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

In the year to Oct 9, 2026, with distributions reinvested, FVAL returned +20.9% and USMV +7.5%.

Which is cheaper, FVAL or USMV?

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

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

By their latest filed holdings, 92% of FVAL and 93% of USMV by weight is stocks the S&P 500 already holds.

Compare their flows Ask IQ about these two funds

FVAL vs USMV: Differences, Returns & Fees

FVAL and USMV hold 18% of their weight in the same names, and FVAL returned +20.9% over the year. Net assets: $1.4bn on Sep 30, 2026 for Fidelity Value 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 13.4 points; USMV is 17.2 times larger.

FVAL vs USMV: Differences, Returns & Fees
	FVAL	USMV
Expense ratio	0.15%	0.15%
Net assets, as of Sep 30, 2026	$1.4bn	$23.2bn
Total return, 1 year	+20.9%	+7.5%
What it tracks	Fidelity U.S. Value Factor Index	MSCI USA Minimum Volatility (USD) Index
Holdings in common	18%
Top ten holdings, share of the fund	42.3%	15.1%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 9, 2026.

+20.9%

FVAL total return, 1 year

+7.5%

USMV total return, 1 year

0.15%

FVAL expense ratio

0.15%

USMV expense ratio

What they hold in common

By the books each fund has filed, FVAL and USMV hold 18% 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 9, 2026.

50%

half

18% in common

Positions both hold, largest shared weight first

Holding FVAL USMV

MICROSOFT CORP 5.65% 1.66%

NVIDIA CORP 7.71% 1.59%

EXXONMOBIL HOLDINGS CORP 1.11% 1.49%

VISA INC 1.45% 1.03%

APPLE INC 7.24% 0.96%

BROADCOM INC 3.42% 0.93%

SALESFORCE INC 0.82% 1.08%

MICRON TECHNOLOGY INC 2.67% 0.79%

ABBVIE INC 1.14% 0.78%

WALMART INC 0.95% 0.70%

GILEAD SCIENCES INC 0.62% 0.89%

ACCENTURE PLC 0.57% 0.83%

Only in FVAL

BERKSHIRE HATHAWAY INC DEL 1.86%

ELI LILLY and CO 1.76%

JOHNSON and JOHNSON 1.36%

BANK OF AMERICA CORPORATION 1.17%

GOLDMAN SACHS GROUP INC (THE) 1.01%

CATERPILLAR INC 1.00%

MERCK and CO INC 0.94%

CITIGROUP INC 0.92%

Only in USMV

AMPHENOL CORP CLASS A 1.68%

CHUBB 1.47%

CISCO SYSTEMS INC 1.47%

BERKSHIRE HATHAWAY INC CLASS B 1.46%

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

FVAL

Fidelity Value 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 +20.9% +7.5%

Expense ratio 0.15% 0.15%

Already in the S&P 500 91.8% 93.0%

Holdings 124 176

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

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

About FVAL

FVAL tracks an index. Over the year to Oct 9, 2026 it returned +20.9% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 124 positions, with the top ten at 42.3%.

About USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. 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, FVAL or USMV?: In the year to Oct 9, 2026, with distributions reinvested, FVAL returned +20.9% and USMV +7.5%.
Which is cheaper, FVAL or USMV?: Neither: FVAL and USMV both charge 0.15% a year. Fees come from each fund's prospectus.
How much do FVAL and USMV overlap with the S&P 500?: By their latest filed holdings, 92% of FVAL and 93% of USMV by weight is stocks the S&P 500 already holds.

Other comparisons

FVAL vs SPMO DGRW vs FVAL CGDV vs FVAL DYNF vs FVAL QLC vs USMV SPHB vs USMV KLMN vs USMV SPUS vs USMV

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

Where these figures came from

FVAL filings on SEC EDGAR ↗FVAL 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, FVAL against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/fval-vs-usmv

Open data

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