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SIZE vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. USMV

Last updated Jun 23, 2026

SIZE (iShares MSCI USA Size Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SIZE returned 12.04%/yr vs 9.75%/yr for USMV. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

SIZE vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) 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, SIZE achieves a 9.23% return, which is significantly higher than USMV's 0.85% return. Over the past 10 years, SIZE has outperformed USMV with an annualized return of 12.04%, while USMV has yielded a comparatively lower 9.75% annualized return.

SIZE

1D
-0.01%
1M
1.12%
YTD
9.23%
6M
7.56%
1Y
18.60%
3Y*
15.66%
5Y*
8.12%
10Y*
12.04%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SIZE vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		9.23%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
USMV
iShares MSCI USA Min Vol Factor ETF		0.85%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between SIZE and USMV is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.81

Correlation (10Y)
Calculated over the trailing 10-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.76

The correlation between SIZE and USMV shifts across timeframes, from 0.71 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

SIZE vs. USMV - Sectors Allocation Comparison

Sectors
SIZE
USMV

Technology

20.0%
33.9%

Industrials

15.3%
6.1%

Financial Services

14.7%
11.7%

Consumer Cyclical

11.2%
5.7%

Healthcare

10.7%
12.6%

Utilities

5.4%
6.9%

Consumer Defensive

5.3%
9.4%

Real Estate

5.3%
2.5%

Basic Materials

4.3%
2.4%

Communication Services

3.9%
6.2%

Energy

3.7%
2.7%

Technology

SIZE
20.0%
USMV
33.9%

Industrials

SIZE
15.3%
USMV
6.1%

Financial Services

SIZE
14.7%
USMV
11.7%

Consumer Cyclical

SIZE
11.2%
USMV
5.7%

Healthcare

SIZE
10.7%
USMV
12.6%

Utilities

SIZE
5.4%
USMV
6.9%

Consumer Defensive

SIZE
5.3%
USMV
9.4%

Real Estate

SIZE
5.3%
USMV
2.5%

Basic Materials

SIZE
4.3%
USMV
2.4%

Communication Services

SIZE
3.9%
USMV
6.2%

Energy

SIZE
3.7%
USMV
2.7%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Size Factor ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QUALSIZE vs. QDVA.DESIZE vs. VIGSIZE vs. VOOSIZE vs. IJH
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

SIZE vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4545
Overall Rank
SIZE Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4343
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3939
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4949
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5454
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1616
Overall Rank
USMV Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1515
Sortino Ratio Rank
USMV Omega Ratio Rank: 1414
Omega Ratio Rank
USMV Calmar Ratio Rank: 1616
Calmar Ratio Rank
USMV Martin Ratio Rank: 1919
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SIZE vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

SIZEUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.44
0.50

+0.94

Sortino ratioReturn per unit of downside risk
2.11
0.76

+1.36

Omega ratioGain probability vs. loss probability

1.25

1.09

+0.16

Calmar ratioReturn relative to maximum drawdown

2.34

0.67

+1.68

Martin ratioReturn relative to average drawdown

9.07

2.18

+6.89

SIZE vs. USMV - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.44, which is higher than the USMV Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of SIZE 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

SIZE vs. USMV - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SIZE and USMV.

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Drawdown Indicators

SIZEUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-33.10%

-6.05%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-6.46%

-1.51%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-9.36%

-9.35%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-17.93%

-6.10%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-33.10%

-6.05%

Current Drawdown

Current decline from peak

-1.21%

-2.91%

+1.70%

Average Drawdown

Average peak-to-trough decline

-4.17%

-2.87%

-1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

1.97%

+0.09%

Volatility

SIZE vs. USMV - Volatility Comparison

iShares MSCI USA Size Factor ETF (SIZE) has a higher volatility of 3.85% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.62%. This indicates that SIZE'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

SIZEUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

2.62%

+1.23%

Volatility (6M)

Calculated over the trailing 6-month period

9.82%

6.13%

+3.69%

Volatility (1Y)

Calculated over the trailing 1-year period

13.00%

8.61%

+4.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

12.36%

+5.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.72%

14.52%

+4.20%

SIZE vs. USMV - Expense Ratio Comparison

Both SIZE and USMV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SIZE vs. USMV - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.39%, less than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
SIZE
iShares MSCI USA Size Factor ETF		1.39%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%
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

SIZE and USMV have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SIZE has higher volatility (3.85%) compared to USMV (2.62%). In terms of maximum drawdown, SIZE dropped -39.15% vs USMV's -33.10%.

On 10-year performance, SIZE leads with 12.04% vs 9.75% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SIZE has performed better with a 12.04% return vs 9.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SIZE and USMV have the same expense ratio: 0.15% per year.

USMV has the higher dividend yield at 1.53%, compared with 1.39% for SIZE.

SIZE is categorized as Mid Cap Blend Equities, while USMV is Large Cap Blend Equities. SIZE tracks MSCI USA Low Size Index, while USMV tracks MSCI USA Minimum Volatility Index.

SIZE currently has the higher Sharpe Ratio (1.44 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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