KLMN vs. USMV
KLMN (Invesco MSCI North America Climate ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - KLMN tracks the MSCI Global Climate 500 North America Selection Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, KLMN returned 22.32% vs 5.84% for USMV. A 0.55 correlation means they provide meaningful diversification when combined. KLMN charges 0.09%/yr vs 0.15%/yr for USMV.
Performance
KLMN vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, KLMN achieves a 11.18% return, which is significantly higher than USMV's 2.79% return.
KLMN
- 1D
- 0.28%
- 1M
- 0.38%
- 6M
- 10.28%
- YTD
- 11.18%
- 1Y
- 22.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USMV
- 1D
- -0.82%
- 1M
- -0.26%
- 6M
- 2.28%
- YTD
- 2.79%
- 1Y
- 5.84%
- 3Y*
- 10.77%
- 5Y*
- 6.73%
- 10Y*
- 9.39%
KLMN vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KLMN Invesco MSCI North America Climate ETF | 11.18% | 18.24% | -3.62% |
USMV iShares MSCI USA Min Vol Factor ETF | 2.79% | 7.65% | -3.47% |
Correlation
The correlation between KLMN and USMV is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024 | 0.55 |
The correlation between KLMN and USMV has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.
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Return for Risk
KLMN vs. USMV — Risk / Return Rank
KLMN
USMV
KLMN vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) 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.
| KLMN | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.12 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 0.91 | +1.59 |
| Martin ratioReturn relative to average drawdown | 10.72 | 2.96 | +7.76 |
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Drawdowns
KLMN vs. USMV - Drawdown Comparison
The maximum KLMN drawdown since its inception was -19.16%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for KLMN and USMV.
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Drawdown Indicators
| KLMN | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -33.10% | +13.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.96% | -6.46% | -2.50% |
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 DrawdownCurrent decline from peak | -0.40% | -2.30% | +1.90% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -2.87% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.98% | +0.11% |
Volatility
KLMN vs. USMV - Volatility Comparison
Invesco MSCI North America Climate ETF (KLMN) has a higher volatility of 3.38% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.86%. This indicates that KLMN'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.
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Volatility by Period
| KLMN | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 2.86% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.93% | 6.35% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 8.55% | +4.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.35% | 12.37% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 14.50% | +2.85% |
KLMN vs. USMV - Expense Ratio Comparison
KLMN has a 0.09% 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
KLMN vs. USMV - Dividend Comparison
KLMN's dividend yield for the trailing twelve months is around 1.19%, less than USMV's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KLMN Invesco MSCI North America Climate ETF | 1.19% | 1.25% | 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 | 1.50% | 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
KLMN and USMV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KLMN has higher volatility (3.38%) compared to USMV (2.86%). In terms of maximum drawdown, KLMN dropped -19.16% vs USMV's -33.10%.
On 1-year performance, KLMN leads with 22.32% vs 5.84% for USMV. On fees, KLMN is cheaper at 0.09% per year. On volatility, USMV has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KLMN has performed better with a 22.32% return vs 5.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KLMN is cheaper with a 0.09% expense ratio, compared with 0.15% for USMV.
USMV has the higher dividend yield at 1.50%, compared with 1.19% for KLMN.
KLMN tracks MSCI Global Climate 500 North America Selection Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.09% for KLMN and 0.15% for USMV.
KLMN currently has the higher Sharpe Ratio (1.77 vs 0.69), 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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