LCR vs. USMV
LCR (Leuthold Core ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - LCR is a Diversified Portfolio fund actively managed by The Leuthold Group LLC, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. LCR is actively managed, while USMV is passively managed. Over the past 5 years, LCR returned 6.68%/yr vs 7.02%/yr for USMV. A 0.74 correlation means they provide meaningful diversification when combined. LCR charges 0.79%/yr vs 0.15%/yr for USMV.
Performance
LCR vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, LCR achieves a 3.25% return, which is significantly higher than USMV's 1.14% return.
LCR
- 1D
- -0.69%
- 1M
- 0.26%
- YTD
- 3.25%
- 6M
- 2.71%
- 1Y
- 12.29%
- 3Y*
- 10.58%
- 5Y*
- 6.68%
- 10Y*
- —
USMV
- 1D
- 0.29%
- 1M
- -2.10%
- YTD
- 1.14%
- 6M
- 0.51%
- 1Y
- 3.59%
- 3Y*
- 10.93%
- 5Y*
- 7.02%
- 10Y*
- 9.79%
LCR vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LCR Leuthold Core ETF | 3.25% | 12.43% | 8.68% | 12.80% | -7.58% | 12.12% | 13.56% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.14% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.54% |
Correlation
The correlation between LCR and USMV is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 6, 2020 | 0.74 |
The correlation between LCR and USMV shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LCR vs. USMV — Risk / Return Rank
LCR
USMV
LCR vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leuthold Core ETF (LCR) 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.
| LCR | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.08 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.56 | +1.49 |
| Martin ratioReturn relative to average drawdown | 8.34 | 1.82 | +6.52 |
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Drawdowns
LCR vs. USMV - Drawdown Comparison
The maximum LCR drawdown since its inception was -17.44%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for LCR and USMV.
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Drawdown Indicators
| LCR | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.44% | -33.10% | +15.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -6.46% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -9.36% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -13.40% | -17.93% | +4.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.10% | — |
Current DrawdownCurrent decline from peak | -1.31% | -2.63% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -2.87% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.48% | 1.98% | -0.50% |
Volatility
LCR vs. USMV - Volatility Comparison
Leuthold Core ETF (LCR) has a higher volatility of 2.91% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.63%. This indicates that LCR'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
| LCR | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.91% | 2.63% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.43% | 6.14% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 8.60% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.08% | 12.35% | -3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.40% | 14.51% | -3.11% |
LCR vs. USMV - Expense Ratio Comparison
LCR has a 0.79% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
LCR vs. USMV - Dividend Comparison
LCR's dividend yield for the trailing twelve months is around 1.33%, less than USMV's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LCR Leuthold Core ETF | 1.33% | 1.37% | 1.86% | 1.60% | 0.75% | 0.21% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 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
LCR and USMV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LCR has higher volatility (2.91%) compared to USMV (2.63%). In terms of maximum drawdown, LCR dropped -17.44% vs USMV's -33.10%.
On 5-year performance, USMV leads with 7.02% vs 6.68% for LCR. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USMV has performed better with a 7.02% return vs 6.68%. 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 0.79% for LCR.
USMV has the higher dividend yield at 1.53%, compared with 1.33% for LCR.
LCR is categorized as Diversified Portfolio, while USMV is Large Cap Blend Equities. They also come from different issuers: The Leuthold Group LLC and iShares. Their fees differ too: 0.79% for LCR and 0.15% for USMV.
LCR currently has the higher Sharpe Ratio (1.57 vs 0.42), 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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