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USMV vs. MVOL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. MVOL.L

Last updated Aug 4, 2026
Documentation

USMV (iShares MSCI USA Min Vol Factor ETF) and MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while MVOL.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, USMV returned 9.69%/yr vs 7.00%/yr for MVOL.L. Their 0.55 correlation means they have sometimes moved together and sometimes differently. USMV charges 0.15%/yr vs 0.35%/yr for MVOL.L.

Performance

USMV vs. MVOL.L - 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 Edge MSCI World Minimum Volatility UCITS (MVOL.L). 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 higher than MVOL.L's 4.02% return. Over the past 10 years, USMV has outperformed MVOL.L with an annualized return of 9.69%, while MVOL.L has yielded a comparatively lower 7.00% 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%

MVOL.L

1D
0.41%
1M
1.70%
6M
3.06%
YTD
4.02%
1Y
6.92%
3Y*
9.97%
5Y*
5.17%
10Y*
7.00%
ALL TIME*
8.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

MVOL.L

iShares Edge MSCI World Minimum Volatility UCITS
$3.18M$3.60M$4.84M

USMV

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

USMV vs. MVOL.L - 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%
MVOL.L
iShares Edge MSCI World Minimum Volatility UCITS		4.02%11.02%11.08%7.28%-9.62%14.65%2.56%22.56%-2.40%17.39%

Correlation

The correlation between USMV and MVOL.L is 0.57, 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.

0.57

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

0.54

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

0.54

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

0.56

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2012

0.55

The correlation between USMV and MVOL.L has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

USMV vs. MVOL.L - Sectors Allocation Comparison

Sectors
USMV
MVOL.L

Technology

33.0%
23.6%

Healthcare

13.4%
14.6%

Financial Services

11.8%
13.3%

Consumer Defensive

9.3%
10.3%

Utilities

7.2%
7.7%

Industrials

6.4%
8.9%

Consumer Cyclical

5.8%
5.3%

Communication Services

5.7%
10.5%

Energy

2.6%
3.8%

Real Estate

2.6%
1.2%

Basic Materials

2.2%
0.9%

Technology

USMV
33.0%
MVOL.L
23.6%

Healthcare

USMV
13.4%
MVOL.L
14.6%

Financial Services

USMV
11.8%
MVOL.L
13.3%

Consumer Defensive

USMV
9.3%
MVOL.L
10.3%

Utilities

USMV
7.2%
MVOL.L
7.7%

Industrials

USMV
6.4%
MVOL.L
8.9%

Consumer Cyclical

USMV
5.8%
MVOL.L
5.3%

Communication Services

USMV
5.7%
MVOL.L
10.5%

Energy

USMV
2.6%
MVOL.L
3.8%

Real Estate

USMV
2.6%
MVOL.L
1.2%

Basic Materials

USMV
2.2%
MVOL.L
0.9%

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 Edge MSCI World Minimum Volatility UCITS

Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI
Often compared with MVOL.L:
MVOL.L vs. ACWVMVOL.L vs. IWDA.LMVOL.L vs. XDEB.DEMVOL.L vs. VOOMVOL.L vs. XDEM.LMVOL.L vs. SLXX.LMVOL.L vs. SPMV

Return for Risk

USMV vs. MVOL.L — 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
MVOL.L
MVOL.L Risk / Return Rank: 3232
Overall Rank
MVOL.L Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
MVOL.L Sortino Ratio Rank: 3232
Sortino Ratio Rank
MVOL.L Omega Ratio Rank: 3232
Omega Ratio Rank
MVOL.L Calmar Ratio Rank: 3434
Calmar Ratio Rank
MVOL.L Martin Ratio Rank: 2929
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. MVOL.L - 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 Edge MSCI World Minimum Volatility UCITS (MVOL.L). 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.

USMVMVOL.LDifference
Sharpe ratioReturn per unit of total volatility
0.95
0.84

+0.10

Sortino ratioReturn per unit of downside risk
1.40
1.23

+0.16

Omega ratioGain probability vs. loss probability

1.17

1.16

+0.01

Calmar ratioReturn relative to maximum drawdown

1.25

1.19

+0.06

Martin ratioReturn relative to average drawdown

4.09

2.58

+1.50

USMV vs. MVOL.L - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.95, which is comparable to the MVOL.L Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of USMV and MVOL.L, 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. MVOL.L - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than MVOL.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for USMV and MVOL.L.

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Drawdown Indicators

USMVMVOL.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-28.82%

-4.28%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-5.78%

-0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-8.15%

-1.21%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-18.52%

+0.59%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-28.82%

-4.28%

Current Drawdown

Current decline from peak

-0.29%

-0.91%

+0.62%

Average Drawdown

Average peak-to-trough decline

-2.86%

-3.30%

+0.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.67%

-0.69%

Volatility

USMV vs. MVOL.L - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) has a volatility of 3.16%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than MVOL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVMVOL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

3.16%

-0.53%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

6.42%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

8.54%

8.17%

+0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.38%

10.71%

+1.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

11.64%

+2.87%

USMV vs. MVOL.L - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than MVOL.L's 0.35% expense ratio.

Dividends

USMV vs. MVOL.L - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, while MVOL.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MVOL.L
iShares Edge MSCI World Minimum Volatility UCITS		0.00%0.00%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		1.47%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 MVOL.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for MVOL.L.

USMV is categorized as Low Volatility, while MVOL.L is Global Equities. USMV tracks MSCI USA Minimum Volatility Index, while MVOL.L tracks MSCI ACWI NR USD. Their fees differ too: 0.15% for USMV and 0.35% for MVOL.L.

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