Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
FNDX vs USMV: how they differ
FNDX and USMV hold 29% of their weight in the same names, and FNDX returned more over the year.
Schwab Fundamental U.S. Large Company ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, FNDX and USMV hold 29% of their money in the same securities at the same weight.
| Holding | FNDX | USMV |
|---|---|---|
| Exxon Mobil Corp | 2.29% | 1.60% |
| Microsoft Corp | 2.33% | 1.56% |
| Berkshire Hathaway Inc | 1.41% | 1.42% |
| Verizon Communications Inc | 0.99% | 1.49% |
| Johnson & Johnson | 0.97% | 1.44% |
| Cisco Systems Inc | 0.90% | 1.81% |
| Walmart Inc | 1.01% | 0.88% |
| Apple Inc | 4.64% | 0.82% |
| AT&T Inc | 0.81% | 0.99% |
| Merck & Co Inc | 0.68% | 1.18% |
| Procter & Gamble Co/The | 0.66% | 1.11% |
| NVIDIA Corp | 0.55% | 1.64% |
| Only in FNDX | Only in USMV |
|---|---|
| Intel Corp 2.57% | Chubb Limited 1.50% |
| Alphabet Inc 2.38% | WASTE CONNECTIONS, INC. 1.28% |
| JPMorgan Chase & Co 1.38% | VERISIGN, INC. 0.77% |
| CVS Health Corp 0.91% | ACCENTURE PUBLIC LIMITED COMPANY 0.75% |
| Bank of America Corp 0.87% | LINDE PUBLIC LIMITED COMPANY 0.69% |
| Citigroup Inc 0.85% | TE CONNECTIVITY PUBLIC LIMITED COMPANY 0.59% |
| General Motors Co 0.74% | LIBERTY MEDIA CORP - FORMULA ONE GROUP 0.57% |
| Valero Energy Corp 0.71% | PTC INC. 0.55% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and May 31, 2026.
| FNDX Schwab Fundamental U.S. Large Company ETF | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | Schwab | iShares |
| What it is | Fundamental U.S. Large Company | MSCI USA Min Vol Factor |
| Total return, 1 year | +26.1% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +8.6 pts | −10.9 pts |
| Expense ratio | 0.25% | 0.15% |
| Already in the S&P 500 | 91.2% | 94.8% |
| Holdings | 733 | 170 |
FNDX in plain words
FNDX is an index equity fund tracking the Fundamental U.S. Large Company. Over the year to Sep 11, 2026 it returned +26.1% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.25% a year. By its holdings filed for May 31, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 733 positions, with the top ten at 22.5%.
USMV in plain words
USMV is an index equity fund tracking the MSCI USA Min Vol Factor. Over the year to Sep 11, 2026 it returned +6.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.15% a year. By its holdings filed for Apr 30, 2026, 95% of the fund by weight is stocks the S&P 500 also holds, across 170 positions, with the top ten at 15.7%.
Questions people ask
- Which returned more over the last year, FNDX or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, FNDX returned +26.1% and USMV returned +6.6%, so FNDX returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, FNDX or USMV?
- FNDX charges 0.25% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do FNDX and USMV overlap with the S&P 500?
- By their latest filed holdings, 91% of FNDX and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 29% of their books are the same securities at the same weight.
Other comparisons
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FNDX against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/FNDX-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources