OEF vs. USMV
OEF (iShares S&P 100 ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds from iShares - OEF tracks the S&P 100 Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, OEF returned 16.21%/yr vs 9.58%/yr for USMV. A 0.78 correlation means they provide meaningful diversification when combined. OEF charges 0.20%/yr vs 0.15%/yr for USMV.
Performance
OEF vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, OEF achieves a 8.23% return, which is significantly higher than USMV's 4.64% return. Over the past 10 years, OEF has outperformed USMV with an annualized return of 16.21%, while USMV has yielded a comparatively lower 9.58% annualized return.
OEF
- 1D
- -0.78%
- 1M
- 1.58%
- 6M
- 7.11%
- YTD
- 8.23%
- 1Y
- 21.43%
- 3Y*
- 22.03%
- 5Y*
- 14.20%
- 10Y*
- 16.21%
USMV
- 1D
- 0.06%
- 1M
- 2.16%
- 6M
- 3.87%
- YTD
- 4.64%
- 1Y
- 7.10%
- 3Y*
- 11.43%
- 5Y*
- 7.16%
- 10Y*
- 9.58%
OEF vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OEF iShares S&P 100 ETF | 8.23% | 19.80% | 30.74% | 32.71% | -21.03% | 29.18% | 21.21% | 31.87% | -4.16% | 21.82% |
USMV iShares MSCI USA Min Vol Factor ETF | 4.64% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
Correlation
The correlation between OEF and USMV is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.78 |
Over the past year, the correlation between OEF and USMV has dropped to 0.37 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.
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Return for Risk
OEF vs. USMV — Risk / Return Rank
OEF
USMV
OEF vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 100 ETF (OEF) 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.
| OEF | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.15 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 1.10 | +0.84 |
| Martin ratioReturn relative to average drawdown | 7.59 | 3.61 | +3.98 |
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Drawdowns
OEF vs. USMV - Drawdown Comparison
The maximum OEF drawdown since its inception was -54.11%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for OEF and USMV.
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Drawdown Indicators
| OEF | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.11% | -33.10% | -21.01% |
Max Drawdown (1Y)Largest decline over 1 year | -11.06% | -6.46% | -4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -19.80% | -9.36% | -10.44% |
Max Drawdown (5Y)Largest decline over 5 years | -26.47% | -17.93% | -8.54% |
Max Drawdown (10Y)Largest decline over 10 years | -31.44% | -33.10% | +1.66% |
Current DrawdownCurrent decline from peak | -2.10% | -0.54% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -11.72% | -2.87% | -8.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 1.97% | +0.86% |
Volatility
OEF vs. USMV - Volatility Comparison
iShares S&P 100 ETF (OEF) has a higher volatility of 4.31% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that OEF'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
| OEF | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 2.54% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 6.22% | +4.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.45% | 8.48% | +4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.83% | 12.36% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.46% | 14.49% | +3.97% |
OEF vs. USMV - Expense Ratio Comparison
OEF 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
OEF vs. USMV - Dividend Comparison
OEF's dividend yield for the trailing twelve months is around 0.87%, less than USMV's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OEF iShares S&P 100 ETF | 0.87% | 0.81% | 1.03% | 1.19% | 1.55% | 1.06% | 1.43% | 1.87% | 2.09% | 1.81% | 2.07% | 2.11% |
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
OEF and USMV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OEF has higher volatility (4.31%) compared to USMV (2.54%). In terms of maximum drawdown, OEF dropped -54.11% vs USMV's -33.10%.
On 10-year performance, OEF leads with 16.21% vs 9.58% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OEF has performed better with a 16.21% return vs 9.58%. 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 0.20% for OEF.
USMV has the higher dividend yield at 1.48%, compared with 0.87% for OEF.
OEF tracks S&P 100 Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.20% for OEF and 0.15% for USMV.
OEF currently has the higher Sharpe Ratio (1.60 vs 0.84), 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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