FDRR vs. USMV

Last updated Jul 17, 2026

FDRR (Fidelity Dividend ETF for Rising Rates) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - FDRR tracks the Fidelity Dividend Index for Rising Rates while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, FDRR returned 12.63%/yr vs 6.96%/yr for USMV. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

FDRR vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dividend ETF for Rising Rates (FDRR) 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, FDRR achieves a 11.46% return, which is significantly higher than USMV's 3.90% return.

FDRR

• 1D: 0.21%
• 1M: 1.82%
• 6M: 10.47%
• YTD: 11.46%
• 1Y: 24.87%
• 3Y*: 19.84%
• 5Y*: 12.63%
• 10Y*: —

USMV

• 1D: 1.08%
• 1M: 1.27%
• 6M: 3.44%
• YTD: 3.90%
• 1Y: 6.27%
• 3Y*: 11.14%
• 5Y*: 6.96%
• 10Y*: 9.51%

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

FDRR vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDRR Fidelity Dividend ETF for Rising Rates	11.46%	21.70%	20.24%	13.66%	-9.73%	26.06%	8.23%	26.86%	-3.60%	19.29%
USMV iShares MSCI USA Min Vol Factor ETF	3.90%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between FDRR and USMV is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.79

Over the past year, the correlation between FDRR and USMV has dropped to 0.51 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

FDRR vs. USMV - Sectors Allocation Comparison

Sectors	FDRR	USMV
Technology	38.2%	33.9%
Financial Services	11.3%	11.7%
Communication Services	10.1%	6.2%
Healthcare	9.3%	12.6%
Industrials	8.3%	6.1%
Consumer Cyclical	8.2%	5.7%
Consumer Defensive	4.5%	9.4%
Energy	3.2%	2.7%
Real Estate	2.8%	2.5%
Utilities	2.1%	6.9%
Basic Materials	2.0%	2.4%

Return for Risk

FDRR vs. USMV — Risk / Return Rank

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

FDRR

FDRR Risk / Return Rank: 82
FDRR Sharpe Ratio Rank: 87
FDRR Sortino Ratio Rank: 86
FDRR Omega Ratio Rank: 85
FDRR Calmar Ratio Rank: 72
FDRR Martin Ratio Rank: 78

USMV

USMV Risk / Return Rank: 25
USMV Sharpe Ratio Rank: 25
USMV Sortino Ratio Rank: 23
USMV Omega Ratio Rank: 22
USMV Calmar Ratio Rank: 25
USMV Martin Ratio Rank: 29

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.

FDRR vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dividend ETF for Rising Rates (FDRR) 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.

	FDRR	USMV	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.74	+1.50
Sortino ratio: Return per unit of downside risk	3.14	1.10	+2.04
Omega ratio: Gain probability vs. loss probability	1.41	1.13	+0.28
Calmar ratio: Return relative to maximum drawdown	2.93	0.98	+1.96
Martin ratio: Return relative to average drawdown	11.58	3.18	+8.40

FDRR vs. USMV - Sharpe Ratio Comparison

The current FDRR Sharpe Ratio is 2.24, which is higher than the USMV Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FDRR 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

FDRR vs. USMV - Drawdown Comparison

The maximum FDRR drawdown since its inception was -36.52%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FDRR and USMV.

Drawdown Indicators

	FDRR	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-36.52%	-33.10%	-3.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-6.46%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-9.36%	-8.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-17.93%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-3.98%	-2.87%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.98%	+0.17%

Volatility

FDRR vs. USMV - Volatility Comparison

The current volatility for Fidelity Dividend ETF for Rising Rates (FDRR) is 2.40%, while iShares MSCI USA Min Vol Factor ETF (USMV) has a volatility of 3.00%. This indicates that FDRR experiences smaller price fluctuations and is considered to be less risky than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDRR	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	3.00%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	6.41%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	8.53%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	12.38%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	14.50%	+2.31%

FDRR vs. USMV - Expense Ratio Comparison

Both FDRR 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

FDRR vs. USMV - Dividend Comparison

FDRR's dividend yield for the trailing twelve months is around 2.09%, more than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDRR Fidelity Dividend ETF for Rising Rates	2.09%	2.21%	2.61%	2.93%	2.75%	2.09%	2.85%	2.89%	3.20%	2.89%	0.61%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	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 FDRR and USMV in my portfolio?

FDRR and USMV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDRR or USMV?

USMV has higher volatility (3.00%) compared to FDRR (2.40%). In terms of maximum drawdown, FDRR dropped -36.52% vs USMV's -33.10%.

Which ETF is better, FDRR or USMV?

On 5-year performance, FDRR leads with 12.63% vs 6.96% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, FDRR has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDRR or USMV?

Over the 5-year period, FDRR has performed better with a 12.63% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDRR or USMV?

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

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

FDRR has the higher dividend yield at 2.09%, compared with 1.49% for USMV.

What is the main difference between FDRR and USMV?

FDRR tracks Fidelity Dividend Index for Rising Rates, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Fidelity and iShares.

Which has better risk-adjusted returns?

FDRR currently has the higher Sharpe Ratio (2.24 vs 0.74), 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.