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IWV vs USMV: Differences, Returns & Fees

IWV and USMV hold 35% of their weight in the same names, and IWV returned +16.7% over the year. Net assets on Oct 9, 2026: $20.6bn for iShares Russell 3000 ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.05 points a year less; their one-year returns differ by 9.2 points; USMV is 1.2 times larger.

IWV vs USMV: Differences, Returns & Fees
IWVUSMV
Expense ratio0.20%0.15%
Net assets$20.6bn$23.8bn
Total return, 1 year+16.7%+7.5%
What it tracksRussell 3000 IndexMSCI USA Minimum Volatility (USD) Index
Holdings in common35%
Top ten holdings, share of the fund34.7%15.1%

Holdings in common uses holdings dated Oct 9, 2026.

+16.7%
IWV total return, 1 year
+7.5%
USMV total return, 1 year
0.20%
IWV expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, IWV and USMV hold 35% 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 Oct 9, 2026.

half

35% in common

Positions both hold, largest shared weight first
Holding IWV USMV
MICROSOFT 5.32% 1.66%
NVIDIA 7.15% 1.59%
BERKSHIRE HATHAWAY INC CLASS B 1.28% 1.46%
APPLE 6.51% 0.96%
BROADCOM INC 2.25% 0.93%
EXXONMOBIL HOLDINGS CORP 0.93% 1.49%
VISA CLASS A 0.87% 1.03%
ADVANCED MICRO DEVICES 1.32% 0.86%
JOHNSON & JOHNSON 0.84% 1.44%
ELI LILLY 1.26% 0.79%
MICRON TECHNOLOGY 1.55% 0.79%
ABBVIE 0.65% 0.78%
Only in IWV
ALPHABET CLASS A 2.74%
TESLA INC 1.49%
JPMORGAN CHASE & CO 1.19%
INTEL CORPORATION 0.64%
CATERPILLAR INC 0.49%
BANK OF AMERICA 0.47%
GE AEROSPACE 0.43%
GOLDMAN SACHS GROUP 0.35%
Only in USMV
WASTE CONNECTIONS 1.12%
TE CONNECTIVITY PLC 0.57%
MERCADOLIBRE 0.38%
SEAGATE TECHNOLOGY HOLDINGS PLC 0.35%
DOW JONES US REAL ESTATE DEC 26 0.00%

Check overlap with more funds →

On the same fields

IWV
iShares Russell 3000 ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer iShares iShares
What it is Tracks an index Tracks the MSCI USA Min Vol Factor
Total return, 1 year +16.7% +7.5%
Its benchmark over the same days +16.8% (VTHR) not published
Gap to its benchmark −0.1 pts vs VTHR not available
Expense ratio 0.20% 0.15%
Already in the S&P 500 87.8% 93.0%
Holdings 2600 176
Net assets $20.6bn $23.8bn

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

About IWV

IWV tracks an index. Over the year to Oct 9, 2026 it returned +16.7% with distributions reinvested, against +16.8% for its benchmark, the Russell 3000 Index. The prospectus expense ratio is 0.20% a year. By its holdings published by its issuer for Oct 9, 2026, 88% of the fund by weight is stocks the S&P 500 also holds, across 2,600 positions, with the top ten at 34.7%.

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, IWV or USMV?
In the year to Oct 9, 2026, with distributions reinvested, IWV returned +16.7% and USMV +7.5%.
Which is cheaper, IWV or USMV?
USMV is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do IWV and USMV overlap with the S&P 500?
By their latest filed holdings, 88% of IWV and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
IWV vs SPMOIWV vs RDVYDFUS vs IWVIWV vs OEFOEF vs USMVMTUM vs USMVSPHQ vs USMVSPMO vs USMV
IWV on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
IWV and USMV filings on SEC EDGAR ↗IWV prospectus with the expense ratio (SEC) ↗iShares page for IWV ↗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, IWV against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/iwv-vs-usmv

Open data

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