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SPMV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMV vs. USMV

Last updated Jun 23, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. SPMV charges 0.10%/yr vs 0.15%/yr for USMV.

Performance

SPMV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) 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

SPMV

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMV vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMV
Invesco S&P 500 Minimum Variance ETF		0.87%11.69%18.78%10.28%-10.84%24.35%8.57%32.13%-6.28%7.84%
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%6.69%

Correlation

The correlation between SPMV and USMV is 0.63, 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

0.63

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

0.82

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

0.90

Correlation (All Time)
Calculated using the full available price history since Aug 24, 2017

0.83

The correlation between SPMV and USMV shifts across timeframes, from 0.63 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

SPMV vs. USMV - Sectors Allocation Comparison

Sectors
SPMV
USMV

Technology

26.9%
33.9%

Financial Services

17.8%
11.7%

Healthcare

15.0%
12.6%

Consumer Defensive

10.7%
9.4%

Consumer Cyclical

6.6%
5.7%

Communication Services

6.5%
6.2%

Industrials

6.0%
6.1%

Energy

4.8%
2.7%

Utilities

2.8%
6.9%

Basic Materials

2.6%
2.4%

Real Estate

0.2%
2.5%

Technology

SPMV
26.9%
USMV
33.9%

Financial Services

SPMV
17.8%
USMV
11.7%

Healthcare

SPMV
15.0%
USMV
12.6%

Consumer Defensive

SPMV
10.7%
USMV
9.4%

Consumer Cyclical

SPMV
6.6%
USMV
5.7%

Communication Services

SPMV
6.5%
USMV
6.2%

Industrials

SPMV
6.0%
USMV
6.1%

Energy

SPMV
4.8%
USMV
2.7%

Utilities

SPMV
2.8%
USMV
6.9%

Basic Materials

SPMV
2.6%
USMV
2.4%

Real Estate

SPMV
0.2%
USMV
2.5%

Compare stocks, funds, or ETFs

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

Invesco S&P 500 Minimum Variance ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with SPMV:
SPMV vs. SPLVSPMV vs. SPYSPMV vs. QQQSPMV vs. MVOL.LSPMV vs. FDVVSPMV vs. MGVSPMV vs. ^GSPC
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. QUALUSMV vs. ACWVUSMV vs. VTI

Return for Risk

SPMV vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPMV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

SPMVUSMVDifference
Sharpe ratioReturn per unit of total volatility

—

0.50

—

Sortino ratioReturn per unit of downside risk

—

0.76

—

Omega ratioGain probability vs. loss probability

—

1.09

—

Calmar ratioReturn relative to maximum drawdown

—

0.67

—

Martin ratioReturn relative to average drawdown

—

2.18

—

SPMV vs. USMV - Sharpe Ratio Comparison

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Drawdowns

SPMV vs. USMV - Drawdown Comparison

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Drawdown Indicators

SPMVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

—

-33.10%

—

Max Drawdown (1Y)

Largest decline over 1 year

—

-6.46%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.36%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.93%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

—

-2.91%

—

Average Drawdown

Average peak-to-trough decline

—

-2.87%

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

1.97%

—

Volatility

SPMV vs. USMV - Volatility Comparison

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Volatility by Period

SPMVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

2.62%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

6.13%

—

Volatility (1Y)

Calculated over the trailing 1-year period

—

8.61%

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

—

12.36%

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

—

14.52%

—

SPMV vs. USMV - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPMV vs. USMV - Dividend Comparison

SPMV has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.53%.

PositionTTM20252024202320222021202020192018201720162015
SPMV
Invesco S&P 500 Minimum Variance ETF		1.45%1.53%1.53%2.28%1.79%1.28%1.71%3.13%2.11%1.72%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

SPMV and USMV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMV is cheaper with a 0.10% expense ratio, compared with 0.15% for USMV.

USMV has the higher dividend yield at 1.53%, compared with 1.45% for SPMV.

SPMV is categorized as S&P 500, while USMV is Large Cap Blend Equities. SPMV tracks S&P 500 Minimum Volatility Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for SPMV and 0.15% for USMV.

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