USMV vs. USML
USMV (iShares MSCI USA Min Vol Factor ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, USMV returned 7.45%/yr vs 8.11%/yr for USML. With a 0.98 correlation, they move nearly in lockstep. USMV charges 0.15%/yr vs 0.95%/yr for USML.
Performance
USMV vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, USMV achieves a 2.65% return, which is significantly lower than USML's 2.96% return.
USMV
- 1D
- -0.69%
- 1M
- 2.01%
- YTD
- 2.65%
- 6M
- 2.61%
- 1Y
- 4.37%
- 3Y*
- 11.79%
- 5Y*
- 7.45%
- 10Y*
- 9.93%
USML
- 1D
- -1.24%
- 1M
- 3.76%
- YTD
- 2.96%
- 6M
- 2.63%
- 1Y
- 2.80%
- 3Y*
- 16.27%
- 5Y*
- 8.11%
- 10Y*
- —
USMV vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 2.65% | 7.65% | 15.74% | 10.33% | -9.43% | 21.14% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 2.96% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between USMV and USML is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.98 |
The correlation between USMV and USML has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
USMV vs. USML — Risk / Return Rank
USMV
USML
USMV vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.
| USMV | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.04 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.21 | +0.46 |
| Martin ratioReturn relative to average drawdown | 2.27 | 0.65 | +1.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USMV | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.52 | 0.17 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.33 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | 0.44 | +0.43 |
Drawdowns
USMV vs. USML - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for USMV and USML.
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Drawdown Indicators
| USMV | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -35.34% | +2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -13.09% | +6.63% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -19.14% | +9.78% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -35.34% | +17.41% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | — | — |
Current DrawdownCurrent decline from peak | -1.18% | -3.69% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -10.41% | +7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 4.33% | -2.40% |
Volatility
USMV vs. USML - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.38%, while ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a volatility of 4.22%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 4.22% | -1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 11.44% | -5.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.50% | 16.38% | -7.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.35% | 24.47% | -12.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 24.29% | -9.78% |
USMV vs. USML - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than USML's 0.95% expense ratio.
Dividends
USMV vs. USML - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.53%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 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 | 1.53% | 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
With a correlation of 0.97, USMV and USML move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USML has higher volatility (4.22%) compared to USMV (2.38%). In terms of maximum drawdown, USMV dropped -33.10% vs USML's -35.34%.
On 5-year performance, USML leads with 8.11% vs 7.45% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 8.11% return vs 7.45%. 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 0.95% for USML.
USMV has the higher dividend yield at 1.53%, compared with 0.00% for USML.
USMV is categorized as Large Cap Blend Equities, while USML is Leveraged Equities. Both ETFs track MSCI USA Minimum Volatility Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.15% for USMV and 0.95% for USML.
USMV currently has the higher Sharpe Ratio (0.52 vs 0.17), 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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