XMLV vs. USMV

Last updated Jun 4, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and USMV (iShares MSCI USA Minimum Volatility Factor ETF) are both exchange-traded funds - XMLV is a Volatility Hedged Equity fund tracking the S&P MidCap 400 Low Volatility Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XMLV returned 7.60%/yr vs 9.93%/yr for USMV. Their correlation of 0.82 suggests significant overlap in exposure. 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 Minimum Volatility Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XMLV having a 2.54% return and USMV slightly higher at 2.65%. Over the past 10 years, XMLV has underperformed USMV with an annualized return of 7.60%, while USMV has yielded a comparatively higher 9.93% annualized return.

XMLV

• 1D: -0.36%
• 1M: -2.36%
• YTD: 2.54%
• 6M: 2.22%
• 1Y: 5.54%
• 3Y*: 10.18%
• 5Y*: 5.52%
• 10Y*: 7.60%

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

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

XMLV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	2.54%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	13.72%
USMV iShares MSCI USA Minimum Volatility Factor ETF	2.65%	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 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 19, 2013	0.82

The correlation between XMLV and USMV shifts across timeframes, from 0.63 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

XMLV vs. USMV - Sectors Allocation Comparison

Sectors	XMLV	USMV
Real Estate	30.8%	2.2%
Financial Services	21.6%	12.4%
Utilities	20.0%	7.5%
Industrials	9.7%	5.7%
Consumer Defensive	4.7%	10.0%
Energy	3.9%	3.6%
Consumer Cyclical	3.3%	5.7%
Healthcare	2.9%	12.5%
Basic Materials	2.1%	2.2%
Communication Services	1.0%	5.9%
Technology	1.0%	30.8%

Return for Risk

XMLV vs. USMV — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 18
XMLV Sharpe Ratio Rank: 17
XMLV Sortino Ratio Rank: 16
XMLV Omega Ratio Rank: 15
XMLV Calmar Ratio Rank: 19
XMLV Martin Ratio Rank: 21

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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.

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 Minimum Volatility 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.

	XMLV	USMV	Difference
Sharpe ratio Return per unit of total volatility	0.54	0.52	+0.02
Sortino ratio Return per unit of downside risk	0.83	0.79	+0.05
Omega ratio Gain probability vs. loss probability	1.09	1.09	0.00
Calmar ratio Return relative to maximum drawdown	0.79	0.68	+0.11
Martin ratio Return relative to average drawdown	2.66	2.27	+0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMLV vs. USMV - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.54, which is comparable to the USMV Sharpe Ratio of 0.52. 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.

Sharpe Ratios by Period

	XMLV	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.52	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.61	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.69	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.87	-0.27

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.

Drawdown Indicators

	XMLV	USMV	Difference
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	-4.89%	-1.18%	-3.71%
Average Drawdown Average peak-to-trough decline	-4.26%	-2.88%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.93%	+0.16%

Volatility

XMLV vs. USMV - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) has a higher volatility of 3.06% compared to iShares MSCI USA Minimum Volatility Factor ETF (USMV) at 2.38%. 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.

Volatility by Period

	XMLV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	2.38%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	5.91%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	8.50%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	12.35%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	14.51%	+2.46%

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 2.91%, more than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USMV iShares MSCI USA Minimum Volatility Factor ETF	1.53%	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	2.91%	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

Can I hold both XMLV and USMV in my portfolio?

XMLV and USMV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMLV or USMV?

XMLV has higher volatility (3.06%) compared to USMV (2.38%). In terms of maximum drawdown, XMLV dropped -39.86% vs USMV's -33.10%.

Which ETF is better, XMLV or USMV?

On 10-year performance, USMV leads with 9.93% vs 7.60% for XMLV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or USMV?

Over the 10-year period, USMV has performed better with a 9.93% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or USMV?

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

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

XMLV has the higher dividend yield at 2.91%, compared with 1.53% for USMV.

What is the main difference between XMLV and USMV?

XMLV is categorized as Volatility Hedged Equity, while USMV is Large Cap Blend Equities. 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.

Which has better risk-adjusted returns?

XMLV currently has the higher Sharpe Ratio (0.54 vs 0.52), 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.