TMFE vs. USMV

Last updated Jul 17, 2026

TMFE (The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - TMFE tracks the Motley Fool Capital Efficiency 100 Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 3 years, TMFE returned 17.31%/yr vs 11.14%/yr for USMV. A 0.72 correlation means they provide meaningful diversification when combined. TMFE charges 0.50%/yr vs 0.15%/yr for USMV.

Performance

TMFE vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) 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, TMFE achieves a 4.45% return, which is significantly higher than USMV's 3.90% return.

TMFE

• 1D: 0.68%
• 1M: 2.48%
• 6M: 4.18%
• YTD: 4.45%
• 1Y: 10.30%
• 3Y*: 17.31%
• 5Y*: —
• 10Y*: —

USMV

• 1D: 1.08%
• 1M: 1.27%
• 6M: 3.44%
• YTD: 3.90%
• 1Y: 6.27%
• 3Y*: 11.14%
• 5Y*: 6.96%
• 10Y*: 9.51%

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

TMFE vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	4.45%	11.10%	27.95%	41.12%	-25.84%	-0.21%
USMV iShares MSCI USA Min Vol Factor ETF	3.90%	7.65%	15.74%	10.33%	-9.43%	-0.12%

Correlation

The correlation between TMFE and USMV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 31, 2021	0.72

The correlation between TMFE and USMV shifts across timeframes, from 0.61 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

TMFE vs. USMV - Sectors Allocation Comparison

Sectors	TMFE	USMV
Technology	29.5%	33.9%
Consumer Cyclical	18.4%	5.7%
Communication Services	14.4%	6.2%
Consumer Defensive	11.1%	9.4%
Healthcare	10.0%	12.6%
Financial Services	9.8%	11.7%
Industrials	4.5%	6.1%
Basic Materials	2.1%	2.4%
Real Estate	0.2%	2.5%
Energy	-	2.7%
Utilities	-	6.9%

Return for Risk

TMFE vs. USMV — Risk / Return Rank

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

TMFE

TMFE Risk / Return Rank: 26
TMFE Sharpe Ratio Rank: 27
TMFE Sortino Ratio Rank: 27
TMFE Omega Ratio Rank: 25
TMFE Calmar Ratio Rank: 24
TMFE Martin Ratio Rank: 30

USMV

USMV Risk / Return Rank: 25
USMV Sharpe Ratio Rank: 25
USMV Sortino Ratio Rank: 23
USMV Omega Ratio Rank: 22
USMV Calmar Ratio Rank: 25
USMV Martin Ratio Rank: 29

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.

TMFE vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) 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.

	TMFE	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.74	+0.09
Sortino ratio: Return per unit of downside risk	1.22	1.10	+0.13
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	0.92	0.98	-0.06
Martin ratio: Return relative to average drawdown	3.34	3.18	+0.16

TMFE vs. USMV - Sharpe Ratio Comparison

The current TMFE Sharpe Ratio is 0.83, which is comparable to the USMV Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of TMFE 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

TMFE vs. USMV - Drawdown Comparison

The maximum TMFE drawdown since its inception was -31.21%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TMFE and USMV.

Drawdown Indicators

	TMFE	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-33.10%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-6.46%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-9.36%	-9.45%
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	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-8.18%	-2.87%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.98%	+1.11%

Volatility

TMFE vs. USMV - Volatility Comparison

The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF (TMFE) has a higher volatility of 3.90% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 3.00%. This indicates that TMFE'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

	TMFE	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.00%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	6.41%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	8.53%	+4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	12.38%	+6.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	14.50%	+4.64%

TMFE vs. USMV - Expense Ratio Comparison

TMFE has a 0.50% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

TMFE vs. USMV - Dividend Comparison

TMFE's dividend yield for the trailing twelve months is around 0.31%, less than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMFE The RBB Fund, Inc. - Motley Fool High Capital Efficiency Index ETF	0.31%	0.32%	0.44%	0.45%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	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 TMFE and USMV in my portfolio?

TMFE and USMV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMFE or USMV?

TMFE has higher volatility (3.90%) compared to USMV (3.00%). In terms of maximum drawdown, TMFE dropped -31.21% vs USMV's -33.10%.

Which ETF is better, TMFE or USMV?

On 3-year performance, TMFE leads with 17.31% vs 11.14% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMFE or USMV?

Over the 3-year period, TMFE has performed better with a 17.31% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMFE or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.50% for TMFE.

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

USMV has the higher dividend yield at 1.49%, compared with 0.31% for TMFE.

What is the main difference between TMFE and USMV?

TMFE tracks Motley Fool Capital Efficiency 100 Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: RBB Fund and iShares. Their fees differ too: 0.50% for TMFE and 0.15% for USMV.

Which has better risk-adjusted returns?

TMFE currently has the higher Sharpe Ratio (0.83 vs 0.74), 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.