THLV vs. USMV

Last updated Aug 2, 2026

THLV (THOR Equal Weight Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - THLV is a Equal Weight fund tracking the THOR Equal Weight Low Volatility Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 3 years, THLV returned 9.68%/yr vs 11.04%/yr for USMV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. THLV charges 0.64%/yr vs 0.15%/yr for USMV.

Performance

THLV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Equal Weight Low Volatility ETF (THLV) 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, THLV achieves a 8.51% return, which is significantly higher than USMV's 4.76% return.

THLV

• 1D: -0.45%
• 1M: -2.87%
• 6M: 2.97%
• YTD: 8.51%
• 1Y: 14.95%
• 3Y*: 9.68%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.21%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
THLV THOR Equal Weight Low Volatility ETF	$336.07K	$335.31K	$358.63K
USMV iShares MSCI USA Min Vol Factor ETF	$217.70M	$221.64M	$218.77M

THLV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THLV THOR Equal Weight Low Volatility ETF	8.51%	10.50%	9.52%	5.88%	1.22%
USMV iShares MSCI USA Min Vol Factor ETF	4.76%	7.65%	15.74%	10.33%	-1.67%

Correlation

The correlation between THLV and USMV is 0.57, 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.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.75

The correlation between THLV and USMV shifts across timeframes, from 0.57 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

THLV vs. USMV - Sectors Allocation Comparison

Sectors	THLV	USMV
Energy	17.5%	2.6%
Technology	17.5%	33.0%
Consumer Cyclical	15.5%	5.8%
Real Estate	14.0%	2.6%
Utilities	14.0%	7.2%
Financial Services	13.8%	11.8%
Industrials	13.8%	6.4%
Consumer Defensive	13.7%	9.3%
Healthcare	12.5%	13.4%
Basic Materials	11.3%	2.2%
Communication Services	0.1%	5.7%

Return for Risk

THLV vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

THLV

THLV Risk / Return Rank: 55
THLV Sharpe Ratio Rank: 57
THLV Sortino Ratio Rank: 55
THLV Omega Ratio Rank: 53
THLV Calmar Ratio Rank: 59
THLV Martin Ratio Rank: 53

USMV

USMV Risk / Return Rank: 34
USMV Sharpe Ratio Rank: 35
USMV Sortino Ratio Rank: 34
USMV Omega Ratio Rank: 32
USMV Calmar Ratio Rank: 34
USMV Martin Ratio Rank: 37

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.

THLV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Equal Weight Low Volatility ETF (THLV) 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.

	THLV	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.87	+0.48
Sortino ratio: Return per unit of downside risk	1.93	1.29	+0.64
Omega ratio: Gain probability vs. loss probability	1.24	1.15	+0.09
Calmar ratio: Return relative to maximum drawdown	2.10	1.15	+0.95
Martin ratio: Return relative to average drawdown	6.23	3.74	+2.49

THLV vs. USMV - Sharpe Ratio Comparison

The current THLV Sharpe Ratio is 1.35, which is higher than the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of THLV 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

THLV vs. USMV - Drawdown Comparison

The maximum THLV drawdown since its inception was -13.15%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for THLV and USMV.

Drawdown Indicators

	THLV	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-13.15%	-33.10%	+19.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-6.46%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.15%	-9.36%	-3.79%
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	-3.16%	-0.64%	-2.52%
Average Drawdown Average peak-to-trough decline	-3.66%	-2.86%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.98%	+0.26%

Volatility

THLV vs. USMV - Volatility Comparison

THOR Equal Weight Low Volatility ETF (THLV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.84% 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.

Volatility by Period

	THLV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.80%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	6.44%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	8.56%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	12.38%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.74%	14.50%	-2.76%

THLV vs. USMV - Expense Ratio Comparison

THLV has a 0.64% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

THLV vs. USMV - Dividend Comparison

THLV's dividend yield for the trailing twelve months is around 1.63%, more than USMV's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THLV THOR Equal Weight Low Volatility ETF	1.63%	1.77%	1.25%	2.72%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both THLV and USMV in my portfolio?

THLV and USMV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THLV or USMV?

THLV has higher volatility (2.84%) compared to USMV (2.80%). In terms of maximum drawdown, THLV dropped -13.15% vs USMV's -33.10%.

Which ETF is better, THLV or USMV?

On 3-year performance, USMV leads with 11.04% vs 9.68% for THLV. 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.

Which ETF has performed better, THLV or USMV?

Over the 3-year period, USMV has performed better with a 11.04% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THLV or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.64% for THLV.

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

THLV has the higher dividend yield at 1.63%, compared with 1.47% for USMV.

What is the main difference between THLV and USMV?

THLV is categorized as Equal Weight, while USMV is Low Volatility. THLV tracks THOR Equal Weight Low Volatility Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: THOR and iShares. Their fees differ too: 0.64% for THLV and 0.15% for USMV.

Which has better risk-adjusted returns?

THLV currently has the higher Sharpe Ratio (1.35 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.