Which returned more over the last year, FQAL or USMV?

In the year to Oct 9, 2026, with distributions reinvested, FQAL returned +15.2% and USMV +7.5%.

Which is cheaper, FQAL or USMV?

Neither: FQAL and USMV both charge 0.15% a year. Fees come from each fund's prospectus.

How much do FQAL and USMV overlap with the S&P 500?

By their latest filed holdings, 94% of FQAL and 93% of USMV by weight is stocks the S&P 500 already holds.

Compare their flows Ask IQ about these two funds

FQAL vs USMV: Differences, Returns & Fees

FQAL and USMV hold 25% of their weight in the same names, and FQAL returned +15.2% over the year. Net assets: $1.4bn on Sep 30, 2026 for Fidelity Quality Factor ETF, and $23.8bn on Oct 9, 2026 for iShares MSCI USA Min Vol Factor ETF.

Both cost 0.15% a year; their one-year returns differ by 7.7 points; USMV is 16.4 times larger.

Points (pts) are percentage points.

	FQAL	USMV
Expense ratio	0.15%	0.15%
Net assets, as of Sep 30, 2026	$1.4bn	$23.2bn
Total return, 1 year	+15.2%	+7.5%
What it tracks	not read by ETFIQ	MSCI USA Minimum Volatility (USD) Index
Holdings in common	25%
Top ten holdings, share of the fund	38.1%	15.0%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 8, 2026.

+15.2%

FQAL total return, 1 year

+7.5%

USMV total return, 1 year

0.15%

FQAL expense ratio

0.15%

USMV expense ratio

What they hold in common

By the books each fund has filed, FQAL and USMV hold 25% 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 Jul 31, 2026 and Oct 8, 2026.

50%

half

25% in common

Positions both hold, largest shared weight first

Holding FQAL USMV

MICROSOFT CORP 5.62% 1.63%

NVIDIA CORP 7.69% 1.60%

CISCO SYSTEMS INC 1.46% 1.43%

MASTERCARD INC 1.23% 1.25%

EXXONMOBIL HOLDINGS CORP 1.12% 1.49%

VISA INC 1.48% 1.01%

APPLE INC 7.22% 0.97%

MCDONALDS CORP 0.94% 0.95%

BROADCOM INC 3.36% 0.93%

FORTINET INC 1.27% 0.93%

PALANTIR TECHNOLOGIES INC 0.90% 1.11%

YUM BRANDS INC 0.82% 0.83%

Only in FQAL

JPMORGAN CHASE and CO 1.97%

ELI LILLY and CO 1.77%

APPLIED MATERIALS INC 1.54%

JOHNSON and JOHNSON 1.37%

KLA CORP 1.13%

AIRBNB INC 1.06%

BOOKING HOLDINGS INC 1.05%

CATERPILLAR INC 0.97%

Only in USMV

AMPHENOL CORP CLASS A 1.65%

CHUBB 1.49%

BERKSHIRE HATHAWAY INC CLASS B 1.45%

JOHNSON & JOHNSON 1.42%

MCKESSON CORP 1.42%

MERCK & CO INC 1.42%

MOTOROLA SOLUTIONS INC 1.41%

VERTEX PHARMACEUTICALS 1.34%

Check overlap with more funds →

On the same fields

FQAL

Fidelity Quality Factor ETF

USMV

iShares MSCI USA Min Vol Factor ETF

Where it sits Stock ETF Stock ETF

Issuer Fidelity iShares

What it is Tracks an index Tracks the MSCI USA Min Vol Factor

Total return, 1 year +15.2% +7.5%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −2.1 pts −9.7 pts

Expense ratio 0.15% 0.15%

Already in the S&P 500 94.0% 93.0%

Holdings 124 176

Net assets, FQAL as of Sep 30, 2026 and USMV as of Oct 9, 2026 $1.4bn $23.8bn

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

FQAL in plain words

FQAL tracks an index. Over the year to Oct 9, 2026 it returned +15.2% with distributions reinvested, against +17.3% for the S&P 500. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 124 positions, with the top ten at 38.1%.

USMV in plain words

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested, against +17.3% for the S&P 500. By its holdings published by its issuer for Oct 8, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.0%.

Questions people ask

Which returned more over the last year, FQAL or USMV?: In the year to Oct 9, 2026, with distributions reinvested, FQAL returned +15.2% and USMV +7.5%.
Which is cheaper, FQAL or USMV?: Neither: FQAL and USMV both charge 0.15% a year. Fees come from each fund's prospectus.
How much do FQAL and USMV overlap with the S&P 500?: By their latest filed holdings, 94% of FQAL and 93% of USMV by weight is stocks the S&P 500 already holds.

Other comparisons

FQAL vs SPMO DGRW vs FQAL CGDV vs FQAL DYNF vs FQAL USMV vs USXF PDP vs USMV SEIM vs USMV TDVG vs USMV

FQAL on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

FQAL filings on SEC EDGAR ↗FQAL prospectus with the expense ratio (SEC) ↗Fidelity 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, FQAL against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/fqal-vs-usmv

Open data

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