USMV vs. CNI
USMV (iShares MSCI USA Min Vol Factor ETF) is Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while CNI (Canadian National Railway Company) is a stock. Over the past 10 years, USMV returned 9.75%/yr vs 9.46%/yr for CNI. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
USMV vs. CNI - Performance Comparison
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Returns By Period
In the year-to-date period, USMV achieves a 1.55% return, which is significantly lower than CNI's 22.98% return. Both investments have delivered pretty close results over the past 10 years, with USMV having a 9.75% annualized return and CNI not far behind at 9.46%.
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%
CNI
- 1D
- 0.36%
- 1M
- 8.21%
- YTD
- 22.98%
- 6M
- 24.55%
- 1Y
- 18.14%
- 3Y*
- 4.05%
- 5Y*
- 3.84%
- 10Y*
- 9.46%
USMV vs. CNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
CNI Canadian National Railway Company | 22.98% | -0.10% | -17.51% | 7.84% | -1.86% | 13.70% | 23.66% | 24.26% | -8.49% | 25.03% |
Correlation
The correlation between USMV and CNI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.53 |
The correlation between USMV and CNI shifts across timeframes, from 0.34 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USMV vs. CNI — Risk / Return Rank
USMV
CNI
USMV vs. CNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and Canadian National Railway Company (CNI). 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 | CNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.16 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 1.29 | -0.79 |
| Martin ratioReturn relative to average drawdown | 1.64 | 2.37 | -0.73 |
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
| USMV | CNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | 0.83 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.17 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.42 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.59 | +0.27 |
Drawdowns
USMV vs. CNI - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum CNI drawdown of -46.66%. Use the drawdown chart below to compare losses from any high point for USMV and CNI.
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Drawdown Indicators
| USMV | CNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -46.66% | +13.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -14.15% | +7.69% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -29.14% | +19.78% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -29.14% | +11.21% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -29.15% | -3.95% |
Current DrawdownCurrent decline from peak | -2.24% | -4.61% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -9.50% | +6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 7.68% | -5.74% |
Volatility
USMV vs. CNI - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.65%, while Canadian National Railway Company (CNI) has a volatility of 4.06%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than CNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | CNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 4.06% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 17.25% | -11.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.57% | 21.95% | -13.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 22.38% | -10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 22.69% | -8.18% |
Dividends
USMV vs. CNI - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.54%, less than CNI's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNI Canadian National Railway Company | 2.16% | 2.58% | 2.43% | 1.85% | 1.41% | 1.61% | 1.59% | 1.79% | 2.01% | 2.00% | 2.23% | 2.24% |
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
USMV and CNI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNI has higher volatility (4.06%) compared to USMV (2.65%). In terms of maximum drawdown, USMV dropped -33.10% vs CNI's -46.66%.
CNI currently has the higher Sharpe Ratio (0.83 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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