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XMLV vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMLV vs. USMV

Last updated Aug 2, 2026
Documentation

XMLV (Invesco S&P MidCap Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Low Volatility funds - XMLV tracks the S&P MidCap 400 Low Volatility Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XMLV returned 8.01%/yr vs 9.63%/yr for USMV. Their correlation of 0.82 means they have usually moved in the same direction. XMLV charges 0.25%/yr vs 0.15%/yr for USMV.

Performance

XMLV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Low Volatility ETF (XMLV) 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, XMLV achieves a 11.48% return, which is significantly higher than USMV's 4.76% return. Over the past 10 years, XMLV has underperformed USMV with an annualized return of 8.01%, while USMV has yielded a comparatively higher 9.63% annualized return.

XMLV

1D
-0.40%
1M
1.77%
6M
8.77%
YTD
11.48%
1Y
15.65%
3Y*
11.57%
5Y*
7.14%
10Y*
8.01%
ALL TIME*
9.98%

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

XMLV

Invesco S&P MidCap Low Volatility ETF
$1.62M$1.47M$1.28M

XMLV vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMLV
Invesco S&P MidCap Low Volatility ETF		11.48%5.55%17.08%1.86%-6.55%23.00%-8.42%23.77%-0.16%13.72%
USMV
iShares MSCI USA Min Vol Factor ETF		4.76%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between XMLV and USMV is 0.59, 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.

0.59

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

0.74

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

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.80

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2013

0.82

Over the past year, the correlation between XMLV and USMV has dropped to 0.59 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

XMLV vs. USMV - Sectors Allocation Comparison

Sectors
XMLV
USMV

Real Estate

32.8%
2.6%

Financial Services

26.0%
11.8%

Utilities

17.8%
7.2%

Industrials

10.0%
6.4%

Consumer Cyclical

4.4%
5.8%

Energy

3.7%
2.6%

Consumer Defensive

2.2%
9.3%

Healthcare

2.0%
13.4%

Basic Materials

1.0%
2.2%

Communication Services

1.0%
5.7%

Technology

1.0%
33.0%

Real Estate

XMLV
32.8%
USMV
2.6%

Financial Services

XMLV
26.0%
USMV
11.8%

Utilities

XMLV
17.8%
USMV
7.2%

Industrials

XMLV
10.0%
USMV
6.4%

Consumer Cyclical

XMLV
4.4%
USMV
5.8%

Energy

XMLV
3.7%
USMV
2.6%

Consumer Defensive

XMLV
2.2%
USMV
9.3%

Healthcare

XMLV
2.0%
USMV
13.4%

Basic Materials

XMLV
1.0%
USMV
2.2%

Communication Services

XMLV
1.0%
USMV
5.7%

Technology

XMLV
1.0%
USMV
33.0%

Compare stocks, funds, or ETFs

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

Invesco S&P MidCap Low Volatility ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with XMLV:
XMLV vs. SPLVXMLV vs. VOXMLV vs. OMFLXMLV vs. VOOXMLV vs. MDYXMLV vs. IWMXMLV vs. FTBFX
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

XMLV vs. USMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XMLV
XMLV Risk / Return Rank: 6161
Overall Rank
XMLV Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XMLV Sortino Ratio Rank: 6464
Sortino Ratio Rank
XMLV Omega Ratio Rank: 5555
Omega Ratio Rank
XMLV Calmar Ratio Rank: 6262
Calmar Ratio Rank
XMLV Martin Ratio Rank: 6161
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.

XMLV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) 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.

XMLVUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.43
0.87

+0.56

Sortino ratioReturn per unit of downside risk
2.13
1.29

+0.84

Omega ratioGain probability vs. loss probability

1.24

1.15

+0.09

Calmar ratioReturn relative to maximum drawdown

2.19

1.15

+1.05

Martin ratioReturn relative to average drawdown

7.26

3.74

+3.52

XMLV vs. USMV - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 1.43, which is higher than the USMV Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of XMLV 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

XMLV vs. USMV - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for XMLV and USMV.

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Drawdown Indicators

XMLVUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-39.86%

-33.10%

-6.76%

Max Drawdown (1Y)

Largest decline over 1 year

-7.03%

-6.46%

-0.57%

Max Drawdown (3Y)

Largest decline over 3 years

-13.80%

-9.36%

-4.44%

Max Drawdown (5Y)

Largest decline over 5 years

-16.53%

-17.93%

+1.40%

Max Drawdown (10Y)

Largest decline over 10 years

-39.86%

-33.10%

-6.76%

Current Drawdown

Current decline from peak

-2.14%

-0.64%

-1.50%

Average Drawdown

Average peak-to-trough decline

-4.22%

-2.86%

-1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.12%

1.98%

+0.14%

Volatility

XMLV vs. USMV - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) has a higher volatility of 3.85% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.80%. This indicates that XMLV'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

XMLVUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

2.80%

+1.05%

Volatility (6M)

Calculated over the trailing 6-month period

8.30%

6.44%

+1.86%

Volatility (1Y)

Calculated over the trailing 1-year period

10.82%

8.56%

+2.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.50%

12.38%

+2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

14.50%

+2.47%

XMLV vs. USMV - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is higher than USMV's 0.15% 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

XMLV vs. USMV - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.85%, 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%
XMLV
Invesco S&P MidCap Low Volatility ETF		2.85%2.87%2.23%2.34%2.05%1.14%1.93%2.02%2.13%1.74%1.72%1.85%

Frequently Asked Questions

XMLV and USMV have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMLV has higher volatility (3.85%) compared to USMV (2.80%). In terms of maximum drawdown, XMLV dropped -39.86% vs USMV's -33.10%.

On 10-year performance, USMV leads with 9.63% vs 8.01% for XMLV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.80%. 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 9.63% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.25% for XMLV.

XMLV has the higher dividend yield at 2.85%, compared with 1.47% for USMV.

XMLV tracks S&P MidCap 400 Low Volatility Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for XMLV and 0.15% for USMV.

XMLV currently has the higher Sharpe Ratio (1.43 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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