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

In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and USMV +10.8%.

Which is cheaper, IVV or USMV?

IVV is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.

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

By their latest filed holdings, 100% of IVV and 93% of USMV by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

IVV vs USMV: Differences, Returns & Fees

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Over the year to Oct 28, 2026, IVV returned +13.7% to USMV's +10.8%; 37% of their weight is in the same names.

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Net assets on Oct 27, 2026: $885.1bn for iShares Core S&P 500 ETF and $24.1bn for iShares MSCI USA Min Vol Factor ETF.

IVV on its own →USMV on its own →

At a glance

+13.7%

IVV total return, 1 year

+10.8%

USMV total return, 1 year

0.03%

IVV expense ratio

0.15%

USMV expense ratio

Pair scorecard

IVV costs 0.12 points a year less; their one-year returns differ by 2.9 points; IVV is far larger, $885.1bn against $24.1bn.

IVV vs USMV: Differences, Returns & Fees
Measure	IVV	USMV
Return
Measure	IVV	USMV
Total return, 1 year	+13.7%	+10.8%
Benchmark
Measure	IVV	USMV
What it tracks	S&P 500	MSCI USA Minimum Volatility (USD) Index
Cost and size
Measure	IVV	USMV
Expense ratio	0.03%	0.15%
Net assets, as of Oct 27, 2026	$885.1bn	$24.1bn
Holdings
Measure	IVV	USMV
Holdings in common	37%
Top ten holdings, share of the fund	38.1%	14.8%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Oct 28, 2011 to Oct 23, 2026 · 782 weekly returns

IVV USMV

Return

Total return edge IVV +673.3% +423.5%

Annualized edge IVV +14.6% +11.6%

Price return edge IVV +491.4% +295.7%

Risk

Volatility edge USMV 15.8% 13.4%

Max drawdown edge USMV (slight) −31.8% −30.6%

Risk-adjusted

Sharpe edge IVV (slight) 0.83 0.76

Sortino edge IVV (slight) 1.21 1.09

Calmar edge IVV 0.46 0.38

Reading

IVV returned more: +673.3% to +423.5%. USMV swung less: 13.4% to 15.8%. USMV fell slightly less at its worst: −30.6% to −31.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: IVV vs USMV: Differences, Returns & Fees
Measure	IVV	USMV	Edge	How it is measured
Return
Total return	+673.3%	+423.5%	IVV	Price change plus distributions, reinvested.
Annualized	+14.6%	+11.6%	IVV	Total return as a yearly rate.
Price return	+491.4%	+295.7%	IVV	Price change alone, distributions left out.
Risk
Volatility	15.8%	13.4%	USMV	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	10.9%	9.3%	USMV	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−31.8%	−30.6%	USMV (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.83	0.76	IVV (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.21	1.09	IVV (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	0.46	0.38	IVV	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 782 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

37%

By the books each fund has filed, IVV and USMV hold 37% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

37% in common

Positions both hold · largest shared weight first IVV USMV

MICROSOFT 5.93% 1.61%

BERKSHIRE HATHAWAY INC CLASS B 1.52% 1.50%

NVIDIA 7.92% 1.47%

EXXONMOBIL HOLDINGS CORP 1.11% 1.54%

VISA CLASS A 1.03% 1.05%

JOHNSON & JOHNSON 0.97% 1.44%

APPLE 7.61% 0.96%

BROADCOM INC 2.45% 0.86%

ELI LILLY 1.54% 0.84%

ADVANCED MICRO DEVICES 1.37% 0.77%

ABBVIE 0.76% 0.78%

MASTERCARD CLASS A 0.74% 1.28%

Only in one fund ↓

Only in IVV

ALPHABET CLASS A 2.83%

TESLA INC 1.73%

JPMORGAN CHASE & CO 1.34%

INTEL CORPORATION 0.70%

BANK OF AMERICA 0.49%

CATERPILLAR INC 0.49%

GE AEROSPACE 0.46%

GOLDMAN SACHS GROUP 0.40%

Only in USMV

WASTE CONNECTIONS 1.30%

SNOWFLAKE 0.56%

CLOUDFLARE CLASS A 0.55%

FIRST CITIZENS BANCSHARES CLASS A 0.51%

ALNYLAM PHARMACEUTICALS 0.50%

LIBERTY MEDIA SERIES C 0.44%

UNITED THERAPEUTICS 0.44%

NEUROCRINE BIOSCIENCES 0.41%

Check overlap with more funds →

Side by side

IVV iShares Core S&P 500 ETF USMV iShares MSCI USA Min Vol Factor ETF

Where it sits Stock ETF Stock ETF

Issuer iShares iShares

What it is Tracks the S&P 500 Tracks the MSCI USA Min Vol Factor

Total return, 1 year +13.7% +10.8%

Its benchmark over the same days +13.6% (SPY) not measured

Gap to its benchmark +0.1 pts vs SPY not measured

Expense ratio 0.03% 0.15%

Already in the S&P 500 99.8% 93.0%

Holdings 505 176

Net assets, as of Oct 27, 2026 $885.1bn $24.1bn

IVV and USMV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-BEC78DA883

IVV and USMV are built for the same job. How do they differ in cost, holdings and results?

What each follows. IVV follows S&P 500 and USMV follows MSCI USA Minimum Volatility (USD) Index.
Holdings in common. 37% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 IVV returned +13.7% and USMV +10.8% with distributions reinvested, a gap of 2.9 points.

Data as of Oct 28, 2026.

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About each fund

IVV

IVV tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.6% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.1%.

USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 28, 2026 it returned +10.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 14.8%.

Questions people ask

Which returned more over the last year, IVV or USMV?: In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and USMV +10.8%.
Which is cheaper, IVV or USMV?: IVV is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do IVV and USMV overlap with the S&P 500?: By their latest filed holdings, 100% of IVV and 93% of USMV by weight is stocks the S&P 500 already holds.

Other comparisons

IVV vs RDVY CGGR vs IVV IVV vs SPMO IVV vs OEF USMV vs VOO USMV vs VTI OMFL vs USMV SPHB vs USMV

Where to next

IVV on its own →USMV on its own →Hold both: look the portfolio through →Rankings →IVV dividend history →IVV holdings →USMV dividend history →USMV holdings →Standards and sources →

Sources and dates

IVV and USMV filings on SEC EDGAR ↗

IVV prospectus with the expense ratio (SEC) ↗

iShares page for IVV ↗

USMV prospectus with the expense ratio (SEC) ↗

iShares page for USMV ↗

Links are sources, not endorsements. 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, IVV against USMV, data as of Oct 28, 2026. https://etfiq.com/compare/any/ivv-vs-usmv

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