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SDY vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDY vs. USMV

Last updated Aug 6, 2026
Documentation

SDY (SPDR S&P Dividend ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SDY returned 9.43%/yr vs 9.84%/yr for USMV. Their correlation of 0.84 means they have usually moved in the same direction. SDY charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

SDY vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) 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, SDY achieves a 14.35% return, which is significantly higher than USMV's 6.64% return. Both investments have delivered pretty close results over the past 10 years, with SDY having a 9.43% annualized return and USMV not far ahead at 9.84%.

SDY

1D
-0.06%
1M
1.40%
6M
4.24%
YTD
14.35%
1Y
16.81%
3Y*
10.98%
5Y*
7.73%
10Y*
9.43%
ALL TIME*
9.07%

USMV

1D
-0.01%
1M
1.84%
6M
5.55%
YTD
6.64%
1Y
9.34%
3Y*
12.15%
5Y*
7.18%
10Y*
9.84%
ALL TIME*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

SDY

SPDR S&P Dividend ETF
$32.37M$30.67M$33.82M

USMV

iShares MSCI USA Min Vol Factor ETF
$256.09M$232.31M$220.01M

SDY vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDY
SPDR S&P Dividend ETF		14.35%8.18%8.45%2.61%-0.54%25.32%1.71%23.29%-2.74%15.82%
USMV
iShares MSCI USA Min Vol Factor ETF		6.64%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between SDY and USMV is 0.73, 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.

0.73

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

0.82

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

0.83

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

0.81

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.84

The correlation between SDY and USMV shifts across timeframes, from 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

SDY vs. USMV - Sectors Allocation Comparison

Sectors
SDY
USMV

Industrials

17.5%
6.4%

Consumer Defensive

16.3%
9.3%

Utilities

14.2%
7.2%

Financial Services

12.6%
11.8%

Technology

10.3%
33.0%

Healthcare

7.9%
13.4%

Consumer Cyclical

5.9%
5.8%

Basic Materials

5.8%
2.2%

Real Estate

4.4%
2.6%

Energy

2.8%
2.6%

Communication Services

2.2%
5.7%

Industrials

SDY
17.5%
USMV
6.4%

Consumer Defensive

SDY
16.3%
USMV
9.3%

Utilities

SDY
14.2%
USMV
7.2%

Financial Services

SDY
12.6%
USMV
11.8%

Technology

SDY
10.3%
USMV
33.0%

Healthcare

SDY
7.9%
USMV
13.4%

Consumer Cyclical

SDY
5.9%
USMV
5.8%

Basic Materials

SDY
5.8%
USMV
2.2%

Real Estate

SDY
4.4%
USMV
2.6%

Energy

SDY
2.8%
USMV
2.6%

Communication Services

SDY
2.2%
USMV
5.7%

Compare stocks, funds, or ETFs

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

SPDR S&P Dividend ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with SDY:
SDY vs. SCHDSDY vs. NOBLSDY vs. SPYDSDY vs. VYMSDY vs. SPYSDY vs. VIGSDY vs. VOO
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

SDY vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SDY
SDY Risk / Return Rank: 5555
Overall Rank
SDY Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SDY Sortino Ratio Rank: 6464
Sortino Ratio Rank
SDY Omega Ratio Rank: 5353
Omega Ratio Rank
SDY Calmar Ratio Rank: 5454
Calmar Ratio Rank
SDY Martin Ratio Rank: 4646
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 3737
Overall Rank
USMV Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3838
Sortino Ratio Rank
USMV Omega Ratio Rank: 3636
Omega Ratio Rank
USMV Calmar Ratio Rank: 3636
Calmar Ratio Rank
USMV Martin Ratio Rank: 3939
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.

SDY vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.

SDYUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.57
1.10

+0.47

Sortino ratioReturn per unit of downside risk
2.41
1.62

+0.79

Omega ratioGain probability vs. loss probability

1.27

1.19

+0.08

Calmar ratioReturn relative to maximum drawdown

2.20

1.45

+0.75

Martin ratioReturn relative to average drawdown

5.92

4.74

+1.17

SDY vs. USMV - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.57, which is higher than the USMV Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of SDY 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

SDY vs. USMV - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SDY and USMV.

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Drawdown Indicators

SDYUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-54.75%

-33.10%

-21.65%

Max Drawdown (1Y)

Largest decline over 1 year

-7.67%

-6.46%

-1.21%

Max Drawdown (3Y)

Largest decline over 3 years

-14.39%

-9.36%

-5.03%

Max Drawdown (5Y)

Largest decline over 5 years

-15.21%

-17.93%

+2.72%

Max Drawdown (10Y)

Largest decline over 10 years

-36.70%

-33.10%

-3.60%

Current Drawdown

Current decline from peak

-0.98%

-0.01%

-0.97%

Average Drawdown

Average peak-to-trough decline

-6.17%

-2.86%

-3.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

1.97%

+0.88%

Volatility

SDY vs. USMV - Volatility Comparison

SPDR S&P Dividend ETF (SDY) has a higher volatility of 4.13% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.97%. This indicates that SDY'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

SDYUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.13%

2.97%

+1.16%

Volatility (6M)

Calculated over the trailing 6-month period

8.12%

6.56%

+1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

10.75%

8.57%

+2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.01%

12.39%

+1.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.09%

14.51%

+2.58%

SDY vs. USMV - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

SDY vs. USMV - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.37%, more than USMV's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
SDY
SPDR S&P Dividend ETF		2.37%2.61%2.56%2.64%2.55%2.63%2.85%2.45%2.73%4.69%3.30%6.20%
USMV
iShares MSCI USA Min Vol Factor ETF		1.45%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

SDY and USMV have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SDY has higher volatility (4.13%) compared to USMV (2.97%). In terms of maximum drawdown, SDY dropped -54.75% vs USMV's -33.10%.

On 10-year performance, USMV leads with 9.84% vs 9.43% for SDY. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USMV has performed better with a 9.84% return vs 9.43%. 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 0.35% for SDY.

SDY has the higher dividend yield at 2.37%, compared with 1.45% for USMV.

SDY is categorized as Mid Cap Value Equities, while USMV is Low Volatility. SDY tracks S&P High Yield Dividend Aristocrats Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for SDY and 0.15% for USMV.

SDY currently has the higher Sharpe Ratio (1.57 vs 1.10), 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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