VONE vs. USMV

Last updated Jul 15, 2026

VONE (Vanguard Russell 1000 ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - VONE tracks the Russell 1000 Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, VONE returned 14.92%/yr vs 9.48%/yr for USMV. Their correlation of 0.81 suggests significant overlap in exposure. VONE charges 0.08%/yr vs 0.15%/yr for USMV.

Performance

VONE vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 ETF (VONE) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VONE achieves a 10.82% return, which is significantly higher than USMV's 3.64% return. Over the past 10 years, VONE has outperformed USMV with an annualized return of 14.92%, while USMV has yielded a comparatively lower 9.48% annualized return.

VONE

• 1D: 0.45%
• 1M: 1.76%
• 6M: 8.82%
• YTD: 10.82%
• 1Y: 21.19%
• 3Y*: 20.01%
• 5Y*: 12.49%
• 10Y*: 14.92%

USMV

• 1D: -0.96%
• 1M: 1.18%
• 6M: 3.50%
• YTD: 3.64%
• 1Y: 5.50%
• 3Y*: 11.07%
• 5Y*: 6.93%
• 10Y*: 9.48%

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

VONE vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONE Vanguard Russell 1000 ETF	10.82%	17.21%	24.51%	26.41%	-19.14%	26.49%	20.95%	31.12%	-4.84%	21.55%
USMV iShares MSCI USA Min Vol Factor ETF	3.64%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between VONE and USMV is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.81

Over the past year, the correlation between VONE and USMV has dropped to 0.48 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

VONE vs. USMV - Sectors Allocation Comparison

Sectors	VONE	USMV
Technology	37.4%	33.9%
Financial Services	11.2%	11.7%
Communication Services	10.4%	6.2%
Consumer Cyclical	10.0%	5.7%
Industrials	8.7%	6.1%
Healthcare	8.5%	12.6%
Consumer Defensive	4.4%	9.4%
Energy	3.3%	2.7%
Real Estate	2.1%	2.5%
Utilities	2.1%	6.9%
Basic Materials	1.9%	2.4%

Return for Risk

VONE vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VONE

VONE Risk / Return Rank: 65
VONE Sharpe Ratio Rank: 65
VONE Sortino Ratio Rank: 64
VONE Omega Ratio Rank: 63
VONE Calmar Ratio Rank: 61
VONE Martin Ratio Rank: 72

USMV

USMV Risk / Return Rank: 22
USMV Sharpe Ratio Rank: 23
USMV Sortino Ratio Rank: 21
USMV Omega Ratio Rank: 20
USMV Calmar Ratio Rank: 23
USMV Martin Ratio Rank: 26

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.

VONE vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 ETF (VONE) 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.

	VONE	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.65	+1.04
Sortino ratio: Return per unit of downside risk	2.35	0.96	+1.39
Omega ratio: Gain probability vs. loss probability	1.30	1.11	+0.19
Calmar ratio: Return relative to maximum drawdown	2.41	0.86	+1.55
Martin ratio: Return relative to average drawdown	10.50	2.80	+7.70

VONE vs. USMV - Sharpe Ratio Comparison

The current VONE Sharpe Ratio is 1.69, which is higher than the USMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of VONE 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.

Drawdowns

VONE vs. USMV - Drawdown Comparison

The maximum VONE drawdown since its inception was -34.66%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for VONE and USMV.

Drawdown Indicators

	VONE	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-33.10%	-1.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-6.46%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-9.36%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-17.93%	-7.19%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-33.10%	-1.56%
Current Drawdown Current decline from peak	-0.47%	-1.49%	+1.02%
Average Drawdown Average peak-to-trough decline	-3.89%	-2.87%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.97%	+0.05%

Volatility

VONE vs. USMV - Volatility Comparison

Vanguard Russell 1000 ETF (VONE) has a higher volatility of 3.75% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.75%. This indicates that VONE'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.

Volatility by Period

	VONE	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	2.75%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	6.30%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	8.52%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	12.37%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	14.50%	+3.73%

VONE vs. USMV - Expense Ratio Comparison

VONE has a 0.08% 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

VONE vs. USMV - Dividend Comparison

VONE's dividend yield for the trailing twelve months is around 1.02%, less than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%
VONE Vanguard Russell 1000 ETF	1.02%	1.07%	1.20%	1.40%	1.59%	1.16%	1.45%	1.65%	1.96%	1.69%	1.89%	1.89%

Frequently Asked Questions

Can I hold both VONE and USMV in my portfolio?

VONE and USMV have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VONE or USMV?

VONE has higher volatility (3.75%) compared to USMV (2.75%). In terms of maximum drawdown, VONE dropped -34.66% vs USMV's -33.10%.

Which ETF is better, VONE or USMV?

On 10-year performance, VONE leads with 14.92% vs 9.48% for USMV. On fees, VONE is cheaper at 0.08% per year. On volatility, USMV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VONE or USMV?

Over the 10-year period, VONE has performed better with a 14.92% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONE or USMV?

VONE is cheaper with a 0.08% expense ratio, compared with 0.15% for USMV.

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

USMV has the higher dividend yield at 1.49%, compared with 1.02% for VONE.

What is the main difference between VONE and USMV?

VONE tracks Russell 1000 Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VONE and 0.15% for USMV.

Which has better risk-adjusted returns?

VONE currently has the higher Sharpe Ratio (1.69 vs 0.65), 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.