USMV vs VFMV: Grades, Fees and Holdings Compared

iShares MSCI USA Min Vol Factor ETF

USMVACboe

Vanguard U.S. Minimum Volatility ETF

VFMVBCboe

Overlap

41.9%by weight

Expense ratio

VFMV −0.02pt a year

USMV0.15%VFMV0.13%

Avg volume · 30D

USMV 126.0×the volume

USMV1.92MVFMV15.2K

5Y return · a year

VFMV +1.9pt

USMV+7.3%VFMV+9.2%

USMV vs VFMV Performance

Nov 5, 2021 – Nov 5, 2026

+41.9%USMV+55.4%VFMV

Expense ratio: USMV 0.15%; VFMV 0.13%, better
Fund size: USMV $24.5B; VFMV $460M
1Y total return: USMV +11.1%; VFMV +14.8%, better
Yield (12M): USMV 1.39%; VFMV 1.58%, better
Holdings: USMV 177; VFMV 222
Avg volume (30D): USMV 1.92M sh, better; VFMV 15.2K sh
NAV per share: USMV $104.44; VFMV $149.97
52W range

ETF.net Grade

Pillar letters and Scores for USMV, VFMV, with each pillar’s weight
Pillar	USMV	VFMV
Cost30% weight	A70	A80Higher
Mission25% weight	A84Higher	F19
Risk15% weight	B63	A81Higher
Tradability15% weight	A91Higher	C40
Holdings10% weight	B56Higher	B55
Durability5% weight	A87Higher	B62

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. USMV 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 ›

USMV ranks 3rd 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 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

USMVAiShares MSCI USA Min Vol Factor ETF

VFMVBVanguard U.S. Minimum Volatility ETF

In short

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.

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

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

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

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.

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

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.

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 USMV profile⁠

Full VFMV profile⁠

USMV vs VFMV Holdings

How USMV and VFMV differ

Overlap by weight

41.9%

Shared holdings make up 60.6% of USMV and 59.4% of VFMV.

Level by level

Holdings82 in both41.9%
Sector11 Sectors88.8%
Countryby domicile96.2%
Asset classStocks100%

Sector

Sector weights in USMV and VFMV, widest gap first
Sector	Gap	USMV	VFMV
Communication	VFMV +6.1 points	4.2%	10.3%
Financials	USMV +5.3 points	13.3%	8.0%
Real Estate	VFMV +2.5 points	2.4%	4.9%
Energy	VFMV +2.0 points	4.2%	6.2%
Health Care	USMV +1.7 points	14.2%	12.5%
Consumer Staples	USMV +1.3 points	9.8%	8.5%
Technology	USMV +1.1 points	32.9%	31.8%
Materials	USMV +1.1 points	1.1%	0.0%
Industrials	VFMV +0.7 points	6.4%	7.1%
Utilities	USMV +0.4 points	6.6%	6.2%
Consumer Discretionary	USMV +0.4 points	4.9%	4.5%

Country, concentration and asset class

Country by domicile

Country weights in USMV and VFMV, widest gap first
Country	Gap	USMV	VFMV
United States	VFMV +3.8 points	96.2%	100.0%
Switzerland	USMV +1.6 points	1.6%	0.0%
Canada	USMV +1.3 points	1.3%	0.0%
China	USMV +0.6 points	0.6%	0.0%
Brazil	USMV +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

USMV15.2%
VFMV15.6%

Securities held

USMV174
VFMV220

Asset class

USMV: Stocks
VFMV: Stocks

Holdings

Only in USMV92
In both82
Only in VFMV138

Only in USMV

92 securities, 39.2% of USMV by weight

Amphenol Corp Class A1.47%
Vertex Pharmaceuticals1.40%
Waste Connections1.35%
Salesforce1.03%
Accenture PLC Class A1.00%
Gilead Sciences0.99%
Colgate-Palmolive0.94%
Yum Brands0.93%
Bank of New York Mellon Corp0.93%
Palantir Technologies Class A0.92%
Eli Lilly0.91%
Pepsico0.83%
Servicenow0.78%
Autozone0.77%
Progressive0.72%
Cboe Global Markets0.67%
Advanced Micro Devices0.67%
Linde PLC0.66%
Kroger0.65%
Palo Alto Networks0.63%
Keurig Dr Pepper Inc0.62%
Philip Morris International0.60%
Conocophillips0.60%
Micron Technology0.59%
Intuit0.58%
Allstate Corp0.57%
Workday Class A0.57%
Te Connectivity PLC0.56%
Adobe Inc0.52%
Centene Corp0.51%
Ge Vernova0.50%
First Citizens Bancshares Class A0.50%
Arista Networks0.49%
Xcel Energy Inc0.48%
Liberty Media Series C0.48%
Snowflake0.47%
Neurocrine Biosciences0.46%
Incyte Corp0.45%
Cloudflare Class A0.44%
F50.44%
Cognizant Technology Solutions Cla0.44%
Aon PLC Class A0.43%
Newmont0.40%
UnitedHealth Group0.40%
Amgen Inc0.39%
Arthur J Gallagher0.37%
Alnylam Pharmaceuticals0.35%
Synopsys0.35%
Mercadolibre0.33%
Elevance Health Inc0.31%

Only in VFMV

138 securities, 40.3% of VFMV by weight

Cirrus Logic Inc1.43%
Royalty Pharma PLC1.34%
Ross Stores Inc1.26%
AMETEK Inc1.23%
Atlanta Braves Holdings Inc1.09%
LTC Properties Inc1.02%
Skyworks Solutions Inc0.99%
Cintas Corp0.93%
Ensign Group Inc/The0.90%
HP Inc0.86%
Diebold Nixdorf Inc0.84%
Hilton Worldwide Holdings Inc0.82%
Alarm.com Holdings Inc0.78%
Altria Group Inc0.78%
Quest Diagnostics Inc0.71%
News Corp0.65%
Qualys Inc0.63%
NVE Corp0.62%
Trimble Inc0.61%
Box Inc0.61%
Dolby Laboratories Inc0.60%
Markel Group Inc0.59%
American States Water Co0.56%
NetApp Inc0.56%
Phillips Edison & Co Inc0.53%
Cargurus Inc0.51%
Kinder Morgan Inc0.50%
Encompass Health Corp0.50%
Ingredion Inc0.49%
IDT Corp0.46%
CenterPoint Energy Inc0.45%
Simon Property Group Inc0.45%
Agree Realty Corp0.44%
ACI Worldwide Inc0.44%
FirstEnergy Corp0.42%
Grindr Inc0.41%
Becton Dickinson & Co0.40%
Universal Display Corp0.39%
Innoviva Inc0.39%
Four Corners Property Trust Inc0.38%
Atlanta Braves Holdings Inc0.38%
Fox Corp0.37%
Workiva Inc. Class A0.37%
eBay Inc0.37%
Dell Technologies Inc0.36%
New York Times Co/The0.35%
Ooma Inc0.34%
Getty Realty Corp0.32%
Match Group Inc0.32%
Del Monte Corp0.31%

Weight gaps

All 82 Holdings in both funds, largest gap first.

Holding weights in USMV and VFMV, widest gap first
Holding	Gap	USMV	VFMV
WelltowerWELL	USMV +1.45 points	1.52%	0.07%
Mastercard Class AMA	USMV +1.32 points	1.40%	0.08%
Astera LabsALAB	VFMV +1.26 points	0.11%	1.37%
QualcommQCOM	VFMV +1.15 points	0.05%	1.20%
Cardinal HealthCAH	VFMV +1.12 points	0.10%	1.22%
CencoraCOR	USMV +1.11 points	1.34%	0.23%
Visa Class AV	USMV +1.10 points	1.13%	0.03%
Consolidated EdisonED	USMV +1.10 points	1.29%	0.19%
Meta Platforms Class AMETA	VFMV +1.00 points	0.08%	1.08%
Costco Wholesale CorpCOST	VFMV +0.99 points	0.53%	1.52%
Mckesson CorpMCK	USMV +0.99 points	1.56%	0.57%
Mcdonalds CorpMCD	USMV +0.97 points	1.08%	0.11%
ChevronCVX	VFMV +0.95 points	0.60%	1.55%
General Dynamics CorpGD	VFMV +0.94 points	0.06%	1.00%
Analog DevicesADI	VFMV +0.91 points	0.74%	1.65%
LoewsL	VFMV +0.87 points	0.34%	1.21%
Texas InstrumentTXN	VFMV +0.85 points	0.78%	1.63%
Lam ResearchLRCX	VFMV +0.84 points	0.10%	0.94%
Motorola Solutions IncMSI	USMV +0.77 points	1.50%	0.73%
Alphabet Class CGOOG	VFMV +0.76 points	0.31%	1.07%
Travelers CompaniesTRV	USMV +0.75 points	0.85%	0.10%
VerisignVRSN	USMV +0.74 points	0.76%	0.02%
Lockheed MartinLMT	USMV +0.72 points	0.83%	0.11%
Eog ResourcesEOG	VFMV +0.70 points	0.17%	0.87%
Wec Energy GroupWEC	USMV +0.61 points	0.83%	0.22%
MarshMRSH	USMV +0.59 points	0.95%	0.36%
AppleAAPL	VFMV +0.59 points	0.96%	1.55%
AT&TT	VFMV +0.59 points	0.75%	1.34%
T Mobile Us IncTMUS	USMV +0.57 points	0.86%	0.29%
AbbVieABBV	USMV +0.54 points	0.80%	0.26%
Cheniere EnergyLNG	VFMV +0.46 points	0.21%	0.67%
Procter & GamblePG	USMV +0.45 points	1.14%	0.69%
Northrop Grumman CorpNOC	USMV +0.44 points	0.48%	0.04%
Ventas ReitVTR	VFMV +0.41 points	0.16%	0.57%
Waste Management IncWM	USMV +0.41 points	1.38%	0.97%
ChubbCB	USMV +0.41 points	1.56%	1.15%
Duke Energy CorpDUK	USMV +0.40 points	1.41%	1.01%
Teledyne TechnologiesTDY	USMV +0.40 points	0.85%	0.45%
Monolithic Power Systems IncMPWR	VFMV +0.36 points	0.22%	0.58%
RtxRTX	VFMV +0.32 points	0.13%	0.45%
WilliamsWMB	USMV +0.31 points	0.39%	0.08%
Abbott LaboratoriesABT	USMV +0.30 points	0.77%	0.47%
Medtronic PLCMDT	VFMV +0.26 points	0.15%	0.41%
Intercontinental Exchange IncICE	USMV +0.26 points	0.28%	0.02%
Roper TechnologiesROP	USMV +0.25 points	1.25%	1.00%
FortinetFTNT	USMV +0.24 points	0.61%	0.37%
American Electric Power IncAEP	VFMV +0.21 points	0.47%	0.68%
Keysight TechnologiesKEYS	VFMV +0.21 points	0.04%	0.25%
AmerenAEE	USMV +0.20 points	0.27%	0.07%
Republic Services IncRSG	USMV +0.19 points	1.35%	1.16%
Mondelez International Class AMDLZ	USMV +0.17 points	0.74%	0.57%
Oreilly Automotive IncORLY	USMV +0.16 points	0.70%	0.54%
Monster BeverageMNST	VFMV +0.16 points	0.83%	0.99%
Exxonmobil Holdings CorpXOM	VFMV +0.15 points	1.43%	1.58%
Merck & Co IncMRK	USMV +0.14 points	1.43%	1.29%
Willis Towers WatsonWTW	VFMV +0.14 points	0.37%	0.51%
AutodeskADSK	VFMV +0.13 points	0.70%	0.83%
Coca-ColaKO	VFMV +0.14 points	1.32%	1.46%
Applied Material IncAMAT	VFMV +0.13 points	0.44%	0.57%
Realty Income ReitO	VFMV +0.13 points	0.60%	0.73%
Church and Dwight IncCHD	VFMV +0.11 points	0.62%	0.73%
Cisco Systems IncCSCO	VFMV +0.11 points	1.24%	1.35%
Broadcom IncAVGO	USMV +0.11 points	0.80%	0.69%
Berkshire Hathaway Inc Class BBRK.B	USMV +0.11 points	1.58%	1.47%
American Water WorksAWK	VFMV +0.10 points	0.06%	0.16%
Johnson & JohnsonJNJ	VFMV +0.11 points	1.46%	1.57%
NVIDIANVDA	VFMV +0.09 points	1.33%	1.42%
Amazon.com IncAMZN	USMV +0.08 points	0.13%	0.05%
TjxTJX	VFMV +0.08 points	0.97%	1.05%
MicrosoftMSFT	USMV +0.07 points	1.66%	1.59%
TeradyneTER	VFMV +0.07 points	0.09%	0.16%
Phillips 66PSX	VFMV +0.07 points	0.11%	0.18%
WalmartWMT	USMV +0.07 points	0.78%	0.71%
United TherapeuticsUTHR	USMV +0.05 points	0.45%	0.40%
International Business Machines CoIBM	USMV +0.04 points	0.42%	0.38%
Atmos EnergyATO	USMV +0.04 points	0.06%	0.02%
Cms EnergyCMS	VFMV +0.02 points	0.18%	0.20%
Cme Group Class ACME	USMV +0.03 points	0.92%	0.89%
PtcPTC	USMV +0.03 points	0.66%	0.63%
First SolarFSLR	VFMV +0.02 points	0.33%	0.35%
SouthernSO	USMV +0.01 points	1.34%	1.33%
Verizon Communications IncVZ	VFMV +0.01 points	1.30%	1.31%

All 174 USMV 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.

USMV vs VFMV Cost

Overpaying USMV vs VFMV

$411

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

USMV 0.15%
$3,137
VFMV 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

USMV 0.15%
VFMV 0.13%
Overpaying

Year by year

Year	USMV	VFMV	Overpaying
10	$274	$238	$36
20	$1,071	$930	$141
30	$3,137	$2,726	$411

Expense ratio

0.15%USMV
0.13%VFMV, cheaper

VFMV0.13%USMV0.15%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

VFMV 4th cheapest of 16 funds

USMV 5th cheapest of 16 funds

USMV vs VFMV Dividends

Last 12 months to Nov 5, 2026

Yield (12M): USMV 1.39%; VFMV 1.58%, better
Payout (12M): USMV $1.41; VFMV $2.30
Last payment: USMV $0.33; VFMV $0.34
Ex-dividend: USMV Sep 15, 2026; VFMV Sep 23, 2026
Paid on: USMV Sep 18, 2026; VFMV Sep 25, 2026
Frequency: USMV Quarterly; VFMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

USMVQuarterly · 40 paymentsAll USMV payments⁠

VFMVQuarterly · 34 paymentsAll VFMV payments⁠

USMV vs VFMV Risk

Fall from peak · 5 years

USMV
VFMV

Risk facts

VolatilityStd dev, 3 years: USMV 9.9%VFMV 9.8%, better
Return per unit of riskSharpe ratio, 3 years: USMV 0.99VFMV 1.26, better
Worst fallMax drawdown, 5 years: USMV −17.9%VFMV −15.4%, better
Market sensitivityBeta, 5 years: USMV 0.48VFMV 0.55; Market = 1

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