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SSPY vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSPY vs. USMV

Last updated Jul 14, 2026
Documentation

SSPY (Stratified LargeCap Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - SSPY tracks the Syntax Stratified LargeCap Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, SSPY returned 19.11% vs 7.10% for USMV. A 0.79 correlation means they provide meaningful diversification when combined. SSPY charges 0.45%/yr vs 0.15%/yr for USMV.

Performance

SSPY vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) 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, SSPY achieves a 12.72% return, which is significantly higher than USMV's 4.64% return.

SSPY

1D
-0.02%
1M
1.26%
6M
9.59%
YTD
12.72%
1Y
19.11%
3Y*
—
5Y*
—
10Y*
—

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSPY vs. USMV - Yearly Performance Comparison

2026 (YTD)20252024
SSPY
Stratified LargeCap Index ETF		12.72%12.88%-0.90%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%-2.06%

Correlation

The correlation between SSPY and USMV is 0.73, 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

0.73

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2024

0.79

The correlation between SSPY and USMV has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

SSPY vs. USMV - Sectors Allocation Comparison

Sectors
SSPY
USMV

Technology

20.2%
33.9%

Consumer Cyclical

12.8%
5.7%

Healthcare

11.9%
12.6%

Consumer Defensive

11.7%
9.4%

Industrials

10.2%
6.1%

Financial Services

10.0%
11.7%

Communication Services

6.0%
6.2%

Energy

5.8%
2.7%

Utilities

5.6%
6.9%

Real Estate

3.4%
2.5%

Basic Materials

2.5%
2.4%

Technology

SSPY
20.2%
USMV
33.9%

Consumer Cyclical

SSPY
12.8%
USMV
5.7%

Healthcare

SSPY
11.9%
USMV
12.6%

Consumer Defensive

SSPY
11.7%
USMV
9.4%

Industrials

SSPY
10.2%
USMV
6.1%

Financial Services

SSPY
10.0%
USMV
11.7%

Communication Services

SSPY
6.0%
USMV
6.2%

Energy

SSPY
5.8%
USMV
2.7%

Utilities

SSPY
5.6%
USMV
6.9%

Real Estate

SSPY
3.4%
USMV
2.5%

Basic Materials

SSPY
2.5%
USMV
2.4%

Compare stocks, funds, or ETFs

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

Stratified LargeCap Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with SSPY:
SSPY vs. SPYISSPY vs. RSPSSPY vs. swppxSSPY vs. VOOSSPY vs. AGTHXSSPY vs. DAPPSSPY vs. ^GSPC
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

SSPY vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSPY
SSPY Risk / Return Rank: 7070
Overall Rank
SSPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SSPY Sortino Ratio Rank: 7373
Sortino Ratio Rank
SSPY Omega Ratio Rank: 6868
Omega Ratio Rank
SSPY Calmar Ratio Rank: 6666
Calmar Ratio Rank
SSPY Martin Ratio Rank: 7070
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
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.

SSPY vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) 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.

SSPYUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.80
0.84

+0.96

Sortino ratioReturn per unit of downside risk
2.63
1.23

+1.40

Omega ratioGain probability vs. loss probability

1.32

1.15

+0.18

Calmar ratioReturn relative to maximum drawdown

2.62

1.10

+1.52

Martin ratioReturn relative to average drawdown

10.06

3.61

+6.45

SSPY vs. USMV - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 1.80, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of SSPY 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

SSPY vs. USMV - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SSPY and USMV.

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Drawdown Indicators

SSPYUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-16.16%

-33.10%

+16.94%

Max Drawdown (1Y)

Largest decline over 1 year

-7.32%

-6.46%

-0.86%

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

-0.30%

-0.54%

+0.24%

Average Drawdown

Average peak-to-trough decline

-2.21%

-2.87%

+0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

1.97%

-0.07%

Volatility

SSPY vs. USMV - Volatility Comparison

Stratified LargeCap Index ETF (SSPY) has a higher volatility of 2.84% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that SSPY'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

SSPYUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

2.54%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

7.72%

6.22%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

10.70%

8.48%

+2.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.32%

12.36%

+1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

14.49%

-0.17%

SSPY vs. USMV - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

SSPY vs. USMV - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.23%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
SSPY
Stratified LargeCap Index ETF		1.23%1.38%0.35%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		1.48%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

SSPY 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.

SSPY has higher volatility (2.84%) compared to USMV (2.54%). In terms of maximum drawdown, SSPY dropped -16.16% vs USMV's -33.10%.

On 1-year performance, SSPY leads with 19.11% vs 7.10% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SSPY has performed better with a 19.11% return vs 7.10%. 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 0.45% for SSPY.

USMV has the higher dividend yield at 1.48%, compared with 1.23% for SSPY.

SSPY tracks Syntax Stratified LargeCap Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Exchange Traded Concepts and iShares. Their fees differ too: 0.45% for SSPY and 0.15% for USMV.

SSPY currently has the higher Sharpe Ratio (1.80 vs 0.84), 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.

Portfolio Optimizer

Find the right allocation for SSPY and USMV

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