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PDP vs USMV: Differences, Returns & Fees

PDP and USMV hold 16% of their weight in the same names, and PDP returned +17.2% over the year. Net assets on Oct 9, 2026: $1.5bn for Invesco Dorsey Wright Momentum ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.47 points a year less; their one-year returns differ by 9.7 points; USMV is 15.9 times larger.

PDPUSMV
Expense ratio0.62%0.15%
Net assets$1.5bn$23.8bn
Total return, 1 year+17.2%+7.5%
What it tracksDorsey Wright Technical Leaders IndexMSCI USA Minimum Volatility (USD) Index
Holdings in common16%
Holdings datedOct 10, 2026Oct 8, 2026
Top ten holdings, share of the fund24.1%15.0%
Below its high8.2%, high on Jun 22, 2026

Holdings in common uses holdings dated Oct 8, 2026 and Oct 9, 2026.

+17.2%
PDP total return, 1 year
+7.5%
USMV total return, 1 year
0.62%
PDP expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, PDP and USMV hold 16% 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 8, 2026 and Oct 9, 2026.

half

16% in common

Positions both hold, largest shared weight first
Holding PDP USMV
Amphenol Corp 3.12% 1.65%
Apple Inc 3.01% 0.97%
Fortinet Inc 0.86% 0.93%
Micron Technology Inc 2.31% 0.80%
Welltower Inc 0.78% 1.43%
Palo Alto Networks Inc 0.96% 0.75%
Cisco Systems Inc 0.69% 1.43%
Bank of New York Mellon Corp/The 0.67% 0.91%
F5 Inc 0.73% 0.64%
NVIDIA Corp 0.61% 1.60%
Arista Networks Inc 1.82% 0.60%
Cboe Global Markets Inc 0.67% 0.60%
Only in PDP
Lumentum Holdings Inc 3.02%
Targa Resources Corp 2.60%
WW Grainger Inc 2.06%
Robinhood Markets Inc 1.81%
Trane Technologies PLC 1.80%
Guardant Health Inc 1.66%
Tenet Healthcare Corp 1.58%
Natera Inc 1.54%
Only in USMV
MICROSOFT 1.63%
CHUBB 1.49%
EXXONMOBIL HOLDINGS CORP 1.49%
BERKSHIRE HATHAWAY INC CLASS B 1.45%
JOHNSON & JOHNSON 1.42%
MCKESSON CORP 1.42%
MOTOROLA SOLUTIONS INC 1.41%
VERIZON COMMUNICATIONS INC 1.36%

Check overlap with more funds →

On the same fields

PDP
Invesco Dorsey Wright Momentum ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer Invesco iShares
What it is Tracks an index Tracks the MSCI USA Min Vol Factor
Total return, 1 year +17.2% +7.5%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 0.0 pts −9.7 pts
Expense ratio 0.62% 0.15%
Already in the S&P 500 66.5% 93.0%
Holdings 102 176
Net assets $1.5bn $23.8bn

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

PDP in plain words

PDP tracks an index. Over the year to Oct 9, 2026 it returned +17.2% with distributions reinvested, against +17.3% for the S&P 500. The prospectus expense ratio is 0.62% a year. By its holdings published by its issuer for Oct 10, 2026, 66% of the fund by weight is stocks the S&P 500 also holds, across 102 positions, with the top ten at 24.1%. It sat 8.2% below its high of Jun 22, 2026 on Oct 9, 2026.

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. The prospectus expense ratio is 0.15% a year. 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, PDP or USMV?
In the year to Oct 9, 2026, with distributions reinvested, PDP returned +17.2% and USMV +7.5%.
Which is cheaper, PDP or USMV?
USMV is cheaper, by 0.47 percentage points a year. That is about $47 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do PDP and USMV overlap with the S&P 500?
By their latest filed holdings, 66% of PDP and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
PDP vs SPMOPDP vs RDVYDFUS vs PDPIWV vs PDPDFAL vs USMVEPS vs USMVCATH vs USMVAVLC vs USMV
PDP on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
PDP filings on SEC EDGAR ↗PDP prospectus with the expense ratio (SEC) ↗Invesco page for PDP ↗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, PDP against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/pdp-vs-usmv

Open data

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