FDLO vs USMV: Grades, Fees and Holdings Compared

Fidelity Low Volatility Factor ETF

FDLOBNYSE Arca

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Overlap

41.1%by weight

Expense ratio

FDLO0.15%USMV0.15%

Avg volume · 30D

USMV 30.1×the volume

FDLO63KUSMV1.9M

10Y return · a year

FDLO +2.6pt

FDLO+13.4%USMV+10.8%

FDLO vs USMV Performance

Oct 29, 2021 – Oct 30, 2026

+58.6%FDLO+44.0%USMV

Expense ratio: FDLO 0.15%; USMV 0.15%
Fund size: FDLO $1.38B; USMV $24B
1Y total return: FDLO +14.9%, better; USMV +12.1%
Yield (12M): FDLO 1.34%; USMV 1.37%, better
Holdings: FDLO 138; USMV 177
Avg volume (30D): FDLO 63K sh; USMV 1.9M sh, better
NAV per share: FDLO $74.47; USMV $102.90
52W range

ETF.net Grade

Pillar letters and Scores for FDLO, USMV, with each pillar’s weight
Pillar	FDLO	USMV
Cost30% weight	A70	A70
Mission25% weight	A76	A83Higher
Risk15% weight	B59	B66Higher
Tradability15% weight	B63	A89Higher
Holdings10% weight	D34	B57Higher
Durability5% weight	B65	A87Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. FDLO and USMV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds

See all 16 ›

USMV ranks 3rd and FDLO 6th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
Rank 4BSMLVState Street SPDR US Small Cap Low Volatility Index ETFScore 68
Rank 5BONEVState Street SPDR Russell 1000 Low Volatility Focus ETFScore 67
Rank 6BFDLOFidelity Low Volatility Factor ETF Score 65
Rank 7BSMMViShares MSCI USA Small-Cap Min Vol Factor ETFScore 57

Our read on each fund

ETF.net Research

FDLOBFidelity Low Volatility Factor ETF

USMVAiShares MSCI USA Min Vol Factor ETF

In short

FDLO Fidelity's in-house take on low volatility: roughly 130 US stocks drawn from an index Fidelity built itself, priced under the category median and matched to what the category's biggest name charges.

USMV The household name in low-volatility investing. Since 2011 USMV has tracked an MSCI index built around U.S. stocks with calmer price behavior, holding roughly 160 names for 0.15% a year.

Stated mandate

FDLO The fund seeks investment returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Low Volatility Factor Index.

USMV The fund seeks to track an index targeting U.S. stocks with lower-volatility characteristics.

Why people hold it

FDLO 0.15% a year undercuts the low-vol category's median fee and matches USMV, the category heavyweight, while running a very different, tighter portfolio.
Does the job it advertises: it hews closely to the Fidelity U.S. Low Volatility Factor Index rather than drifting into a generic large-cap blend.
Trading is smooth for a factor fund: a multi-billion-dollar portfolio with steady daily volume, so getting in and out is rarely the hard part.
Running since 2016 with a real track record behind it, and it sits in the upper half of the US low-volatility group on our review.

USMV Costs 0.15% a year, below the typical fee in its low-volatility peer group.
A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
Running since 2011 on a published MSCI rulebook, with one of the stronger implementations among U.S. low-vol funds.ishares.com
Straightforward plumbing: index-tracked U.S. stocks, quarterly distributions, no derivatives layer to decode.

Worth knowing

FDLO Low volatility means a steadier ride than the broad market, not a shield. This is a fully invested US stock fund, and stock funds fall.
About 130 names is a narrow roster for a large-cap fund, and the resulting sector tilts are where it looks thinner than peers holding wider baskets.
The benchmark is Fidelity's own index, so the rules and any future tweaks sit with the issuer rather than an independent index provider.

USMV Not the cheapest ticket in the aisle. QLV and LGLV both undercut it on fee.
"Minimum volatility" describes how the index picks and weights stocks, not a floor under losses. This is still a fully invested equity fund.
Roughly 160 holdings is a far narrower slice than a total-market fund, so results can drift from the broad U.S. index in either direction.

Full FDLO profile⁠

Full USMV profile⁠

FDLO vs USMV Holdings

How FDLO and USMV differ

Overlap by weight

41.1%

Shared holdings make up 75.1% of FDLO and 61.1% of USMV.

Level by level

Holdings78 in both41.1%
Sector11 Sectors83.0%
Countryby domicile97.2%
Asset classEquity100%

Sector

Sector weights in FDLO and USMV, widest gap first
Sector	More in FDLOMore in USMV	FDLO	USMV
Communication	FDLO +5.5 points	9.7%	4.2%
Consumer Staples	USMV +5.5 points	4.3%	9.8%
Utilities	USMV +4.7 points	1.9%	6.6%
Health Care	USMV +4.3 points	9.9%	14.2%
Technology	FDLO +4.0 points	36.9%	32.9%
Consumer Discretionary	FDLO +3.7 points	8.6%	4.9%
Industrials	FDLO +2.8 points	9.2%	6.4%
Financials	USMV +1.4 points	11.9%	13.3%
Materials	FDLO +0.9 points	2.0%	1.1%
Real Estate	USMV +0.6 points	1.8%	2.4%
Energy	USMV +0.6 points	3.6%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in FDLO and USMV, widest gap first
Country	More in FDLOMore in USMV	FDLO	USMV
United States	FDLO +2.6 points	98.9%	96.3%
Canada	USMV +1.3 points	0.0%	1.3%
Switzerland	USMV +0.6 points	0.9%	1.5%
China	USMV +0.6 points	0.0%	0.6%
Other countries (2)	USMV +0.1 points	0.1%	0.3%

Concentration

Weight in the 10 largest Holdings

FDLO35.6%
USMV15.1%

Securities held

FDLO135
USMV174

Asset class

FDLO: Equity
USMV: Equity

Holdings

Only in FDLO57
In both78
Only in USMV96

Only in FDLO

57 securities, 25.6% of FDLO by weight

Alphabet Inc Class A4.25%
Accenture PLC Class A2.05%
JPMorgan Chase & Co1.64%
Securities Lending Cf0.95%
Bank of America Corporation0.78%
Thermo Fisher Scientific Inc0.76%
Wells Fargo & Co0.74%
Deere & Co0.62%
Union Pacific Corp0.62%
Chubb Ltd0.59%
Medtronic PLC0.54%
Eaton Corp PLC0.53%
Schwab Charles Corp0.53%
Cintas Corp0.50%
Fastenal Co0.46%
Illinois Tool Works Inc0.45%
Ametek Inc New0.45%
Linde PLC0.44%
Honeywell Intl Inc0.44%
Transdigm Group Inc0.43%
L3HARRIS Technologies Inc0.43%
Paychex Inc0.38%
Snap-On Incorporated0.34%
Starbucks Corp0.33%
Lowes Cos Inc0.32%
Marriott International Inc A0.31%
Hilton Worldwide Holdings Inc0.30%
The Booking Holdings Inc0.28%
Comcast Corp Class A0.28%
Ross Stores Inc0.26%
Kinder Morgan Inc0.25%
Oneok Inc0.24%
Equinix Inc0.24%
Ecolab Inc0.23%
American Tower Corp0.23%
Fox Corp Class A0.23%
Garmin Ltd0.22%
Air Products & Chemicals Inc0.22%
Chipotle Mexican Grill Inc0.21%
Darden Restaurants Inc0.21%
Sherwin Williams Co0.21%
Exelon Corp0.21%
Tractor Supply Co.0.19%
Murphy Usa Inc0.18%
Kimberly Clark Corp0.18%
Public Storage0.17%
Packaging Corp of America0.15%
Amcor PLC0.15%
Vici Pptys Inc0.13%
Amrize Ltd0.13%

Only in USMV

96 securities, 38.7% of USMV by weight

Chubb1.54%
Vertex Pharmaceuticals1.44%
NVIDIA1.38%
Waste Connections1.32%
Cencora1.27%
Salesforce1.06%
Palantir Technologies Class A1.00%
Accenture PLC Class A1.00%
Bank of New York Mellon Corp0.91%
Monster Beverage0.82%
Servicenow0.76%
Advanced Micro Devices0.70%
Palo Alto Networks0.67%
Ptc0.67%
Micron Technology0.66%
Cboe Global Markets0.66%
Linde PLC0.65%
Autodesk0.65%
Fortinet0.65%
Kroger0.64%
Keurig Dr Pepper Inc0.62%
Church and Dwight Inc0.60%
Workday Class A0.57%
Allstate Corp0.56%
Te Connectivity PLC0.55%
Adobe Inc0.53%
Ge Vernova0.53%
First Citizens Bancshares Class A0.51%
Snowflake0.51%
Applied Material Inc0.48%
Cloudflare Class A0.47%
Arista Networks0.47%
Centene Corp0.47%
F50.46%
Liberty Media Series C0.45%
United Therapeutics0.45%
Incyte Corp0.44%
Cognizant Technology Solutions Cla0.44%
Neurocrine Biosciences0.41%
Marvell Technology0.38%
Alnylam Pharmaceuticals0.37%
Willis Towers Watson0.36%
Synopsys0.36%
Loews0.34%
Crowdstrike Holdings Class A0.32%
Mercadolibre0.32%
Elevance Health Inc0.31%
Alphabet Class C0.30%
First Solar0.30%
Seagate Technology Holdings PLC0.28%

Weight gaps

All 78 Holdings in both funds, largest gap first.

Holding weights in FDLO and USMV, widest gap first
Holding	More in FDLOMore in USMV	FDLO	USMV
Apple IncAAPL	FDLO +7.45 points	8.41%	0.96%
Microsoft CorpMSFT	FDLO +5.13 points	6.72%	1.59%
Amazon.com IncAMZN	FDLO +3.29 points	3.41%	0.12%
Broadcom IncAVGO	FDLO +2.45 points	3.27%	0.82%
Meta Platforms Inc Class AMETA	FDLO +1.99 points	2.07%	0.08%
Intl Bus Mach CorpIBM	FDLO +1.30 points	1.74%	0.44%
Cadence Design Systems IncCDNS	FDLO +1.24 points	1.42%	0.18%
Welltower IncWELL	USMV +1.13 points	0.33%	1.46%
Duke Energy CorpDUK	USMV +1.13 points	0.28%	1.41%
Southern CoSO	USMV +1.08 points	0.29%	1.37%
Consolidated Edison IncED	USMV +1.06 points	0.21%	1.27%
Texas Instruments IncTXN	FDLO +1.05 points	1.82%	0.77%
Analog Devices IncADI	FDLO +0.97 points	1.75%	0.78%
Eli Lilly & CoLLY	FDLO +0.93 points	1.86%	0.93%
Mckesson CorpMCK	USMV +0.94 points	0.53%	1.47%
Republic Services IncRSG	USMV +0.88 points	0.48%	1.36%
Waste Management IncWM	USMV +0.88 points	0.49%	1.37%
Intuit IncINTU	FDLO +0.88 points	1.44%	0.56%
Verizon Communications IncVZ	USMV +0.85 points	0.43%	1.28%
Coca Cola CoKO	USMV +0.69 points	0.63%	1.32%
Colgate-Palmolive CoCL	USMV +0.69 points	0.23%	0.92%
Yum Brands IncYUM	USMV +0.65 points	0.23%	0.88%
Wec Energy Group IncWEC	USMV +0.63 points	0.20%	0.83%
Verisign IncVRSN	FDLO +0.63 points	1.37%	0.74%
T-Mobile Us IncTMUS	USMV +0.61 points	0.25%	0.86%
Mcdonalds CorpMCD	USMV +0.60 points	0.41%	1.01%
Tjx Companies Inc NewTJX	USMV +0.59 points	0.36%	0.95%
Merck & Co Inc NewMRK	USMV +0.58 points	0.87%	1.45%
Rtx CorpRTX	FDLO +0.57 points	0.70%	0.13%
Home Depot IncHD	FDLO +0.54 points	0.61%	0.07%
Autozone IncAZO	USMV +0.51 points	0.24%	0.75%
Mondelez International IncMDLZ	USMV +0.48 points	0.24%	0.72%
Procter & Gamble CoPG	USMV +0.47 points	0.65%	1.12%
Cisco Systems IncCSCO	FDLO +0.46 points	1.73%	1.27%
Automatic Data Processing IncADP	FDLO +0.46 points	0.54%	0.08%
UnitedHealth Group IncUNH	FDLO +0.45 points	0.85%	0.40%
Pepsico IncPEP	USMV +0.43 points	0.38%	0.81%
Realty Income Corp ReitO	USMV +0.42 points	0.17%	0.59%
O'reilly Automotive IncORLY	USMV +0.42 points	0.26%	0.68%
General Dynamics CorporationGD	FDLO +0.41 points	0.48%	0.07%
Teledyne Technologies IncTDY	FDLO +0.40 points	1.30%	0.90%
Exxonmobil Holdings CorpXOM	USMV +0.40 points	1.21%	1.61%
Marsh & Mclennan Cos IncMRSH	USMV +0.38 points	0.54%	0.92%
AT&T IncT	USMV +0.38 points	0.37%	0.75%
Regeneron Pharmaceuticals IncREGN	FDLO +0.38 points	0.46%	0.08%
Amgen IncAMGN	FDLO +0.33 points	0.72%	0.39%
Cme Group Inc Class ACME	USMV +0.32 points	0.59%	0.91%
Lockheed Martin CorpLMT	USMV +0.32 points	0.58%	0.90%
Travelers Companies IncTRV	USMV +0.30 points	0.53%	0.83%
Roper Technologies IncROP	FDLO +0.31 points	1.51%	1.20%
Hartford Insurance Grp Inc/TheHIG	FDLO +0.28 points	0.41%	0.13%
Visa Inc Class AV	FDLO +0.29 points	1.37%	1.08%
AbbVie IncABBV	FDLO +0.29 points	1.10%	0.81%
Gilead Sciences IncGILD	USMV +0.28 points	0.70%	0.98%
Nextera EnergyNEE	FDLO +0.27 points	0.37%	0.10%
Xcel Energy IncXEL	USMV +0.27 points	0.21%	0.48%
Berkshire Hathaway Inc Class BBRK.B	FDLO +0.27 points	1.77%	1.50%
Marathon Petroleum CorpMPC	FDLO +0.26 points	0.39%	0.13%
ConocophillipsCOP	USMV +0.25 points	0.44%	0.69%
American Electric Power Co IncAEP	USMV +0.24 points	0.24%	0.48%
Costco Wholesale CorpCOST	FDLO +0.22 points	0.74%	0.52%
Johnson & JohnsonJNJ	USMV +0.21 points	1.26%	1.47%
Mastercard Inc Class AMA	USMV +0.21 points	1.14%	1.35%
Arthur J Gallaghar and CoAJG	FDLO +0.16 points	0.52%	0.36%
Williams Companies IncWMB	USMV +0.16 points	0.28%	0.44%
Abbott LaboratoriesABT	USMV +0.15 points	0.57%	0.72%
Walmart IncWMT	FDLO +0.11 points	0.87%	0.76%
Progressive Corp OhioPGR	USMV +0.11 points	0.61%	0.72%
Chevron CorpCVX	FDLO +0.10 points	0.77%	0.67%
Eog Resources IncEOG	FDLO +0.10 points	0.29%	0.19%
Newmont CorpNEM	USMV +0.07 points	0.29%	0.36%
Motorola Solutions IncMSI	USMV +0.07 points	1.43%	1.50%
Vylor IncVYLR	USMV +0.06 points	0.18%	0.24%
Northrop Grumman CorpNOC	USMV +0.04 points	0.47%	0.51%
Aon PLCAON	FDLO +0.04 points	0.45%	0.41%
Philip Morris Intl IncPM	USMV +0.02 points	0.59%	0.61%
Corteva IncCTVA	USMV +0.01 points	0.03%	0.04%
Amphenol Corporation Class AAPH	Same weight	1.50%	1.50%

All 131 FDLO holdings⁠All 174 USMV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDLO vs USMV Cost

Same expense ratio

$3,137

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FDLO 0.15%
$3,137
USMV 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

FDLO 0.15%
USMV 0.15%

Year by year

Year	FDLO	USMV
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%FDLO
0.15%USMV

FDLO0.15%USMV0.15%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

FDLO 5th cheapest of 16 funds

USMV 5th cheapest of 16 funds

FDLO vs USMV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDLO 1.34%; USMV 1.37%, better
Payout (12M): FDLO $1.00; USMV $1.41
Last payment: FDLO $0.23; USMV $0.33
Ex-dividend: FDLO Sep 18, 2026; USMV Sep 15, 2026
Paid on: FDLO Sep 22, 2026; USMV Sep 18, 2026
Frequency: FDLO Quarterly; USMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDLOQuarterly · 39 paymentsAll FDLO payments⁠

USMVQuarterly · 40 paymentsAll USMV payments⁠

FDLO vs USMV Risk

Fall from peak · 5 years

FDLO
USMV

Risk facts

VolatilityStd dev, 3 years: FDLO 10.2%USMV 9.9%, better
Return per unit of riskSharpe ratio, 3 years: FDLO 1.17, betterUSMV 0.99
Worst fallMax drawdown, 5 years: FDLO −19.2%USMV −17.9%, better
Market sensitivityBeta, 5 years: FDLO 0.69USMV 0.48; Market = 1

Popular comparisons

FDLOBvsLGLVA
Fidelity Low Volatility Factor ETF · State Street SPDR US Large Cap Low Volatility Index ETF
Expense ratio
0.15% · 0.12%
Category
USMVAvsLGLVA
iShares MSCI USA Min Vol Factor ETF · State Street SPDR US Large Cap Low Volatility Index ETF
Expense ratio
0.15% · 0.12%
Category
FDLOBvsQLVA
Fidelity Low Volatility Factor ETF · Northern Trust US Quality Low Volatility ETF
Expense ratio
0.15% · 0.08%
Category
USMVAvsQLVA
iShares MSCI USA Min Vol Factor ETF · Northern Trust US Quality Low Volatility ETF
Expense ratio
0.15% · 0.08%
Category
FDLOBvsSMLVB
Fidelity Low Volatility Factor ETF · State Street SPDR US Small Cap Low Volatility Index ETF
Expense ratio
0.15% · 0.12%
Category
USMVAvsSMLVB
iShares MSCI USA Min Vol Factor ETF · State Street SPDR US Small Cap Low Volatility Index ETF
Expense ratio
0.15% · 0.12%
Category