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TILT vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TILT vs. USMV

Last updated Jul 14, 2026
Documentation

TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - TILT tracks the Morningstar US Market Factor Tilt Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, TILT returned 13.71%/yr vs 9.58%/yr for USMV. A 0.77 correlation means they provide meaningful diversification when combined. TILT charges 0.25%/yr vs 0.15%/yr for USMV.

Performance

TILT vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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, TILT achieves a 11.64% return, which is significantly higher than USMV's 4.64% return. Over the past 10 years, TILT has outperformed USMV with an annualized return of 13.71%, while USMV has yielded a comparatively lower 9.58% annualized return.

TILT

1D
-0.58%
1M
1.27%
6M
8.81%
YTD
11.64%
1Y
22.97%
3Y*
18.79%
5Y*
11.68%
10Y*
13.71%

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)

TILT vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		11.64%16.59%19.88%24.70%-17.25%27.61%16.05%29.01%-8.93%18.33%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between TILT and USMV is 0.55, 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

0.55

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

0.67

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

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.77

Over the past year, the correlation between TILT and USMV has dropped to 0.55 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

TILT vs. USMV - Sectors Allocation Comparison

Sectors
TILT
USMV

Technology

30.4%
33.9%

Financial Services

15.3%
11.7%

Consumer Cyclical

10.6%
5.7%

Industrials

9.7%
6.1%

Healthcare

9.2%
12.6%

Communication Services

8.3%
6.2%

Energy

4.3%
2.7%

Consumer Defensive

4.3%
9.4%

Real Estate

3.0%
2.5%

Basic Materials

2.7%
2.4%

Utilities

2.2%
6.9%

Technology

TILT
30.4%
USMV
33.9%

Financial Services

TILT
15.3%
USMV
11.7%

Consumer Cyclical

TILT
10.6%
USMV
5.7%

Industrials

TILT
9.7%
USMV
6.1%

Healthcare

TILT
9.2%
USMV
12.6%

Communication Services

TILT
8.3%
USMV
6.2%

Energy

TILT
4.3%
USMV
2.7%

Consumer Defensive

TILT
4.3%
USMV
9.4%

Real Estate

TILT
3.0%
USMV
2.5%

Basic Materials

TILT
2.7%
USMV
2.4%

Utilities

TILT
2.2%
USMV
6.9%

Compare stocks, funds, or ETFs

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

FlexShares Morningstar US Market Factor Tilt Index Fund

iShares MSCI USA Min Vol Factor ETF

Often compared with TILT:
TILT vs. VTITILT vs. VOOTILT vs. SPYTILT vs. AVUVTILT vs. FVTILT vs. SPYVTILT vs. QYLD
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

TILT vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TILT
TILT Risk / Return Rank: 7272
Overall Rank
TILT Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
TILT Sortino Ratio Rank: 7171
Sortino Ratio Rank
TILT Omega Ratio Rank: 7070
Omega Ratio Rank
TILT Calmar Ratio Rank: 6868
Calmar Ratio Rank
TILT Martin Ratio Rank: 7878
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.

TILT vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) 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.

TILTUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.83
0.84

+0.99

Sortino ratioReturn per unit of downside risk
2.56
1.23

+1.33

Omega ratioGain probability vs. loss probability

1.33

1.15

+0.18

Calmar ratioReturn relative to maximum drawdown

2.71

1.10

+1.61

Martin ratioReturn relative to average drawdown

11.64

3.61

+8.03

TILT vs. USMV - Sharpe Ratio Comparison

The current TILT Sharpe Ratio is 1.83, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of TILT 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

TILT vs. USMV - Drawdown Comparison

The maximum TILT drawdown since its inception was -38.46%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TILT and USMV.

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Drawdown Indicators

TILTUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-38.46%

-33.10%

-5.36%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-6.46%

-2.05%

Max Drawdown (3Y)

Largest decline over 3 years

-19.85%

-9.36%

-10.49%

Max Drawdown (5Y)

Largest decline over 5 years

-24.12%

-17.93%

-6.19%

Max Drawdown (10Y)

Largest decline over 10 years

-38.46%

-33.10%

-5.36%

Current Drawdown

Current decline from peak

-0.58%

-0.54%

-0.04%

Average Drawdown

Average peak-to-trough decline

-4.21%

-2.87%

-1.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.97%

+0.01%

Volatility

TILT vs. USMV - Volatility Comparison

FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) has a higher volatility of 3.51% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that TILT'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

TILTUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

2.54%

+0.97%

Volatility (6M)

Calculated over the trailing 6-month period

9.56%

6.22%

+3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

12.63%

8.48%

+4.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

12.36%

+5.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

14.49%

+4.20%

TILT vs. USMV - Expense Ratio Comparison

TILT has a 0.25% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TILT vs. USMV - Dividend Comparison

TILT's dividend yield for the trailing twelve months is around 1.08%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
TILT
FlexShares Morningstar US Market Factor Tilt Index Fund		1.08%1.15%1.23%1.44%1.60%1.16%1.49%1.54%1.97%1.55%1.60%1.98%
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

TILT and USMV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TILT has higher volatility (3.51%) compared to USMV (2.54%). In terms of maximum drawdown, TILT dropped -38.46% vs USMV's -33.10%.

On 10-year performance, TILT leads with 13.71% vs 9.58% 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 10-year period, TILT has performed better with a 13.71% return vs 9.58%. 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 0.25% for TILT.

USMV has the higher dividend yield at 1.48%, compared with 1.08% for TILT.

TILT tracks Morningstar US Market Factor Tilt Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: FlexShares and iShares. Their fees differ too: 0.25% for TILT and 0.15% for USMV.

TILT currently has the higher Sharpe Ratio (1.83 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.

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