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

In the year to Oct 28, 2026, with distributions reinvested, SHV returned +3.6% and USMV +10.8%.

Which is cheaper, SHV or USMV?

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

Data as of Oct 28, 2026.

Across categories

SHV vs USMV: Differences, Returns & Fees

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Over the year to Oct 28, 2026, SHV returned +3.6% to USMV's +10.8%; 0% of their weight is in the same names.

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Net assets on Oct 27, 2026: $21.7bn for iShares 0-1 Year Treasury Bond ETF and $24.1bn for iShares MSCI USA Min Vol Factor ETF.

SHV on its own →USMV on its own →

At a glance

+3.6%

SHV total return, 1 year

+10.8%

USMV total return, 1 year

0.15%

SHV expense ratio

0.15%

USMV expense ratio

Pair scorecard

Both cost 0.15% a year; their one-year returns differ by 7.2 points; USMV is 1.1 times larger.

SHV vs USMV: Differences, Returns & Fees
Measure	SHV	USMV
Return
Measure	SHV	USMV
Total return, 1 year	+3.6%	+10.8%
Benchmark
Measure	SHV	USMV
What it tracks	ICE Short US Treasury Securities Index	MSCI USA Minimum Volatility (USD) Index
Cost and size
Measure	SHV	USMV
Expense ratio	0.15%	0.15%
Net assets, as of Oct 27, 2026	$21.7bn	$24.1bn
Holdings
Measure	SHV	USMV
Holdings in common	0%
In the S&P 500, by weight		93%
Top ten holdings, share of the fund		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

SHV USMV

Return

Total return edge USMV +26.7% +423.5%

Annualized edge USMV +1.6% +11.6%

Price return edge USMV +0.1% +295.7%

Risk

Volatility edge SHV 0.3% 13.4%

Max drawdown edge SHV −0.4% −30.6%

Risk-adjusted

Sharpe edge USMV −0.44 0.76

Sortino edge USMV −0.68 1.09

Calmar edge SHV 4.10 0.38

Reading

USMV returned more: +423.5% to +26.7%. SHV swung less: 0.3% to 13.4%. SHV fell less at its worst: −0.4% to −30.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: SHV vs USMV: Differences, Returns & Fees
Measure	SHV	USMV	Edge	How it is measured
Return
Total return	+26.7%	+423.5%	USMV	Price change plus distributions, reinvested.
Annualized	+1.6%	+11.6%	USMV	Total return as a yearly rate.
Price return	+0.1%	+295.7%	USMV	Price change alone, distributions left out.
Risk
Volatility	0.3%	13.4%	SHV	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	0.2%	9.3%	SHV	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−0.4%	−30.6%	SHV	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.44	0.76	USMV	Return above Treasury bills per unit of volatility.
Sortino	−0.68	1.09	USMV	Return above Treasury bills per unit of downside deviation.
Calmar	4.10	0.38	SHV	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

By the books each fund has filed, SHV and USMV hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first SHV USMV

Only in one fund ↓

Only in SHV

TREASURY BILL 4.98%

TREASURY BILL 4.17%

TREASURY BILL 3.90%

TREASURY BILL 3.72%

TREASURY BILL 3.58%

TREASURY BILL 3.48%

TREASURY BILL 3.35%

TREASURY BILL 3.31%

Only in USMV

MICROSOFT 1.61%

EXXONMOBIL HOLDINGS CORP 1.54%

BERKSHIRE HATHAWAY INC CLASS B 1.50%

CHUBB 1.50%

MOTOROLA SOLUTIONS INC 1.48%

AMPHENOL CORP CLASS A 1.47%

NVIDIA 1.47%

JOHNSON & JOHNSON 1.44%

Check overlap with more funds →

Side by side

SHV iShares 0-1 Year Treasury Bond ETF USMV iShares MSCI USA Min Vol Factor ETF

Where it sits Bond ETF Stock ETF

Issuer iShares iShares

What it is Tracks an index of 0-1 Year Treasury Bond Tracks the MSCI USA Min Vol Factor

Total return, 1 year +3.6% +10.8%

Expense ratio 0.15% 0.15%

Holdings 66 176

Net assets, as of Oct 27, 2026 $21.7bn $24.1bn

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

Client brief · page 1 of 2 Report BR-73C80CF005

SHV and USMV do different jobs. What does each one do in a portfolio?

What each follows. SHV follows ICE Short US Treasury Securities Index and USMV follows MSCI USA Minimum Volatility (USD) Index.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 SHV returned +3.6% and USMV +10.8% with distributions reinvested, a gap of 7.2 points.

Data as of Oct 28, 2026.

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About each fund

SHV

SHV tracks an index of 0-1 Year Treasury Bond. Over the year to Oct 28, 2026 it returned +3.6% with distributions reinvested. The prospectus expense ratio is 0.15% a year.

USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 28, 2026 it returned +10.8% with distributions reinvested. 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, SHV or USMV?: In the year to Oct 28, 2026, with distributions reinvested, SHV returned +3.6% and USMV +10.8%.
Which is cheaper, SHV or USMV?: Neither: SHV and USMV both charge 0.15% a year. Fees come from each fund's prospectus.

Other comparisons

CGGR vs SHV SHV vs SPMO SHV vs SPHQ MTUM vs SHV BOXX vs USMV USMV vs VBIL USMV vs VUSB BIL vs USMV

Where to next

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

Sources and dates

SHV and USMV filings on SEC EDGAR ↗

SHV prospectus with the expense ratio (SEC) ↗

iShares page for SHV ↗

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, SHV against USMV, data as of Oct 28, 2026. https://etfiq.com/compare/any/shv-vs-usmv

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