TSM vs. USMV
TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock, while USMV (iShares MSCI USA Min Vol Factor ETF) is Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Over the past 10 years, TSM returned 35.71%/yr vs 9.75%/yr for USMV. At a 0.39 correlation, their price movements are largely independent.
Performance
TSM vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, TSM achieves a 40.84% return, which is significantly higher than USMV's 1.55% return. Over the past 10 years, TSM has outperformed USMV with an annualized return of 35.71%, while USMV has yielded a comparatively lower 9.75% annualized return.
TSM
- 1D
- 2.80%
- 1M
- 3.67%
- YTD
- 40.84%
- 6M
- 42.15%
- 1Y
- 110.53%
- 3Y*
- 63.10%
- 5Y*
- 31.67%
- 10Y*
- 35.71%
USMV
- 1D
- -0.43%
- 1M
- 1.28%
- YTD
- 1.55%
- 6M
- 2.27%
- 1Y
- 3.18%
- 3Y*
- 11.35%
- 5Y*
- 7.21%
- 10Y*
- 9.75%
TSM vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSM Taiwan Semiconductor Manufacturing Company Limited | 40.84% | 55.91% | 92.58% | 42.33% | -36.75% | 12.09% | 92.67% | 64.85% | -3.50% | 41.46% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.55% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
Correlation
The correlation between TSM and USMV is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.39 |
Over the past year, the correlation between TSM and USMV has dropped to 0.07 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.
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Return for Risk
TSM vs. USMV — Risk / Return Rank
TSM
USMV
TSM vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Taiwan Semiconductor Manufacturing Company Limited (TSM) 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.
| TSM | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.03 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.07 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 6.13 | 0.49 | +5.63 |
| Martin ratioReturn relative to average drawdown | 21.94 | 1.64 | +20.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSM | USMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.06 | 0.37 | +2.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.59 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.05 | 0.67 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.86 | -0.49 |
Drawdowns
TSM vs. USMV - Drawdown Comparison
The maximum TSM drawdown since its inception was -89.08%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TSM and USMV.
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Drawdown Indicators
| TSM | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.08% | -33.10% | -55.98% |
Max Drawdown (1Y)Largest decline over 1 year | -18.14% | -6.46% | -11.68% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -9.36% | -27.46% |
Max Drawdown (5Y)Largest decline over 5 years | -56.47% | -17.93% | -38.54% |
Max Drawdown (10Y)Largest decline over 10 years | -56.47% | -33.10% | -23.37% |
Current DrawdownCurrent decline from peak | -4.45% | -2.24% | -2.21% |
Average DrawdownAverage peak-to-trough decline | -42.87% | -2.88% | -39.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 1.94% | +3.12% |
Volatility
TSM vs. USMV - Volatility Comparison
Taiwan Semiconductor Manufacturing Company Limited (TSM) has a higher volatility of 12.47% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.65%. This indicates that TSM'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
| TSM | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.47% | 2.65% | +9.82% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 6.02% | +22.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.40% | 8.57% | +27.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.40% | 12.36% | +25.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 14.51% | +19.69% |
Dividends
TSM vs. USMV - Dividend Comparison
TSM's dividend yield for the trailing twelve months is around 0.78%, less than USMV's 1.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TSM Taiwan Semiconductor Manufacturing Company Limited | 0.78% | 1.00% | 1.18% | 1.78% | 2.49% | 1.57% | 1.56% | 3.46% | 3.64% | 2.32% | 2.61% | 2.54% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.54% | 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
TSM and USMV have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSM has higher volatility (12.47%) compared to USMV (2.65%). In terms of maximum drawdown, TSM dropped -89.08% vs USMV's -33.10%.
TSM currently has the higher Sharpe Ratio (3.06 vs 0.37), 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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