ONEV vs USMV: Grades, Fees and Holdings Compared

State Street SPDR Russell 1000 Low Volatility Focus ETF

ONEVBNYSE Arca

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Overlap

16.5%by weight

Expense ratio

USMV −0.05pt a year

ONEV0.20%USMV0.15%

Avg volume · 30D

USMV 108.9×the volume

ONEV17.5KUSMV1.9M

10Y return · a year

ONEV +1.1pt

ONEV+11.9%USMV+10.8%

ONEV vs USMV Performance

Oct 29, 2021 – Oct 30, 2026

+52.3%ONEV+44.0%USMV

Expense ratio: ONEV 0.20%; USMV 0.15%, better
Fund size: ONEV $287M; USMV $24B
1Y total return: ONEV +17.6%, better; USMV +12.1%
Yield (12M): ONEV 1.85%, better; USMV 1.37%
Holdings: ONEV 450; USMV 177
Avg volume (30D): ONEV 17.5K sh; USMV 1.9M sh, better
NAV per share: ONEV $150.49; USMV $102.90
52W range

ETF.net Grade

Pillar letters and Scores for ONEV, USMV, with each pillar’s weight
Pillar	ONEV	USMV
Cost30% weight	C50	A70Higher
Mission25% weight	A98Higher	A83
Risk15% weight	C51	B66Higher
Tradability15% weight	B64	A89Higher
Holdings10% weight	A76Higher	B57
Durability5% weight	B62	A87Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. ONEV 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 ONEV 5th 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

Our read on each fund

ETF.net Research

ONEVBState Street SPDR Russell 1000 Low Volatility Focus ETF

USMVAiShares MSCI USA Min Vol Factor ETF

In short

ONEV Low volatility with a valuation check. ONEV tracks a Russell 1000 index that leans defensive but also screens for quality and value, so the calm names it holds still have to look reasonably priced.

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

ONEV The fund seeks to track the total return of the Russell 1000 Low Volatility Focused Factor Index before fees and expenses.

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

Why people hold it

ONEV Three factors, one ticker: the index blends low volatility with quality and value across roughly 400 large caps, so the defensive tilt carries a price and profitability screen too.ssga.com
Tracking has been tight. The fund has hugged its Russell 1000 Low Volatility Focused Factor Index closely, which is the entire job description for an index product.
Running since 2015, it ranks among the stronger builds in the US low-volatility group, and it pays distributions quarterly.

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

ONEV At 0.20% a year it costs more than simpler low-vol rivals such as LGLV (0.12%) and QLV (0.09%), so the multi-factor twist is not free.
It trades thinly next to the category's household names, so spreads can widen. That bites most on large or hurried orders.
Low volatility is a tilt, not a shield. This is a fully invested US large-cap stock portfolio and it moves with the market.

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 ONEV profile⁠

Full USMV profile⁠

ONEV vs USMV Holdings

How ONEV and USMV differ

Overlap by weight

16.5%

Shared holdings make up 25.6% of USMV and 24.9% of ONEV.

Level by level

Holdings54 in both16.5%
Sector11 Sectors67.0%
Countryby domicile96.7%
Asset classEquity100%

Sector

Sector weights in ONEV and USMV, widest gap first
Sector	More in ONEVMore in USMV	ONEV	USMV
Technology	USMV +25.2 points	7.7%	32.9%
Industrials	ONEV +13.7 points	20.1%	6.4%
Consumer Discretionary	ONEV +7.4 points	12.3%	4.9%
Real Estate	ONEV +4.8 points	7.2%	2.4%
Financials	ONEV +4.1 points	17.4%	13.3%
Communication	USMV +3.4 points	0.8%	4.2%
Health Care	USMV +2.4 points	11.8%	14.2%
Energy	USMV +1.9 points	2.3%	4.2%
Utilities	ONEV +1.8 points	8.4%	6.6%
Materials	ONEV +1.2 points	2.3%	1.1%
Consumer Staples	USMV +0.1 points	9.7%	9.8%

Country, concentration and asset class

Country by domicile

Country weights in ONEV and USMV, widest gap first
Country	More in ONEVMore in USMV	ONEV	USMV
United States	ONEV +2.8 points	99.1%	96.3%
Switzerland	USMV +1.3 points	0.2%	1.5%
Canada	USMV +1.1 points	0.2%	1.3%
China	USMV +0.6 points	0.0%	0.6%
Other countries (4)	ONEV +0.2 points	0.5%	0.3%

Concentration

Weight in the 10 largest Holdings

ONEV9.8%
USMV15.1%

Securities held

ONEV448
USMV174

Asset class

ONEV: Equity
USMV: Equity

Holdings

Only in ONEV394
In both54
Only in USMV120

Only in ONEV

394 securities, 74.9% of ONEV by weight

Cincinnati Financial Corp0.77%
Quest Diagnostics Inc0.66%
Comcast Corp Class A0.65%
Simon Property Group Inc0.64%
T Rowe Price Group Inc0.63%
Expeditors Intl Wash Inc0.58%
Broadridge Financial Solutio0.58%
Archer Daniels Midland Co0.57%
Vivmark Residential0.54%
Resmed Inc0.54%
Labcorp Holdings Inc0.52%
Best Buy Co Inc0.52%
Pultegroup Inc0.51%
Netapp Inc0.51%
Becton Dickinson and Co0.50%
General Mills Inc0.50%
Tractor Supply Company0.50%
Leidos Holdings Inc0.50%
Vici Properties Inc0.50%
Dollar General Corp0.49%
Zoetis Inc0.49%
Us Foods Holding Corp0.47%
Otis Worldwide Corp0.45%
Sysco Corp0.45%
Skyworks Solutions Inc0.44%
Nvr Inc0.44%
Snap On Inc0.43%
Cf Industries Holdings Inc0.43%
Jacobs Solutions Inc0.42%
Gartner Inc0.41%
Darden Restaurants Inc0.41%
Reliance Inc0.41%
Illinois Tool Works0.41%
Steris PLC0.41%
Oneok Inc0.40%
Renaissancere Holdings Ltd0.40%
Godaddy Inc Class A0.39%
Fastenal Co0.39%
Bj’s Wholesale Club Holdings0.38%
Edison International0.38%
Veralto Corp0.38%
Dte Energy Company0.37%
Markel Group Inc0.37%
Copart Inc0.37%
Verisk Analytics Inc0.37%
Encompass Health Corp0.36%
Fox Corp Class A0.36%
Eversource Energy0.36%
Exelon Corp0.36%
Ww Grainger Inc0.35%

Only in USMV

120 securities, 74.1% of USMV by weight

Exxonmobil Holdings Corp1.61%
Microsoft1.59%
Chubb1.54%
Motorola Solutions Inc1.50%
Berkshire Hathaway Inc Class B1.50%
Amphenol Corp Class A1.50%
Johnson & Johnson1.47%
Welltower1.46%
Merck & Co Inc1.45%
Vertex Pharmaceuticals1.44%
Duke Energy Corp1.41%
NVIDIA1.38%
Southern1.37%
Waste Management Inc1.37%
Mastercard Class A1.35%
Waste Connections1.32%
Coca-Cola1.32%
Verizon Communications Inc1.28%
Cisco Systems Inc1.27%
Roper Technologies1.20%
Procter & Gamble1.12%
Visa Class A1.08%
Salesforce1.06%
Mcdonalds Corp1.01%
Palantir Technologies Class A1.00%
Accenture PLC Class A1.00%
Gilead Sciences0.98%
Apple0.96%
Tjx0.95%
Eli Lilly0.93%
Cme Group Class A0.91%
Bank of New York Mellon Corp0.91%
Lockheed Martin0.90%
T Mobile Us Inc0.86%
Monster Beverage0.82%
Broadcom Inc0.82%
Pepsico0.81%
AbbVie0.81%
Analog Devices0.78%
Texas Instrument0.77%
Servicenow0.76%
Walmart0.76%
AT&T0.75%
Mondelez International Class A0.72%
Abbott Laboratories0.72%
Advanced Micro Devices0.70%
Conocophillips0.69%
Oreilly Automotive Inc0.68%
Palo Alto Networks0.67%
Chevron0.67%

Weight gaps

All 54 Holdings in both funds, largest gap first.

Holding weights in ONEV and USMV, widest gap first
Holding	More in ONEVMore in USMV	ONEV	USMV
Republic Services IncRSG	USMV +1.13 points	0.23%	1.36%
Allstate CorpALL	ONEV +0.94 points	1.50%	0.56%
Arch Capital Group LtdACGL	ONEV +0.90 points	0.95%	0.05%
Consolidated Edison IncED	USMV +0.86 points	0.41%	1.27%
Cencora IncCOR	USMV +0.80 points	0.47%	1.27%
The Cigna GroupCI	ONEV +0.73 points	0.90%	0.17%
Teledyne Technologies IncTDY	USMV +0.68 points	0.22%	0.90%
Yum Brands IncYUM	USMV +0.65 points	0.23%	0.88%
Hartford Insurance Group IncHIG	ONEV +0.59 points	0.72%	0.13%
Wec Energy Group IncWEC	USMV +0.55 points	0.28%	0.83%
Regeneron PharmaceuticalsREGN	ONEV +0.54 points	0.62%	0.08%
Progressive CorpPGR	ONEV +0.52 points	1.24%	0.72%
Colgate Palmolive CoCL	USMV +0.49 points	0.43%	0.92%
Autozone IncAZO	USMV +0.46 points	0.29%	0.75%
General Dynamics CorpGD	ONEV +0.44 points	0.51%	0.07%
Cognizant Tech Solutions ACTSH	ONEV +0.39 points	0.83%	0.44%
Hca Healthcare IncHCA	ONEV +0.39 points	0.56%	0.17%
Elevance Health IncELV	ONEV +0.36 points	0.67%	0.31%
Keurig Dr Pepper IncKDP	USMV +0.35 points	0.27%	0.62%
Mckesson CorpMCK	USMV +0.30 points	1.17%	1.47%
Eog Resources IncEOG	ONEV +0.29 points	0.48%	0.19%
Xcel Energy IncXEL	USMV +0.29 points	0.19%	0.48%
Ptc IncPTC	USMV +0.27 points	0.40%	0.67%
Expand Energy CorpEXE	ONEV +0.24 points	0.47%	0.23%
Neurocrine Biosciences IncNBIX	USMV +0.23 points	0.18%	0.41%
Centene CorpCNC	USMV +0.23 points	0.24%	0.47%
Ppl CorpPPL	ONEV +0.22 points	0.27%	0.05%
Church & Dwight Co IncCHD	USMV +0.22 points	0.38%	0.60%
Tyson Foods Inc Class ATSN	ONEV +0.22 points	0.38%	0.16%
Cboe Global Markets IncCBOE	USMV +0.22 points	0.44%	0.66%
Verisign IncVRSN	USMV +0.21 points	0.53%	0.74%
American Electric PowerAEP	USMV +0.21 points	0.27%	0.48%
Marsh & Mclennan CosMRSH	USMV +0.20 points	0.72%	0.92%
Kroger CoKR	ONEV +0.20 points	0.84%	0.64%
Sun Communities IncSUI	ONEV +0.20 points	0.39%	0.19%
Workday Inc Class AWDAY	USMV +0.20 points	0.37%	0.57%
American Water Works Co IncAWK	ONEV +0.19 points	0.24%	0.05%
Cheniere Energy IncLNG	ONEV +0.18 points	0.42%	0.24%
Willis Towers Watson PLCWTW	ONEV +0.18 points	0.54%	0.36%
United Therapeutics CorpUTHR	USMV +0.18 points	0.27%	0.45%
Atmos Energy CorpATO	ONEV +0.17 points	0.23%	0.06%
Tradeweb Markets Inc Class ATW	ONEV +0.14 points	0.30%	0.16%
F5 IncFFIV	USMV +0.13 points	0.33%	0.46%
Loews CorpL	USMV +0.11 points	0.23%	0.34%
Rollins IncROL	USMV +0.10 points	0.13%	0.23%
Travelers Cos Inc/TheTRV	ONEV +0.08 points	0.91%	0.83%
Cms Energy CorpCMS	ONEV +0.08 points	0.26%	0.18%
Vylor IncVYLR	ONEV +0.06 points	0.30%	0.24%
Ameren CorporationAEE	ONEV +0.06 points	0.33%	0.27%
Aon PLC Class AAON	ONEV +0.05 points	0.46%	0.41%
Hershey Co/TheHSY	ONEV +0.04 points	0.23%	0.19%
Dominion Energy IncD	USMV +0.02 points	0.22%	0.24%
Corteva IncCTVA	ONEV +0.01 points	0.05%	0.04%
Incyte CorpINCY	ONEV +0.01 points	0.45%	0.44%

All 447 ONEV 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.

ONEV vs USMV Cost

Overpaying ONEV vs USMV

$1,018

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

ONEV 0.20%
$4,155
USMV 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ONEV 0.20%
USMV 0.15%
Overpaying

Year by year

Year	ONEV	USMV	Overpaying
10	$365	$274	$91
20	$1,421	$1,071	$350
30	$4,155	$3,137	$1,018

Expense ratio

0.20%ONEV
0.15%USMV, cheaper

USMV0.15%ONEV0.20%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

USMV 5th cheapest of 16 funds

ONEV 8th cheapest of 16 funds

ONEV vs USMV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ONEV 1.85%, better; USMV 1.37%
Payout (12M): ONEV $2.79; USMV $1.41
Last payment: ONEV $0.74; USMV $0.33
Ex-dividend: ONEV Sep 21, 2026; USMV Sep 15, 2026
Paid on: ONEV Sep 23, 2026; USMV Sep 18, 2026
Frequency: ONEV Quarterly; USMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ONEVQuarterly · 39 paymentsAll ONEV payments⁠

USMVQuarterly · 40 paymentsAll USMV payments⁠

ONEV vs USMV Risk

Fall from peak · 5 years

ONEV
USMV

Risk facts

VolatilityStd dev, 3 years: ONEV 13.1%USMV 9.9%, better
Return per unit of riskSharpe ratio, 3 years: ONEV 0.89USMV 0.99, better
Worst fallMax drawdown, 5 years: ONEV −18.5%USMV −17.9%, better
Market sensitivityBeta, 5 years: ONEV 0.71USMV 0.48; Market = 1

Popular comparisons

ONEVBvsLGLVA
State Street SPDR Russell 1000 Low Volatility Focus ETF · State Street SPDR US Large Cap Low Volatility Index ETF
Expense ratio
0.20% · 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
ONEVBvsQLVA
State Street SPDR Russell 1000 Low Volatility Focus ETF · Northern Trust US Quality Low Volatility ETF
Expense ratio
0.20% · 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
ONEVBvsSMLVB
State Street SPDR Russell 1000 Low Volatility Focus ETF · State Street SPDR US Small Cap Low Volatility Index ETF
Expense ratio
0.20% · 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