MPRO vs. USMV
MPRO (Monarch ProCap ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, MPRO returned 5.68%/yr vs 7.10%/yr for USMV. A 0.77 correlation means they provide meaningful diversification when combined. MPRO charges 1.17%/yr vs 0.15%/yr for USMV.
Performance
MPRO vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, MPRO achieves a 6.22% return, which is significantly higher than USMV's 0.85% return.
MPRO
- 1D
- -0.18%
- 1M
- 0.09%
- YTD
- 6.22%
- 6M
- 6.18%
- 1Y
- 13.01%
- 3Y*
- 9.90%
- 5Y*
- 5.68%
- 10Y*
- —
USMV
- 1D
- 0.04%
- 1M
- -2.38%
- YTD
- 0.85%
- 6M
- 0.25%
- 1Y
- 4.28%
- 3Y*
- 10.83%
- 5Y*
- 7.10%
- 10Y*
- 9.75%
MPRO vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MPRO Monarch ProCap ETF | 6.22% | 9.33% | 8.37% | 10.55% | -9.38% | 10.74% |
USMV iShares MSCI USA Min Vol Factor ETF | 0.85% | 7.65% | 15.74% | 10.33% | -9.43% | 20.07% |
Correlation
The correlation between MPRO and USMV is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Mar 24, 2021 | 0.77 |
The correlation between MPRO and USMV shifts across timeframes, from 0.67 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MPRO vs. USMV — Risk / Return Rank
MPRO
USMV
MPRO vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.
| MPRO | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.09 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 0.67 | +1.64 |
| Martin ratioReturn relative to average drawdown | 9.07 | 2.18 | +6.89 |
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Drawdowns
MPRO vs. USMV - Drawdown Comparison
The maximum MPRO drawdown since its inception was -14.51%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for MPRO and USMV.
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Drawdown Indicators
| MPRO | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.51% | -33.10% | +18.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -6.46% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -9.36% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -17.93% | +3.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.10% | — |
Current DrawdownCurrent decline from peak | -0.98% | -2.91% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -2.87% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.97% | -0.53% |
Volatility
MPRO vs. USMV - Volatility Comparison
The current volatility for Monarch ProCap ETF (MPRO) is 2.04%, while iShares MSCI USA Min Vol Factor ETF (USMV) has a volatility of 2.62%. This indicates that MPRO experiences smaller price fluctuations and is considered to be less risky 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
| MPRO | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 2.62% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.15% | 6.13% | -0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.81% | 8.61% | -1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.28% | 12.36% | -3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.22% | 14.52% | -5.30% |
MPRO vs. USMV - Expense Ratio Comparison
MPRO has a 1.17% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
MPRO vs. USMV - Dividend Comparison
MPRO's dividend yield for the trailing twelve months is around 1.87%, more than USMV's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MPRO Monarch ProCap ETF | 1.87% | 1.93% | 1.64% | 1.40% | 1.09% | 0.95% | 0.00% | 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
MPRO and USMV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USMV has higher volatility (2.62%) compared to MPRO (2.04%). In terms of maximum drawdown, MPRO dropped -14.51% vs USMV's -33.10%.
On 5-year performance, USMV leads with 7.10% vs 5.68% for MPRO. On fees, USMV is cheaper at 0.15% per year. On volatility, MPRO has been the lower-risk option at 2.04%. 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 7.10% return vs 5.68%. 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 1.17% for MPRO.
MPRO has the higher dividend yield at 1.87%, compared with 1.53% for USMV.
MPRO is categorized as Diversified Portfolio, while USMV is Large Cap Blend Equities. MPRO tracks Monarch ProCap Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Monarch and iShares. Their fees differ too: 1.17% for MPRO and 0.15% for USMV.
MPRO currently has the higher Sharpe Ratio (1.92 vs 0.50), 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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