GSPY vs. USMV

Last updated Jul 17, 2026

GSPY (Gotham Enhanced 500 ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. GSPY is actively managed, while USMV is passively managed. Over the past 5 years, GSPY returned 13.29%/yr vs 6.96%/yr for USMV. A 0.76 correlation means they provide meaningful diversification when combined. GSPY charges 0.50%/yr vs 0.15%/yr for USMV.

Performance

GSPY vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Enhanced 500 ETF (GSPY) 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, GSPY achieves a 11.47% return, which is significantly higher than USMV's 3.90% return.

GSPY

• 1D: -0.37%
• 1M: 0.59%
• 6M: 9.57%
• YTD: 11.47%
• 1Y: 23.34%
• 3Y*: 20.22%
• 5Y*: 13.29%
• 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)

GSPY vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSPY Gotham Enhanced 500 ETF	11.47%	18.28%	23.58%	26.01%	-17.07%	27.53%	0.25%
USMV iShares MSCI USA Min Vol Factor ETF	3.90%	7.65%	15.74%	10.33%	-9.43%	20.85%	0.80%

Correlation

The correlation between GSPY and USMV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020	0.76

Over the past year, the correlation between GSPY and USMV has dropped to 0.48 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

GSPY vs. USMV - Sectors Allocation Comparison

Sectors	GSPY	USMV
Technology	38.5%	33.9%
Financial Services	11.4%	11.7%
Consumer Cyclical	11.0%	5.7%
Communication Services	10.1%	6.2%
Healthcare	8.8%	12.6%
Industrials	8.0%	6.1%
Consumer Defensive	5.6%	9.4%
Energy	2.7%	2.7%
Real Estate	2.1%	2.5%
Basic Materials	1.2%	2.4%
Utilities	0.7%	6.9%

Return for Risk

GSPY vs. USMV — Risk / Return Rank

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

GSPY

GSPY Risk / Return Rank: 71
GSPY Sharpe Ratio Rank: 71
GSPY Sortino Ratio Rank: 67
GSPY Omega Ratio Rank: 71
GSPY Calmar Ratio Rank: 68
GSPY 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.

GSPY vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Enhanced 500 ETF (GSPY) 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.

	GSPY	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.83	0.74	+1.09
Sortino ratio: Return per unit of downside risk	2.45	1.10	+1.35
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.20
Calmar ratio: Return relative to maximum drawdown	2.72	0.98	+1.74
Martin ratio: Return relative to average drawdown	11.60	3.18	+8.42

GSPY vs. USMV - Sharpe Ratio Comparison

The current GSPY Sharpe Ratio is 1.83, which is higher than the USMV Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of GSPY 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

GSPY vs. USMV - Drawdown Comparison

The maximum GSPY drawdown since its inception was -23.30%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GSPY and USMV.

Drawdown Indicators

	GSPY	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-23.30%	-33.10%	+9.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-6.46%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	-9.36%	-9.31%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-17.93%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-0.41%	-1.24%	+0.83%
Average Drawdown Average peak-to-trough decline	-4.69%	-2.87%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.98%	+0.04%

Volatility

GSPY vs. USMV - Volatility Comparison

Gotham Enhanced 500 ETF (GSPY) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 3.13% and 3.00%, 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

	GSPY	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	3.00%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	6.41%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	8.53%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	12.38%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	14.50%	+1.77%

GSPY vs. USMV - Expense Ratio Comparison

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

Dividends

GSPY vs. USMV - Dividend Comparison

GSPY's dividend yield for the trailing twelve months is around 2.35%, more than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSPY Gotham Enhanced 500 ETF	2.35%	2.61%	0.84%	1.06%	1.25%	0.23%	0.00%	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

Can I hold both GSPY and USMV in my portfolio?

GSPY and USMV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSPY or USMV?

GSPY has higher volatility (3.13%) compared to USMV (3.00%). In terms of maximum drawdown, GSPY dropped -23.30% vs USMV's -33.10%.

Which ETF is better, GSPY or USMV?

On 5-year performance, GSPY leads with 13.29% vs 6.96% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSPY or USMV?

Over the 5-year period, GSPY has performed better with a 13.29% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSPY or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.50% for GSPY.

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

GSPY has the higher dividend yield at 2.35%, compared with 1.49% for USMV.

What is the main difference between GSPY and USMV?

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

Which has better risk-adjusted returns?

GSPY currently has the higher Sharpe Ratio (1.83 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.