Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
SPY vs USMV: how they differ
SPY and USMV hold 32% of their weight in the same names, and SPY returned more over the year.
SPDR S&P 500 ETF Trust and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, SPY and USMV hold 32% of their money in the same securities at the same weight.
| Holding | SPY | USMV |
|---|---|---|
| NVIDIA Corp. | 7.52% | 1.64% |
| Microsoft Corp. | 4.30% | 1.56% |
| Berkshire Hathaway, Inc. | 1.42% | 1.42% |
| Johnson & Johnson | 0.95% | 1.44% |
| Visa, Inc. | 0.88% | 0.94% |
| Exxon Mobil Corp. | 0.88% | 1.60% |
| Apple, Inc. | 6.59% | 0.82% |
| Walmart, Inc. | 0.77% | 0.88% |
| Cisco Systems, Inc. | 0.72% | 1.81% |
| Eli Lilly & Co. | 1.47% | 0.66% |
| Mastercard, Inc. | 0.64% | 1.15% |
| AbbVie, Inc. | 0.69% | 0.63% |
| Only in SPY | Only in USMV |
|---|---|
| Alphabet, Inc. 3.25% | Chubb Limited 1.50% |
| Tesla, Inc. 1.84% | WASTE CONNECTIONS, INC. 1.28% |
| JPMorgan Chase & Co. 1.36% | ACCENTURE PUBLIC LIMITED COMPANY 0.75% |
| Intel Corp. 1.02% | LINDE PUBLIC LIMITED COMPANY 0.69% |
| Lam Research Corp. 0.84% | TE CONNECTIVITY PUBLIC LIMITED COMPANY 0.59% |
| Caterpillar, Inc. 0.76% | LIBERTY MEDIA CORP - FORMULA ONE GROUP 0.57% |
| KLA Corp. 0.61% | SUN COMMUNITIES, INC. 0.54% |
| GE Aerospace 0.60% | ARCH CAPITAL GROUP LTD. 0.50% |
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.
| SPY SPDR S&P 500 ETF Trust | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | State Street | iShares |
| What it is | S&P 500, book from IVV | MSCI USA Min Vol Factor |
| Total return, 1 year | +17.5% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | 0.0 pts | −10.9 pts |
| Expense ratio | 0.09% | 0.15% |
| Already in the S&P 500 | 100.0% | 94.8% |
| Holdings | 504 | 170 |
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.
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, SPY or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, SPY returned +17.5% and USMV returned +6.6%, so SPY returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, SPY or USMV?
- SPY charges 0.09% a year and USMV charges 0.15%, so SPY is cheaper. Fees come from each fund's prospectus.
- How much do SPY and USMV overlap with the S&P 500?
- By their latest filed holdings, 100% of SPY and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 32% 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, SPY against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/SPY-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources