USMV vs. SPLV
USMV (iShares MSCI USA Min Vol Factor ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, USMV returned 9.69%/yr vs 8.28%/yr for SPLV. Their correlation of 0.90 means they have usually moved in the same direction. USMV charges 0.15%/yr vs 0.25%/yr for SPLV.
Performance
USMV vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, USMV achieves a 5.12% return, which is significantly lower than SPLV's 8.10% return. Over the past 10 years, USMV has outperformed SPLV with an annualized return of 9.69%, while SPLV has yielded a comparatively lower 8.28% 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%
SPLV
- 1D
- -0.03%
- 1M
- -0.49%
- 6M
- 4.74%
- YTD
- 8.10%
- 1Y
- 7.67%
- 3Y*
- 9.39%
- 5Y*
- 6.09%
- 10Y*
- 8.28%
- ALL TIME*
- 10.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $164.48M | $163.53M | $188.20M | |
| $238.33M | $228.63M | $219.79M |
USMV vs. SPLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPLV Invesco S&P 500 Low Volatility ETF | 8.10% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
Correlation
The correlation between USMV and SPLV 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. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.90 |
Over the past year, the correlation between USMV and SPLV has dropped to 0.68 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
USMV vs. SPLV — Risk / Return Rank
USMV
SPLV
USMV vs. SPLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and Invesco S&P 500 Low Volatility ETF (SPLV). 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 | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.04 | +0.21 |
| Martin ratioReturn relative to average drawdown | 4.09 | 2.38 | +1.70 |
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Drawdowns
USMV vs. SPLV - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for USMV and SPLV.
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Drawdown Indicators
| USMV | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -36.26% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -7.41% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -9.10% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -17.26% | -0.67% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -36.26% | +3.16% |
Current DrawdownCurrent decline from peak | -0.29% | -2.26% | +1.97% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -3.54% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 3.23% | -1.25% |
Volatility
USMV vs. SPLV - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 3.93%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 3.93% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.44% | 8.27% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.54% | 10.72% | -2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 12.61% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 15.42% | -0.91% |
USMV vs. SPLV - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than SPLV's 0.25% 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. SPLV - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.47%, less than SPLV's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.12% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
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 SPLV 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.
SPLV has higher volatility (3.93%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs SPLV's -36.26%.
On 10-year performance, USMV leads with 9.69% vs 8.28% for SPLV. 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 8.28%. 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 0.25% for SPLV.
SPLV has the higher dividend yield at 2.12%, compared with 1.47% for USMV.
USMV is categorized as Low Volatility, while SPLV is S&P 500. USMV tracks MSCI USA Minimum Volatility Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for USMV and 0.25% for SPLV.
USMV currently has the higher Sharpe Ratio (0.95 vs 0.72), 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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