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USMV vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. EFAV

Last updated Aug 4, 2026
Documentation

USMV (iShares MSCI USA Min Vol Factor ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, USMV returned 9.69%/yr vs 6.41%/yr for EFAV. Their 0.68 correlation means they have sometimes moved together and sometimes differently. USMV charges 0.15%/yr vs 0.20%/yr for EFAV.

Performance

USMV vs. EFAV - Performance Comparison

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

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Returns By Period

In the year-to-date period, USMV achieves a 5.12% return, which is significantly lower than EFAV's 9.53% return. Over the past 10 years, USMV has outperformed EFAV with an annualized return of 9.69%, while EFAV has yielded a comparatively lower 6.41% annualized return.

USMV

1D
0.35%
1M
0.39%
6M
3.78%
YTD
5.12%
1Y
8.05%
3Y*
11.61%
5Y*
6.93%
10Y*
9.69%
ALL TIME*
11.67%

EFAV

1D
-0.24%
1M
4.16%
6M
5.55%
YTD
9.53%
1Y
15.74%
3Y*
14.94%
5Y*
6.67%
10Y*
6.41%
ALL TIME*
7.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$49.00M$48.85M$45.04M

USMV

iShares MSCI USA Min Vol Factor ETF
$238.33M$228.63M$219.79M

USMV vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMV
iShares MSCI USA Min Vol Factor ETF		5.12%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.53%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between USMV and EFAV is 0.46, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.46

Correlation (3Y)
Balances recent behavior with more history.

0.55

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.63

Correlation (10Y)
Provides a long-term view across more market conditions.

0.67

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.68

Over the past year, the correlation between USMV and EFAV has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

USMV vs. EFAV - Sectors Allocation Comparison

Sectors
USMV
EFAV

Technology

33.0%
4.4%

Healthcare

13.4%
12.2%

Financial Services

11.8%
19.7%

Consumer Defensive

9.3%
12.6%

Utilities

7.2%
9.0%

Industrials

6.4%
15.7%

Consumer Cyclical

5.8%
5.1%

Communication Services

5.7%
9.1%

Energy

2.6%
7.7%

Real Estate

2.6%
2.9%

Basic Materials

2.2%
1.6%

Technology

USMV
33.0%
EFAV
4.4%

Healthcare

USMV
13.4%
EFAV
12.2%

Financial Services

USMV
11.8%
EFAV
19.7%

Consumer Defensive

USMV
9.3%
EFAV
12.6%

Utilities

USMV
7.2%
EFAV
9.0%

Industrials

USMV
6.4%
EFAV
15.7%

Consumer Cyclical

USMV
5.8%
EFAV
5.1%

Communication Services

USMV
5.7%
EFAV
9.1%

Energy

USMV
2.6%
EFAV
7.7%

Real Estate

USMV
2.6%
EFAV
2.9%

Basic Materials

USMV
2.2%
EFAV
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Min Vol Factor ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. EFASEFAV vs. SPLVEFAV vs. FID

Return for Risk

USMV vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
USMV
USMV Risk / Return Rank: 3737
Overall Rank
USMV Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3737
Sortino Ratio Rank
USMV Omega Ratio Rank: 3434
Omega Ratio Rank
USMV Calmar Ratio Rank: 3636
Calmar Ratio Rank
USMV Martin Ratio Rank: 3939
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6060
Overall Rank
EFAV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 6363
Sortino Ratio Rank
EFAV Omega Ratio Rank: 6262
Omega Ratio Rank
EFAV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EFAV Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USMV vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

USMVEFAVDifference
Sharpe ratioReturn per unit of total volatility
0.95
1.49

-0.55

Sortino ratioReturn per unit of downside risk
1.40
2.15

-0.75

Omega ratioGain probability vs. loss probability

1.17

1.27

-0.11

Calmar ratioReturn relative to maximum drawdown

1.25

2.37

-1.12

Martin ratioReturn relative to average drawdown

4.09

5.52

-1.43

USMV vs. EFAV - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.95, which is lower than the EFAV Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of USMV and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USMV vs. EFAV - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for USMV and EFAV.

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Drawdown Indicators

USMVEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-27.56%

-5.54%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-6.66%

+0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-8.65%

-0.71%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-27.46%

+9.53%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-27.56%

-5.54%

Current Drawdown

Current decline from peak

-0.29%

-1.32%

+1.03%

Average Drawdown

Average peak-to-trough decline

-2.86%

-4.76%

+1.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.86%

-0.88%

Volatility

USMV vs. EFAV - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while iShares MSCI EAFE Min Vol Factor ETF (EFAV) has a volatility of 2.77%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

2.77%

-0.14%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

8.84%

-2.40%

Volatility (1Y)

Calculated over the trailing 1-year period

8.54%

10.60%

-2.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.38%

11.88%

+0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

13.04%

+1.47%

USMV vs. EFAV - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than EFAV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USMV vs. EFAV - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, less than EFAV's 3.08% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.08%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%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 EFAV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EFAV has higher volatility (2.77%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs EFAV's -27.56%.

On 10-year performance, USMV leads with 9.69% vs 6.41% for EFAV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USMV has performed better with a 9.69% return vs 6.41%. 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 0.20% for EFAV.

EFAV has the higher dividend yield at 3.08%, compared with 1.47% for USMV.

USMV is categorized as Low Volatility, while EFAV is Foreign Large Cap Equities. USMV tracks MSCI USA Minimum Volatility Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. Their fees differ too: 0.15% for USMV and 0.20% for EFAV.

EFAV currently has the higher Sharpe Ratio (1.49 vs 0.95), 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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