SMLV vs USMV: Grades, Fees and Holdings Compared

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Overlap

0.0%by weight

Expense ratio

SMLV −0.03pt a year

SMLV0.12%USMV0.15%

Avg volume · 30D

USMV 540.9×the volume

SMLV3.51KUSMV1.9M

10Y return · a year

USMV +0.5pt

SMLV+10.3%USMV+10.8%

SMLV vs USMV Performance

Oct 29, 2021 – Oct 30, 2026

+52.2%SMLV+44.0%USMV

Expense ratio: SMLV 0.12%, better; USMV 0.15%
Fund size: SMLV $260M; USMV $24B
1Y total return: SMLV +25.8%, better; USMV +12.1%
Yield (12M): SMLV 2.34%, better; USMV 1.37%
Holdings: SMLV 393; USMV 177
Avg volume (30D): SMLV 3.51K sh; USMV 1.9M sh, better
NAV per share: SMLV $156.67; USMV $102.90
52W range

ETF.net Grade

Pillar letters and Scores for SMLV, USMV, with each pillar’s weight
Pillar	SMLV	USMV
Cost30% weight	A90Higher	A70
Mission25% weight	B69	A83Higher
Risk15% weight	C40	B66Higher
Tradability15% weight	C49	A89Higher
Holdings10% weight	A79Higher	B57
Durability5% weight	C53	A87Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. SMLV 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 SMLV 4th 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

Our read on each fund

ETF.net Research

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

USMVAiShares MSCI USA 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.

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

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

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

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

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.

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 SMLV profile⁠

Full USMV profile⁠

SMLV vs USMV Holdings

How SMLV and USMV differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SMLV and 0.0% of USMV.

Level by level

Holdings0 in both0.0%
Sector11 Sectors58.1%
Countryby domicile96.7%
Asset classEquity100%

Sector

Sector weights in SMLV and USMV, widest gap first
Sector	More in SMLVMore in USMV	SMLV	USMV
Technology	USMV +22.7 points	10.2%	32.9%
Financials	SMLV +22.2 points	35.5%	13.3%
Industrials	SMLV +7.7 points	14.1%	6.4%
Real Estate	SMLV +6.9 points	9.3%	2.4%
Consumer Staples	USMV +6.7 points	3.1%	9.8%
Health Care	USMV +4.7 points	9.5%	14.2%
Utilities	USMV +3.8 points	2.8%	6.6%
Materials	SMLV +2.9 points	4.0%	1.1%
Energy	USMV +2.3 points	1.9%	4.2%
Consumer Discretionary	SMLV +2.2 points	7.1%	4.9%
Communication	USMV +1.8 points	2.4%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in SMLV and USMV, widest gap first
Country	More in SMLVMore in USMV	SMLV	USMV
United States	SMLV +2.3 points	98.6%	96.3%
Switzerland	USMV +1.5 points	0.0%	1.5%
Canada	USMV +1.0 points	0.3%	1.3%
China	USMV +0.6 points	0.0%	0.6%
Other countries (6)	SMLV +0.8 points	1.1%	0.3%

Concentration

Weight in the 10 largest Holdings

SMLV6.0%
USMV15.1%

Securities held

SMLV391
USMV174

Asset class

SMLV: Equity
USMV: Equity

Holdings

Only in SMLV391
In both0
Only in USMV174

Only in SMLV

391 securities, 99.4% of SMLV by weight

Safety Insurance Group Inc0.67%
Northwestern Energy Group In0.66%
City Holding Co0.64%
Phillips Edison & Company In0.60%
American States Water Co0.60%
Horace Mann Educators0.59%
Apple Hospitality Reit Inc0.58%
Chemed Corp0.57%
Selective Insurance Group0.56%
Atlanta Braves Holdings In C0.55%
Mcgrath Rentcorp0.53%
Msc Industrial Direct Co A0.51%
Tenable Holdings Inc0.50%
Ltc Properties Inc0.49%
Community Trust Bancorp Inc0.48%
Tfs Financial Corp0.47%
Ashland Inc0.47%
Spire Inc0.46%
White Mountains Insurance Gp0.45%
New Jersey Resources Corp0.45%
Northwest Bancshares Inc0.45%
Bank First Corp0.45%
Nelnet Inc Class A0.44%
Brady Corporation Class A0.44%
First Financial Corp0.44%
Peoples Bancorp Inc0.44%
Four Corners Property Trust0.44%
Capital City Bank Group Inc0.43%
Sensient Technologies Corp0.43%
1ST Source Corp0.43%
Rlj Lodging Trust0.42%
Bar Harbor Bankshares0.42%
German American Bancorp0.42%
Sunstone Hotel Investors Inc0.42%
Kforce Inc0.41%
Science Applications Inte0.41%
Postal Realty Trust Inc A0.41%
Cnb Financial Corp/Pa0.41%
Healthstream Inc0.41%
Avista Corp0.40%
Mgic Investment Corp0.40%
Great Southern Bancorp Inc0.40%
Cbiz Inc0.40%
Cto Realty Growth Inc0.39%
Essent Group Ltd0.39%
Cass Information Systems Inc0.39%
Landstar System Inc0.39%
Merit Medical Systems Inc0.39%
Cno Financial Group Inc0.39%
Home Bancshares Inc0.38%

Only in USMV

174 securities, 99.7% 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%
Mckesson Corp1.47%
Johnson & Johnson1.47%
Welltower1.46%
Merck & Co Inc1.45%
Vertex Pharmaceuticals1.44%
Duke Energy Corp1.41%
NVIDIA1.38%
Southern1.37%
Waste Management Inc1.37%
Republic Services Inc1.36%
Mastercard Class A1.35%
Waste Connections1.32%
Coca-Cola1.32%
Verizon Communications Inc1.28%
Cencora1.27%
Consolidated Edison1.27%
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%
Marsh0.92%
Colgate-Palmolive0.92%
Cme Group Class A0.91%
Bank of New York Mellon Corp0.91%
Teledyne Technologies0.90%
Lockheed Martin0.90%
Yum Brands0.88%
T Mobile Us Inc0.86%
Travelers Companies0.83%
Wec Energy Group0.83%
Monster Beverage0.82%
Broadcom Inc0.82%
Pepsico0.81%
AbbVie0.81%
Analog Devices0.78%
Texas Instrument0.77%

Weight gaps

SMLV and USMV share no securities.

All 391 SMLV 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.

SMLV vs USMV Cost

Overpaying USMV vs SMLV

$617

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

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

Amount$10,000

Years30 years

Cost over time

SMLV 0.12%
USMV 0.15%
Overpaying

Year by year

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

Expense ratio

0.12%SMLV, cheaper
0.15%USMV

SMLV0.12%USMV0.15%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

SMLV 2nd cheapest of 16 funds

USMV 5th cheapest of 16 funds

SMLV vs USMV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMLV 2.34%, better; USMV 1.37%
Payout (12M): SMLV $3.63; USMV $1.41
Last payment: SMLV $0.97; USMV $0.33
Ex-dividend: SMLV Sep 21, 2026; USMV Sep 15, 2026
Paid on: SMLV Sep 23, 2026; USMV Sep 18, 2026
Frequency: SMLV Quarterly; USMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLVQuarterly · 39 paymentsAll SMLV payments⁠

USMVQuarterly · 40 paymentsAll USMV payments⁠

SMLV vs USMV Risk

Fall from peak · 5 years

SMLV
USMV

Risk facts

VolatilityStd dev, 3 years: SMLV 17.2%USMV 9.9%, better
Return per unit of riskSharpe ratio, 3 years: SMLV 0.94USMV 0.99, better
Worst fallMax drawdown, 5 years: SMLV −20.4%USMV −17.9%, better
Market sensitivityBeta, 5 years: SMLV 0.80USMV 0.48; Market = 1

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