TOPC vs. USMV
TOPC (iShares S&P 500 3% Capped ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds from iShares - TOPC tracks the S&P 500 3% Capped Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past year, TOPC returned 22.63% vs 4.97% for USMV. A 0.60 correlation means they provide meaningful diversification when combined. TOPC charges 0.09%/yr vs 0.15%/yr for USMV.
Performance
TOPC vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, TOPC achieves a 11.31% return, which is significantly higher than USMV's 2.87% return.
TOPC
- 1D
- 1.05%
- 1M
- 0.07%
- YTD
- 11.31%
- 6M
- 10.23%
- 1Y
- 22.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USMV
- 1D
- 0.18%
- 1M
- -0.14%
- YTD
- 2.87%
- 6M
- 1.88%
- 1Y
- 4.97%
- 3Y*
- 10.79%
- 5Y*
- 7.23%
- 10Y*
- 9.54%
TOPC vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TOPC iShares S&P 500 3% Capped ETF | 11.31% | 25.80% |
USMV iShares MSCI USA Min Vol Factor ETF | 2.87% | 4.84% |
Correlation
The correlation between TOPC and USMV is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025 | 0.60 |
The correlation between TOPC and USMV has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.
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Return for Risk
TOPC vs. USMV — Risk / Return Rank
TOPC
USMV
TOPC vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) 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.
| TOPC | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.10 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 0.77 | +2.05 |
| Martin ratioReturn relative to average drawdown | 12.77 | 2.51 | +10.27 |
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Drawdowns
TOPC vs. USMV - Drawdown Comparison
The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TOPC and USMV.
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Drawdown Indicators
| TOPC | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.04% | -33.10% | +25.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -6.46% | -1.58% |
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 DrawdownCurrent decline from peak | -0.63% | -0.97% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -2.87% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.99% | -0.21% |
Volatility
TOPC vs. USMV - Volatility Comparison
iShares S&P 500 3% Capped ETF (TOPC) has a higher volatility of 4.78% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.69%. This indicates that TOPC'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
| TOPC | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.78% | 2.69% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.52% | 6.20% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.95% | 8.57% | +3.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.54% | 12.36% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.54% | 14.49% | -1.95% |
TOPC vs. USMV - Expense Ratio Comparison
TOPC has a 0.09% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TOPC vs. USMV - Dividend Comparison
TOPC's dividend yield for the trailing twelve months is around 1.04%, less than USMV's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TOPC iShares S&P 500 3% Capped ETF | 1.04% | 0.80% | 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 | 1.50% | 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
TOPC and USMV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOPC has higher volatility (4.78%) compared to USMV (2.69%). In terms of maximum drawdown, TOPC dropped -8.04% vs USMV's -33.10%.
On 1-year performance, TOPC leads with 22.63% vs 4.97% for USMV. On fees, TOPC is cheaper at 0.09% per year. On volatility, USMV has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TOPC has performed better with a 22.63% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOPC is cheaper with a 0.09% expense ratio, compared with 0.15% for USMV.
USMV has the higher dividend yield at 1.50%, compared with 1.04% for TOPC.
TOPC tracks S&P 500 3% Capped Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.09% for TOPC and 0.15% for USMV.
TOPC currently has the higher Sharpe Ratio (1.91 vs 0.58), 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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