JUSA vs. USMV

Last updated Jul 12, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. JUSA is actively managed, while USMV is passively managed. Over the past year, JUSA returned 21.01% vs 7.03% for USMV. A 0.55 correlation means they provide meaningful diversification when combined. JUSA charges 0.20%/yr vs 0.15%/yr for USMV.

Performance

JUSA vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 10.58% return, which is significantly higher than USMV's 4.58% return.

JUSA

• 1D: 0.55%
• 1M: 2.21%
• 6M: 8.85%
• YTD: 10.58%
• 1Y: 21.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMV

• 1D: 0.16%
• 1M: 2.10%
• 6M: 4.05%
• YTD: 4.58%
• 1Y: 7.03%
• 3Y*: 11.50%
• 5Y*: 7.18%
• 10Y*: 9.61%

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

JUSA vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	10.58%	22.30%
USMV iShares MSCI USA Min Vol Factor ETF	4.58%	5.09%

Correlation

The correlation between JUSA 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 (All Time) Calculated using the full available price history since Mar 14, 2025	0.55

The correlation between JUSA and USMV has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

JUSA vs. USMV - Sectors Allocation Comparison

Sectors	JUSA	USMV
Technology	39.2%	33.9%
Financial Services	10.9%	11.7%
Consumer Cyclical	10.7%	5.7%
Communication Services	10.5%	6.2%
Healthcare	8.2%	12.6%
Industrials	7.9%	6.1%
Consumer Defensive	3.9%	9.4%
Energy	3.1%	2.7%
Utilities	2.1%	6.9%
Real Estate	1.8%	2.5%
Basic Materials	1.8%	2.4%

Return for Risk

JUSA vs. USMV — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 64
JUSA Sharpe Ratio Rank: 64
JUSA Sortino Ratio Rank: 63
JUSA Omega Ratio Rank: 64
JUSA Calmar Ratio Rank: 58
JUSA Martin Ratio Rank: 70

USMV

USMV Risk / Return Rank: 24
USMV Sharpe Ratio Rank: 25
USMV Sortino Ratio Rank: 23
USMV Omega Ratio Rank: 22
USMV Calmar Ratio Rank: 24
USMV 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.

JUSA vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.73	+0.94
Sortino ratio: Return per unit of downside risk	2.34	1.08	+1.26
Omega ratio: Gain probability vs. loss probability	1.31	1.13	+0.18
Calmar ratio: Return relative to maximum drawdown	2.32	0.97	+1.36
Martin ratio: Return relative to average drawdown	10.11	3.16	+6.95

JUSA vs. USMV - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 1.68, which is higher than the USMV Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of JUSA 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

JUSA vs. USMV - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for JUSA and USMV.

Drawdown Indicators

	JUSA	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-33.10%	+19.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-6.46%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
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	-0.20%	-0.60%	+0.40%
Average Drawdown Average peak-to-trough decline	-1.54%	-2.87%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.97%	+0.08%

Volatility

JUSA vs. USMV - Volatility Comparison

JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) has a higher volatility of 4.24% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.59%. This indicates that JUSA'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.

Volatility by Period

	JUSA	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	2.59%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	6.23%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	8.51%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	12.35%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	14.49%	+3.97%

JUSA vs. USMV - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JUSA vs. USMV - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.79%, less than USMV's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.79%	0.77%	0.00%	0.00%	0.00%	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

Can I hold both JUSA and USMV in my portfolio?

JUSA 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, JUSA or USMV?

JUSA has higher volatility (4.24%) compared to USMV (2.59%). In terms of maximum drawdown, JUSA dropped -14.02% vs USMV's -33.10%.

Which ETF is better, JUSA or USMV?

On 1-year performance, JUSA leads with 21.01% vs 7.03% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or USMV?

Over the 1-year period, JUSA has performed better with a 21.01% return vs 7.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for JUSA.

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

USMV has the higher dividend yield at 1.48%, compared with 0.79% for JUSA.

What is the main difference between JUSA and USMV?

They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.20% for JUSA and 0.15% for USMV.

Which has better risk-adjusted returns?

JUSA currently has the higher Sharpe Ratio (1.68 vs 0.73), 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.