USMF vs. SPLV

Last updated Jun 16, 2026

USMF (WisdomTree US Multifactor Fund) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - USMF is a Mid Cap Blend Equities fund tracking the WisdomTree US Multifactor Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 5 years, USMF returned 8.31%/yr vs 6.29%/yr for SPLV. A 0.71 correlation means they provide meaningful diversification when combined. USMF charges 0.28%/yr vs 0.25%/yr for SPLV.

Performance

USMF vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US Multifactor Fund (USMF) and Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMF achieves a 6.65% return, which is significantly higher than SPLV's 4.85% return.

USMF

• 1D: 1.25%
• 1M: 5.30%
• YTD: 6.65%
• 6M: 6.40%
• 1Y: 9.68%
• 3Y*: 13.99%
• 5Y*: 8.31%
• 10Y*: —

SPLV

• 1D: -0.36%
• 1M: 2.76%
• YTD: 4.85%
• 6M: 4.17%
• 1Y: 4.71%
• 3Y*: 8.01%
• 5Y*: 6.29%
• 10Y*: 8.33%

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

USMF vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMF WisdomTree US Multifactor Fund	6.65%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%
SPLV Invesco S&P 500 Low Volatility ETF	4.85%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	5.94%

Correlation

The correlation between USMF and SPLV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.71

Over the past year, the correlation between USMF and SPLV has dropped to 0.48 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

USMF vs. SPLV - Sectors Allocation Comparison

Sectors	USMF	SPLV
Technology	33.2%	0.8%
Financial Services	10.7%	21.3%
Consumer Cyclical	10.5%	4.0%
Communication Services	9.8%	0.8%
Healthcare	9.0%	4.0%
Industrials	8.2%	12.2%
Energy	4.8%	2.7%
Consumer Defensive	4.3%	9.4%
Real Estate	2.0%	17.8%
Utilities	1.9%	24.9%
Basic Materials	0.9%	2.1%

Return for Risk

USMF vs. SPLV — Risk / Return Rank

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

USMF

USMF Risk / Return Rank: 28
USMF Sharpe Ratio Rank: 26
USMF Sortino Ratio Rank: 25
USMF Omega Ratio Rank: 24
USMF Calmar Ratio Rank: 32
USMF Martin Ratio Rank: 32

SPLV

SPLV Risk / Return Rank: 17
SPLV Sharpe Ratio Rank: 17
SPLV Sortino Ratio Rank: 16
SPLV Omega Ratio Rank: 15
SPLV Calmar Ratio Rank: 18
SPLV Martin Ratio Rank: 17

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.

USMF vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US Multifactor Fund (USMF) and Invesco S&P 500 Low Volatility ETF (SPLV). 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.

	USMF	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.47	+0.39
Sortino ratio: Return per unit of downside risk	1.29	0.73	+0.56
Omega ratio: Gain probability vs. loss probability	1.15	1.08	+0.07
Calmar ratio: Return relative to maximum drawdown	1.50	0.64	+0.86
Martin ratio: Return relative to average drawdown	4.47	1.50	+2.97

USMF vs. SPLV - Sharpe Ratio Comparison

The current USMF Sharpe Ratio is 0.86, which is higher than the SPLV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of USMF and SPLV, 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

USMF vs. SPLV - Drawdown Comparison

The maximum USMF drawdown since its inception was -36.24%, roughly equal to the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for USMF and SPLV.

Drawdown Indicators

	USMF	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-36.24%	-36.26%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-7.41%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-15.39%	-9.64%	-5.75%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-17.26%	-0.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.26%	—
Current Drawdown Current decline from peak	0.00%	-3.66%	+3.66%
Average Drawdown Average peak-to-trough decline	-4.15%	-3.55%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	3.15%	-0.98%

Volatility

USMF vs. SPLV - Volatility Comparison

WisdomTree US Multifactor Fund (USMF) and Invesco S&P 500 Low Volatility ETF (SPLV) have volatilities of 4.10% and 4.03%, 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

	USMF	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.03%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	7.20%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	10.08%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	12.51%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	15.38%	+1.59%

USMF vs. SPLV - Expense Ratio Comparison

USMF has a 0.28% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

USMF vs. SPLV - Dividend Comparison

USMF's dividend yield for the trailing twelve months is around 1.29%, less than SPLV's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.15%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
USMF WisdomTree US Multifactor Fund	1.29%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USMF and SPLV in my portfolio?

USMF and SPLV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMF or SPLV?

USMF has higher volatility (4.10%) compared to SPLV (4.03%). In terms of maximum drawdown, USMF dropped -36.24% vs SPLV's -36.26%.

Which ETF is better, USMF or SPLV?

On 5-year performance, USMF leads with 8.31% vs 6.29% for SPLV. On fees, SPLV is cheaper at 0.25% 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, USMF or SPLV?

Over the 5-year period, USMF has performed better with a 8.31% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMF or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.28% for USMF.

Which ETF pays a higher dividend yield, USMF or SPLV?

SPLV has the higher dividend yield at 2.15%, compared with 1.29% for USMF.

What is the main difference between USMF and SPLV?

USMF is categorized as Mid Cap Blend Equities, while SPLV is S&P 500. USMF tracks WisdomTree US Multifactor Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.28% for USMF and 0.25% for SPLV.

Which has better risk-adjusted returns?

USMF currently has the higher Sharpe Ratio (0.86 vs 0.47), 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.