USMV vs. AFOS

Last updated Jun 4, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. At a 0.22 correlation, their price movements are largely independent. USMV charges 0.15%/yr vs 0.45%/yr for AFOS.

Performance

USMV vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMV achieves a 2.65% return, which is significantly lower than AFOS's 32.04% return.

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USMV vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
USMV iShares MSCI USA Min Vol Factor ETF	2.65%	2.39%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between USMV and AFOS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.22

Return for Risk

USMV vs. AFOS — Risk / Return Rank

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

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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.

USMV vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	USMV	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.52	—	—
Sortino ratio: Return per unit of downside risk	0.79	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.68	—	—
Martin ratio: Return relative to average drawdown	2.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USMV	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	4.35	-3.48

Drawdowns

USMV vs. AFOS - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for USMV and AFOS.

Drawdown Indicators

	USMV	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-11.52%	-21.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	—	—
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 Drawdown Current decline from peak	-1.18%	-0.29%	-0.89%
Average Drawdown Average peak-to-trough decline	-2.88%	-1.37%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	—	—

Volatility

Volatility by Period

	USMV	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.50%	20.19%	-11.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.35%	20.19%	-7.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	20.19%	-5.68%

USMV vs. AFOS - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

USMV vs. AFOS - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	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

Can I hold both USMV and AFOS in my portfolio?

USMV and AFOS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USMV or AFOS?

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USMV or AFOS?

USMV is cheaper with a 0.15% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, USMV or AFOS?

USMV has the higher dividend yield at 1.53%, compared with 0.22% for AFOS.

What is the main difference between USMV and AFOS?

They also come from different issuers: iShares and ARS Investment Partners. Their fees differ too: 0.15% for USMV and 0.45% for AFOS.