USMV vs. VOO

Last updated Jun 24, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USMV returned 9.79%/yr vs 15.61%/yr for VOO. Their correlation of 0.83 suggests significant overlap in exposure. USMV charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

USMV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and Vanguard S&P 500 ETF (VOO). 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 VOO's 8.19% return. Over the past 10 years, USMV has underperformed VOO with an annualized return of 9.79%, while VOO has yielded a comparatively higher 15.61% 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%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

USMV vs. VOO - 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%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between USMV and VOO is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.83

Over the past year, the correlation between USMV and VOO has dropped to 0.51 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

USMV vs. VOO - Sectors Allocation Comparison

Sectors	USMV	VOO
Technology	33.9%	39.1%
Healthcare	12.6%	8.3%
Financial Services	11.7%	10.9%
Consumer Defensive	9.4%	4.5%
Utilities	6.9%	2.5%
Communication Services	6.2%	10.5%
Industrials	6.1%	7.6%
Consumer Cyclical	5.7%	9.8%
Energy	2.7%	3.2%
Real Estate	2.5%	1.8%
Basic Materials	2.4%	1.7%

Return for Risk

USMV vs. VOO — 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

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.91	-1.49
Sortino ratio: Return per unit of downside risk	0.65	2.60	-1.95
Omega ratio: Gain probability vs. loss probability	1.08	1.35	-0.27
Calmar ratio: Return relative to maximum drawdown	0.56	2.67	-2.11
Martin ratio: Return relative to average drawdown	1.82	11.96	-10.14

USMV vs. VOO - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.42, which is lower than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of USMV and VOO, 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. VOO - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for USMV and VOO.

Drawdown Indicators

	USMV	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-33.99%	+0.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-8.90%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-18.69%	+9.33%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-24.52%	+6.59%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-33.99%	+0.89%
Current Drawdown Current decline from peak	-2.63%	-3.14%	+0.51%
Average Drawdown Average peak-to-trough decline	-2.87%	-3.68%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.99%	-0.01%

Volatility

USMV vs. VOO - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMV	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	4.83%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	9.82%	-3.68%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	12.46%	-3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.35%	16.91%	-4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	18.02%	-3.51%

USMV vs. VOO - Expense Ratio Comparison

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

USMV's dividend yield for the trailing twelve months is around 1.53%, more than VOO's 1.05% 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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both USMV and VOO in my portfolio?

USMV and VOO have a correlation of 0.51, 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 VOO?

VOO has higher volatility (4.83%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs VOO's -33.99%.

Which ETF is better, USMV or VOO?

On 10-year performance, VOO leads with 15.61% vs 9.79% for USMV. On fees, VOO 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 VOO?

Over the 10-year period, VOO has performed better with a 15.61% 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 VOO?

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

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

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

What is the main difference between USMV and VOO?

USMV is categorized as Large Cap Blend Equities, while VOO is S&P 500. USMV tracks MSCI USA Minimum Volatility Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for USMV and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 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.