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USMV vs. VTIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. VTIP

Last updated Jun 9, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, USMV returned 9.75%/yr vs 3.08%/yr for VTIP. At a 0.11 correlation, their price movements are largely independent. USMV charges 0.15%/yr vs 0.03%/yr for VTIP.

Performance

USMV vs. VTIP - 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 Short-Term Inflation-Protected Securities ETF (VTIP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USMV achieves a 1.55% return, which is significantly lower than VTIP's 1.76% return. Over the past 10 years, USMV has outperformed VTIP with an annualized return of 9.75%, while VTIP has yielded a comparatively lower 3.08% annualized return.

USMV

1D
-0.43%
1M
1.28%
YTD
1.55%
6M
2.27%
1Y
3.18%
3Y*
11.35%
5Y*
7.21%
10Y*
9.75%

VTIP

1D
0.00%
1M
-0.18%
YTD
1.76%
6M
1.89%
1Y
4.64%
3Y*
5.17%
5Y*
3.37%
10Y*
3.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USMV vs. VTIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMV
iShares MSCI USA Min Vol Factor ETF		1.55%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		1.76%6.07%4.74%4.62%-2.94%5.36%4.95%4.86%0.56%0.82%

Correlation

The correlation between USMV and VTIP is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.20

Correlation (10Y)
Calculated over the trailing 10-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Oct 17, 2012

0.11

Compare stocks, funds, or ETFs

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iShares MSCI USA Min Vol Factor ETF

Vanguard Short-Term Inflation-Protected Securities ETF

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Often compared with VTIP:
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Return for Risk

USMV vs. VTIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USMV
USMV Risk / Return Rank: 1515
Overall Rank
USMV Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1515
Sortino Ratio Rank
USMV Omega Ratio Rank: 1414
Omega Ratio Rank
USMV Calmar Ratio Rank: 1616
Calmar Ratio Rank
USMV Martin Ratio Rank: 1717
Martin Ratio Rank
VTIP
VTIP Risk / Return Rank: 9595
Overall Rank
VTIP Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
VTIP Sortino Ratio Rank: 9696
Sortino Ratio Rank
VTIP Omega Ratio Rank: 9595
Omega Ratio Rank
VTIP Calmar Ratio Rank: 9494
Calmar Ratio Rank
VTIP Martin Ratio Rank: 9494
Martin Ratio Rank
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. VTIP - 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 Short-Term Inflation-Protected Securities ETF (VTIP). 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.

USMVVTIPDifference
Sharpe ratioReturn per unit of total volatility
0.37
3.12

-2.74

Sortino ratioReturn per unit of downside risk
0.58
5.31

-4.73

Omega ratioGain probability vs. loss probability

1.07

1.66

-0.60

Calmar ratioReturn relative to maximum drawdown

0.49

6.66

-6.17

Martin ratioReturn relative to average drawdown

1.64

26.11

-24.47

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMV vs. VTIP - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.37, which is lower than the VTIP Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of USMV and VTIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

USMVVTIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.37

3.12

-2.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

1.22

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

1.13

-0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.89

-0.03

Drawdowns

USMV vs. VTIP - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for USMV and VTIP.

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Drawdown Indicators

USMVVTIPDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-6.27%

-26.83%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-0.70%

-5.76%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-0.98%

-8.38%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-5.50%

-12.43%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-6.27%

-26.83%

Current Drawdown

Current decline from peak

-2.24%

-0.30%

-1.94%

Average Drawdown

Average peak-to-trough decline

-2.88%

-1.04%

-1.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

0.18%

+1.76%

Volatility

USMV vs. VTIP - Volatility Comparison

iShares MSCI USA Min Vol Factor ETF (USMV) has a higher volatility of 2.65% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.45%. This indicates that USMV's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVVTIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

0.45%

+2.20%

Volatility (6M)

Calculated over the trailing 6-month period

6.02%

1.05%

+4.97%

Volatility (1Y)

Calculated over the trailing 1-year period

8.57%

1.50%

+7.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.36%

2.78%

+9.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

2.74%

+11.77%

USMV vs. VTIP - Expense Ratio Comparison

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

USMV's dividend yield for the trailing twelve months is around 1.54%, less than VTIP's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.54%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
VTIP
Vanguard Short-Term Inflation-Protected Securities ETF		3.59%3.81%2.70%2.86%6.84%4.68%1.20%1.95%2.45%1.52%0.76%0.00%

Frequently Asked Questions

USMV and VTIP have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.65%) compared to VTIP (0.45%). In terms of maximum drawdown, USMV dropped -33.10% vs VTIP's -6.27%.

On 10-year performance, USMV leads with 9.75% vs 3.08% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.45%. 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 9.75% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

VTIP has the higher dividend yield at 3.59%, compared with 1.54% for USMV.

USMV is categorized as Large Cap Blend Equities, while VTIP is Inflation-Protected Bonds. USMV tracks MSCI USA Minimum Volatility Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for USMV and 0.03% for VTIP.

VTIP currently has the higher Sharpe Ratio (3.12 vs 0.37), 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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