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USPX vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USPX vs. USMV

Last updated Jul 14, 2026
Documentation

USPX (Franklin U.S. Equity Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, USPX returned 12.30%/yr vs 9.58%/yr for USMV. A 0.70 correlation means they provide meaningful diversification when combined. USPX charges 0.03%/yr vs 0.15%/yr for USMV.

Performance

USPX vs. USMV - Performance Comparison

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

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Returns By Period

In the year-to-date period, USPX achieves a 10.16% return, which is significantly higher than USMV's 4.64% return. Over the past 10 years, USPX has outperformed USMV with an annualized return of 12.30%, while USMV has yielded a comparatively lower 9.58% annualized return.

USPX

1D
-0.76%
1M
1.32%
6M
8.11%
YTD
10.16%
1Y
20.97%
3Y*
20.10%
5Y*
11.98%
10Y*
12.30%

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USPX vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USPX
Franklin U.S. Equity Index ETF		10.16%17.78%24.97%27.07%-18.88%19.53%9.72%26.60%-7.78%23.80%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between USPX and USMV is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.63

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 USPX and USMV has dropped to 0.46 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

USPX vs. USMV - Sectors Allocation Comparison

Sectors
USPX
USMV

Technology

37.7%
33.9%

Financial Services

12.1%
11.7%

Communication Services

9.8%
6.2%

Consumer Cyclical

9.4%
5.7%

Healthcare

9.2%
12.6%

Industrials

8.0%
6.1%

Consumer Defensive

4.5%
9.4%

Utilities

2.7%
6.9%

Energy

2.2%
2.7%

Real Estate

1.7%
2.5%

Basic Materials

1.7%
2.4%

Technology

USPX
37.7%
USMV
33.9%

Financial Services

USPX
12.1%
USMV
11.7%

Communication Services

USPX
9.8%
USMV
6.2%

Consumer Cyclical

USPX
9.4%
USMV
5.7%

Healthcare

USPX
9.2%
USMV
12.6%

Industrials

USPX
8.0%
USMV
6.1%

Consumer Defensive

USPX
4.5%
USMV
9.4%

Utilities

USPX
2.7%
USMV
6.9%

Energy

USPX
2.2%
USMV
2.7%

Real Estate

USPX
1.7%
USMV
2.5%

Basic Materials

USPX
1.7%
USMV
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin U.S. Equity Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with USPX:
USPX vs. JPEFUSPX vs. VOOUSPX vs. IVVUSPX vs. BBUSUSPX vs. BDGSUSPX vs. SPTMUSPX vs. VUAG.L
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

USPX vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USPX
USPX Risk / Return Rank: 6363
Overall Rank
USPX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
USPX Sortino Ratio Rank: 6262
Sortino Ratio Rank
USPX Omega Ratio Rank: 6262
Omega Ratio Rank
USPX Calmar Ratio Rank: 5858
Calmar Ratio Rank
USPX Martin Ratio Rank: 6969
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
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.

USPX vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

USPXUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.66
0.84

+0.81

Sortino ratioReturn per unit of downside risk
2.29
1.23

+1.06

Omega ratioGain probability vs. loss probability

1.30

1.15

+0.15

Calmar ratioReturn relative to maximum drawdown

2.30

1.10

+1.20

Martin ratioReturn relative to average drawdown

9.87

3.61

+6.26

USPX vs. USMV - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 1.66, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of USPX and USMV, 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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Drawdowns

USPX vs. USMV - Drawdown Comparison

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

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Drawdown Indicators

USPXUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-31.21%

-33.10%

+1.89%

Max Drawdown (1Y)

Largest decline over 1 year

-9.15%

-6.46%

-2.69%

Max Drawdown (3Y)

Largest decline over 3 years

-19.21%

-9.36%

-9.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.60%

-17.93%

-6.67%

Max Drawdown (10Y)

Largest decline over 10 years

-31.21%

-33.10%

+1.89%

Current Drawdown

Current decline from peak

-1.19%

-0.54%

-0.65%

Average Drawdown

Average peak-to-trough decline

-4.42%

-2.87%

-1.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

1.97%

+0.16%

Volatility

USPX vs. USMV - Volatility Comparison

Franklin U.S. Equity Index ETF (USPX) has a higher volatility of 3.95% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that USPX's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USPXUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.95%

2.54%

+1.41%

Volatility (6M)

Calculated over the trailing 6-month period

10.14%

6.22%

+3.92%

Volatility (1Y)

Calculated over the trailing 1-year period

12.74%

8.48%

+4.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.28%

12.36%

+3.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.95%

14.49%

+1.46%

USPX vs. USMV - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USPX vs. USMV - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.09%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.48%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		1.09%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

USPX and USMV have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USPX has higher volatility (3.95%) compared to USMV (2.54%). In terms of maximum drawdown, USPX dropped -31.21% vs USMV's -33.10%.

On 10-year performance, USPX leads with 12.30% vs 9.58% for USMV. On fees, USPX is cheaper at 0.03% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USPX has performed better with a 12.30% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USMV has the higher dividend yield at 1.48%, compared with 1.09% for USPX.

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

USPX currently has the higher Sharpe Ratio (1.66 vs 0.84), 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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