SPY1.DE vs. USMV
SPY1.DE (SPDR S&P 500 Low Volatility UCITS ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SPY1.DE is a S&P 500 fund tracking the S&P 500 Low Volatility, 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, SPY1.DE returned 7.35%/yr vs 9.74%/yr for USMV. A 0.59 correlation means they provide meaningful diversification when combined. SPY1.DE charges 0.35%/yr vs 0.15%/yr for USMV.
Performance
SPY1.DE vs. USMV - Performance Comparison
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Different Trading Currencies
SPY1.DE is traded in EUR, while USMV is traded in USD. To make them comparable, the USMV values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPY1.DE achieves a 2.00% return, which is significantly lower than USMV's 4.25% return. Over the past 10 years, SPY1.DE has underperformed USMV with an annualized return of 7.35%, while USMV has yielded a comparatively higher 9.74% annualized return.
SPY1.DE
- 1D
- -0.18%
- 1M
- -1.34%
- YTD
- 2.00%
- 6M
- 1.72%
- 1Y
- -1.53%
- 3Y*
- 4.28%
- 5Y*
- 5.96%
- 10Y*
- 7.35%
USMV
- 1D
- 0.28%
- 1M
- 3.01%
- YTD
- 4.25%
- 6M
- 3.40%
- 1Y
- 3.49%
- 3Y*
- 9.04%
- 5Y*
- 8.54%
- 10Y*
- 9.74%
SPY1.DE vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY1.DE SPDR S&P 500 Low Volatility UCITS ETF | 2.00% | -7.26% | 20.46% | -3.91% | 0.94% | 34.70% | -10.69% | 29.65% | 3.67% | 2.32% |
USMV iShares MSCI USA Min Vol Factor ETF | 4.25% | -5.13% | 23.38% | 7.02% | -3.82% | 29.89% | -3.07% | 30.57% | 6.09% | 4.30% |
Correlation
The correlation between SPY1.DE and USMV is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2012 | 0.59 |
The correlation between SPY1.DE and USMV has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.
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Return for Risk
SPY1.DE vs. USMV — Risk / Return Rank
SPY1.DE
USMV
SPY1.DE vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 Low Volatility UCITS ETF (SPY1.DE) 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.
| SPY1.DE | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 0.68 | -0.91 |
| Martin ratioReturn relative to average drawdown | -0.48 | 1.55 | -2.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY1.DE | USMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 0.37 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.66 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.63 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.88 | -0.18 |
Drawdowns
SPY1.DE vs. USMV - Drawdown Comparison
The maximum SPY1.DE drawdown since its inception was -35.30%, which is greater than USMV's maximum drawdown of -32.65%. Use the drawdown chart below to compare losses from any high point for SPY1.DE and USMV.
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Drawdown Indicators
| SPY1.DE | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.30% | -32.65% | -2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -6.77% | -5.12% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -14.59% | -15.66% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -15.66% | -0.66% |
Max Drawdown (10Y)Largest decline over 10 years | -35.30% | -32.65% | -2.65% |
Current DrawdownCurrent decline from peak | -11.45% | -6.93% | -4.52% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -4.55% | -1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 2.25% | +0.90% |
Volatility
SPY1.DE vs. USMV - Volatility Comparison
SPDR S&P 500 Low Volatility UCITS ETF (SPY1.DE) has a higher volatility of 3.46% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.78%. This indicates that SPY1.DE'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
| SPY1.DE | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 2.78% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 7.38% | 6.80% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.25% | 9.57% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.47% | 12.92% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.00% | 15.38% | -1.38% |
SPY1.DE vs. USMV - Expense Ratio Comparison
SPY1.DE has a 0.35% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
SPY1.DE vs. USMV - Dividend Comparison
SPY1.DE has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY1.DE SPDR S&P 500 Low Volatility UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.52% | 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
SPY1.DE and USMV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for SPY1.DE.
SPY1.DE is categorized as S&P 500, while USMV is Large Cap Blend Equities. SPY1.DE tracks S&P 500 Low Volatility, 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 SPY1.DE and 0.15% for USMV.
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