USMV vs. SPMV

Last updated Jun 24, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. USMV charges 0.15%/yr vs 0.10%/yr for SPMV.

Performance

USMV vs. SPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USMV

• 1D: 0.29%
• 1M: -2.10%
• YTD: 1.14%
• 6M: 0.51%
• 1Y: 3.59%
• 3Y*: 10.93%
• 5Y*: 7.02%
• 10Y*: 9.79%

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USMV vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMV iShares MSCI USA Min Vol Factor ETF	1.14%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	6.69%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between USMV and SPMV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.83

Over the past year, the correlation between USMV and SPMV has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

USMV vs. SPMV - Sectors Allocation Comparison

Sectors	USMV	SPMV
Technology	33.9%	26.9%
Healthcare	12.6%	15.0%
Financial Services	11.7%	17.8%
Consumer Defensive	9.4%	10.7%
Utilities	6.9%	2.8%
Communication Services	6.2%	6.5%
Industrials	6.1%	6.0%
Consumer Cyclical	5.7%	6.6%
Energy	2.7%	4.8%
Real Estate	2.5%	0.2%
Basic Materials	2.4%	2.6%

Return for Risk

USMV vs. SPMV — Risk / Return Rank

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

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 15
USMV Sortino Ratio Rank: 13
USMV Omega Ratio Rank: 13
USMV Calmar Ratio Rank: 15
USMV Martin Ratio Rank: 17

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPMV - 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 Minimum Variance ETF (SPMV). 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	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	0.42	—	—
Sortino ratio: Return per unit of downside risk	0.65	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.56	—	—
Martin ratio: Return relative to average drawdown	1.82	—	—

Drawdowns

Drawdown Indicators

	USMV	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	—	—
Current Drawdown Current decline from peak	-2.63%	—	—
Average Drawdown Average peak-to-trough decline	-2.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	—	—

Volatility

Volatility by Period

	USMV	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.35%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	—	—

USMV vs. SPMV - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is higher than SPMV's 0.10% expense ratio. However, 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. SPMV - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%
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 SPMV in my portfolio?

USMV and SPMV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USMV or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USMV or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.15% for USMV.

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

USMV has the higher dividend yield at 1.53%, compared with 1.05% for SPMV.

What is the main difference between USMV and SPMV?

USMV is categorized as Large Cap Blend Equities, while SPMV is S&P 500. USMV tracks MSCI USA Minimum Volatility Index, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for USMV and 0.10% for SPMV.