USMV vs. USPX

Last updated Jun 24, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - USMV tracks the MSCI USA Minimum Volatility Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 10 years, USMV returned 9.79%/yr vs 12.60%/yr for USPX. A 0.70 correlation means they provide meaningful diversification when combined. USMV charges 0.15%/yr vs 0.03%/yr for USPX.

Performance

USMV vs. USPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMV achieves a 1.14% return, which is significantly lower than USPX's 7.94% return. Over the past 10 years, USMV has underperformed USPX with an annualized return of 9.79%, while USPX has yielded a comparatively higher 12.60% annualized return.

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%

USPX

• 1D: -1.35%
• 1M: -1.23%
• YTD: 7.94%
• 6M: 6.89%
• 1Y: 23.21%
• 3Y*: 20.72%
• 5Y*: 11.89%
• 10Y*: 12.60%

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

USMV vs. USPX - 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%	18.91%
USPX Franklin U.S. Equity Index ETF	7.94%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%

Correlation

The correlation between USMV and USPX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.70

Over the past year, the correlation between USMV and USPX has dropped to 0.50 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

USMV vs. USPX - Sectors Allocation Comparison

Sectors	USMV	USPX
Technology	33.9%	37.7%
Healthcare	12.6%	8.8%
Financial Services	11.7%	11.6%
Consumer Defensive	9.4%	4.6%
Utilities	6.9%	2.5%
Communication Services	6.2%	10.3%
Industrials	6.1%	8.0%
Consumer Cyclical	5.7%	9.5%
Energy	2.7%	3.3%
Real Estate	2.5%	1.8%
Basic Materials	2.4%	1.7%

Return for Risk

USMV vs. USPX — 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

USPX

USPX Risk / Return Rank: 59
USPX Sharpe Ratio Rank: 59
USPX Sortino Ratio Rank: 56
USPX Omega Ratio Rank: 57
USPX Calmar Ratio Rank: 55
USPX Martin Ratio Rank: 66

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. USPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and Franklin U.S. Equity Index ETF (USPX). 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	USPX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.83	-1.41
Sortino ratio: Return per unit of downside risk	0.65	2.51	-1.86
Omega ratio: Gain probability vs. loss probability	1.08	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.56	2.55	-1.99
Martin ratio: Return relative to average drawdown	1.82	11.19	-9.36

USMV vs. USPX - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.42, which is lower than the USPX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of USMV and USPX, 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. USPX - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for USMV and USPX.

Drawdown Indicators

	USMV	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-31.21%	-1.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-9.15%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-19.21%	+9.85%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-24.60%	+6.67%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-31.21%	-1.89%
Current Drawdown Current decline from peak	-2.63%	-3.17%	+0.54%
Average Drawdown Average peak-to-trough decline	-2.87%	-4.43%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.08%	-0.10%

Volatility

USMV vs. USPX - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while Franklin U.S. Equity Index ETF (USPX) has a volatility of 4.89%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMV	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	4.89%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	10.06%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	12.74%	-4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.35%	16.28%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	15.96%	-1.45%

USMV vs. USPX - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is higher than USPX's 0.03% 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. USPX - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, more than USPX's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USPX Franklin U.S. Equity Index ETF	0.83%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both USMV and USPX in my portfolio?

USMV and USPX have a correlation of 0.50, 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 USPX?

USPX has higher volatility (4.89%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs USPX's -31.21%.

Which ETF is better, USMV or USPX?

On 10-year performance, USPX leads with 12.60% vs 9.79% for USMV. On fees, USPX is cheaper at 0.03% 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.

Which ETF has performed better, USMV or USPX?

Over the 10-year period, USPX has performed better with a 12.60% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMV or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.15% for USMV.

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

USMV has the higher dividend yield at 1.53%, compared with 0.83% for USPX.

What is the main difference between USMV and USPX?

USMV tracks MSCI USA Minimum Volatility Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.15% for USMV and 0.03% for USPX.

Which has better risk-adjusted returns?

USPX currently has the higher Sharpe Ratio (1.83 vs 0.42), 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.