Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
IWM vs USMV: how they differ
IWM and USMV hold 0% of their weight in the same names, and IWM returned more over the year.
iShares Russell 2000 ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, IWM and USMV hold 0% of their money in the same securities at the same weight.
| Only in IWM | Only in USMV |
|---|---|
| Moog, Inc. 0.38% | CISCO SYSTEMS, INC. 1.81% |
| Hut 8 Corp. 0.37% | NVIDIA CORPORATION 1.64% |
| Viasat, Inc. 0.35% | EXXON MOBIL CORPORATION 1.60% |
| BrightSpring Health Services, Inc. 0.35% | MICROSOFT CORPORATION 1.56% |
| Cytokinetics, Inc. 0.35% | DUKE ENERGY CORPORATION 1.55% |
| MaxLinear, Inc. 0.34% | THE SOUTHERN COMPANY 1.53% |
| Argan, Inc. 0.34% | AMPHENOL CORPORATION 1.51% |
| UMB Financial Corp. 0.33% | Chubb Limited 1.50% |
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.
| IWM iShares Russell 2000 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 2000 | MSCI USA Min Vol Factor |
| Total return, 1 year | +21.2% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +3.7 pts | −10.9 pts |
| Expense ratio | 0.19% | 0.15% |
| Already in the S&P 500 | 0.0% | 94.8% |
| Holdings | 2014 | 170 |
IWM in plain words
IWM is an index equity fund tracking the Russell 2000. Over the year to Sep 11, 2026 it returned +21.2% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.19% a year. By its holdings filed for Jun 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2014 positions, with the top ten at 3.4%. It sat 5.3% below its high of Aug 14, 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, IWM or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, IWM returned +21.2% and USMV returned +6.6%, so IWM returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, IWM or USMV?
- IWM charges 0.19% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do IWM and USMV overlap with the S&P 500?
- By their latest filed holdings, 0% of IWM and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 0% 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, IWM against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/IWM-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources