STOX vs. USMV

Last updated Jul 9, 2026

STOX (Horizon Core Equity ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. Over the past year, STOX returned 21.77% vs 5.98% for USMV. At a 0.45 correlation, their price movements are largely independent. STOX charges 0.70%/yr vs 0.15%/yr for USMV.

Performance

STOX vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Core Equity ETF (STOX) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STOX achieves a 9.35% return, which is significantly higher than USMV's 4.46% return.

STOX

• 1D: -0.10%
• 1M: 1.69%
• 6M: 8.22%
• YTD: 9.35%
• 1Y: 21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMV

• 1D: -0.71%
• 1M: 2.86%
• 6M: 4.44%
• YTD: 4.46%
• 1Y: 5.98%
• 3Y*: 11.88%
• 5Y*: 7.16%
• 10Y*: 9.58%

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

STOX vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025
STOX Horizon Core Equity ETF	9.35%	13.00%
USMV iShares MSCI USA Min Vol Factor ETF	4.46%	2.78%

Correlation

The correlation between STOX and USMV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.45

Return for Risk

STOX vs. USMV — Risk / Return Rank

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

STOX

STOX Risk / Return Rank: 66
STOX Sharpe Ratio Rank: 67
STOX Sortino Ratio Rank: 66
STOX Omega Ratio Rank: 67
STOX Calmar Ratio Rank: 59
STOX Martin Ratio Rank: 73

USMV

USMV Risk / Return Rank: 22
USMV Sharpe Ratio Rank: 22
USMV Sortino Ratio Rank: 21
USMV Omega Ratio Rank: 19
USMV Calmar Ratio Rank: 22
USMV Martin Ratio Rank: 26

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.

STOX vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Core Equity ETF (STOX) 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.

	STOX	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.72	0.71	+1.01
Sortino ratio: Return per unit of downside risk	2.41	1.04	+1.37
Omega ratio: Gain probability vs. loss probability	1.31	1.12	+0.19
Calmar ratio: Return relative to maximum drawdown	2.34	0.93	+1.41
Martin ratio: Return relative to average drawdown	10.62	3.04	+7.58

STOX vs. USMV - Sharpe Ratio Comparison

The current STOX Sharpe Ratio is 1.72, which is higher than the USMV Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of STOX 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.

Drawdowns

STOX vs. USMV - Drawdown Comparison

The maximum STOX drawdown since its inception was -9.33%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for STOX and USMV.

Drawdown Indicators

	STOX	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-33.10%	+23.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-6.46%	-2.87%
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	-0.78%	-0.71%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.20%	-2.87%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.97%	+0.08%

Volatility

STOX vs. USMV - Volatility Comparison

Horizon Core Equity ETF (STOX) has a higher volatility of 4.15% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.66%. This indicates that STOX'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.

Volatility by Period

	STOX	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	2.66%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	6.27%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	8.51%	+4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	12.36%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	14.49%	-1.79%

STOX vs. USMV - Expense Ratio Comparison

STOX has a 0.70% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

STOX vs. USMV - Dividend Comparison

STOX's dividend yield for the trailing twelve months is around 0.17%, less than USMV's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
STOX Horizon Core Equity ETF	0.17%	0.19%	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	1.48%	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

Can I hold both STOX and USMV in my portfolio?

STOX and USMV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STOX or USMV?

STOX has higher volatility (4.15%) compared to USMV (2.66%). In terms of maximum drawdown, STOX dropped -9.33% vs USMV's -33.10%.

Which ETF is better, STOX or USMV?

On 1-year performance, STOX leads with 21.77% vs 5.98% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STOX or USMV?

Over the 1-year period, STOX has performed better with a 21.77% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STOX or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.70% for STOX.

Which ETF pays a higher dividend yield, STOX or USMV?

USMV has the higher dividend yield at 1.48%, compared with 0.17% for STOX.

What is the main difference between STOX and USMV?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.70% for STOX and 0.15% for USMV.

Which has better risk-adjusted returns?

STOX currently has the higher Sharpe Ratio (1.72 vs 0.71), 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.