Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
IWO vs USMV: how they differ
IWO and USMV hold 0% of their weight in the same names, and IWO returned more over the year.
iShares Russell 2000 Growth ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, IWO and USMV hold 0% of their money in the same securities at the same weight.
| Only in IWO | Only in USMV |
|---|---|
| Moog, Inc. 0.73% | CISCO SYSTEMS, INC. 1.81% |
| BrightSpring Health Services, Inc. 0.68% | NVIDIA CORPORATION 1.64% |
| MaxLinear, Inc. 0.67% | EXXON MOBIL CORPORATION 1.60% |
| Argan, Inc. 0.66% | MICROSOFT CORPORATION 1.56% |
| JFrog Ltd. 0.60% | DUKE ENERGY CORPORATION 1.55% |
| Krystal Biotech, Inc. 0.58% | THE SOUTHERN COMPANY 1.53% |
| ESCO Technologies, Inc. 0.56% | AMPHENOL CORPORATION 1.51% |
| FirstCash Holdings, Inc. 0.54% | 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.
| IWO iShares Russell 2000 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 2000 Growth | MSCI USA Min Vol Factor |
| Total return, 1 year | +17.0% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | −0.5 pts | −10.9 pts |
| Expense ratio | 0.24% | 0.15% |
| Already in the S&P 500 | 0.0% | 94.8% |
| Holdings | 1133 | 170 |
IWO in plain words
IWO is an index equity fund tracking the Russell 2000 Growth. Over the year to Sep 11, 2026 it returned +17.0% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.24% 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 1133 positions, with the top ten at 6.1%. It sat 7.1% 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, IWO or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, IWO returned +17.0% and USMV returned +6.6%, so IWO returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, IWO or USMV?
- IWO charges 0.24% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do IWO and USMV overlap with the S&P 500?
- By their latest filed holdings, 0% of IWO 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.
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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, IWO against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/IWO-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources