USML vs. USMV
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and iShares MSCI USA Minimum Volatility Factor ETF (USMV).
USML and USMV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021. USMV is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Oct 18, 2011. Both USML and USMV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USML vs. USMV - Performance Comparison
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USML vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -4.08% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
USMV iShares MSCI USA Minimum Volatility Factor ETF | -1.10% | 7.65% | 15.74% | 10.33% | -9.43% | 21.14% |
Returns By Period
In the year-to-date period, USML achieves a -4.08% return, which is significantly lower than USMV's -1.10% return.
USML
- 1D
- 2.10%
- 1M
- -9.94%
- YTD
- -4.08%
- 6M
- -6.40%
- 1Y
- -5.09%
- 3Y*
- 12.95%
- 5Y*
- 8.41%
- 10Y*
- —
USMV
- 1D
- 1.15%
- 1M
- -4.79%
- YTD
- -1.10%
- 6M
- -1.72%
- 1Y
- 0.57%
- 3Y*
- 10.28%
- 5Y*
- 7.61%
- 10Y*
- 9.65%
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USML vs. USMV - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than USMV's 0.15% expense ratio.
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 Minimum Volatility 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.
| USML | USMV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.21 | 0.05 | -0.26 |
Sortino ratioReturn per unit of downside risk | -0.13 | 0.15 | -0.28 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.02 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.18 | -0.37 |
Martin ratioReturn relative to average drawdown | -0.80 | 0.79 | -1.58 |
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
| USML | USMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.21 | 0.05 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 0.62 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.85 | -0.47 |
Correlation
The correlation between USML and USMV is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 1.58%.
| 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 Minimum Volatility Factor ETF | 1.58% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
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 | -17.38% | -8.91% | -8.47% |
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 | -10.28% | -4.79% | -5.49% |
Average DrawdownAverage peak-to-trough decline | -10.54% | -2.88% | -7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 2.00% | +2.25% |
Volatility
USML vs. USMV - Volatility Comparison
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a higher volatility of 5.94% compared to iShares MSCI USA Minimum Volatility Factor ETF (USMV) at 3.03%. 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 | 5.94% | 3.03% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 12.05% | 6.08% | +5.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.47% | 12.54% | +11.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.55% | 12.39% | +12.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.54% | 14.51% | +10.03% |