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USMV vs. FLLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. FLLV

Last updated Aug 4, 2026
Documentation

USMV (iShares MSCI USA Min Vol Factor ETF) and FLLV (Franklin Liberty U.S. Low Volatility ETF) are both Low Volatility funds. USMV is passively managed, while FLLV is actively managed. Over the past 5 years, USMV returned 6.93%/yr vs 10.63%/yr for FLLV. Their correlation of 0.81 means they have usually moved in the same direction. USMV charges 0.15%/yr vs 0.29%/yr for FLLV.

Performance

USMV vs. FLLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and Franklin Liberty U.S. Low Volatility ETF (FLLV). 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 FLLV's 15.51% 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%

FLLV

1D
0.52%
1M
1.48%
6M
8.30%
YTD
15.51%
1Y
26.66%
3Y*
16.30%
5Y*
10.63%
10Y*
—
ALL TIME*
13.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

FLLV

Franklin Liberty U.S. Low Volatility ETF
$14.27M$7.17M$3.19M

USMV

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

USMV vs. FLLV - 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%
FLLV
Franklin Liberty U.S. Low Volatility ETF		15.51%15.92%10.70%13.87%-8.54%23.36%12.33%32.72%-2.14%19.66%

Correlation

The correlation between USMV and FLLV is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.68

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

0.79

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

0.86

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2016

0.81

The correlation between USMV and FLLV shifts across timeframes, from 0.68 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

USMV vs. FLLV - Sectors Allocation Comparison

Sectors
USMV
FLLV

Technology

33.0%
28.8%

Healthcare

13.4%
11.6%

Financial Services

11.8%
13.0%

Consumer Defensive

9.3%
6.1%

Utilities

7.2%
2.6%

Industrials

6.4%
9.6%

Consumer Cyclical

5.8%
11.0%

Communication Services

5.7%
7.8%

Energy

2.6%
4.4%

Real Estate

2.6%
2.5%

Basic Materials

2.2%
2.7%

Technology

USMV
33.0%
FLLV
28.8%

Healthcare

USMV
13.4%
FLLV
11.6%

Financial Services

USMV
11.8%
FLLV
13.0%

Consumer Defensive

USMV
9.3%
FLLV
6.1%

Utilities

USMV
7.2%
FLLV
2.6%

Industrials

USMV
6.4%
FLLV
9.6%

Consumer Cyclical

USMV
5.8%
FLLV
11.0%

Communication Services

USMV
5.7%
FLLV
7.8%

Energy

USMV
2.6%
FLLV
4.4%

Real Estate

USMV
2.6%
FLLV
2.5%

Basic Materials

USMV
2.2%
FLLV
2.7%

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

Franklin Liberty U.S. Low Volatility ETF

Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI
Often compared with FLLV:
FLLV vs. RWLFLLV vs. PSETFLLV vs. DIVBFLLV vs. INCMFLLV vs. LGLVFLLV vs. FNDXFLLV vs. KBWD

Return for Risk

USMV vs. FLLV — 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
FLLV
FLLV Risk / Return Rank: 9696
Overall Rank
FLLV Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
FLLV Sortino Ratio Rank: 9696
Sortino Ratio Rank
FLLV Omega Ratio Rank: 9696
Omega Ratio Rank
FLLV Calmar Ratio Rank: 9595
Calmar Ratio Rank
FLLV Martin Ratio Rank: 9595
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. FLLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and Franklin Liberty U.S. Low Volatility ETF (FLLV). 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.

USMVFLLVDifference
Sharpe ratioReturn per unit of total volatility
0.95
3.22

-2.27

Sortino ratioReturn per unit of downside risk
1.40
4.66

-3.26

Omega ratioGain probability vs. loss probability

1.17

1.60

-0.44

Calmar ratioReturn relative to maximum drawdown

1.25

5.46

-4.21

Martin ratioReturn relative to average drawdown

4.09

21.07

-16.98

USMV vs. FLLV - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.95, which is lower than the FLLV Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of USMV and FLLV, 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. FLLV - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, roughly equal to the maximum FLLV drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for USMV and FLLV.

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Drawdown Indicators

USMVFLLVDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-33.95%

+0.85%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-4.90%

-1.56%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-14.01%

+4.65%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-18.40%

+0.47%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

—

—

Current Drawdown

Current decline from peak

-0.29%

0.00%

-0.29%

Average Drawdown

Average peak-to-trough decline

-2.86%

-3.21%

+0.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.27%

+0.71%

Volatility

USMV vs. FLLV - Volatility Comparison

iShares MSCI USA Min Vol Factor ETF (USMV) has a higher volatility of 2.63% compared to Franklin Liberty U.S. Low Volatility ETF (FLLV) at 2.30%. This indicates that USMV's price experiences larger fluctuations and is considered to be riskier than FLLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVFLLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

2.30%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

6.15%

+0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

8.54%

8.33%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.38%

13.26%

-0.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

15.60%

-1.09%

USMV vs. FLLV - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than FLLV's 0.29% expense ratio.

Dividends

USMV vs. FLLV - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, less than FLLV's 4.82% yield.

PositionTTM20252024202320222021202020192018201720162015
FLLV
Franklin Liberty U.S. Low Volatility ETF		4.82%4.71%3.25%1.75%1.68%1.41%1.40%1.31%1.55%1.44%0.50%0.00%
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 FLLV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.63%) compared to FLLV (2.30%). In terms of maximum drawdown, USMV dropped -33.10% vs FLLV's -33.95%.

On 5-year performance, FLLV leads with 10.63% vs 6.93% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, FLLV has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLLV has performed better with a 10.63% return vs 6.93%. 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 0.29% for FLLV.

FLLV has the higher dividend yield at 4.82%, compared with 1.47% for USMV.

They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.15% for USMV and 0.29% for FLLV.

FLLV currently has the higher Sharpe Ratio (3.22 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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