# USMV ETF: fees, returns, drawdowns and holdings

> What USMV holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares MSCI USA Min Vol Factor ETF (USMV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US companies whose stock prices have tended to move less than the overall market. It charges 0.15% a year. From October 2011 to October 2026 it returned about 11.7% a year, and its worst drop was −33.1%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.15% a year (about $15 on $10,000).
- Started trading on October 18, 2011.
- Last close: $101.26 on October 16, 2026.
- Return over the last year: 10.1%.
- Worst drop since 2011: −33.1%.
- No Tactfolio classic strategies hold it.

## How has USMV done since 2011?

From October 2011 to October 2026, USMV returned about 11.7% a year. The S&P 500 returned about 15.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $52,804 at the end, with every dividend reinvested.

| Period | USMV | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 2.8% | 1.5% |
| 3 months | 4.6% | 1.9% |
| 6 months | 8.0% | 9.3% |
| Year to date | 8.7% | 12.8% |
| 1 year | 10.1% | 16.8% |
| 3 years, per year | 13.0% | 22.0% |
| 5 years, per year | 7.7% | 12.8% |
| 10 years, per year | 10.5% | 15.4% |
| Since 2011, per year | 11.7% | 15.0% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## USMV returns by month and year

USMV rose in 121 of its 181 months (67%). Its best month was April 2020, at 9.4%. Its worst was March 2020, at −11.3%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 0.9% | 3.0% | −4.8% | 2.1% | 2.1% | 0.2% | 1.5% | 3.7% | −3.7% | 3.9% |  |  | 8.7% |
| 2025 | 3.6% | 2.9% | −0.6% | −1.2% | 1.1% | 0.7% | −1.3% | 1.8% | 1.3% | −2.1% | 2.3% | −0.8% | 7.6% |
| 2024 | 2.2% | 2.1% | 3.1% | −3.7% | 2.9% | 1.8% | 3.7% | 4.9% | 0.4% | −1.5% | 5.1% | −5.7% | 15.7% |
| 2023 | 1.5% | −3.5% | 3.5% | 1.5% | −3.2% | 4.5% | 1.4% | −0.6% | −2.8% | −0.9% | 6.4% | 2.8% | 10.3% |
| 2022 | −6.0% | −3.1% | 5.6% | −5.3% | 0.0% | −4.1% | 5.1% | −3.2% | −7.1% | 7.7% | 5.7% | −3.8% | −9.4% |
| 2021 | −2.7% | −0.4% | 5.6% | 4.0% | 0.9% | 1.7% | 3.5% | 1.9% | −5.0% | 5.5% | −2.1% | 6.8% | 20.8% |
| 2020 | 2.4% | −8.7% | −11.3% | 9.4% | 4.3% | −1.1% | 4.6% | 2.7% | −1.7% | −3.3% | 8.1% | 2.3% | 5.6% |
| 2019 | 5.7% | 3.8% | 2.7% | 2.2% | −1.6% | 5.0% | 1.7% | 1.6% | 1.0% | −0.2% | 1.4% | 1.8% | 27.7% |
| 2018 | 3.5% | −4.3% | −0.3% | 0.2% | 1.0% | 1.7% | 3.3% | 3.1% | 1.2% | −4.0% | 3.2% | −6.7% | 1.3% |
| 2017 | 1.3% | 4.5% | 0.1% | 1.4% | 2.0% | −0.4% | 2.0% | 0.8% | 0.5% | 1.9% | 3.1% | 0.2% | 18.9% |
| 2016 | −1.4% | 1.0% | 5.9% | −0.4% | 1.6% | 4.5% | 1.5% | −2.0% | −0.7% | −2.8% | 0.6% | 2.4% | 10.6% |
| 2015 | −0.5% | 3.6% | −0.8% | −0.6% | 1.0% | −2.2% | 4.0% | −4.5% | −0.6% | 6.0% | −0.2% | 0.5% | 5.4% |
| 2014 | −3.0% | 4.4% | 0.9% | 1.3% | 1.1% | 1.2% | −1.4% | 4.0% | −0.8% | 4.3% | 3.6% | 0.0% | 16.3% |
| 2013 | 5.0% | 2.8% | 5.0% | 2.8% | −2.4% | −0.4% | 3.7% | −3.3% | 2.5% | 4.7% | 1.3% | 1.3% | 25.1% |
| 2012 | 1.3% | 2.1% | 2.6% | 1.3% | −2.2% | 3.6% | 1.9% | −0.2% | 1.6% | −1.1% | 0.3% | −0.9% | 10.8% |
| 2011 (part) |  |  |  |  |  |  |  |  |  | 2.4% | 0.1% | 3.1% | 5.7% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is USMV compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.59.** When the S&P 500 moved 1% in a day, USMV tended to move about 0.59%.
- **Correlation 0.82.** USMV mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, USMV rose 68% as much on average. In months it fell, USMV fell 73% as much.

| Measure | USMV | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 7.7% | 12.8% |
| Volatility | 12.3% | 17.1% |
| Worst drop | −17.9% | −24.5% |
| Sharpe ratio | 0.66 | 0.79 |
| Sortino ratio | 0.94 | 1.15 |
| Calmar ratio | 0.43 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is USMV above its 200-day average?

USMV closed 5.5% above its 200-day average on October 16, 2026. A rule that holds USMV only above that average would hold it today.

- Its 50-day average is 4.0% above its 200-day average.
- It closed 0.4% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for USMV](https://tactfolio.com/builder) and backtest it in a minute.

## What was USMV's worst drop?

A drawdown is how far a fund falls from its last high point. USMV's worst fall was −33.1%, from February 14, 2020 to March 23, 2020. It got back to that high on January 8, 2021. On October 16, 2026 it was 0.4% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −33.1% | Feb 14, 2020 | Mar 23, 2020 | Jan 8, 2021 | 38 days | 10 months |
| −17.9% | Dec 29, 2021 | Oct 12, 2022 | Jan 2, 2024 | 9 months | 15 months |
| −12.7% | Sep 21, 2018 | Dec 24, 2018 | Feb 15, 2019 | 3 months | 2 months |
| −9.5% | Aug 17, 2015 | Aug 25, 2015 | Dec 29, 2015 | 8 days | 4 months |
| −9.4% | Feb 28, 2025 | Apr 8, 2025 | May 19, 2025 | 39 days | 41 days |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does USMV hold?

This fund owns US companies whose stock prices have tended to move less than the overall market. It aims for a smoother ride than the overall market. It can still lose money when stocks fall.

It tracks the MSCI USA Minimum Volatility Index. It had 174 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | USMV |
| --- | --- |
| Full name | iShares MSCI USA Min Vol Factor ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.15% a year |
| Started trading | October 18, 2011 |
| Tracks | MSCI USA Minimum Volatility Index |
| Type | US stocks, ETF |
| Holdings | 174 holdings as of October 15, 2026 |
| Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) |

## What is the USMV expense ratio?

USMV charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. Of the 162 ETFs on Tactfolio, 42% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold USMV?

No classic strategy holds USMV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does USMV compare with similar ETFs?

Funds that can stand in for USMV:

- [QUAL](https://tactfolio.com/etf/QUAL.md): iShares MSCI USA Quality Factor ETF, 0.15% a year
- [SPYM](https://tactfolio.com/etf/SPYM.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year
- [IVV](https://tactfolio.com/etf/IVV.md): iShares Core S&P 500 ETF, 0.03% a year
- [VOO](https://tactfolio.com/etf/VOO.md): Vanguard S&P 500 ETF, 0.03% a year

See [all 8 USMV alternatives](https://tactfolio.com/alternatives/USMV.md), compared on the same dates as USMV.

## Test USMV in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add USMV, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for USMV and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 17, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of USMV?

USMV charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold.

### When did USMV start trading?

USMV started trading on October 18, 2011. It is run by iShares (BlackRock).

### What does USMV track?

USMV tracks the MSCI USA Minimum Volatility Index. This fund owns US companies whose stock prices have tended to move less than the overall market.

### How much has USMV returned per year?

From October 2011 to October 2026, USMV returned about 11.7% a year with dividends reinvested. Its worst drop was −33.1%. Past returns do not tell you what it will do next.

### Is USMV above its 200-day moving average?

On October 16, 2026, USMV closed 5.5% above its 200-day moving average. This page updates after each US market close.

### Which strategies use USMV?

None of Tactfolio's classic strategies hold USMV yet. You can test it in your own rules in the builder.

## Sources

- [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.