Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
IWF vs USMV: how they differ
IWF and USMV hold 19% of their weight in the same names.
iShares Russell 1000 Growth ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, IWF and USMV hold 19% of their money in the same securities at the same weight.
| Holding | IWF | USMV |
|---|---|---|
| NVIDIA CORPORATION | 13.85% | 1.64% |
| MICROSOFT CORPORATION | 4.11% | 1.56% |
| MASTERCARD INCORPORATED | 1.23% | 1.15% |
| VISA INC. | 1.68% | 0.94% |
| APPLE INC. | 6.72% | 0.82% |
| TEXAS INSTRUMENTS INCORPORATED | 0.80% | 0.78% |
| ELI LILLY AND COMPANY | 2.84% | 0.66% |
| AMPHENOL CORPORATION | 0.64% | 1.51% |
| CORNING INCORPORATED | 0.60% | 0.68% |
| ADVANCED MICRO DEVICES, INC. | 2.80% | 0.53% |
| PALO ALTO NETWORKS, INC. | 0.82% | 0.53% |
| ARISTA NETWORKS, INC. | 0.53% | 0.52% |
| Only in IWF | Only in USMV |
|---|---|
| ALPHABET INC. 6.18% | CISCO SYSTEMS, INC. 1.81% |
| TESLA, INC. 3.65% | EXXON MOBIL CORPORATION 1.60% |
| LAM RESEARCH CORPORATION 1.61% | DUKE ENERGY CORPORATION 1.55% |
| CATERPILLAR INC. 1.44% | THE SOUTHERN COMPANY 1.53% |
| KLA CORPORATION 1.17% | Chubb Limited 1.50% |
| GENERAL ELECTRIC COMPANY 1.15% | VERIZON COMMUNICATIONS INC. 1.49% |
| SANDISK CORPORATION 0.98% | JOHNSON & JOHNSON 1.44% |
| WESTERN DIGITAL CORPORATION 0.64% | BERKSHIRE HATHAWAY INC. 1.42% |
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 Jun 30, 2026.
| IWF iShares Russell 1000 Growth ETF | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | iShares | iShares |
| What it is | Russell 1000 growth | MSCI USA Min Vol Factor |
| Total return, 1 year | +7.0% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | −10.5 pts | −10.9 pts |
| Expense ratio | 0.18% | 0.15% |
| Already in the S&P 500 | 93.6% | 94.8% |
| Holdings | 368 | 170 |
IWF in plain words
IWF is an index equity fund tracking the Russell 1000 growth. Over the year to Sep 11, 2026 it returned +7.0% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.18% a year. By its holdings filed for Jun 30, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 368 positions, with the top ten at 54.4%. It sat 5.0% below its high of Jun 1, 2026 on Sep 11, 2026.
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, IWF or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, IWF returned +7.0% and USMV returned +6.6%, so IWF returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, IWF or USMV?
- IWF charges 0.18% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do IWF and USMV overlap with the S&P 500?
- By their latest filed holdings, 94% of IWF and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 19% 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, IWF against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/IWF-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources