FSUVX vs. USMV
FSUVX (Fidelity SAI U.S. Low Volatility Index Fund) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. Over the past 10 years, FSUVX returned 11.17%/yr vs 9.75%/yr for USMV. With a 0.96 correlation, they move nearly in lockstep. FSUVX charges 0.11%/yr vs 0.15%/yr for USMV.
Performance
FSUVX vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, FSUVX achieves a 4.08% return, which is significantly higher than USMV's 0.85% return. Over the past 10 years, FSUVX has outperformed USMV with an annualized return of 11.17%, while USMV has yielded a comparatively lower 9.75% annualized return.
FSUVX
- 1D
- -0.08%
- 1M
- -2.18%
- YTD
- 4.08%
- 6M
- 3.90%
- 1Y
- 12.26%
- 3Y*
- 13.20%
- 5Y*
- 9.57%
- 10Y*
- 11.17%
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%
FSUVX vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSUVX Fidelity SAI U.S. Low Volatility Index Fund | 4.08% | 11.03% | 17.40% | 14.80% | -10.93% | 21.51% | 9.86% | 27.73% | 1.35% | 17.68% |
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 FSUVX and USMV is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015 | 0.96 |
The correlation between FSUVX and USMV has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.
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Return for Risk
FSUVX vs. USMV — Risk / Return Rank
FSUVX
USMV
FSUVX vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) 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.
| FSUVX | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.09 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 0.67 | +1.00 |
| Martin ratioReturn relative to average drawdown | 6.96 | 2.18 | +4.79 |
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Drawdowns
FSUVX vs. USMV - Drawdown Comparison
The maximum FSUVX drawdown since its inception was -32.41%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for FSUVX and USMV.
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Drawdown Indicators
| FSUVX | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.41% | -33.10% | +0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.28% | -6.46% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -11.55% | -9.36% | -2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | -17.93% | -1.55% |
Max Drawdown (10Y)Largest decline over 10 years | -32.41% | -33.10% | +0.69% |
Current DrawdownCurrent decline from peak | -2.18% | -2.91% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -2.87% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.97% | -0.24% |
Volatility
FSUVX vs. USMV - Volatility Comparison
Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.68% 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.
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Volatility by Period
| FSUVX | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 2.62% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.53% | 6.13% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.56% | 8.61% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.98% | 12.36% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.19% | 14.52% | +0.67% |
FSUVX vs. USMV - Expense Ratio Comparison
FSUVX has a 0.11% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FSUVX vs. USMV - Dividend Comparison
FSUVX's dividend yield for the trailing twelve months is around 4.28%, more than USMV's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSUVX Fidelity SAI U.S. Low Volatility Index Fund | 4.28% | 4.45% | 2.25% | 1.74% | 4.12% | 3.52% | 1.31% | 3.80% | 2.63% | 2.94% | 2.23% | 1.17% |
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
FSUVX and USMV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSUVX has higher volatility (2.68%) compared to USMV (2.62%). In terms of maximum drawdown, FSUVX dropped -32.41% vs USMV's -33.10%.
FSUVX currently has the higher Sharpe Ratio (1.42 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.
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