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

In the year to Oct 28, 2026, with distributions reinvested, SLV returned +14.9% and USMV +10.8%.

Which is cheaper, SLV or USMV?

USMV is cheaper, by 0.35 percentage points a year. That is about $35 on $10,000 held for a year. Fees come from each fund's own filings.

Data as of Oct 28, 2026.

Across categories

SLV vs USMV: Differences, Returns & Fees

Share on X Download as PDF

SLV is a commodity fund and USMV an equity index fund, and over the year to Oct 28, 2026, SLV returned +14.9% against +10.8%.

askIQ about this page

askIQ about SLV and USMV

Net assets: $26.9bn on Oct 28, 2026 for iShares Silver Trust, and $24.1bn on Oct 27, 2026 for iShares MSCI USA Min Vol Factor ETF.

SLV on its own →USMV on its own →

At a glance

+14.9%

SLV total return, 1 year

+10.8%

USMV total return, 1 year

0.50%

SLV expense ratio

0.15%

USMV expense ratio

Pair scorecard

USMV costs 0.35 points a year less; their one-year returns differ by 4.1 points; SLV is 1.1 times larger.

SLV vs USMV: Differences, Returns & Fees
Measure	SLV	USMV
Return
Measure	SLV	USMV
Total return, 1 year	+14.9%	+10.8%
Drawdown
Measure	SLV	USMV
Below its high	53.5%, high on Jan 28, 2026
Benchmark
Measure	SLV	USMV
What it tracks	Silver	MSCI USA Minimum Volatility (USD) Index
Cost and size
Measure	SLV	USMV
Expense ratio	0.50%	0.15%
Net assets, as of Oct 27, 2026	$26.5bn	$24.1bn
Holdings
Measure	SLV	USMV
Holdings in common	not published
In the S&P 500, by weight		93%
Top ten holdings, share of the fund		14.8%

Method

Side by side

SLV iShares Silver Trust USMV iShares MSCI USA Min Vol Factor ETF

Where it sits Commodity ETF Stock ETF

Issuer iShares iShares

What it is Holds silver Tracks the MSCI USA Min Vol Factor

Total return, 1 year +14.9% +10.8%

Its benchmark over the same days +15.0% (SIVR) not measured

Gap to its benchmark −0.1 pts vs SIVR not measured

Expense ratio 0.50% 0.15%

Holdings not counted 176

Net assets, SLV as of Oct 28, 2026 and USMV as of Oct 27, 2026 $26.9bn $24.1bn

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

Alert

About each fund

SLV

Its expense ratio is 0.50% a year, for the three months to Jun 30, 2026, as its 10-Q states.

SLV holds silver. Over the year to Oct 28, 2026 it returned +14.9% with distributions reinvested, against +15.0% for its benchmark, the price of silver. It sat 53.5% below its high of Jan 28, 2026 on Oct 28, 2026.

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, SLV or USMV?: In the year to Oct 28, 2026, with distributions reinvested, SLV returned +14.9% and USMV +10.8%.
Which is cheaper, SLV or USMV?: USMV is cheaper, by 0.35 percentage points a year. That is about $35 on $10,000 held for a year. Fees come from each fund's own filings.

Other comparisons

GRNY vs SLV SLV vs SPY RDVY vs SLV CGGR vs SLV GLD vs USMV BWET vs USMV GLDM vs USMV IAU vs USMV

Where to next

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

Sources and dates

iShares page for SLV ↗

USMV filings on SEC EDGAR ↗

USMV prospectus with the expense ratio (SEC) ↗

iShares page for USMV ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

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

Open data →

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