FLLV vs. USMV

Last updated Jun 24, 2026

FLLV (Franklin Liberty U.S. Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - FLLV is a Volatility Hedged Equity fund actively managed by Franklin Templeton, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. FLLV is actively managed, while USMV is passively managed. Over the past 5 years, FLLV returned 10.85%/yr vs 7.02%/yr for USMV. Their correlation of 0.81 suggests significant overlap in exposure. FLLV charges 0.29%/yr vs 0.15%/yr for USMV.

Performance

FLLV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Liberty U.S. Low Volatility ETF (FLLV) 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, FLLV achieves a 12.00% return, which is significantly higher than USMV's 1.14% return.

FLLV

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

USMV

• 1D: 0.29%
• 1M: -2.10%
• YTD: 1.14%
• 6M: 0.51%
• 1Y: 3.59%
• 3Y*: 10.93%
• 5Y*: 7.02%
• 10Y*: 9.79%

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

FLLV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLLV Franklin Liberty U.S. Low Volatility ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%
USMV iShares MSCI USA Min Vol Factor ETF	1.14%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between FLLV and USMV is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.81

The correlation between FLLV and USMV shifts across timeframes, from 0.67 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

FLLV vs. USMV - Sectors Allocation Comparison

Sectors	FLLV	USMV
Technology	28.8%	33.9%
Financial Services	13.0%	11.7%
Healthcare	11.6%	12.6%
Consumer Cyclical	11.0%	5.7%
Industrials	9.6%	6.1%
Communication Services	7.8%	6.2%
Consumer Defensive	6.1%	9.4%
Energy	4.4%	2.7%
Basic Materials	2.7%	2.4%
Utilities	2.6%	6.9%
Real Estate	2.5%	2.5%

Return for Risk

FLLV vs. USMV — Risk / Return Rank

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

FLLV

FLLV Risk / Return Rank: 90
FLLV Sharpe Ratio Rank: 90
FLLV Sortino Ratio Rank: 92
FLLV Omega Ratio Rank: 89
FLLV Calmar Ratio Rank: 89
FLLV Martin Ratio Rank: 88

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 15
USMV Sortino Ratio Rank: 13
USMV Omega Ratio Rank: 13
USMV Calmar Ratio Rank: 15
USMV Martin Ratio Rank: 17

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.

FLLV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Low Volatility ETF (FLLV) 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.

	FLLV	USMV	Difference
Sharpe ratio: Return per unit of total volatility	2.85	0.42	+2.43
Sortino ratio: Return per unit of downside risk	4.13	0.65	+3.48
Omega ratio: Gain probability vs. loss probability	1.52	1.08	+0.45
Calmar ratio: Return relative to maximum drawdown	4.91	0.56	+4.36
Martin ratio: Return relative to average drawdown	18.21	1.82	+16.38

FLLV vs. USMV - Sharpe Ratio Comparison

The current FLLV Sharpe Ratio is 2.85, which is higher than the USMV Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of FLLV 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

FLLV vs. USMV - Drawdown Comparison

The maximum FLLV drawdown since its inception was -33.95%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FLLV and USMV.

Drawdown Indicators

	FLLV	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-33.10%	-0.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-6.46%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-9.36%	-4.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-17.93%	-0.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-1.77%	-2.63%	+0.86%
Average Drawdown Average peak-to-trough decline	-3.24%	-2.87%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.98%	-0.66%

Volatility

FLLV vs. USMV - Volatility Comparison

Franklin Liberty U.S. Low Volatility ETF (FLLV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.76% and 2.63%, 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

	FLLV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.63%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	6.14%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	8.60%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	12.35%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	14.51%	+1.15%

FLLV vs. USMV - Expense Ratio Comparison

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

Dividends

FLLV vs. USMV - Dividend Comparison

FLLV's dividend yield for the trailing twelve months is around 4.78%, more than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLLV Franklin Liberty U.S. Low Volatility ETF	4.78%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	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 FLLV and USMV in my portfolio?

FLLV and USMV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLLV or USMV?

FLLV has higher volatility (2.76%) compared to USMV (2.63%). In terms of maximum drawdown, FLLV dropped -33.95% vs USMV's -33.10%.

Which ETF is better, FLLV or USMV?

On 5-year performance, FLLV leads with 10.85% vs 7.02% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLLV or USMV?

Over the 5-year period, FLLV has performed better with a 10.85% return vs 7.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLV or USMV?

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

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

FLLV has the higher dividend yield at 4.78%, compared with 1.53% for USMV.

What is the main difference between FLLV and USMV?

FLLV is categorized as Volatility Hedged Equity, while USMV is Large Cap Blend Equities. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.29% for FLLV and 0.15% for USMV.

Which has better risk-adjusted returns?

FLLV currently has the higher Sharpe Ratio (2.85 vs 0.42), 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.