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LGLV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LGLV vs. USMV

Last updated Aug 2, 2026
Documentation

LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Low Volatility funds - LGLV tracks the State Street U.S. Large Cap Low Volatility Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, LGLV returned 11.19%/yr vs 9.63%/yr for USMV. Their correlation of 0.85 means they have usually moved in the same direction. LGLV charges 0.12%/yr vs 0.15%/yr for USMV.

Performance

LGLV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LGLV achieves a 7.61% return, which is significantly higher than USMV's 4.76% return. Over the past 10 years, LGLV has outperformed USMV with an annualized return of 11.19%, while USMV has yielded a comparatively lower 9.63% annualized return.

LGLV

1D
0.02%
1M
0.47%
6M
3.70%
YTD
7.61%
1Y
10.51%
3Y*
11.84%
5Y*
8.32%
10Y*
11.19%
ALL TIME*
11.95%

USMV

1D
0.09%
1M
0.04%
6M
3.84%
YTD
4.76%
1Y
7.68%
3Y*
11.04%
5Y*
6.87%
10Y*
9.63%
ALL TIME*
11.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

LGLV

SPDR SSGA US Large Cap Low Volatility Index ETF
$5.56M$4.60M$5.45M

USMV

iShares MSCI USA Min Vol Factor ETF
$217.70M$221.64M$218.77M

LGLV vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LGLV
SPDR SSGA US Large Cap Low Volatility Index ETF		7.61%8.37%16.22%9.19%-8.17%27.95%7.42%30.83%0.32%17.84%
USMV
iShares MSCI USA Min Vol Factor ETF		4.76%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between LGLV and USMV is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.79

Correlation (3Y)
Balances recent behavior with more history.

0.89

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (10Y)
Provides a long-term view across more market conditions.

0.90

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2013

0.85

The correlation between LGLV and USMV shifts across timeframes, from 0.79 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

LGLV vs. USMV - Sectors Allocation Comparison

Sectors
LGLV
USMV

Industrials

18.7%
6.4%

Real Estate

17.8%
2.6%

Utilities

11.8%
7.2%

Financial Services

10.0%
11.8%

Consumer Cyclical

9.1%
5.8%

Technology

9.0%
33.0%

Healthcare

7.3%
13.4%

Consumer Defensive

5.6%
9.3%

Communication Services

3.9%
5.7%

Energy

3.5%
2.6%

Basic Materials

3.4%
2.2%

Industrials

LGLV
18.7%
USMV
6.4%

Real Estate

LGLV
17.8%
USMV
2.6%

Utilities

LGLV
11.8%
USMV
7.2%

Financial Services

LGLV
10.0%
USMV
11.8%

Consumer Cyclical

LGLV
9.1%
USMV
5.8%

Technology

LGLV
9.0%
USMV
33.0%

Healthcare

LGLV
7.3%
USMV
13.4%

Consumer Defensive

LGLV
5.6%
USMV
9.3%

Communication Services

LGLV
3.9%
USMV
5.7%

Energy

LGLV
3.5%
USMV
2.6%

Basic Materials

LGLV
3.4%
USMV
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR SSGA US Large Cap Low Volatility Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with LGLV:
LGLV vs. SCHDLGLV vs. VOOLGLV vs. SMLVLGLV vs. VSMVLGLV vs. SPTMLGLV vs. SMLFLGLV vs. GRID
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

LGLV vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
LGLV
LGLV Risk / Return Rank: 3939
Overall Rank
LGLV Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
LGLV Sortino Ratio Rank: 4141
Sortino Ratio Rank
LGLV Omega Ratio Rank: 3737
Omega Ratio Rank
LGLV Calmar Ratio Rank: 4242
Calmar Ratio Rank
LGLV Martin Ratio Rank: 3535
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 3434
Overall Rank
USMV Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3434
Sortino Ratio Rank
USMV Omega Ratio Rank: 3232
Omega Ratio Rank
USMV Calmar Ratio Rank: 3434
Calmar Ratio Rank
USMV Martin Ratio Rank: 3737
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LGLV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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.

LGLVUSMVDifference
Sharpe ratioReturn per unit of total volatility
0.99
0.87

+0.13

Sortino ratioReturn per unit of downside risk
1.53
1.29

+0.24

Omega ratioGain probability vs. loss probability

1.17

1.15

+0.02

Calmar ratioReturn relative to maximum drawdown

1.47

1.15

+0.32

Martin ratioReturn relative to average drawdown

3.41

3.74

-0.32

LGLV vs. USMV - Sharpe Ratio Comparison

The current LGLV Sharpe Ratio is 0.99, which is comparable to the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of LGLV 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.

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Drawdowns

LGLV vs. USMV - Drawdown Comparison

The maximum LGLV drawdown since its inception was -36.64%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for LGLV and USMV.

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Drawdown Indicators

LGLVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-36.64%

-33.10%

-3.54%

Max Drawdown (1Y)

Largest decline over 1 year

-6.86%

-6.46%

-0.40%

Max Drawdown (3Y)

Largest decline over 3 years

-10.17%

-9.36%

-0.81%

Max Drawdown (5Y)

Largest decline over 5 years

-17.49%

-17.93%

+0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-36.64%

-33.10%

-3.54%

Current Drawdown

Current decline from peak

-2.14%

-0.64%

-1.50%

Average Drawdown

Average peak-to-trough decline

-3.21%

-2.86%

-0.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.95%

1.98%

+0.97%

Volatility

LGLV vs. USMV - Volatility Comparison

SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) has a higher volatility of 4.53% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.80%. This indicates that LGLV'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

LGLVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.53%

2.80%

+1.73%

Volatility (6M)

Calculated over the trailing 6-month period

7.99%

6.44%

+1.55%

Volatility (1Y)

Calculated over the trailing 1-year period

10.16%

8.56%

+1.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.03%

12.38%

+0.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

14.50%

+1.59%

LGLV vs. USMV - Expense Ratio Comparison

LGLV has a 0.12% 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

LGLV vs. USMV - Dividend Comparison

LGLV's dividend yield for the trailing twelve months is around 1.99%, more than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
LGLV
SPDR SSGA US Large Cap Low Volatility Index ETF		1.99%1.94%1.93%2.03%1.95%1.65%1.98%1.89%2.09%4.39%2.54%2.97%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%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

LGLV and USMV have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

LGLV has higher volatility (4.53%) compared to USMV (2.80%). In terms of maximum drawdown, LGLV dropped -36.64% vs USMV's -33.10%.

On 10-year performance, LGLV leads with 11.19% vs 9.63% for USMV. On fees, LGLV is cheaper at 0.12% per year. On volatility, USMV has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, LGLV has performed better with a 11.19% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LGLV is cheaper with a 0.12% expense ratio, compared with 0.15% for USMV.

LGLV has the higher dividend yield at 1.99%, compared with 1.47% for USMV.

LGLV tracks State Street U.S. Large Cap Low Volatility Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for LGLV and 0.15% for USMV.

LGLV currently has the higher Sharpe Ratio (0.99 vs 0.87), 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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