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GDIV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDIV vs. USMV

Last updated Jul 14, 2026
Documentation

GDIV (Harbor Dividend Growth Leaders ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. GDIV is actively managed, while USMV is passively managed. Over the past 3 years, GDIV returned 15.69%/yr vs 11.43%/yr for USMV. A 0.77 correlation means they provide meaningful diversification when combined. GDIV charges 0.50%/yr vs 0.15%/yr for USMV.

Performance

GDIV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Dividend Growth Leaders ETF (GDIV) 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, GDIV achieves a 12.41% return, which is significantly higher than USMV's 4.64% return.

GDIV

1D
-0.31%
1M
0.79%
6M
9.29%
YTD
12.41%
1Y
22.11%
3Y*
15.69%
5Y*
—
10Y*
—

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDIV vs. USMV - Yearly Performance Comparison

2026 (YTD)2025202420232022
GDIV
Harbor Dividend Growth Leaders ETF		12.41%10.81%14.83%16.45%-1.01%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%3.82%

Correlation

The correlation between GDIV and USMV is 0.53, 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

0.53

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

0.70

Correlation (All Time)
Calculated using the full available price history since May 23, 2022

0.77

Over the past year, the correlation between GDIV and USMV has dropped to 0.53 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

GDIV vs. USMV - Sectors Allocation Comparison

Sectors
GDIV
USMV

Financial Services

21.1%
11.7%

Industrials

19.2%
6.1%

Technology

19.0%
33.9%

Healthcare

15.3%
12.6%

Consumer Cyclical

7.3%
5.7%

Energy

5.8%
2.7%

Consumer Defensive

4.9%
9.4%

Utilities

3.7%
6.9%

Basic Materials

1.4%
2.4%

Real Estate

1.2%
2.5%

Communication Services

-

6.2%

Financial Services

GDIV
21.1%
USMV
11.7%

Industrials

GDIV
19.2%
USMV
6.1%

Technology

GDIV
19.0%
USMV
33.9%

Healthcare

GDIV
15.3%
USMV
12.6%

Consumer Cyclical

GDIV
7.3%
USMV
5.7%

Energy

GDIV
5.8%
USMV
2.7%

Consumer Defensive

GDIV
4.9%
USMV
9.4%

Utilities

GDIV
3.7%
USMV
6.9%

Basic Materials

GDIV
1.4%
USMV
2.4%

Real Estate

GDIV
1.2%
USMV
2.5%

Communication Services

GDIV

-

USMV
6.2%

Compare stocks, funds, or ETFs

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

Harbor Dividend Growth Leaders ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with GDIV:
GDIV vs. VIGGDIV vs. AJGGDIV vs. SPYGDIV vs. VOOGDIV vs. COWZGDIV vs. BDGSGDIV vs. VGT
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

GDIV vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDIV
GDIV Risk / Return Rank: 7070
Overall Rank
GDIV Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
GDIV Sortino Ratio Rank: 7777
Sortino Ratio Rank
GDIV Omega Ratio Rank: 7474
Omega Ratio Rank
GDIV Calmar Ratio Rank: 5858
Calmar Ratio Rank
GDIV Martin Ratio Rank: 6767
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
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.

GDIV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Dividend Growth Leaders ETF (GDIV) 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.

GDIVUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.87
0.84

+1.03

Sortino ratioReturn per unit of downside risk
2.72
1.23

+1.49

Omega ratioGain probability vs. loss probability

1.34

1.15

+0.20

Calmar ratioReturn relative to maximum drawdown

2.30

1.10

+1.19

Martin ratioReturn relative to average drawdown

9.51

3.61

+5.90

GDIV vs. USMV - Sharpe Ratio Comparison

The current GDIV Sharpe Ratio is 1.87, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of GDIV 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

GDIV vs. USMV - Drawdown Comparison

The maximum GDIV drawdown since its inception was -18.93%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GDIV and USMV.

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Drawdown Indicators

GDIVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-18.93%

-33.10%

+14.17%

Max Drawdown (1Y)

Largest decline over 1 year

-9.67%

-6.46%

-3.21%

Max Drawdown (3Y)

Largest decline over 3 years

-18.93%

-9.36%

-9.57%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.93%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.31%

-0.54%

+0.23%

Average Drawdown

Average peak-to-trough decline

-3.11%

-2.87%

-0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

1.97%

+0.36%

Volatility

GDIV vs. USMV - Volatility Comparison

Harbor Dividend Growth Leaders ETF (GDIV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.45% and 2.54%, 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

GDIVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.45%

2.54%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

9.34%

6.22%

+3.12%

Volatility (1Y)

Calculated over the trailing 1-year period

11.89%

8.48%

+3.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.20%

12.36%

+2.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.20%

14.49%

+0.71%

GDIV vs. USMV - Expense Ratio Comparison

GDIV has a 0.50% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

GDIV vs. USMV - Dividend Comparison

GDIV's dividend yield for the trailing twelve months is around 1.14%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
GDIV
Harbor Dividend Growth Leaders ETF		1.14%1.19%1.30%2.27%5.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.48%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

GDIV and USMV have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.54%) compared to GDIV (2.45%). In terms of maximum drawdown, GDIV dropped -18.93% vs USMV's -33.10%.

On 3-year performance, GDIV leads with 15.69% vs 11.43% 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.

Over the 3-year period, GDIV has performed better with a 15.69% return vs 11.43%. 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 0.50% for GDIV.

USMV has the higher dividend yield at 1.48%, compared with 1.14% for GDIV.

They also come from different issuers: Harbor and iShares. Their fees differ too: 0.50% for GDIV and 0.15% for USMV.

GDIV currently has the higher Sharpe Ratio (1.87 vs 0.84), 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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