USML vs. USMV
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, USML returned 7.28%/yr vs 7.10%/yr for USMV. With a 0.98 correlation, they move nearly in lockstep. USML charges 0.95%/yr vs 0.15%/yr for USMV.
Performance
USML vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a -1.13% return, which is significantly lower than USMV's 0.85% return.
USML
- 1D
- -0.13%
- 1M
- -4.97%
- YTD
- -1.13%
- 6M
- -2.30%
- 1Y
- 2.54%
- 3Y*
- 14.24%
- 5Y*
- 7.28%
- 10Y*
- —
USMV
- 1D
- 0.04%
- 1M
- -2.38%
- YTD
- 0.85%
- 6M
- 0.25%
- 1Y
- 4.28%
- 3Y*
- 10.83%
- 5Y*
- 7.10%
- 10Y*
- 9.75%
USML vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -1.13% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
USMV iShares MSCI USA Min Vol Factor ETF | 0.85% | 7.65% | 15.74% | 10.33% | -9.43% | 21.76% |
Correlation
The correlation between USML and USMV is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.98 |
The correlation between USML and USMV has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
USML vs. USMV — Risk / Return Rank
USML
USMV
USML vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.
| USML | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.09 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 0.67 | -0.47 |
| Martin ratioReturn relative to average drawdown | 0.57 | 2.18 | -1.61 |
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Drawdowns
USML vs. USMV - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for USML and USMV.
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Drawdown Indicators
| USML | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -33.10% | -2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -6.46% | -6.63% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -9.36% | -9.78% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -17.93% | -17.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.10% | — |
Current DrawdownCurrent decline from peak | -7.52% | -2.91% | -4.61% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -2.87% | -7.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 1.97% | +2.50% |
Volatility
USML vs. USMV - Volatility Comparison
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a higher volatility of 4.75% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.62%. This indicates that USML'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
| USML | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.75% | 2.62% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 6.13% | +5.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.55% | 8.61% | +7.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.48% | 12.36% | +12.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.23% | 14.52% | +9.71% |
USML vs. USMV - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
USML vs. USMV - Dividend Comparison
USML has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 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 | 1.53% | 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
With a correlation of 0.97, USML and USMV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USML has higher volatility (4.75%) compared to USMV (2.62%). In terms of maximum drawdown, USML dropped -35.34% vs USMV's -33.10%.
On 5-year performance, USML leads with 7.28% vs 7.10% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 7.28% return vs 7.10%. 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 0.95% for USML.
USMV has the higher dividend yield at 1.53%, compared with 0.00% for USML.
USML is categorized as Leveraged Equities, while USMV is Large Cap Blend Equities. Both ETFs track MSCI USA Minimum Volatility Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for USML and 0.15% for USMV.
USMV currently has the higher Sharpe Ratio (0.50 vs 0.15), 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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