XRLV vs. USMV

Last updated Jun 4, 2026

XRLV (Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - XRLV is a S&P 500 fund tracking the S&P 500 Low Volatility Rate Response Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. XRLV charges 0.25%/yr vs 0.15%/yr for USMV.

Performance

XRLV vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF (XRLV) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XRLV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

XRLV vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	6.34%	4.11%	14.11%	0.06%	-4.77%	27.39%	2.56%	29.80%	-3.28%	23.51%
USMV iShares MSCI USA Min Vol 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 XRLV and USMV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 10, 2015	0.89

Over the past year, the correlation between XRLV and USMV has dropped to 0.62 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

XRLV vs. USMV - Sectors Allocation Comparison

Sectors	XRLV	USMV
Utilities	21.5%	7.5%
Financial Services	16.3%	12.4%
Consumer Defensive	15.3%	10.0%
Real Estate	11.6%	2.2%
Healthcare	8.4%	12.5%
Industrials	7.2%	5.7%
Consumer Cyclical	7.1%	5.7%
Technology	5.6%	30.8%
Basic Materials	3.1%	2.2%
Communication Services	2.8%	5.9%
Energy	1.1%	3.6%

Return for Risk

XRLV vs. USMV — Risk / Return Rank

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

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.

XRLV vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF (XRLV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XRLV	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.52	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.87	—

Drawdowns

Drawdown Indicators

	XRLV	USMV	Difference
Max Drawdown Largest peak-to-trough decline	—	-33.10%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	—	-1.18%	—
Average Drawdown Average peak-to-trough decline	—	-2.88%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.93%	—

Volatility

Volatility by Period

	XRLV	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	8.50%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	12.35%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.51%	—

XRLV vs. USMV - Expense Ratio Comparison

XRLV 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

XRLV vs. USMV - Dividend Comparison

XRLV's dividend yield for the trailing twelve months is around 1.53%, which matches USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USMV iShares MSCI USA Min Vol 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%
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	1.53%	2.15%	1.94%	2.57%	1.96%	1.26%	1.65%	1.66%	1.76%	1.39%	1.71%	1.07%

Frequently Asked Questions

Can I hold both XRLV and USMV in my portfolio?

XRLV and USMV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XRLV or USMV?

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XRLV or USMV?

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

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

XRLV and USMV have nearly identical dividend yields, around 1.53%.

What is the main difference between XRLV and USMV?

XRLV is categorized as S&P 500, while USMV is Large Cap Blend Equities. XRLV tracks S&P 500 Low Volatility Rate Response 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 XRLV and 0.15% for USMV.