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VOTE vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOTE vs. USMV

Last updated Jul 14, 2026
Documentation

VOTE (Engine No. 1 Transform 500 ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - VOTE tracks the Morningstar US Large Cap Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, VOTE returned 12.72%/yr vs 7.16%/yr for USMV. A 0.74 correlation means they provide meaningful diversification when combined. VOTE charges 0.05%/yr vs 0.15%/yr for USMV.

Performance

VOTE vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Engine No. 1 Transform 500 ETF (VOTE) 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, VOTE achieves a 10.66% return, which is significantly higher than USMV's 4.64% return.

VOTE

1D
-0.73%
1M
1.43%
6M
8.60%
YTD
10.66%
1Y
21.71%
3Y*
20.54%
5Y*
12.72%
10Y*
—

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)

VOTE vs. USMV - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VOTE
Engine No. 1 Transform 500 ETF		10.66%17.95%25.23%27.60%-19.74%11.77%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%-9.43%11.63%

Correlation

The correlation between VOTE and USMV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.62

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2021

0.74

Over the past year, the correlation between VOTE and USMV has dropped to 0.47 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

VOTE vs. USMV - Sectors Allocation Comparison

Sectors
VOTE
USMV

Technology

39.0%
33.9%

Financial Services

10.9%
11.7%

Communication Services

10.7%
6.2%

Consumer Cyclical

9.9%
5.7%

Healthcare

8.3%
12.6%

Industrials

8.1%
6.1%

Consumer Defensive

4.4%
9.4%

Energy

3.2%
2.7%

Utilities

2.0%
6.9%

Basic Materials

1.7%
2.4%

Real Estate

1.7%
2.5%

Technology

VOTE
39.0%
USMV
33.9%

Financial Services

VOTE
10.9%
USMV
11.7%

Communication Services

VOTE
10.7%
USMV
6.2%

Consumer Cyclical

VOTE
9.9%
USMV
5.7%

Healthcare

VOTE
8.3%
USMV
12.6%

Industrials

VOTE
8.1%
USMV
6.1%

Consumer Defensive

VOTE
4.4%
USMV
9.4%

Energy

VOTE
3.2%
USMV
2.7%

Utilities

VOTE
2.0%
USMV
6.9%

Basic Materials

VOTE
1.7%
USMV
2.4%

Real Estate

VOTE
1.7%
USMV
2.5%

Compare stocks, funds, or ETFs

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

Engine No. 1 Transform 500 ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with VOTE:
VOTE vs. VOOVOTE vs. SPYVOTE vs. VBVOTE vs. XLGVOTE vs. ESGVVOTE vs. VEAVOTE vs. SPYX
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

VOTE vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOTE
VOTE Risk / Return Rank: 6565
Overall Rank
VOTE Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
VOTE Sortino Ratio Rank: 6363
Sortino Ratio Rank
VOTE Omega Ratio Rank: 6464
Omega Ratio Rank
VOTE Calmar Ratio Rank: 6060
Calmar Ratio Rank
VOTE Martin Ratio Rank: 7171
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.

VOTE vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Engine No. 1 Transform 500 ETF (VOTE) 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.

VOTEUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.71
0.84

+0.86

Sortino ratioReturn per unit of downside risk
2.35
1.23

+1.12

Omega ratioGain probability vs. loss probability

1.31

1.15

+0.16

Calmar ratioReturn relative to maximum drawdown

2.40

1.10

+1.29

Martin ratioReturn relative to average drawdown

10.36

3.61

+6.75

VOTE vs. USMV - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 1.71, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of VOTE 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

VOTE vs. USMV - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for VOTE and USMV.

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Drawdown Indicators

VOTEUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-25.71%

-33.10%

+7.39%

Max Drawdown (1Y)

Largest decline over 1 year

-9.10%

-6.46%

-2.64%

Max Drawdown (3Y)

Largest decline over 3 years

-19.08%

-9.36%

-9.72%

Max Drawdown (5Y)

Largest decline over 5 years

-25.71%

-17.93%

-7.78%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-1.03%

-0.54%

-0.49%

Average Drawdown

Average peak-to-trough decline

-6.05%

-2.87%

-3.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

1.97%

+0.13%

Volatility

VOTE vs. USMV - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) has a higher volatility of 4.02% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that VOTE'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

VOTEUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.02%

2.54%

+1.48%

Volatility (6M)

Calculated over the trailing 6-month period

10.19%

6.22%

+3.97%

Volatility (1Y)

Calculated over the trailing 1-year period

12.80%

8.48%

+4.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.19%

12.36%

+4.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

14.49%

+2.63%

VOTE vs. USMV - Expense Ratio Comparison

VOTE has a 0.05% 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

VOTE vs. USMV - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.94%, 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%
VOTE
Engine No. 1 Transform 500 ETF		0.94%1.03%1.18%1.33%1.54%0.54%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VOTE and USMV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOTE has higher volatility (4.02%) compared to USMV (2.54%). In terms of maximum drawdown, VOTE dropped -25.71% vs USMV's -33.10%.

On 5-year performance, VOTE leads with 12.72% vs 7.16% for USMV. On fees, VOTE is cheaper at 0.05% 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 5-year period, VOTE has performed better with a 12.72% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOTE is cheaper with a 0.05% expense ratio, compared with 0.15% for USMV.

USMV has the higher dividend yield at 1.48%, compared with 0.94% for VOTE.

VOTE tracks Morningstar US Large Cap Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Engine No. 1 LLC and iShares. Their fees differ too: 0.05% for VOTE and 0.15% for USMV.

VOTE currently has the higher Sharpe Ratio (1.71 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.

Portfolio Optimizer

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