LGLV vs SMMV: Grades, Fees and Holdings Compared

State Street SPDR US Large Cap Low Volatility Index ETF

LGLVANYSE Arca

iShares MSCI USA Small-Cap Min Vol Factor ETF

SMMVBCboe

Overlap

6.2%by weight

Expense ratio

LGLV −0.08pt a year

LGLV0.12%SMMV0.20%

Avg volume · 30D

LGLV 3.2×the volume

LGLV27KSMMV8.49K

10Y return · a year

LGLV +3.3pt

LGLV+12.2%SMMV+8.9%

LGLV vs SMMV Performance

Nov 5, 2021 – Nov 5, 2026

+47.0%LGLV+30.1%SMMV

Expense ratio: LGLV 0.12%, better; SMMV 0.20%
Fund size: LGLV $1.23B; SMMV $285M
1Y total return: LGLV +13.1%, better; SMMV +12.7%
Yield (12M): LGLV 2.03%, better; SMMV 1.57%
Holdings: LGLV 174; SMMV 358
Avg volume (30D): LGLV 27K sh, better; SMMV 8.49K sh
NAV per share: LGLV $193.47; SMMV $47.85
52W range

ETF.net Grade

Pillar letters and Scores for LGLV, SMMV, with each pillar’s weight
Pillar	LGLV	SMMV
Cost30% weight	A90Higher	C50
Mission25% weight	A93	A95Higher
Risk15% weight	C54Higher	C52
Tradability15% weight	A81Higher	D30
Holdings10% weight	C51	B68Higher
Durability5% weight	A74Higher	B58

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. LGLV and SMMV 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 ›

LGLV ranks 1st and SMMV 7th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 79
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 6BFDLOFidelity Low Volatility Factor ETF Score 64
Rank 7BSMMViShares MSCI USA Small-Cap Min Vol Factor ETFScore 60
Rank 8BSPLVInvesco S&P 500 Low Volatility ETFScore 56

Our read on each fund

ETF.net Research

LGLVAState Street SPDR US Large Cap Low Volatility Index ETF

SMMVBiShares MSCI USA Small-Cap Min Vol Factor ETF

In short

LGLV Most low-vol funds run an optimizer. LGLV just ranks the biggest 1,000 US stocks by how calm they have been and gives the quietest ones the heaviest weights, for 0.12% a year.

SMMV BlackRock's minimum-volatility playbook aimed at the jumpiest corner of the US market. Instead of picking the calmest stocks one by one, SMMV tracks an index that optimizes an entire small-cap portfolio for the lowest expected risk.

Stated mandate

LGLV The fund is designed to provide exposure to U.S. large-capitalization equities selected through a low-volatility index strategy.

SMMV The fund seeks to track a small-cap U.S. equity index designed around lower-volatility characteristics.

Why people hold it

LGLV 0.12% a year, below the typical US low-vol fund (cohort median 0.20%) and under USMV's 0.15%.
The rules fit in one sentence: screen the largest 1,000 US stocks, weight the calmest heaviest, subject to liquidity limits. No black box.ssga.com
Running since 2013 and tracking its index tightly, it rates as one of the stronger builds in the US low-vol group.

SMMV MSCI takes its US small-cap universe and optimizes the whole basket for lowest absolute risk within set constraints. Correlations count, not just single-stock jumpiness.msci.com
It hugs that index tightly. Whatever the strategy delivers, you get the strategy, not a manager's improvisation.
About 400 names, and the 0.20% fee sits right at the median for the US low-volatility funds we grade.
Sits in the upper half of its low-volatility peer group, most of which fish in large caps rather than small.

Worth knowing

LGLV Weighting by volatility alone means the sector mix can lean hard into whatever is quiet (often utilities and staples) and look nothing like the S&P 500.ssga.com
Trades lighter than the category's household names, so spreads can be wider. Limit orders matter more here.
Low volatility is not low risk: this is a fully invested stock fund and it can move very differently from the broad market.ssga.com

SMMV Thinly traded. Spreads can run wider than the headline fee suggests, and bigger orders need more care.
Minimum volatility is not zero volatility. iShares notes there is no guarantee the strategy succeeds, and small caps can be more volatile and less liquid.ishares.com
Cheaper low-vol shelves exist: QLV charges 0.09% and LGLV 0.12%, while the large-cap sibling USMV runs 0.15%.

Full LGLV profile⁠

Full SMMV profile⁠

LGLV vs SMMV Holdings

How LGLV and SMMV differ

Overlap by weight

6.2%

Shared holdings make up 15.8% of SMMV and 7.7% of LGLV.

Level by level

Holdings28 in both6.2%
Sector11 Sectors78.5%
Countryby domicile97.8%
Asset classStocks100%

Sector

Sector weights in LGLV and SMMV, widest gap first
Sector	Gap	LGLV	SMMV
Health Care	SMMV +9.3 points	7.9%	17.2%
Industrials	LGLV +8.7 points	21.6%	12.9%
Real Estate	LGLV +5.6 points	16.0%	10.4%
Energy	SMMV +3.6 points	3.5%	7.1%
Technology	SMMV +3.4 points	6.6%	10.0%
Utilities	LGLV +3.3 points	11.2%	7.9%
Materials	LGLV +3.1 points	5.3%	2.2%
Consumer Staples	SMMV +2.3 points	6.2%	8.5%
Financials	SMMV +1.8 points	11.5%	13.3%
Communication	SMMV +1.2 points	3.9%	5.1%
Consumer Discretionary	LGLV +0.8 points	6.2%	5.4%

Country, concentration and asset class

Country by domicile

Country weights in LGLV and SMMV, widest gap first
Country	Gap	LGLV	SMMV
United States	SMMV +1.6 points	97.4%	99.0%
Switzerland	LGLV +0.9 points	0.9%	0.0%
United Kingdom	LGLV +0.7 points	0.7%	0.0%
Other countries (4)	Same weight	1.0%	1.0%

Concentration

Weight in the 10 largest Holdings

LGLV15.9%
SMMV12.4%

Securities held

LGLV172
SMMV354

Asset class

LGLV: Stocks
SMMV: Stocks

Holdings

Only in LGLV144
In both28
Only in SMMV326

Only in LGLV

144 securities, 92.1% of LGLV by weight

Welltower Inc4.52%
Realty Income Corp1.63%
Vivmark Residential1.44%
Duke Energy Corp1.38%
Coca Cola Co/The1.23%
Consolidated Edison Inc1.20%
Southern Co/The1.15%
Cme Group Inc1.14%
Visa Inc Class A Shares1.14%
Travelers Cos Inc/The1.10%
Public Service Enterprise Gp1.07%
Johnson & Johnson1.03%
Marsh & Mclennan Cos1.01%
Berkshire Hathaway Inc Class B1.01%
Pepsico Inc0.97%
Colgate Palmolive Co0.96%
General Dynamics Corp0.95%
Roper Technologies Inc0.94%
Mastercard Inc A0.93%
Chubb Ltd0.93%
Ameren Corporation0.92%
Becton Dickinson and Co0.92%
Automatic Data Processing0.92%
Procter & Gamble Co/The0.91%
Cisco Systems Inc0.89%
Royalty Pharma PLC Class A0.87%
Dte Energy Company0.85%
Republic Services Inc0.84%
Linde PLC0.84%
Aflac Inc0.84%
Willis Towers Watson PLC0.83%
Paychex Inc0.81%
Firstenergy Corp0.81%
Cheniere Energy Inc0.80%
Microsoft Corp0.80%
Vici Properties Inc0.80%
McDonald’s Corp0.80%
Centerpoint Energy Inc0.79%
Darden Restaurants Inc0.79%
Ecolab Inc0.77%
Labcorp Holdings Inc0.75%
Apple Inc0.73%
AbbVie Inc0.72%
Walmart Inc0.72%
Markel Group Inc0.72%
Waste Management Inc0.71%
Abbott Laboratories0.68%
Ametek Inc0.68%
Kinder Morgan Inc0.67%
Amcor PLC0.66%

Only in SMMV

326 securities, 83.9% of SMMV by weight

Pinnacle West1.47%
Renaissancere Holding1.44%
Bjs Wholesale Club Holdings1.10%
New York Times Class A1.08%
Chemed1.04%
Caretrust Reit1.01%
Encompass Health0.94%
Ensign Group0.91%
Firstcash Holdings Inc0.89%
Selective Insurance Group0.88%
Fti Consulting0.88%
Box Inc Class A0.87%
Rli Corp0.86%
White Mountains Insurance Group0.84%
Ingredion Inc0.84%
Sabra Health Care Reit0.77%
Dropbox Inc Class A0.77%
Plains Gp Holdings Limited Partner0.69%
A O Smith0.68%
Penumbra0.66%
Phillips Edison and Company0.66%
Texas Roadhouse Inc0.63%
Gentex0.61%
Axis Capital Holdings0.61%
Merit Medical Systems Inc0.60%
Henry Schein0.59%
Biomarin Pharmaceutical0.58%
Old Republic International0.58%
Landstar System0.57%
Jm Smucker0.56%
Balchem0.55%
Dynatrace Inc0.54%
Exelixis Inc0.53%
Protagonist Therapeutics0.53%
Brady Nonvoting Class A0.52%
Healthcare Realty Trust Inc Class0.51%
Royal Gold0.51%
Kiniksa Pharmaceuticals Internatio0.51%
Portland General Electric0.49%
Appfolio Class A0.49%
Assurant Inc0.48%
Post Holdings0.48%
Range Resources0.48%
Supernus0.48%
American Healthcare Reit0.48%
Conagra Brands0.47%
Alarm.com Holdings0.47%
Msa Safety Inc0.45%
Northwestern Energy Group0.44%
Td Synnex0.44%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in LGLV and SMMV, widest gap first
Holding	Gap	LGLV	SMMV
Hanover Insurance Group Inc/THG	SMMV +1.02 points	0.26%	1.28%
Agree Realty CorpADC	SMMV +0.99 points	0.24%	1.23%
Omega Healthcare InvestorsOHI	SMMV +0.98 points	0.42%	1.40%
Idacorp IncIDA	SMMV +0.95 points	0.24%	1.19%
Oge Energy CorpOGE	SMMV +0.90 points	0.31%	1.21%
Service Corp InternationalSCI	SMMV +0.70 points	0.31%	1.01%
Equity Lifestyle PropertiesELS	SMMV +0.57 points	0.37%	0.94%
Msg Knickerbockers CorpMSGK	SMMV +0.54 points	0.20%	0.74%
Antero Midstream CorpAM	SMMV +0.53 points	0.19%	0.72%
Nnn Reit IncNNN	SMMV +0.51 points	0.23%	0.74%
Dolby Laboratories Inc Class ADLB	SMMV +0.39 points	0.18%	0.57%
Dt Midstream IncDTM	SMMV +0.36 points	0.35%	0.71%
Txnm Energy IncTXNM	SMMV +0.34 points	0.19%	0.53%
Allegion PLCALLE	LGLV +0.33 points	0.49%	0.16%
Sei Investments CompanySEIC	LGLV +0.27 points	0.32%	0.05%
Aptargroup IncATR	SMMV +0.20 points	0.28%	0.48%
American Homes 4 Rent AAMH	LGLV +0.19 points	0.32%	0.13%
Msg Rangers CorpMSGR	SMMV +0.19 points	0.07%	0.26%
Avery Dennison CorpAVY	LGLV +0.18 points	0.44%	0.26%
Graco IncGGG	SMMV +0.18 points	0.34%	0.52%
Donaldson Co IncDCI	SMMV +0.15 points	0.29%	0.44%
Copt Defense PropertiesCDP	LGLV +0.14 points	0.22%	0.08%
Eastgroup Properties IncEGP	LGLV +0.12 points	0.31%	0.19%
Newmarket CorpNEU	LGLV +0.10 points	0.17%	0.07%
Essential Properties RealtyEPRT	LGLV +0.08 points	0.17%	0.09%
National Fuel Gas CoNFG	LGLV +0.04 points	0.21%	0.17%
Gatx CorpGATX	SMMV +0.01 points	0.20%	0.21%
Jack Henry & Associates IncJKHY	SMMV +0.01 points	0.38%	0.39%

All 172 LGLV holdings⁠All 356 SMMV 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.

LGLV vs SMMV Cost

Overpaying SMMV vs LGLV

$1,635

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

LGLV 0.12%
$2,520
SMMV 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

LGLV 0.12%
SMMV 0.20%
Overpaying

Year by year

Year	LGLV	SMMV	Overpaying
10	$220	$365	$145
20	$859	$1,421	$562
30	$2,520	$4,155	$1,635

Expense ratio

0.12%LGLV, cheaper
0.20%SMMV

LGLV0.12%SMMV0.20%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

LGLV 2nd cheapest of 16 funds

SMMV 8th cheapest of 16 funds

LGLV vs SMMV Dividends

Last 12 months to Nov 5, 2026

Yield (12M): LGLV 2.03%, better; SMMV 1.57%
Payout (12M): LGLV $3.88; SMMV $0.74
Last payment: LGLV $0.99; SMMV $0.18
Ex-dividend: LGLV Sep 21, 2026; SMMV Sep 15, 2026
Paid on: LGLV Sep 23, 2026; SMMV Sep 18, 2026
Frequency: LGLV Quarterly; SMMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

LGLVQuarterly · 39 paymentsAll LGLV payments⁠

SMMVQuarterly · 39 paymentsAll SMMV payments⁠

LGLV vs SMMV Risk

Fall from peak · 5 years

LGLV
SMMV

Risk facts

VolatilityStd dev, 3 years: LGLV 11.8%SMMV 11.6%, better
Return per unit of riskSharpe ratio, 3 years: LGLV 0.86SMMV 0.88, better
Worst fallMax drawdown, 5 years: LGLV −17.5%, betterSMMV −18.0%
Market sensitivityBeta, 5 years: LGLV 0.48SMMV 0.50; Market = 1

LGLV and SMMV in the news

All news⁠

ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026SMMV

Popular comparisons

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LGLV vs SMMV

In short

Stated mandate

Why people hold it

Worth knowing

How LGLV and SMMV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LGLV

Only in SMMV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January

How LGLV and SMMV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LGLV

Only in SMMV

Weight gaps