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SMMV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMV vs. USMV

Last updated Aug 2, 2026
Documentation

SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SMMV is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, SMMV returned 6.29%/yr vs 6.87%/yr for USMV. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SMMV charges 0.20%/yr vs 0.15%/yr for USMV.

Performance

SMMV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) 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, SMMV achieves a 9.33% return, which is significantly higher than USMV's 4.76% return.

SMMV

1D
-0.06%
1M
0.56%
6M
7.36%
YTD
9.33%
1Y
16.10%
3Y*
12.24%
5Y*
6.29%
10Y*
—
ALL TIME*
8.71%

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)

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$337.38K$347.17K$431.55K

USMV

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

SMMV vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		9.33%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%
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 SMMV and USMV is 0.75, 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.

0.75

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

0.79

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

0.82

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.77

The correlation between SMMV and USMV has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

SMMV vs. USMV - Sectors Allocation Comparison

Sectors
SMMV
USMV

Healthcare

18.7%
13.4%

Technology

13.7%
33.0%

Industrials

13.6%
6.4%

Real Estate

12.5%
2.6%

Financial Services

9.2%
11.8%

Consumer Defensive

7.6%
9.3%

Utilities

7.5%
7.2%

Consumer Cyclical

5.3%
5.8%

Energy

5.2%
2.6%

Communication Services

5.1%
5.7%

Basic Materials

1.6%
2.2%

Healthcare

SMMV
18.7%
USMV
13.4%

Technology

SMMV
13.7%
USMV
33.0%

Industrials

SMMV
13.6%
USMV
6.4%

Real Estate

SMMV
12.5%
USMV
2.6%

Financial Services

SMMV
9.2%
USMV
11.8%

Consumer Defensive

SMMV
7.6%
USMV
9.3%

Utilities

SMMV
7.5%
USMV
7.2%

Consumer Cyclical

SMMV
5.3%
USMV
5.8%

Energy

SMMV
5.2%
USMV
2.6%

Communication Services

SMMV
5.1%
USMV
5.7%

Basic Materials

SMMV
1.6%
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.

iShares MSCI USA Small-Cap Min Vol Factor ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IWMSMMV vs. IVVSMMV vs. IJS
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

SMMV vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMMV
SMMV Risk / Return Rank: 6666
Overall Rank
SMMV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7575
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6868
Omega Ratio Rank
SMMV Calmar Ratio Rank: 6363
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5656
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.

SMMV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) 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.

SMMVUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.58
0.87

+0.71

Sortino ratioReturn per unit of downside risk
2.42
1.29

+1.14

Omega ratioGain probability vs. loss probability

1.28

1.15

+0.13

Calmar ratioReturn relative to maximum drawdown

2.19

1.15

+1.05

Martin ratioReturn relative to average drawdown

6.75

3.74

+3.02

SMMV vs. USMV - Sharpe Ratio Comparison

The current SMMV Sharpe Ratio is 1.58, which is higher than the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of SMMV 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

SMMV vs. USMV - Drawdown Comparison

The maximum SMMV drawdown since its inception was -38.77%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SMMV and USMV.

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Drawdown Indicators

SMMVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-38.77%

-33.10%

-5.67%

Max Drawdown (1Y)

Largest decline over 1 year

-7.02%

-6.46%

-0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-13.68%

-9.36%

-4.32%

Max Drawdown (5Y)

Largest decline over 5 years

-18.00%

-17.93%

-0.07%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-1.07%

-0.64%

-0.43%

Average Drawdown

Average peak-to-trough decline

-5.04%

-2.86%

-2.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.28%

1.98%

+0.30%

Volatility

SMMV vs. USMV - Volatility Comparison

iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.85% and 2.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.85%

2.80%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

6.98%

6.44%

+0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

9.75%

8.56%

+1.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.44%

12.38%

+1.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.62%

14.50%

+1.12%

SMMV vs. USMV - Expense Ratio Comparison

SMMV 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

SMMV vs. USMV - Dividend Comparison

SMMV's dividend yield for the trailing twelve months is around 1.66%, more than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.66%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%0.00%
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

SMMV and USMV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMMV has higher volatility (2.85%) compared to USMV (2.80%). In terms of maximum drawdown, SMMV dropped -38.77% vs USMV's -33.10%.

On 5-year performance, USMV leads with 6.87% vs 6.29% for SMMV. On fees, USMV is cheaper at 0.15% per year. Their volatility is very similar. 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 6.87% return vs 6.29%. 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 SMMV.

SMMV has the higher dividend yield at 1.66%, compared with 1.47% for USMV.

SMMV is categorized as Small Cap Blend Equities, while USMV is Low Volatility. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.20% for SMMV and 0.15% for USMV.

SMMV currently has the higher Sharpe Ratio (1.58 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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