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BAFE vs USMV: Differences, Returns & Fees

BAFE and USMV hold 13% of their weight in the same names, and BAFE returned +12.3% over the year. Net assets: $1.7bn on Jun 30, 2026 for Brown Advisory Flexible Equity ETF, and $23.8bn on Oct 9, 2026 for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.39 points a year less; their one-year returns differ by 4.8 points; USMV is 13.6 times larger.

BAFE vs USMV: Differences, Returns & Fees
BAFEUSMV
Expense ratio0.54%0.15%
Net assets, as of Jun 30, 2026$1.7bn$23.0bn
Total return, 1 year+12.3%+7.5%
What it tracksNo index, actively managedMSCI USA Minimum Volatility (USD) Index
Holdings in common13%
Top ten holdings, share of the fund42.2%15.1%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 9, 2026.

+12.3%
BAFE total return, 1 year
+7.5%
USMV total return, 1 year
0.54%
BAFE expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, BAFE and USMV hold 13% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Oct 9, 2026.

half

13% in common

Positions both hold, largest shared weight first
Holding BAFE USMV
MICROSOFT CORPORATION 4.85% 1.66%
NVIDIA CORPORATION 3.06% 1.59%
BERKSHIRE HATHAWAY INC. 3.33% 1.46%
MASTERCARD INCORPORATED 3.52% 1.27%
VISA INC. 4.07% 1.03%
APPLE INC. 1.69% 0.96%
ANALOG DEVICES, INC. 1.98% 0.77%
Mondelez International, Inc. 1.38% 0.69%
THE PROGRESSIVE CORPORATION 1.19% 0.69%
AUTODESK, INC. 0.88% 0.63%
MARVELL TECHNOLOGY, INC. 1.48% 0.54%
INTUIT INC. 0.80% 0.51%
Only in BAFE
Taiwan Semiconductor Manufacturing Company Limited 7.09%
ALPHABET INC. 3.83%
KLA CORPORATION 3.48%
UNITED RENTALS, INC. 3.04%
KKR & CO. INC. 2.94%
Suncor Energy Inc. 2.24%
EDWARDS LIFESCIENCES CORPORATION 2.03%
THE CHARLES SCHWAB CORPORATION 1.98%
Only in USMV
AMPHENOL CORP CLASS A 1.68%
EXXONMOBIL HOLDINGS CORP 1.49%
CHUBB 1.47%
CISCO SYSTEMS INC 1.47%
JOHNSON & JOHNSON 1.44%
MERCK & CO INC 1.44%
WELLTOWER 1.44%
MCKESSON CORP 1.42%

Check overlap with more funds →

On the same fields

BAFE
Brown Advisory Flexible Equity ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer BROWN iShares
What it is Actively managed Tracks the MSCI USA Min Vol Factor
Total return, 1 year +12.3% +7.5%
Its benchmark over the same days +17.3% (VOO) not published
Gap to its benchmark −5.0 pts vs VOO not available
Expense ratio 0.54% 0.15%
Already in the S&P 500 77.5% 93.0%
Holdings 44 176
Net assets, BAFE as of Jun 30, 2026 and USMV as of Oct 9, 2026 $1.7bn $23.8bn

BAFE and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About BAFE

BAFE is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +12.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.54% a year. By its holdings filed for Jun 30, 2026, 78% of the fund by weight is stocks the S&P 500 also holds, across 44 positions, with the top ten at 42.2%.

About USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.

Questions people ask

Which returned more over the last year, BAFE or USMV?
In the year to Oct 9, 2026, with distributions reinvested, BAFE returned +12.3% and USMV +7.5%.
Which is cheaper, BAFE or USMV?
USMV is cheaper, by 0.39 percentage points a year. That is about $39 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do BAFE and USMV overlap with the S&P 500?
By their latest filed holdings, 78% of BAFE and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
BAFE vs SPMOBAFE vs RDVYBAFE vs DFUSBAFE vs OEFQVML vs USMVQUS vs USMVEPS vs USMVQDPL vs USMV
BAFE on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
BAFE filings on SEC EDGAR ↗BAFE prospectus with the expense ratio (SEC) ↗BROWN website ↗USMV filings on SEC EDGAR ↗USMV prospectus with the expense ratio (SEC) ↗iShares page for USMV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, BAFE against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/bafe-vs-usmv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.