SMLV vs VFMV: Grades, Fees and Holdings Compared

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

Vanguard U.S. Minimum Volatility ETF

VFMVBCboe

Overlap

6.5%by weight

Expense ratio

SMLV −0.01pt a year

SMLV0.12%VFMV0.13%

Avg volume · 30D

VFMV 4.2×the volume

SMLV3.59KVFMV15.2K

5Y return · a year

VFMV +1.2pt

SMLV+8.0%VFMV+9.2%

SMLV vs VFMV Performance

Nov 5, 2021 – Nov 5, 2026

+46.6%SMLV+55.4%VFMV

Expense ratio: SMLV 0.12%, better; VFMV 0.13%
Fund size: SMLV $267M; VFMV $460M
1Y total return: SMLV +24.9%, better; VFMV +14.8%
Yield (12M): SMLV 2.33%, better; VFMV 1.58%
Holdings: SMLV 391; VFMV 222
Avg volume (30D): SMLV 3.59K sh; VFMV 15.2K sh, better
NAV per share: SMLV $160.13; VFMV $149.97
52W range

ETF.net Grade

Pillar letters and Scores for SMLV, VFMV, with each pillar’s weight
Pillar	SMLV	VFMV
Cost30% weight	A90Higher	A80
Mission25% weight	A70Higher	F19
Risk15% weight	D39	A81Higher
Tradability15% weight	C49Higher	C40
Holdings10% weight	A79Higher	B55
Durability5% weight	C53	B62Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. SMLV and VFMV 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 VFMV 9th 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 8BSPLVInvesco S&P 500 Low Volatility ETFScore 56
Rank 9BVFMVVanguard U.S. Minimum Volatility ETFScore 55
Rank 10CCFAVictoryShares US 500 Volatility Wtd ETFScore 48

Our read on each fund

ETF.net Research

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

VFMVBVanguard U.S. Minimum Volatility 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.

VFMV No index here. Vanguard's quant desk builds this one itself, running a rules-based model over large, mid and small caps to assemble the mix expected to wobble least as a portfolio, not just the calmest names one by one.

Stated mandate

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

VFMV The fund invests in a diversified portfolio of U.S. stocks intended to have lower volatility than the broad U.S. equity market, while seeking long-term capital appreciation.

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.

VFMV 0.13% a year undercuts the typical fund in the US low-volatility group.
Fishes the whole US market, large, mid and small caps, and lands on roughly 180 names instead of a mega-cap-only defensive sleeve.vanguard.com vanguard.com 2
The model targets the portfolio's total expected volatility, so it accounts for how holdings move together rather than ranking individually calm stocks.vanguard.com vanguard.com 2
Run by Vanguard's Quantitative Equity Group since the 2018 launch, with a rules-based screen for diversification and for trimming less liquid stocks.vanguard.com

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.

VFMV Active, with no published index behind it. Low volatility is whatever the advisor's model says it is, so holdings can look quite different from index-built rivals like USMV.vanguard.com
One of the smaller and thinner-traded funds in the low-vol aisle, so limit orders earn their keep on larger trades.
Minimum volatility aims to damp swings, not to sidestep losses. It stays fully invested in stocks, and defensive names behave differently from the broad market in both directions.vanguard.com

Full SMLV profile⁠

Full VFMV profile⁠

SMLV vs VFMV Holdings

How SMLV and VFMV differ

Overlap by weight

6.5%

Shared holdings make up 10.8% of SMLV and 10.8% of VFMV.

Level by level

Holdings34 in both6.5%
Sector11 Sectors54.3%
Countryby domicile98.6%
Asset classStocks100%

Sector

Sector weights in SMLV and VFMV, widest gap first
Sector	Gap	SMLV	VFMV
Financials	SMLV +27.5 points	35.5%	8.0%
Technology	VFMV +21.8 points	10.0%	31.8%
Communication	VFMV +7.9 points	2.4%	10.3%
Industrials	SMLV +7.0 points	14.1%	7.1%
Consumer Staples	VFMV +5.4 points	3.1%	8.5%
Real Estate	SMLV +4.5 points	9.4%	4.9%
Energy	VFMV +4.3 points	1.9%	6.2%
Materials	SMLV +4.1 points	4.1%	0.0%
Utilities	VFMV +3.4 points	2.8%	6.2%
Health Care	VFMV +3.0 points	9.5%	12.5%
Consumer Discretionary	SMLV +2.7 points	7.2%	4.5%

Country, concentration and asset class

Country by domicile

Country weights in SMLV and VFMV, widest gap first
Country	More in SMLVMore in VFMV	Gap	SMLV	VFMV
United States		VFMV +1.4 points	98.6%	100.0%
Other countries (7)		SMLV +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

SMLV6.1%
VFMV15.6%

Securities held

SMLV389
VFMV220

Asset class

SMLV: Stocks
VFMV: Stocks

Holdings

Only in SMLV355
In both34
Only in VFMV186

Only in SMLV

355 securities, 88.6% of SMLV by weight

Northwestern Energy Group In0.67%
Safety Insurance Group Inc0.67%
Horace Mann Educators0.62%
Mcgrath Rentcorp0.58%
Apple Hospitality Reit Inc0.57%
Selective Insurance Group0.57%
Community Trust Bancorp Inc0.48%
Msc Industrial Direct Co A0.48%
Spire Inc0.47%
Ashland Inc0.47%
New Jersey Resources Corp0.46%
Tfs Financial Corp0.46%
Tenable Holdings Inc0.45%
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%
Avista Corp0.43%
Brady Corporation Class A0.43%
Rlj Lodging Trust0.42%
Sunstone Hotel Investors Inc0.41%
Cnb Financial Corp/Pa0.41%
Sensient Technologies Corp0.41%
Kforce Inc0.41%
Landstar System Inc0.40%
Science Applications Inte0.40%
Cto Realty Growth Inc0.40%
Mgic Investment Corp0.40%
Great Southern Bancorp Inc0.40%
Cass Information Systems Inc0.40%
Cno Financial Group Inc0.39%
Rli Corp0.39%
Essent Group Ltd0.39%
Peoples Financial Services0.39%
Flowers Foods Inc0.39%
Origin Bancorp Inc0.39%
Home Bancshares Inc0.39%
Federated Hermes Inc0.39%
Graham Holdings Co Class B0.38%
Towne Bank0.38%
Alerus Financial Corp0.38%
Fti Consulting Inc0.38%
Trustco Bank Corp Ny0.38%
Choice Hotels Intl Inc0.38%
Vail Resorts Inc0.38%
Wendy’s Co/The0.37%

Only in VFMV

186 securities, 88.9% of VFMV by weight

Analog Devices Inc1.65%
Texas Instruments Inc1.63%
Microsoft Corp1.59%
ExxonMobil Holdings Corp1.58%
Johnson & Johnson1.57%
Chevron Corp1.55%
Apple Inc1.55%
Costco Wholesale Corp1.52%
Berkshire Hathaway Inc1.47%
Coca-Cola Co/The1.46%
Cirrus Logic Inc1.43%
NVIDIA Corp1.42%
Astera Labs Inc1.37%
Cisco Systems Inc1.35%
AT&T Inc1.34%
Royalty Pharma PLC1.34%
Southern Co/The1.33%
Verizon Communications Inc1.31%
Merck & Co Inc1.29%
Ross Stores Inc1.26%
AMETEK Inc1.23%
Cardinal Health Inc1.22%
Loews Corp1.21%
QUALCOMM Inc1.20%
Republic Services Inc1.16%
Chubb Ltd1.15%
Meta Platforms Inc1.08%
Alphabet Inc1.07%
TJX Cos Inc/The1.05%
Duke Energy Corp1.01%
Roper Technologies Inc1.00%
General Dynamics Corp1.00%
Monster Beverage Corp0.99%
Skyworks Solutions Inc0.99%
Waste Management Inc0.97%
Lam Research Corp0.94%
Cintas Corp0.93%
Ensign Group Inc/The0.90%
CME Group Inc0.89%
EOG Resources Inc0.87%
HP Inc0.86%
Autodesk Inc0.83%
Hilton Worldwide Holdings Inc0.82%
Altria Group Inc0.78%
Church & Dwight Co Inc0.73%
Motorola Solutions Inc0.73%
Realty Income Corp0.73%
Quest Diagnostics Inc0.71%
Walmart Inc0.71%
Broadcom Inc0.69%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in SMLV and VFMV, widest gap first
Holding	Gap	SMLV	VFMV
Diebold Nixdorf IncDBD	VFMV +0.75 points	0.09%	0.84%
Atlanta Braves Holdings In CBATRK	VFMV +0.55 points	0.54%	1.09%
Ltc Properties IncLTC	VFMV +0.52 points	0.50%	1.02%
City Holding CoCHCO	SMLV +0.52 points	0.64%	0.12%
Alarm.com Holdings IncALRM	VFMV +0.50 points	0.28%	0.78%
Nve CorpNVEC	VFMV +0.47 points	0.15%	0.62%
Chemed CorpCHE	SMLV +0.45 points	0.57%	0.12%
German American BancorpGABC	SMLV +0.34 points	0.43%	0.09%
Box Inc Class ABOX	VFMV +0.32 points	0.29%	0.61%
White Mountains Insurance GpWTM	SMLV +0.31 points	0.47%	0.16%
Qualys IncQLYS	VFMV +0.31 points	0.32%	0.63%
Postal Realty Trust Inc APSTL	SMLV +0.30 points	0.41%	0.11%
Bank of N.t. Butterfield+sonNTB	SMLV +0.24 points	0.34%	0.10%
Orrstown Finl Services IncORRF	SMLV +0.23 points	0.32%	0.09%
Aci Worldwide IncACIW	VFMV +0.23 points	0.21%	0.44%
Prestige Consumer HealthcarePBH	SMLV +0.22 points	0.24%	0.02%
Knowles CorpKN	SMLV +0.21 points	0.22%	0.01%
Healthstream IncHSTM	SMLV +0.19 points	0.38%	0.19%
Workiva IncWK	VFMV +0.19 points	0.18%	0.37%
Innoviva IncINVA	VFMV +0.19 points	0.20%	0.39%
Accel Entertainment IncACEL	SMLV +0.18 points	0.20%	0.02%
Ooma IncOOMA	VFMV +0.18 points	0.16%	0.34%
Ennis IncEBF	SMLV +0.17 points	0.32%	0.15%
Coastal South Bancshares IncCOSO	SMLV +0.15 points	0.18%	0.03%
National Healthcare CorpNHC	SMLV +0.15 points	0.29%	0.14%
Rex American Resources CorpREX	SMLV +0.14 points	0.16%	0.02%
Power Integrations IncPOWI	SMLV +0.11 points	0.13%	0.02%
Phillips Edison & Company InPECO	SMLV +0.10 points	0.63%	0.53%
Four Corners Property TrustFCPT	SMLV +0.08 points	0.46%	0.38%
Daily Journal CorpDJCO	VFMV +0.06 points	0.22%	0.28%
People IncPPLI	SMLV +0.06 points	0.16%	0.10%
Yelp IncYELP	SMLV +0.05 points	0.18%	0.13%
American States Water CoAWR	SMLV +0.06 points	0.62%	0.56%
Getty Realty CorpGTY	SMLV +0.04 points	0.36%	0.32%

All 389 SMLV holdings⁠All 218 VFMV 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 VFMV Cost

Overpaying VFMV vs SMLV

$206

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

SMLV 0.12%
$2,520
VFMV 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

SMLV 0.12%
VFMV 0.13%
Overpaying

Year by year

Year	SMLV	VFMV	Overpaying
10	$220	$238	$18
20	$859	$930	$71
30	$2,520	$2,726	$206

Expense ratio

0.12%SMLV, cheaper
0.13%VFMV

SMLV0.12%VFMV0.13%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

SMLV 2nd cheapest of 16 funds

VFMV 4th cheapest of 16 funds

SMLV vs VFMV Dividends

Last 12 months to Nov 5, 2026

Yield (12M): SMLV 2.33%, better; VFMV 1.58%
Payout (12M): SMLV $3.63; VFMV $2.30
Last payment: SMLV $0.97; VFMV $0.34
Ex-dividend: SMLV Sep 21, 2026; VFMV Sep 23, 2026
Paid on: SMLV Sep 23, 2026; VFMV Sep 25, 2026
Frequency: SMLV Quarterly; VFMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLVQuarterly · 39 paymentsAll SMLV payments⁠

VFMVQuarterly · 34 paymentsAll VFMV payments⁠

SMLV vs VFMV Risk

Fall from peak · 5 years

SMLV
VFMV

Risk facts

VolatilityStd dev, 3 years: SMLV 17.2%VFMV 9.8%, better
Return per unit of riskSharpe ratio, 3 years: SMLV 0.94VFMV 1.26, better
Worst fallMax drawdown, 5 years: SMLV −20.4%VFMV −15.4%, better
Market sensitivityBeta, 5 years: SMLV 0.80VFMV 0.55; Market = 1

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