDLO leads with 9.34% vs 7.10% for USMV. On fees, USMV is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDLO or USMV?

Over the 5-year period, FDLO has performed better with a 9.34% return vs 7.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDLO or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.29% for FDLO.

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

USMV has the higher dividend yield at 1.53%, compared with 1.45% for FDLO.

What is the main difference between FDLO and USMV?

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. Their fees differ too: 0.29% for FDLO and 0.15% for USMV.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.45 vs 0.50), 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.