USMV vs VSMV: Grades, Fees and Holdings Compared

iShares MSCI USA Min Vol Factor ETF

USMVACboe

VictoryShares US Multi-Factor Minimum Volatility ETF

VSMVDNasdaq

Overlap

18.9%by weight

Expense ratio

USMV −0.20pt a year

USMV0.15%VSMV0.35%

Avg volume · 30D

USMV 410.8×the volume

USMV1.97MVSMV4.81K

5Y return · a year

VSMV +3.1pt

USMV+7.5%VSMV+10.6%

USMV vs VSMV Performance

Nov 9, 2021 – Nov 9, 2026

+43.6%USMV+65.8%VSMV

Expense ratio: USMV 0.15%, better; VSMV 0.35%
Fund size: USMV $23.7B; VSMV $163M
1Y total return: USMV +12.4%; VSMV +17.1%, better
Yield (12M): USMV 1.37%, better; VSMV 1.31%
Holdings: USMV 177; VSMV 62
Avg volume (30D): USMV 1.97M sh, better; VSMV 4.81K sh
NAV per share: USMV $101.26; VSMV $60.54
52W range

ETF.net Grade

Pillar letters and Scores for USMV, VSMV, with each pillar’s weight
Pillar	USMV	VSMV
Cost30% weight	A70Higher	F7
Mission25% weight	A85Higher	A71
Risk15% weight	B60	B69Higher
Tradability15% weight	A85Higher	C41
Holdings10% weight	B55Higher	D26
Durability5% weight	A87Higher	F18

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. USMV and VSMV 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 VSMV 16th 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 75
Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 73
Rank 4BSMLVState Street SPDR US Small Cap Low Volatility Index ETFScore 69
Rank 15CQQLVInvesco QQQ Low Volatility ETFScore 40
Rank 16DVSMVVictoryShares US Multi-Factor Minimum Volatility ETFScore 39

Our read on each fund

ETF.net Research

USMVAiShares MSCI USA Min Vol Factor ETF

VSMVDVictoryShares US Multi-Factor 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.

VSMV Most minimum-volatility funds hand the whole market to a volatility optimizer. VSMV screens first, keeping stocks that rate well on earnings quality, momentum, profitability and valuation, then optimizes only those survivors for the smoothest ride.

Stated mandate

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

VSMV The Fund seeks to track the Nasdaq Victory US Multi-Factor Minimum Volatility Index before fees and expenses.

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.

VSMV Two-step build: a fundamental factor screen picks the roster, then weights are set by how the chosen stocks correlate with each other, inside sector and position constraints.vcm.com
Roughly 60 large- and mid-cap names, so the low-volatility tilt shows up in the portfolio instead of being diluted across hundreds of positions.vcm.com
Pays monthly, a cadence more common in bond funds than equity ones. The index reconstitutes semi-annually, so the roster is not churning every month.vcm.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.

VSMV 0.42% a year is roughly double the low-volatility category median, and several times what QLV (0.09%) or LGLV (0.12%) charge for a similar brief.
Small and thinly traded next to shelf giants like USMV, so bid-ask spreads can run wider and large orders move the price more.
Screening on fundamentals before optimizing means the holdings can look quite different from a plain minimum-volatility index in any given stretch.vcm.com

Full USMV profile⁠

Full VSMV profile⁠

USMV vs VSMV Holdings

How USMV and VSMV differ

Overlap by weight

18.9%

Shared holdings make up 74.2% of VSMV and 20.9% of USMV.

Level by level

Holdings31 in both18.9%
Sector11 Sectors81.3%
Countryby domicile96.8%
Asset classStocks100%

Sector

Sector weights in USMV and VSMV, widest gap first
Sector	Gap	USMV	VSMV
Utilities	USMV +7.0 points	7.0%	0.0%
Technology	VSMV +6.8 points	29.5%	36.3%
Financials	USMV +5.4 points	14.2%	8.8%
Industrials	VSMV +5.2 points	6.6%	11.8%
Energy	VSMV +4.7 points	3.9%	8.6%
Health Care	USMV +3.0 points	14.8%	11.8%
Real Estate	USMV +2.4 points	2.7%	0.3%
Consumer Staples	VSMV +1.7 points	10.4%	12.1%
Consumer Discretionary	USMV +0.9 points	5.2%	4.3%
Communication	VSMV +0.2 points	4.6%	4.8%
Materials	VSMV +0.2 points	1.1%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in USMV and VSMV, widest gap first
Country	Gap	USMV	VSMV
China	VSMV +2.5 points	0.6%	3.0%
Switzerland	USMV +1.6 points	1.6%	0.0%
Canada	USMV +1.3 points	1.3%	0.0%
United States	VSMV +0.8 points	96.2%	97.0%
Brazil	USMV +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

USMV15.4%
VSMV41.8%

Securities held

USMV174
VSMV61

Asset class

USMV: Stocks
VSMV: Stocks

Holdings

Only in USMV143
In both31
Only in VSMV30

Only in USMV

143 securities, 78.9% of USMV by weight

Microsoft1.64%
Berkshire Hathaway Inc Class B1.60%
Motorola Solutions Inc1.60%
Mckesson Corp1.60%
Chubb1.57%
Welltower1.55%
Merck & Co Inc1.44%
Vertex Pharmaceuticals1.44%
Duke Energy Corp1.44%
Amphenol Corp Class A1.43%
Waste Management Inc1.41%
Waste Connections1.38%
Southern1.37%
Coca-Cola1.36%
Consolidated Edison1.31%
Cencora1.30%
NVIDIA1.28%
Roper Technologies1.25%
Cisco Systems Inc1.15%
Visa Class A1.13%
Mcdonalds Corp1.10%
Accenture PLC Class A1.02%
Marsh0.96%
Colgate-Palmolive0.95%
Cme Group Class A0.94%
Yum Brands0.93%
Bank of New York Mellon Corp0.93%
Eli Lilly0.90%
Palantir Technologies Class A0.89%
Teledyne Technologies0.86%
Pepsico0.85%
Wec Energy Group0.84%
AbbVie0.81%
Monster Beverage0.80%
Walmart0.78%
Autozone0.77%
AT&T0.77%
Verisign0.76%
Abbott Laboratories0.76%
Servicenow0.75%
Broadcom Inc0.75%
Mondelez International Class A0.75%
Texas Instrument0.72%
Progressive0.72%
Oreilly Automotive Inc0.70%
Autodesk0.70%
Analog Devices0.69%
Ptc0.68%
Linde PLC0.67%
Keurig Dr Pepper Inc0.64%

Only in VSMV

30 securities, 25.6% of VSMV by weight

Altria Group Inc.3.32%
Bristol-Myers Squibb Co3.13%
Union Pacific Corp.2.45%
Kla Corp2.36%
Netapp Inc2.03%
Quest Diagnostics Inc.1.92%
Cf Industries Holdings1.14%
Medpace Holdings Inc1.03%
Godaddy Inc - Class A0.97%
New York Times Co/The0.70%
Parker Hannifin Corp.0.68%
Crown Holdings Inc.0.50%
Diamondback Energy Inc0.50%
Brinker International0.42%
Nordson Corp0.37%
Expeditors Int'l of Wash0.32%
Tetra Tech Inc0.30%
Paychex Inc.0.30%
Brown-Forman Corp. Class B0.29%
PayPal Holdings Inc0.28%
Host Hotels & Resorts Inc0.27%
L3HARRIS Technologies Inc0.27%
Jm Smucker Co0.27%
Illinois Tool Works Inc0.27%
Toro Co.0.27%
Apa Corp0.27%
Delta Air Lines Inc0.26%
Ovintiv Inc0.26%
Mueller Industries Inc.0.22%
Rockwell Automation Inc.0.21%

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in USMV and VSMV, widest gap first
Holding	Gap	USMV	VSMV
AppleAAPL	VSMV +9.39 points	0.97%	10.36%
IntuitINTU	VSMV +3.23 points	0.57%	3.80%
Lockheed MartinLMT	VSMV +2.68 points	0.81%	3.49%
QualcommQCOM	VSMV +2.63 points	0.05%	2.68%
Costco Wholesale CorpCOST	VSMV +2.57 points	0.55%	3.12%
Adobe IncADBE	VSMV +2.57 points	0.52%	3.09%
Travelers CompaniesTRV	VSMV +2.56 points	0.84%	3.40%
Johnson & JohnsonJNJ	VSMV +2.55 points	1.51%	4.06%
Te Connectivity PLCTEL	VSMV +2.45 points	0.54%	2.99%
Exxonmobil Holdings CorpXOM	VSMV +2.41 points	1.45%	3.86%
TjxTJX	VSMV +2.31 points	0.93%	3.24%
Hartford Insurance GroupHIG	VSMV +2.28 points	0.13%	2.41%
Lam ResearchLRCX	VSMV +2.08 points	0.09%	2.17%
SalesforceCRM	VSMV +2.01 points	1.00%	3.01%
Procter & GamblePG	VSMV +1.85 points	1.17%	3.02%
Cboe Global MarketsCBOE	VSMV +1.81 points	0.70%	2.51%
KrogerKR	VSMV +1.70 points	0.66%	2.36%
ConocophillipsCOP	VSMV +1.30 points	0.62%	1.92%
Verizon Communications IncVZ	VSMV +1.28 points	1.33%	2.61%
SandiskSNDK	VSMV +1.26 points	0.08%	1.34%
Republic Services IncRSG	VSMV +1.19 points	1.40%	2.59%
Mastercard Class AMA	USMV +1.11 points	1.40%	0.29%
Hca HealthcareHCA	VSMV +0.87 points	0.18%	1.05%
T Mobile Us IncTMUS	VSMV +0.75 points	0.91%	1.66%
ChevronCVX	VSMV +0.73 points	0.61%	1.34%
Gilead SciencesGILD	USMV +0.69 points	0.97%	0.28%
CignaCI	VSMV +0.32 points	0.17%	0.50%
Automatic Data Processing IncADP	VSMV +0.21 points	0.08%	0.29%
Phillips 66PSX	VSMV +0.18 points	0.11%	0.29%
NewmontNEM	USMV +0.16 points	0.42%	0.26%
Marathon PetroleumMPC	VSMV +0.12 points	0.11%	0.23%

All 174 USMV holdings⁠All 63 VSMV 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 VSMV Cost

Overpaying VSMV vs USMV

$3,989

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

USMV 0.15%
$3,137
VSMV 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

USMV 0.15%
VSMV 0.35%
Overpaying

Year by year

Year	USMV	VSMV	Overpaying
10	$274	$634	$360
20	$1,071	$2,454	$1,383
30	$3,137	$7,126	$3,989

Expense ratio

0.15%USMV, cheaper
0.35%VSMV

USMV0.15%VSMV0.35%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

USMV 5th cheapest of 16 funds

VSMV 14th cheapest of 16 funds

USMV vs VSMV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): USMV 1.37%, better; VSMV 1.31%
Payout (12M): USMV $1.41; VSMV $0.81
Last payment: USMV $0.33; VSMV $0.03
Ex-dividend: USMV Sep 15, 2026; VSMV Nov 6, 2026
Paid on: USMV Sep 18, 2026; VSMV Nov 9, 2026
Frequency: USMV Quarterly; VSMV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

USMVQuarterly · 15 paymentsAll USMV payments⁠

VSMVMonthly · 47 paymentsAll VSMV payments⁠

USMV vs VSMV Risk

Fall from peak · 5 years

USMV
VSMV

Risk facts

VolatilityStd dev, 3 years: USMV 9.9%VSMV 9.4%, better
Return per unit of riskSharpe ratio, 3 years: USMV 0.99VSMV 1.41, better
Worst fallMax drawdown, 5 years: USMV −17.9%, betterVSMV −18.0%
Market sensitivityBeta, 5 years: USMV 0.48VSMV 0.56; Market = 1

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