SMLV vs SMMV: Grades, Fees and Holdings Compared

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

iShares MSCI USA Small-Cap Min Vol Factor ETF

SMMVBCboe

Overlap

22.5%by weight

Expense ratio

SMLV −0.08pt a year

SMLV0.12%SMMV0.20%

Avg volume · 30D

SMMV 2.4×the volume

SMLV3.59KSMMV8.49K

10Y return · a year

SMLV +1.6pt

SMLV+10.5%SMMV+8.9%

SMLV vs SMMV Performance

Nov 5, 2021 – Nov 5, 2026

+46.6%SMLV+30.1%SMMV

Expense ratio: SMLV 0.12%, better; SMMV 0.20%
Fund size: SMLV $267M; SMMV $285M
1Y total return: SMLV +24.9%, better; SMMV +12.7%
Yield (12M): SMLV 2.33%, better; SMMV 1.57%
Holdings: SMLV 391; SMMV 358
Avg volume (30D): SMLV 3.59K sh; SMMV 8.49K sh, better
NAV per share: SMLV $160.13; SMMV $47.85
52W range

ETF.net Grade

Pillar letters and Scores for SMLV, SMMV, with each pillar’s weight
Pillar	SMLV	SMMV
Cost30% weight	A90Higher	C50
Mission25% weight	A70	A95Higher
Risk15% weight	D39	C52Higher
Tradability15% weight	C49Higher	D30
Holdings10% weight	A79Higher	B68
Durability5% weight	C53	B58Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. SMLV 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 ›

SMLV ranks 4th 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 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 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

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

SMMVBiShares MSCI USA Small-Cap Min Vol Factor ETF

In short

SMLV Low volatility is usually a large-cap game. SMLV runs the same calm-stocks screen down where the swings actually live: US small caps, roughly 400 of them, 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

SMLV The fund's advertised mandate is exposure to U.S. small-capitalization companies selected for low volatility.

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

Why people hold it

SMLV Costs 0.12% a year, under the 0.20% median for its low-volatility peer group.
The low-vol shelf is stacked with large-cap mandates (USMV, LGLV, ONEV). This one applies the screen to US small caps instead.ssga.com
Roughly 400 holdings, so no single small cap steers the fund. It has tracked its index through live markets since 2013.
Sits in the upper half of its low-volatility cohort on our overall read.

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

SMLV Thinly traded next to the giants of the category, so the spread you pay at the point of trade matters more here.
Low volatility is relative, not absolute. This is still small-cap equity, and it rides rougher than the large-cap min-vol funds it shares a shelf with.
Distributions land quarterly, not monthly.

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 SMLV profile⁠

Full SMMV profile⁠

SMLV vs SMMV Holdings

How SMLV and SMMV differ

Overlap by weight

22.5%

Shared holdings make up 33.2% of SMLV and 30.3% of SMMV.

Level by level

Holdings116 in both22.5%
Sector11 Sectors73.0%
Countryby domicile99.0%
Asset classStocks100%

Sector

Sector weights in SMLV and SMMV, widest gap first
Sector	Gap	SMLV	SMMV
Financials	SMLV +22.2 points	35.5%	13.3%
Health Care	SMMV +7.7 points	9.5%	17.2%
Consumer Staples	SMMV +5.4 points	3.1%	8.5%
Energy	SMMV +5.2 points	1.9%	7.1%
Utilities	SMMV +5.1 points	2.8%	7.9%
Communication	SMMV +2.7 points	2.4%	5.1%
Materials	SMLV +1.9 points	4.1%	2.2%
Consumer Discretionary	SMLV +1.8 points	7.2%	5.4%
Industrials	SMLV +1.2 points	14.1%	12.9%
Real Estate	SMMV +1.0 points	9.4%	10.4%
Technology	Same weight	10.0%	10.0%

Country, concentration and asset class

Country by domicile

Country weights in SMLV and SMMV, widest gap first
Country	Gap	SMLV	SMMV
United States	SMMV +0.4 points	98.6%	99.0%
Israel	SMLV +0.4 points	0.4%	0.0%
Canada	SMMV +0.1 points	0.3%	0.4%
India	SMMV +0.3 points	0.0%	0.3%
Belgium	SMMV +0.2 points	0.1%	0.3%
Colombia	SMLV +0.2 points	0.2%	0.0%
Italy	SMLV +0.2 points	0.2%	0.0%
Brazil	SMLV +0.2 points	0.2%	0.0%
South Africa	SMLV +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

SMLV6.1%
SMMV12.4%

Securities held

SMLV389
SMMV354

Asset class

SMLV: Stocks
SMMV: Stocks

Holdings

Only in SMLV273
In both116
Only in SMMV238

Only in SMLV

273 securities, 66.3% of SMLV by weight

Apple Hospitality Reit Inc0.57%
Community Trust Bancorp Inc0.48%
Msc Industrial Direct Co A0.48%
Ashland Inc0.47%
Tfs Financial Corp0.46%
Northwest Bancshares Inc0.45%
Nelnet Inc Class A0.45%
Peoples Bancorp Inc0.44%
First Financial Corp0.44%
Bar Harbor Bankshares0.43%
Bank First Corp0.43%
Capital City Bank Group Inc0.43%
1ST Source Corp0.43%
German American Bancorp0.43%
Rlj Lodging Trust0.42%
Sunstone Hotel Investors Inc0.41%
Cnb Financial Corp/Pa0.41%
Kforce Inc0.41%
Postal Realty Trust Inc A0.41%
Cto Realty Growth Inc0.40%
Great Southern Bancorp Inc0.40%
Cass Information Systems Inc0.40%
Cno Financial Group Inc0.39%
Peoples Financial Services0.39%
Flowers Foods Inc0.39%
Origin Bancorp Inc0.39%
Home Bancshares Inc0.39%
Towne Bank0.38%
Alerus Financial Corp0.38%
Trustco Bank Corp Ny0.38%
Vail Resorts Inc0.38%
Wendy’s Co/The0.37%
First Business Financial Ser0.37%
Smartfinancial Inc0.37%
First Busey Corp0.37%
Bladex Inc0.36%
Insight Enterprises Inc0.36%
Byline Bancorp Inc0.36%
California Bancorp0.36%
United Bankshares Inc0.36%
Urban Edge Properties0.36%
Stepan Co0.35%
Camden National Corp0.35%
Sonoco Products Co0.35%
Ladder Capital Corp Reit0.35%
Acnb Corp0.35%
Esquire Financial Holdings I0.35%
Park National Corp0.35%
Abm Industries Inc0.35%
Metrocity Bankshares Inc0.34%

Only in SMMV

238 securities, 69.3% of SMMV by weight

Pinnacle West1.47%
Renaissancere Holding1.44%
Omega Healthcare Investors Reit1.40%
Hanover Insurance Group1.28%
Agree Realty Reit1.23%
Oge Energy1.21%
Idacorp1.19%
Bjs Wholesale Club Holdings1.10%
New York Times Class A1.08%
Caretrust Reit1.01%
Service1.01%
Equity Lifestyle Properties Reit I0.94%
Encompass Health0.94%
Ensign Group0.91%
Firstcash Holdings Inc0.89%
Ingredion Inc0.84%
Dropbox Inc Class A0.77%
Msg Knickerbockers Class A0.74%
Nnn Reit0.74%
Antero Midstream0.72%
Dt Midstream0.71%
Plains Gp Holdings Limited Partner0.69%
A O Smith0.68%
Penumbra0.66%
Texas Roadhouse Inc0.63%
Axis Capital Holdings0.61%
Henry Schein0.59%
Biomarin Pharmaceutical0.58%
Old Republic International0.58%
Dolby Laboratories Class A0.57%
Jm Smucker0.56%
Dynatrace Inc0.54%
Exelixis Inc0.53%
Protagonist Therapeutics0.53%
Txnm Energy Inc0.53%
Graco0.52%
Healthcare Realty Trust Inc Class0.51%
Royal Gold0.51%
Portland General Electric0.49%
Appfolio Class A0.49%
Assurant Inc0.48%
Range Resources0.48%
Aptargroup0.48%
American Healthcare Reit0.48%
Conagra Brands0.47%
Msa Safety Inc0.45%
Donaldson0.44%
Td Synnex0.44%
Tetra Tech0.44%
California Water Service Group0.44%

Weight gaps

The 100 widest of 116 Holdings in both funds.

Holding weights in SMLV and SMMV, widest gap first
Holding	Gap	SMLV	SMMV
Box Inc Class ABOX	SMMV +0.58 points	0.29%	0.87%
Fti Consulting IncFCN	SMMV +0.50 points	0.38%	0.88%
Sabra Health Care Reit IncSBRA	SMMV +0.47 points	0.30%	0.77%
Chemed CorpCHE	SMMV +0.47 points	0.57%	1.04%
Rli CorpRLI	SMMV +0.47 points	0.39%	0.86%
City Holding CoCHCO	SMLV +0.45 points	0.64%	0.19%
Safety Insurance Group IncSAFT	SMLV +0.45 points	0.67%	0.22%
Mcgrath RentcorpMGRC	SMLV +0.42 points	0.58%	0.16%
Tenable Holdings IncTENB	SMLV +0.38 points	0.45%	0.07%
Spire IncSR	SMLV +0.37 points	0.47%	0.10%
White Mountains Insurance GpWTM	SMMV +0.37 points	0.47%	0.84%
Kiniksa Pharmaceuticals InteKNSA	SMMV +0.36 points	0.15%	0.51%
Gentex CorpGNTX	SMMV +0.32 points	0.29%	0.61%
Horace Mann EducatorsHMN	SMLV +0.32 points	0.62%	0.30%
Selective Insurance GroupSIGI	SMMV +0.31 points	0.57%	0.88%
Sensient Technologies CorpSXT	SMLV +0.30 points	0.41%	0.11%
Supernus IncSUPN	SMMV +0.29 points	0.19%	0.48%
Federated Hermes IncFHI	SMLV +0.29 points	0.39%	0.10%
Choice Hotels Intl IncCHH	SMLV +0.29 points	0.38%	0.09%
Mgic Investment CorpMTG	SMLV +0.28 points	0.40%	0.12%
Healthstream IncHSTM	SMLV +0.27 points	0.38%	0.11%
Progress Software CorpPRGS	SMLV +0.27 points	0.33%	0.06%
Kite Realty Group TrustKRG	SMLV +0.25 points	0.37%	0.12%
American States Water CoAWR	SMLV +0.24 points	0.62%	0.38%
Balchem CorpBCPC	SMMV +0.24 points	0.31%	0.55%
Merit Medical Systems IncMMSI	SMMV +0.23 points	0.37%	0.60%
Option Care Health IncOPCH	SMMV +0.23 points	0.13%	0.36%
Northwestern Energy Group InNWE	SMLV +0.23 points	0.67%	0.44%
Employers Holdings IncEIG	SMLV +0.21 points	0.34%	0.13%
Avista CorpAVA	SMLV +0.21 points	0.43%	0.22%
Teleflex IncTFX	SMMV +0.21 points	0.23%	0.44%
Granite Construction IncGVA	SMMV +0.20 points	0.17%	0.37%
Essent Group LtdESNT	SMLV +0.19 points	0.39%	0.20%
Graham Holdings Co Class BGHC	SMLV +0.18 points	0.38%	0.20%
Alarm.com Holdings IncALRM	SMMV +0.19 points	0.28%	0.47%
Atlanta Braves Holdings In CBATRK	SMLV +0.19 points	0.54%	0.35%
Science Applications InteSAIC	SMLV +0.18 points	0.40%	0.22%
Mirum Pharmaceuticals IncMIRM	SMMV +0.18 points	0.07%	0.25%
National Presto Inds IncNPK	SMLV +0.18 points	0.29%	0.11%
Integer Holdings CorpITGR	SMLV +0.18 points	0.27%	0.09%
Nmi Holdings IncNMIH	SMLV +0.18 points	0.36%	0.18%
Kbr IncKBR	SMLV +0.17 points	0.27%	0.10%
Badger Meter IncBMI	SMLV +0.17 points	0.23%	0.06%
Landstar System IncLSTR	SMMV +0.17 points	0.40%	0.57%
Qualys IncQLYS	SMLV +0.16 points	0.32%	0.16%
Marten Transport LtdMRTN	SMLV +0.16 points	0.26%	0.10%
Ltc Properties IncLTC	SMLV +0.16 points	0.50%	0.34%
John B. Sanfilippo & Son IncJBSS	SMLV +0.15 points	0.22%	0.07%
New Jersey Resources CorpNJR	SMLV +0.16 points	0.46%	0.30%
Cal Maine Foods IncCALM	SMMV +0.15 points	0.17%	0.32%
Amerisafe IncAMSF	SMLV +0.14 points	0.20%	0.06%
Adt IncADT	SMLV +0.14 points	0.34%	0.20%
Avnet IncAVT	SMLV +0.14 points	0.33%	0.19%
Blackbaud IncBLKB	SMLV +0.13 points	0.21%	0.08%
Unifirst Corp/MaUNF	SMMV +0.13 points	0.20%	0.33%
Cnx Resources CorpCNX	SMMV +0.13 points	0.13%	0.26%
Prestige Consumer HealthcarePBH	SMMV +0.13 points	0.24%	0.37%
Heartland Express IncHTLD	SMLV +0.12 points	0.19%	0.07%
Pricesmart IncPSMT	SMLV +0.13 points	0.27%	0.14%
Four Corners Property TrustFCPT	SMLV +0.13 points	0.46%	0.33%
Getty Realty CorpGTY	SMLV +0.12 points	0.36%	0.24%
Dorman Products IncDORM	SMLV +0.12 points	0.20%	0.08%
Liberty Global Ltd ALBTYA	SMMV +0.12 points	0.11%	0.23%
Sturm Ruger & Co IncRGR	SMLV +0.12 points	0.22%	0.10%
Post Holdings IncPOST	SMMV +0.12 points	0.36%	0.48%
Barrett Business Svcs IncBBSI	SMLV +0.11 points	0.23%	0.12%
Livanova PLCLIVN	SMLV +0.12 points	0.22%	0.10%
Wd 40 CoWDFC	SMMV +0.12 points	0.24%	0.36%
Strategic Education IncSTRA	SMLV +0.11 points	0.16%	0.05%
Natl Health Investors IncNHI	SMMV +0.12 points	0.27%	0.39%
Daily Journal CorpDJCO	SMLV +0.11 points	0.22%	0.11%
Eplus IncPLUS	SMLV +0.10 points	0.15%	0.05%
J & J Snack Foods CorpJJSF	SMLV +0.10 points	0.30%	0.20%
Broadstone Net Lease IncBNL	SMLV +0.10 points	0.30%	0.20%
Ncino IncNCNO	SMLV +0.10 points	0.18%	0.08%
A10 Networks IncATEN	SMMV +0.10 points	0.14%	0.24%
Addus Homecare CorpADUS	SMMV +0.09 points	0.25%	0.34%
Visteon CorpVC	SMLV +0.09 points	0.14%	0.05%
Brady Corporation Class ABRC	SMMV +0.09 points	0.43%	0.52%
Zymeworks IncZYME	SMMV +0.09 points	0.08%	0.17%
Power Integrations IncPOWI	SMLV +0.09 points	0.13%	0.04%
Netscout Systems IncNTCT	SMMV +0.09 points	0.29%	0.38%
Werner Enterprises IncWERN	SMLV +0.08 points	0.23%	0.15%
Maximus IncMMS	SMLV +0.08 points	0.27%	0.19%
Alkermes PLCALKS	SMMV +0.08 points	0.28%	0.36%
Openlane IncOPLN	SMMV +0.08 points	0.15%	0.23%
Netstreit CorpNTST	SMLV +0.07 points	0.32%	0.25%
Magnolia Oil & Gas Corp AMGY	SMLV +0.07 points	0.11%	0.04%
Ani Pharmaceuticals IncANIP	SMMV +0.07 points	0.09%	0.16%
Brink’s Co/TheBCO	SMMV +0.06 points	0.18%	0.24%
Blackline IncBL	SMLV +0.06 points	0.13%	0.07%
Ligand PharmaceuticalsLGND	SMLV +0.06 points	0.16%	0.10%
Valvoline IncVVV	SMMV +0.05 points	0.21%	0.26%
Aci Worldwide IncACIW	SMLV +0.06 points	0.21%	0.15%
Pediatrix Medical Group IncMD	SMLV +0.04 points	0.13%	0.09%
Harmony Biosciences HoldingsHRMY	SMLV +0.05 points	0.10%	0.05%
Ccc Intelligent Solutions HoCCC	SMLV +0.04 points	0.20%	0.16%
Collegium Pharmaceutical IncCOLL	SMLV +0.04 points	0.08%	0.04%
Casella Waste Systems Inc ACWST	SMMV +0.04 points	0.34%	0.38%
Grand Canyon Education IncLOPE	SMMV +0.03 points	0.17%	0.20%

All 389 SMLV 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.

SMLV vs SMMV Cost

Overpaying SMMV vs SMLV

$1,635

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

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

Amount$10,000

Years30 years

Cost over time

SMLV 0.12%
SMMV 0.20%
Overpaying

Year by year

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

Expense ratio

0.12%SMLV, cheaper
0.20%SMMV

SMLV0.12%SMMV0.20%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

SMLV 2nd cheapest of 16 funds

SMMV 8th cheapest of 16 funds

SMLV vs SMMV Dividends

Last 12 months to Nov 5, 2026

Yield (12M): SMLV 2.33%, better; SMMV 1.57%
Payout (12M): SMLV $3.63; SMMV $0.74
Last payment: SMLV $0.97; SMMV $0.18
Ex-dividend: SMLV Sep 21, 2026; SMMV Sep 15, 2026
Paid on: SMLV Sep 23, 2026; SMMV Sep 18, 2026
Frequency: SMLV Quarterly; SMMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLVQuarterly · 39 paymentsAll SMLV payments⁠

SMMVQuarterly · 39 paymentsAll SMMV payments⁠

SMLV vs SMMV Risk

Fall from peak · 5 years

SMLV
SMMV

Risk facts

VolatilityStd dev, 3 years: SMLV 17.2%SMMV 11.6%, better
Return per unit of riskSharpe ratio, 3 years: SMLV 0.94, betterSMMV 0.88
Worst fallMax drawdown, 5 years: SMLV −20.4%SMMV −18.0%, better
Market sensitivityBeta, 5 years: SMLV 0.80SMMV 0.50; Market = 1

SMLV 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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SMLV vs SMMV

In short

Stated mandate

Why people hold it

Worth knowing

How SMLV and SMMV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SMLV

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 SMLV and SMMV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SMLV

Only in SMMV

Weight gaps