USMV vs. EMB
USMV (iShares MSCI USA Min Vol Factor ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while EMB is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, USMV returned 9.68%/yr vs 3.33%/yr for EMB. At a 0.44 correlation, their price movements are largely independent. USMV charges 0.15%/yr vs 0.39%/yr for EMB.
Performance
USMV vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, USMV achieves a 0.81% return, which is significantly lower than EMB's 2.68% return. Over the past 10 years, USMV has outperformed EMB with an annualized return of 9.68%, while EMB has yielded a comparatively lower 3.33% annualized return.
USMV
- 1D
- -0.42%
- 1M
- -2.42%
- YTD
- 0.81%
- 6M
- 0.85%
- 1Y
- 4.23%
- 3Y*
- 10.26%
- 5Y*
- 7.31%
- 10Y*
- 9.68%
EMB
- 1D
- 0.47%
- 1M
- 2.07%
- YTD
- 2.68%
- 6M
- 2.69%
- 1Y
- 11.68%
- 3Y*
- 9.65%
- 5Y*
- 1.99%
- 10Y*
- 3.33%
USMV vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 0.81% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2.68% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between USMV and EMB is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.44 |
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Return for Risk
USMV vs. EMB — Risk / Return Rank
USMV
EMB
USMV vs. EMB - 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 J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| USMV | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.41 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 2.63 | -1.97 |
| Martin ratioReturn relative to average drawdown | 2.18 | 11.23 | -9.04 |
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Drawdowns
USMV vs. EMB - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, roughly equal to the maximum EMB drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for USMV and EMB.
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Drawdown Indicators
| USMV | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -34.70% | +1.60% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -4.51% | -1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -7.95% | -1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -28.74% | +10.81% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -28.74% | -4.36% |
Current DrawdownCurrent decline from peak | -2.95% | 0.00% | -2.95% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -5.05% | +2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.06% | +0.90% |
Volatility
USMV vs. EMB - Volatility Comparison
iShares MSCI USA Min Vol Factor ETF (USMV) has a higher volatility of 2.62% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.81%. This indicates that USMV's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 1.81% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.13% | 4.70% | +1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.60% | 5.67% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 9.75% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 9.96% | +4.55% |
USMV vs. EMB - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than EMB's 0.39% expense ratio.
Dividends
USMV vs. EMB - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.53%, less than EMB's 5.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.01% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
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
USMV and EMB have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USMV has higher volatility (2.62%) compared to EMB (1.81%). In terms of maximum drawdown, USMV dropped -33.10% vs EMB's -34.70%.
On 10-year performance, USMV leads with 9.68% vs 3.33% for EMB. On fees, USMV is cheaper at 0.15% per year. On volatility, EMB has been the lower-risk option at 1.81%. 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 9.68% return vs 3.33%. 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 0.39% for EMB.
EMB has the higher dividend yield at 5.01%, compared with 1.53% for USMV.
USMV is categorized as Large Cap Blend Equities, while EMB is Emerging Markets Bonds. USMV tracks MSCI USA Minimum Volatility Index, while EMB tracks J.P. Morgan EMBI Global Core Index. Their fees differ too: 0.15% for USMV and 0.39% for EMB.
EMB currently has the higher Sharpe Ratio (2.09 vs 0.50), 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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