USMV vs. SIZE

Last updated Jun 23, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and SIZE (iShares MSCI USA Size Factor ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index. Both are passively managed. Over the past 10 years, USMV returned 9.75%/yr vs 12.04%/yr for SIZE. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

USMV vs. SIZE - 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 USA Size Factor ETF (SIZE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMV achieves a 0.85% return, which is significantly lower than SIZE's 9.23% return. Over the past 10 years, USMV has underperformed SIZE with an annualized return of 9.75%, while SIZE has yielded a comparatively higher 12.04% annualized return.

USMV

• 1D: 0.04%
• 1M: -2.38%
• YTD: 0.85%
• 6M: 0.25%
• 1Y: 4.28%
• 3Y*: 10.83%
• 5Y*: 7.10%
• 10Y*: 9.75%

SIZE

• 1D: -0.01%
• 1M: 1.12%
• YTD: 9.23%
• 6M: 7.56%
• 1Y: 18.60%
• 3Y*: 15.66%
• 5Y*: 8.12%
• 10Y*: 12.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USMV vs. SIZE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMV iShares MSCI USA Min Vol Factor ETF	0.85%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%
SIZE iShares MSCI USA Size Factor ETF	9.23%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%

Correlation

The correlation between USMV and SIZE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.76

The correlation between USMV and SIZE shifts across timeframes, from 0.71 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

USMV vs. SIZE - Sectors Allocation Comparison

Sectors	USMV	SIZE
Technology	33.9%	20.0%
Healthcare	12.6%	10.7%
Financial Services	11.7%	14.7%
Consumer Defensive	9.4%	5.3%
Utilities	6.9%	5.4%
Communication Services	6.2%	3.9%
Industrials	6.1%	15.3%
Consumer Cyclical	5.7%	11.2%
Energy	2.7%	3.7%
Real Estate	2.5%	5.3%
Basic Materials	2.4%	4.3%

Return for Risk

USMV vs. SIZE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USMV

USMV Risk / Return Rank: 16
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 15
USMV Omega Ratio Rank: 14
USMV Calmar Ratio Rank: 16
USMV Martin Ratio Rank: 19

SIZE

SIZE Risk / Return Rank: 45
SIZE Sharpe Ratio Rank: 42
SIZE Sortino Ratio Rank: 43
SIZE Omega Ratio Rank: 39
SIZE Calmar Ratio Rank: 49
SIZE Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USMV vs. SIZE - 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 USA Size Factor ETF (SIZE). 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	SIZE	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.44	-0.94
Sortino ratio: Return per unit of downside risk	0.76	2.11	-1.36
Omega ratio: Gain probability vs. loss probability	1.09	1.25	-0.16
Calmar ratio: Return relative to maximum drawdown	0.67	2.34	-1.68
Martin ratio: Return relative to average drawdown	2.18	9.07	-6.89

USMV vs. SIZE - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.50, which is lower than the SIZE Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of USMV and SIZE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USMV vs. SIZE - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum SIZE drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for USMV and SIZE.

Drawdown Indicators

	USMV	SIZE	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-39.15%	+6.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-7.97%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-18.71%	+9.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-24.03%	+6.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-39.15%	+6.05%
Current Drawdown Current decline from peak	-2.91%	-1.21%	-1.70%
Average Drawdown Average peak-to-trough decline	-2.87%	-4.17%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.06%	-0.09%

Volatility

USMV vs. SIZE - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.62%, while iShares MSCI USA Size Factor ETF (SIZE) has a volatility of 3.85%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than SIZE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMV	SIZE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	3.85%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	9.82%	-3.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	13.00%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	17.43%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.52%	18.72%	-4.20%

USMV vs. SIZE - Expense Ratio Comparison

Both USMV and SIZE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

USMV vs. SIZE - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, more than SIZE's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIZE iShares MSCI USA Size Factor ETF	1.39%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%
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

Can I hold both USMV and SIZE in my portfolio?

USMV and SIZE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMV or SIZE?

SIZE has higher volatility (3.85%) compared to USMV (2.62%). In terms of maximum drawdown, USMV dropped -33.10% vs SIZE's -39.15%.

Which ETF is better, USMV or SIZE?

On 10-year performance, SIZE leads with 12.04% vs 9.75% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USMV or SIZE?

Over the 10-year period, SIZE has performed better with a 12.04% return vs 9.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMV or SIZE?

USMV and SIZE have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, USMV or SIZE?

USMV has the higher dividend yield at 1.53%, compared with 1.39% for SIZE.

What is the main difference between USMV and SIZE?

USMV is categorized as Large Cap Blend Equities, while SIZE is Mid Cap Blend Equities. USMV tracks MSCI USA Minimum Volatility Index, while SIZE tracks MSCI USA Low Size Index.

Which has better risk-adjusted returns?

SIZE currently has the higher Sharpe Ratio (1.44 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.