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VFMV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFMV vs. USMV

Last updated Aug 2, 2026
Documentation

VFMV (Vanguard U.S. Minimum Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Low Volatility funds. VFMV is actively managed, while USMV is passively managed. Over the past 5 years, VFMV returned 9.39%/yr vs 6.87%/yr for USMV. Their correlation of 0.90 means they have usually moved in the same direction. VFMV charges 0.13%/yr vs 0.15%/yr for USMV.

Performance

VFMV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Minimum Volatility ETF (VFMV) 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, VFMV achieves a 11.10% return, which is significantly higher than USMV's 4.76% return.

VFMV

1D
0.45%
1M
2.10%
6M
7.34%
YTD
11.10%
1Y
16.07%
3Y*
14.38%
5Y*
9.39%
10Y*
—
ALL TIME*
10.08%

USMV

1D
0.09%
1M
0.04%
6M
3.84%
YTD
4.76%
1Y
7.68%
3Y*
11.04%
5Y*
6.87%
10Y*
9.63%
ALL TIME*
11.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

USMV

iShares MSCI USA Min Vol Factor ETF
$217.70M$221.64M$218.77M

VFMV

Vanguard U.S. Minimum Volatility ETF
$1.77M$2.11M$2.29M

VFMV vs. USMV - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VFMV
Vanguard U.S. Minimum Volatility ETF		11.10%10.52%16.91%8.86%-5.73%20.75%-0.19%27.26%-0.34%
USMV
iShares MSCI USA Min Vol Factor ETF		4.76%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%2.54%

Correlation

The correlation between VFMV and USMV is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (3Y)
Balances recent behavior with more history.

0.89

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.91

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2018

0.90

The correlation between VFMV and USMV shifts across timeframes, from 0.80 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

VFMV vs. USMV - Sectors Allocation Comparison

Sectors
VFMV
USMV

Technology

25.1%
33.0%

Communication Services

10.7%
5.7%

Financial Services

10.6%
11.8%

Industrials

10.1%
6.4%

Healthcare

10.1%
13.4%

Consumer Defensive

9.5%
9.3%

Consumer Cyclical

6.9%
5.8%

Utilities

6.7%
7.2%

Real Estate

6.4%
2.6%

Energy

3.9%
2.6%

Basic Materials

-

2.2%

Technology

VFMV
25.1%
USMV
33.0%

Communication Services

VFMV
10.7%
USMV
5.7%

Financial Services

VFMV
10.6%
USMV
11.8%

Industrials

VFMV
10.1%
USMV
6.4%

Healthcare

VFMV
10.1%
USMV
13.4%

Consumer Defensive

VFMV
9.5%
USMV
9.3%

Consumer Cyclical

VFMV
6.9%
USMV
5.8%

Utilities

VFMV
6.7%
USMV
7.2%

Real Estate

VFMV
6.4%
USMV
2.6%

Energy

VFMV
3.9%
USMV
2.6%

Basic Materials

VFMV

-

USMV
2.2%

Compare stocks, funds, or ETFs

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

Vanguard U.S. Minimum Volatility ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with VFMV:
VFMV vs. VOOVFMV vs. SCHDVFMV vs. VYMVFMV vs. VIGVFMV vs. VFMFVFMV vs. SPYVFMV vs. USML
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. ACWVUSMV vs. VTIUSMV vs. SPMV

Return for Risk

VFMV vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VFMV
VFMV Risk / Return Rank: 7777
Overall Rank
VFMV Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
VFMV Sortino Ratio Rank: 7979
Sortino Ratio Rank
VFMV Omega Ratio Rank: 7575
Omega Ratio Rank
VFMV Calmar Ratio Rank: 7575
Calmar Ratio Rank
VFMV Martin Ratio Rank: 7979
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 3434
Overall Rank
USMV Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3434
Sortino Ratio Rank
USMV Omega Ratio Rank: 3232
Omega Ratio Rank
USMV Calmar Ratio Rank: 3434
Calmar Ratio Rank
USMV Martin Ratio Rank: 3737
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VFMV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Minimum Volatility ETF (VFMV) 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.

VFMVUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.76
0.87

+0.89

Sortino ratioReturn per unit of downside risk
2.55
1.29

+1.27

Omega ratioGain probability vs. loss probability

1.31

1.15

+0.16

Calmar ratioReturn relative to maximum drawdown

2.61

1.15

+1.47

Martin ratioReturn relative to average drawdown

10.07

3.74

+6.34

VFMV vs. USMV - Sharpe Ratio Comparison

The current VFMV Sharpe Ratio is 1.76, which is higher than the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of VFMV 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

VFMV vs. USMV - Drawdown Comparison

The maximum VFMV drawdown since its inception was -33.64%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for VFMV and USMV.

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Drawdown Indicators

VFMVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-33.64%

-33.10%

-0.54%

Max Drawdown (1Y)

Largest decline over 1 year

-6.00%

-6.46%

+0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-10.35%

-9.36%

-0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-15.41%

-17.93%

+2.52%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-1.16%

-0.64%

-0.52%

Average Drawdown

Average peak-to-trough decline

-3.59%

-2.86%

-0.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.56%

1.98%

-0.42%

Volatility

VFMV vs. USMV - Volatility Comparison

Vanguard U.S. Minimum Volatility ETF (VFMV) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.73% and 2.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VFMVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.73%

2.80%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

6.57%

6.44%

+0.13%

Volatility (1Y)

Calculated over the trailing 1-year period

8.96%

8.56%

+0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.76%

12.38%

-0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.16%

14.50%

-0.34%

VFMV vs. USMV - Expense Ratio Comparison

VFMV has a 0.13% 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

VFMV vs. USMV - Dividend Comparison

VFMV's dividend yield for the trailing twelve months is around 1.74%, more than USMV's 1.47% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
VFMV
Vanguard U.S. Minimum Volatility ETF		1.74%2.12%1.46%2.20%2.08%1.31%2.14%2.43%2.29%0.00%0.00%0.00%

Frequently Asked Questions

VFMV and USMV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.80%) compared to VFMV (2.73%). In terms of maximum drawdown, VFMV dropped -33.64% vs USMV's -33.10%.

On 5-year performance, VFMV leads with 9.39% vs 6.87% for USMV. On fees, VFMV is cheaper at 0.13% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, VFMV has performed better with a 9.39% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VFMV is cheaper with a 0.13% expense ratio, compared with 0.15% for USMV.

VFMV has the higher dividend yield at 1.74%, compared with 1.47% for USMV.

They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.13% for VFMV and 0.15% for USMV.

VFMV currently has the higher Sharpe Ratio (1.76 vs 0.87), 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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