LGLV vs USMV: Grades, Fees and Holdings Compared

State Street SPDR US Large Cap Low Volatility Index ETF

LGLVANYSE Arca

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Overlap

36.8%by weight

Expense ratio

LGLV −0.03pt a year

LGLV0.12%USMV0.15%

Avg volume · 30D

USMV 71.4×the volume

LGLV26.6KUSMV1.9M

10Y return · a year

LGLV +1.1pt

LGLV+11.9%USMV+10.8%

LGLV vs USMV Performance

Oct 29, 2021 – Oct 30, 2026

+45.7%LGLV+44.0%USMV

Expense ratio: LGLV 0.12%, better; USMV 0.15%
Fund size: LGLV $1.2B; USMV $24B
1Y total return: LGLV +11.7%; USMV +12.1%, better
Yield (12M): LGLV 2.06%, better; USMV 1.37%
Holdings: LGLV 174; USMV 177
Avg volume (30D): LGLV 26.6K sh; USMV 1.9M sh, better
NAV per share: LGLV $187.96; USMV $102.90
52W range

ETF.net Grade

Pillar letters and Scores for LGLV, USMV, with each pillar’s weight
Pillar	LGLV	USMV
Cost30% weight	A90Higher	A70
Mission25% weight	A93Higher	A83
Risk15% weight	C44	B66Higher
Tradability15% weight	A82	A89Higher
Holdings10% weight	C52	B57Higher
Durability5% weight	A74	A87Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. LGLV 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 ›

LGLV ranks 1st and USMV 3rd 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

Our read on each fund

ETF.net Research

LGLVAState Street SPDR US Large Cap Low Volatility Index ETF

USMVAiShares MSCI USA 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.

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

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

USMV The fund seeks to track an index targeting U.S. stocks with 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.

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

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

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 LGLV profile⁠

Full USMV profile⁠

LGLV vs USMV Holdings

How LGLV and USMV differ

Overlap by weight

36.8%

Shared holdings make up 49.6% of USMV and 47.9% of LGLV.

Level by level

Holdings58 in both36.8%
Sector11 Sectors61.1%
Countryby domicile97.8%
Asset classEquity100%

Sector

Sector weights in LGLV and USMV, widest gap first
Sector	More in LGLVMore in USMV	LGLV	USMV
Technology	USMV +26.3 points	6.6%	32.9%
Industrials	LGLV +15.2 points	21.6%	6.4%
Real Estate	LGLV +13.6 points	16.0%	2.4%
Health Care	USMV +6.3 points	7.9%	14.2%
Utilities	LGLV +4.6 points	11.2%	6.6%
Materials	LGLV +4.2 points	5.3%	1.1%
Consumer Staples	USMV +3.6 points	6.2%	9.8%
Financials	USMV +1.8 points	11.5%	13.3%
Consumer Discretionary	LGLV +1.3 points	6.2%	4.9%
Energy	USMV +0.7 points	3.5%	4.2%
Communication	USMV +0.3 points	3.9%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in LGLV and USMV, widest gap first
Country	More in LGLVMore in USMV	LGLV	USMV
United States	LGLV +1.1 points	97.4%	96.3%
Canada	USMV +0.7 points	0.6%	1.3%
United Kingdom	LGLV +0.7 points	0.7%	0.0%
Switzerland	USMV +0.6 points	0.9%	1.5%
China	USMV +0.6 points	0.0%	0.6%
Other countries (2)	LGLV +0.1 points	0.4%	0.3%

Concentration

Weight in the 10 largest Holdings

LGLV15.8%
USMV15.1%

Securities held

LGLV172
USMV174

Asset class

LGLV: Equity
USMV: Equity

Holdings

Only in LGLV114
In both58
Only in USMV116

Only in LGLV

114 securities, 52.0% of LGLV by weight

Vivmark Residential1.44%
Public Service Enterprise Gp1.11%
Becton Dickinson and Co0.90%
Royalty Pharma PLC Class A0.87%
Aflac Inc0.85%
Dte Energy Company0.85%
Centerpoint Energy Inc0.84%
Firstenergy Corp0.83%
Vici Properties Inc0.80%
Darden Restaurants Inc0.77%
Labcorp Holdings Inc0.77%
Paychex Inc0.77%
Ecolab Inc0.76%
Kinder Morgan Inc0.75%
Ametek Inc0.74%
Markel Group Inc0.70%
Packaging Corp of America0.67%
Amcor PLC0.66%
Nisource Inc0.65%
Restaurant Brands Intern0.63%
Danaher Corp0.63%
Cintas Corp0.63%
Fortive Corp0.62%
Broadridge Financial Solutio0.61%
Wabtec Corp0.61%
Union Pacific Corp0.60%
Evergy Inc0.59%
Udr Inc0.57%
Vulcan Materials Co0.56%
Fastenal Co0.55%
Illinois Tool Works0.54%
Jacobs Solutions Inc0.54%
Idex Corp0.54%
General Mills Inc0.54%
Csx Corp0.54%
Essex Property Trust Inc0.54%
Nordson Corp0.53%
Snap On Inc0.52%
Stryker Corp0.52%
Ss+c Technologies Holdings0.51%
Lyondellbasell Indu Class A0.51%
Fox Corp Class A0.50%
Heico Corp0.50%
Invitation Homes Inc0.49%
Kimco Realty Corp0.49%
Allegion PLC0.49%
Ww Grainger Inc0.49%
Transdigm Group Inc0.47%
Casey’s General Stores Inc0.47%
Genuine Parts Co0.47%

Only in USMV

116 securities, 50.2% of USMV by weight

Mckesson Corp1.47%
Merck & Co Inc1.45%
Vertex Pharmaceuticals1.44%
NVIDIA1.38%
Waste Connections1.32%
Salesforce1.06%
Palantir Technologies Class A1.00%
Accenture PLC Class A1.00%
Gilead Sciences0.98%
Eli Lilly0.93%
Bank of New York Mellon Corp0.91%
T Mobile Us Inc0.86%
Wec Energy Group0.83%
Monster Beverage0.82%
Broadcom Inc0.82%
Analog Devices0.78%
Texas Instrument0.77%
Servicenow0.76%
Mondelez International Class A0.72%
Progressive0.72%
Advanced Micro Devices0.70%
Conocophillips0.69%
Palo Alto Networks0.67%
Ptc0.67%
Chevron0.67%
Micron Technology0.66%
Cboe Global Markets0.66%
Autodesk0.65%
Fortinet0.65%
Kroger0.64%
Keurig Dr Pepper Inc0.62%
Philip Morris International0.61%
Church and Dwight Inc0.60%
Workday Class A0.57%
Intuit0.56%
Allstate Corp0.56%
Te Connectivity PLC0.55%
Adobe Inc0.53%
Ge Vernova0.53%
First Citizens Bancshares Class A0.51%
Snowflake0.51%
Xcel Energy Inc0.48%
American Electric Power Inc0.48%
Applied Material Inc0.48%
Cloudflare Class A0.47%
Arista Networks0.47%
Centene Corp0.47%
F50.46%
United Therapeutics0.45%
Incyte Corp0.44%

Weight gaps

All 58 Holdings in both funds, largest gap first.

Holding weights in LGLV and USMV, widest gap first
Holding	More in LGLVMore in USMV	LGLV	USMV
Welltower IncWELL	LGLV +2.91 points	4.37%	1.46%
Realty Income CorpO	LGLV +1.03 points	1.62%	0.59%
Exxonmobil Holdings CorpXOM	USMV +1.00 points	0.61%	1.61%
General Dynamics CorpGD	LGLV +0.92 points	0.99%	0.07%
Motorola Solutions IncMSI	USMV +0.90 points	0.60%	1.50%
Amphenol Corp Class AAPH	USMV +0.81 points	0.69%	1.50%
Automatic Data ProcessingADP	LGLV +0.81 points	0.89%	0.08%
Microsoft CorpMSFT	USMV +0.80 points	0.79%	1.59%
Cencora IncCOR	USMV +0.75 points	0.52%	1.27%
Verizon Communications IncVZ	USMV +0.69 points	0.59%	1.28%
Cheniere Energy IncLNG	LGLV +0.66 points	0.90%	0.24%
Waste Management IncWM	USMV +0.67 points	0.70%	1.37%
Ameren CorporationAEE	LGLV +0.66 points	0.93%	0.27%
Chubb LtdCB	USMV +0.62 points	0.92%	1.54%
Berkshire Hathaway Inc Class BBRK.B	USMV +0.53 points	0.97%	1.50%
Republic Services IncRSG	USMV +0.52 points	0.84%	1.36%
Lockheed Martin CorpLMT	USMV +0.50 points	0.40%	0.90%
Cms Energy CorpCMS	LGLV +0.47 points	0.65%	0.18%
Teledyne Technologies IncTDY	USMV +0.46 points	0.44%	0.90%
Willis Towers Watson PLCWTW	LGLV +0.46 points	0.82%	0.36%
Mastercard Inc AMA	USMV +0.44 points	0.91%	1.35%
Medtronic PLCMDT	LGLV +0.44 points	0.58%	0.14%
Johnson & JohnsonJNJ	USMV +0.41 points	1.06%	1.47%
Rtx CorpRTX	LGLV +0.39 points	0.52%	0.13%
At+t IncT	USMV +0.38 points	0.37%	0.75%
Tjx Companies IncTJX	USMV +0.37 points	0.58%	0.95%
Home Depot IncHD	LGLV +0.35 points	0.42%	0.07%
Autozone IncAZO	USMV +0.33 points	0.42%	0.75%
Roper Technologies IncROP	USMV +0.32 points	0.88%	1.20%
Yum Brands IncYUM	USMV +0.32 points	0.56%	0.88%
Boston Scientific CorpBSX	LGLV +0.31 points	0.39%	0.08%
Cisco Systems IncCSCO	USMV +0.30 points	0.97%	1.27%
Travelers Cos Inc/TheTRV	LGLV +0.27 points	1.10%	0.83%
McDonald’s CorpMCD	USMV +0.26 points	0.75%	1.01%
Loews CorpL	LGLV +0.24 points	0.58%	0.34%
Sun Communities IncSUI	LGLV +0.23 points	0.42%	0.19%
Procter & Gamble Co/ThePG	USMV +0.22 points	0.90%	1.12%
Cme Group IncCME	LGLV +0.22 points	1.13%	0.91%
Apple IncAAPL	USMV +0.21 points	0.75%	0.96%
Southern Co/TheSO	USMV +0.19 points	1.18%	1.37%
Williams Cos IncWMB	LGLV +0.19 points	0.63%	0.44%
Linde PLCLIN	LGLV +0.18 points	0.83%	0.65%
O Reilly Automotive IncORLY	USMV +0.16 points	0.52%	0.68%
Liberty Media Corp CFWONK	LGLV +0.14 points	0.59%	0.45%
Northrop Grumman CorpNOC	USMV +0.13 points	0.38%	0.51%
Pepsico IncPEP	LGLV +0.13 points	0.94%	0.81%
Verisign IncVRSN	USMV +0.10 points	0.64%	0.74%
Rollins IncROL	LGLV +0.10 points	0.33%	0.23%
Coca Cola Co/TheKO	USMV +0.09 points	1.23%	1.32%
Abbott LaboratoriesABT	USMV +0.08 points	0.64%	0.72%
Consolidated Edison IncED	USMV +0.08 points	1.19%	1.27%
AbbVie IncABBV	USMV +0.08 points	0.73%	0.81%
Walmart IncWMT	USMV +0.07 points	0.69%	0.76%
Marsh & Mclennan CosMRSH	LGLV +0.06 points	0.98%	0.92%
Duke Energy CorpDUK	USMV +0.03 points	1.38%	1.41%
Costco Wholesale CorpCOST	USMV +0.03 points	0.49%	0.52%
Visa Inc Class A SharesV	LGLV +0.02 points	1.10%	1.08%
Colgate Palmolive CoCL	LGLV +0.02 points	0.94%	0.92%

All 172 LGLV 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.

LGLV vs USMV Cost

Overpaying USMV vs LGLV

$617

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

LGLV 0.12%
$2,520
USMV 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

LGLV 0.12%
USMV 0.15%
Overpaying

Year by year

Year	LGLV	USMV	Overpaying
10	$220	$274	$54
20	$859	$1,071	$212
30	$2,520	$3,137	$617

Expense ratio

0.12%LGLV, cheaper
0.15%USMV

LGLV0.12%USMV0.15%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

LGLV 2nd cheapest of 16 funds

USMV 5th cheapest of 16 funds

LGLV vs USMV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LGLV 2.06%, better; USMV 1.37%
Payout (12M): LGLV $3.88; USMV $1.41
Last payment: LGLV $0.99; USMV $0.33
Ex-dividend: LGLV Sep 21, 2026; USMV Sep 15, 2026
Paid on: LGLV Sep 23, 2026; USMV Sep 18, 2026
Frequency: LGLV Quarterly; USMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

LGLVQuarterly · 39 paymentsAll LGLV payments⁠

USMVQuarterly · 40 paymentsAll USMV payments⁠

LGLV vs USMV Risk

Fall from peak · 5 years

LGLV
USMV

Risk facts

VolatilityStd dev, 3 years: LGLV 11.8%USMV 9.9%, better
Return per unit of riskSharpe ratio, 3 years: LGLV 0.86USMV 0.99, better
Worst fallMax drawdown, 5 years: LGLV −17.5%, betterUSMV −17.9%
Market sensitivityBeta, 5 years: LGLV 0.48USMV 0.48; Market = 1

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