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FMIL vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FMIL vs. USMV

Last updated Jul 15, 2026
Documentation

FMIL (Fidelity New Millennium ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. FMIL is actively managed, while USMV is passively managed. Over the past 5 years, FMIL returned 16.90%/yr vs 6.93%/yr for USMV. A 0.66 correlation means they provide meaningful diversification when combined. FMIL charges 0.59%/yr vs 0.15%/yr for USMV.

Performance

FMIL vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium ETF (FMIL) 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, FMIL achieves a 11.52% return, which is significantly higher than USMV's 3.64% return.

FMIL

1D
0.63%
1M
1.97%
6M
9.08%
YTD
11.52%
1Y
21.32%
3Y*
21.58%
5Y*
16.90%
10Y*
—

USMV

1D
-0.96%
1M
1.18%
6M
3.50%
YTD
3.64%
1Y
5.50%
3Y*
11.07%
5Y*
6.93%
10Y*
9.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FMIL vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
FMIL
Fidelity New Millennium ETF		11.52%17.67%27.89%25.07%-0.04%24.53%19.50%
USMV
iShares MSCI USA Min Vol Factor ETF		3.64%7.65%15.74%10.33%-9.43%20.85%10.12%

Correlation

The correlation between FMIL and USMV is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.56

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

0.65

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2020

0.66

Over the past year, the correlation between FMIL and USMV has dropped to 0.38 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

FMIL vs. USMV - Sectors Allocation Comparison

Sectors
FMIL
USMV

Technology

31.3%
33.9%

Financial Services

13.5%
11.7%

Communication Services

11.1%
6.2%

Industrials

10.7%
6.1%

Consumer Cyclical

9.7%
5.7%

Healthcare

8.7%
12.6%

Consumer Defensive

4.7%
9.4%

Energy

4.0%
2.7%

Utilities

2.7%
6.9%

Basic Materials

2.0%
2.4%

Real Estate

1.1%
2.5%

Technology

FMIL
31.3%
USMV
33.9%

Financial Services

FMIL
13.5%
USMV
11.7%

Communication Services

FMIL
11.1%
USMV
6.2%

Industrials

FMIL
10.7%
USMV
6.1%

Consumer Cyclical

FMIL
9.7%
USMV
5.7%

Healthcare

FMIL
8.7%
USMV
12.6%

Consumer Defensive

FMIL
4.7%
USMV
9.4%

Energy

FMIL
4.0%
USMV
2.7%

Utilities

FMIL
2.7%
USMV
6.9%

Basic Materials

FMIL
2.0%
USMV
2.4%

Real Estate

FMIL
1.1%
USMV
2.5%

Compare stocks, funds, or ETFs

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

Fidelity New Millennium ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with FMIL:
FMIL vs. FLRGFMIL vs. FDLOFMIL vs. NASDXFMIL vs. FGROFMIL vs. CMCFMIL vs. IQMFMIL vs. LIRAX
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

FMIL vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FMIL
FMIL Risk / Return Rank: 5858
Overall Rank
FMIL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
FMIL Sortino Ratio Rank: 5757
Sortino Ratio Rank
FMIL Omega Ratio Rank: 5757
Omega Ratio Rank
FMIL Calmar Ratio Rank: 5353
Calmar Ratio Rank
FMIL Martin Ratio Rank: 6666
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2222
Overall Rank
USMV Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2121
Sortino Ratio Rank
USMV Omega Ratio Rank: 2020
Omega Ratio Rank
USMV Calmar Ratio Rank: 2323
Calmar Ratio Rank
USMV Martin Ratio Rank: 2626
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.

FMIL vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium ETF (FMIL) 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.

FMILUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.57
0.65

+0.92

Sortino ratioReturn per unit of downside risk
2.19
0.96

+1.23

Omega ratioGain probability vs. loss probability

1.28

1.11

+0.17

Calmar ratioReturn relative to maximum drawdown

2.15

0.86

+1.29

Martin ratioReturn relative to average drawdown

9.45

2.80

+6.65

FMIL vs. USMV - Sharpe Ratio Comparison

The current FMIL Sharpe Ratio is 1.57, which is higher than the USMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of FMIL 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

FMIL vs. USMV - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FMIL and USMV.

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Drawdown Indicators

FMILUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-19.72%

-33.10%

+13.38%

Max Drawdown (1Y)

Largest decline over 1 year

-9.98%

-6.46%

-3.52%

Max Drawdown (3Y)

Largest decline over 3 years

-19.72%

-9.36%

-10.36%

Max Drawdown (5Y)

Largest decline over 5 years

-19.72%

-17.93%

-1.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.40%

-1.49%

+1.09%

Average Drawdown

Average peak-to-trough decline

-2.96%

-2.87%

-0.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

1.97%

+0.29%

Volatility

FMIL vs. USMV - Volatility Comparison

Fidelity New Millennium ETF (FMIL) has a higher volatility of 4.37% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.75%. This indicates that FMIL'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

FMILUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

2.75%

+1.62%

Volatility (6M)

Calculated over the trailing 6-month period

10.83%

6.30%

+4.53%

Volatility (1Y)

Calculated over the trailing 1-year period

13.62%

8.52%

+5.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.98%

12.37%

+4.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.64%

14.50%

+3.14%

FMIL vs. USMV - Expense Ratio Comparison

FMIL has a 0.59% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

FMIL vs. USMV - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 0.98%, less than USMV's 1.49% yield.

PositionTTM20252024202320222021202020192018201720162015
FMIL
Fidelity New Millennium ETF		0.98%1.10%0.82%0.57%1.67%1.68%0.89%0.00%0.00%0.00%0.00%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

FMIL and USMV have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FMIL has higher volatility (4.37%) compared to USMV (2.75%). In terms of maximum drawdown, FMIL dropped -19.72% vs USMV's -33.10%.

On 5-year performance, FMIL leads with 16.90% vs 6.93% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FMIL has performed better with a 16.90% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.59% for FMIL.

USMV has the higher dividend yield at 1.49%, compared with 0.98% for FMIL.

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.59% for FMIL and 0.15% for USMV.

FMIL currently has the higher Sharpe Ratio (1.57 vs 0.65), 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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