IVOO vs. USMF

Last updated Jul 17, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and USMF (WisdomTree US Multifactor Fund) are both Mid Cap Blend Equities funds - IVOO tracks the S&P MidCap 400 Index while USMF tracks the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, IVOO returned 9.34%/yr vs 7.81%/yr for USMF. Their correlation of 0.87 suggests significant overlap in exposure. IVOO charges 0.07%/yr vs 0.28%/yr for USMF.

Performance

IVOO vs. USMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and WisdomTree US Multifactor Fund (USMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOO achieves a 15.78% return, which is significantly higher than USMF's 3.99% return.

IVOO

• 1D: 0.52%
• 1M: 0.19%
• 6M: 8.77%
• YTD: 15.78%
• 1Y: 22.63%
• 3Y*: 13.82%
• 5Y*: 9.34%
• 10Y*: 11.04%

USMF

• 1D: -0.47%
• 1M: -1.35%
• 6M: 2.79%
• YTD: 3.99%
• 1Y: 6.49%
• 3Y*: 11.89%
• 5Y*: 7.81%
• 10Y*: —

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

IVOO vs. USMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOO Vanguard S&P Mid-Cap 400 ETF	15.78%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-11.33%	12.21%
USMF WisdomTree US Multifactor Fund	3.99%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%

Correlation

The correlation between IVOO and USMF is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.87

The correlation between IVOO and USMF shifts across timeframes, from 0.77 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

IVOO vs. USMF - Sectors Allocation Comparison

Sectors	IVOO	USMF
Industrials	24.7%	7.9%
Technology	17.8%	33.2%
Financial Services	13.7%	10.7%
Consumer Cyclical	10.6%	10.5%
Healthcare	9.0%	9.0%
Real Estate	7.3%	2.0%
Energy	4.9%	4.8%
Basic Materials	4.8%	1.1%
Consumer Defensive	3.3%	4.3%
Utilities	2.9%	1.9%
Communication Services	1.0%	9.8%

Return for Risk

IVOO vs. USMF — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 57
IVOO Sharpe Ratio Rank: 51
IVOO Sortino Ratio Rank: 55
IVOO Omega Ratio Rank: 49
IVOO Calmar Ratio Rank: 65
IVOO Martin Ratio Rank: 65

USMF

USMF Risk / Return Rank: 22
USMF Sharpe Ratio Rank: 20
USMF Sortino Ratio Rank: 19
USMF Omega Ratio Rank: 18
USMF Calmar Ratio Rank: 26
USMF Martin Ratio Rank: 28

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.

IVOO vs. USMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and WisdomTree US Multifactor Fund (USMF). 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.

	IVOO	USMF	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.57	+0.87
Sortino ratio: Return per unit of downside risk	2.15	0.89	+1.26
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.15
Calmar ratio: Return relative to maximum drawdown	2.58	1.01	+1.57
Martin ratio: Return relative to average drawdown	9.34	3.16	+6.18

IVOO vs. USMF - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.45, which is higher than the USMF Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of IVOO and USMF, 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

IVOO vs. USMF - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, which is greater than USMF's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for IVOO and USMF.

Drawdown Indicators

	IVOO	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-36.24%	-6.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-6.47%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-15.39%	-8.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-18.10%	-6.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-1.31%	-2.49%	+1.18%
Average Drawdown Average peak-to-trough decline	-5.24%	-4.12%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.06%	+0.37%

Volatility

IVOO vs. USMF - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 ETF (IVOO) is 3.50%, while WisdomTree US Multifactor Fund (USMF) has a volatility of 4.60%. This indicates that IVOO experiences smaller price fluctuations and is considered to be less risky than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOO	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.60%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	9.09%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	11.41%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	14.39%	+5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	16.96%	+4.18%

IVOO vs. USMF - Expense Ratio Comparison

IVOO has a 0.07% expense ratio, which is lower than USMF's 0.28% expense ratio.

Dividends

IVOO vs. USMF - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.17%, less than USMF's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.17%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
USMF WisdomTree US Multifactor Fund	1.32%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVOO and USMF in my portfolio?

IVOO and USMF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOO or USMF?

USMF has higher volatility (4.60%) compared to IVOO (3.50%). In terms of maximum drawdown, IVOO dropped -42.33% vs USMF's -36.24%.

Which ETF is better, IVOO or USMF?

On 5-year performance, IVOO leads with 9.34% vs 7.81% for USMF. On fees, IVOO is cheaper at 0.07% per year. On volatility, IVOO has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or USMF?

Over the 5-year period, IVOO has performed better with a 9.34% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or USMF?

IVOO is cheaper with a 0.07% expense ratio, compared with 0.28% for USMF.

Which ETF pays a higher dividend yield, IVOO or USMF?

USMF has the higher dividend yield at 1.32%, compared with 1.17% for IVOO.

What is the main difference between IVOO and USMF?

IVOO tracks S&P MidCap 400 Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: Vanguard and WisdomTree. Their fees differ too: 0.07% for IVOO and 0.28% for USMF.

Which has better risk-adjusted returns?

IVOO currently has the higher Sharpe Ratio (1.45 vs 0.57), 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.