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

In the year to Oct 28, 2026, with distributions reinvested, SPHQ returned +14.1% and USMV +10.8%.

Which is cheaper, SPHQ or USMV?

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

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

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

Data as of Oct 28, 2026.

Across categories

SPHQ vs USMV: Differences, Returns & Fees

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Over the year to Oct 28, 2026, SPHQ returned +14.1% to USMV's +10.8%; 19% of their weight is in the same names.

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Net assets on Oct 27, 2026: $18.7bn for Invesco S&P 500 Quality ETF and $24.1bn for iShares MSCI USA Min Vol Factor ETF.

SPHQ on its own →USMV on its own →

At a glance

+14.1%

SPHQ total return, 1 year

+10.8%

USMV total return, 1 year

0.15%

SPHQ expense ratio

0.15%

USMV expense ratio

Pair scorecard

Both cost 0.15% a year; their one-year returns differ by 3.3 points; USMV is 1.3 times larger.

Points (pts) are percentage points.

SPHQ vs USMV: Differences, Returns & Fees
Measure	SPHQ	USMV
Return
Measure	SPHQ	USMV
Total return, 1 year	+14.1%	+10.8%
Drawdown
Measure	SPHQ	USMV
Below its high	6.4%, high on Jun 30, 2026
Benchmark
Measure	SPHQ	USMV
What it tracks	S&P 500 Quality Index	MSCI USA Minimum Volatility (USD) Index
Cost and size
Measure	SPHQ	USMV
Expense ratio	0.15%	0.15%
Net assets, as of Oct 27, 2026	$18.7bn	$24.1bn
Holdings
Measure	SPHQ	USMV
Holdings in common	19%
Top ten holdings, share of the fund	43.3%	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

SPHQ USMV

Return

Total return edge SPHQ +653.4% +423.5%

Annualized edge SPHQ +14.4% +11.6%

Price return edge SPHQ +487.8% +295.7%

Risk

Volatility edge USMV 15.1% 13.4%

Max drawdown edge SPHQ (slight) −28.8% −30.6%

Risk-adjusted

Sharpe edge SPHQ 0.85 0.76

Sortino edge SPHQ 1.24 1.09

Calmar edge SPHQ 0.50 0.38

Reading

SPHQ returned more: +653.4% to +423.5%. USMV swung less: 13.4% to 15.1%. SPHQ fell slightly less at its worst: −28.8% to −30.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: SPHQ vs USMV: Differences, Returns & Fees
Measure	SPHQ	USMV	Edge	How it is measured
Return
Total return	+653.4%	+423.5%	SPHQ	Price change plus distributions, reinvested.
Annualized	+14.4%	+11.6%	SPHQ	Total return as a yearly rate.
Price return	+487.8%	+295.7%	SPHQ	Price change alone, distributions left out.
Risk
Volatility	15.1%	13.4%	USMV	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	10.4%	9.3%	USMV (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−28.8%	−30.6%	SPHQ (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.85	0.76	SPHQ	Return above Treasury bills per unit of volatility.
Sortino	1.24	1.09	SPHQ	Return above Treasury bills per unit of downside deviation.
Calmar	0.50	0.38	SPHQ	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

19%

By the books each fund has filed, SPHQ and USMV hold 19% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

19% in common

Positions both hold · largest shared weight first SPHQ USMV

Cisco Systems Inc 3.65% 1.35%

Mastercard Inc 6.25% 1.28%

Procter & Gamble Co 3.21% 1.10%

Visa Inc 6.23% 1.05%

Apple Inc 5.96% 0.96%

TJX Cos Inc 1.44% 0.95%

Accenture PLC 1.28% 0.91%

Fortinet Inc 1.68% 0.88%

Lockheed Martin Corp 1.20% 0.88%

Texas Instruments Inc 2.52% 0.79%

Travelers Cos Inc 0.79% 0.83%

Progressive Corp 1.45% 0.70%

Only in one fund ↓

Only in SPHQ

General Electric Co 3.33%

KLA Corp 2.03%

Intuitive Surgical Inc 1.58%

Valero Energy Corp 1.06%

Johnson Controls International plc 1.03%

Parker-Hannifin Corp 1.01%

Moody's Corp 0.98%

Trane Technologies PLC 0.95%

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

SPHQ Invesco S&P 500 Quality ETF USMV iShares MSCI USA Min Vol Factor ETF

Where it sits Stock ETF Stock ETF

Issuer Invesco iShares

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

Total return, 1 year +14.1% +10.8%

Its benchmark over the same days +13.7% (IVV) not measured

Gap to its benchmark +0.4 pts vs IVV not measured

Expense ratio 0.15% 0.15%

Already in the S&P 500 100.0% 93.0%

Holdings 102 176

Net assets, as of Oct 27, 2026 $18.7bn $24.1bn

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

Client brief · page 1 of 2 Report BR-8079B2E75B

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

What each follows. SPHQ follows S&P 500 Quality Index and USMV follows MSCI USA Minimum Volatility (USD) Index.
Holdings in common. 19% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 SPHQ returned +14.1% and USMV +10.8% with distributions reinvested, a gap of 3.3 points.

Data as of Oct 28, 2026.

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About each fund

SPHQ

SPHQ tracks the S&P 500 Quality. Over the year to Oct 28, 2026 it returned +14.1% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.15% 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 102 positions, with the top ten at 43.3%. It sat 6.4% below its high of Jun 30, 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. 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, SPHQ or USMV?: In the year to Oct 28, 2026, with distributions reinvested, SPHQ returned +14.1% and USMV +10.8%.
Which is cheaper, SPHQ or USMV?: Neither: SPHQ and USMV both charge 0.15% a year. Fees come from each fund's prospectus.
How much do SPHQ and USMV overlap with the S&P 500?: By their latest filed holdings, 100% of SPHQ and 93% of USMV by weight is stocks the S&P 500 already holds.

Other comparisons

CGGR vs SPHQ SPHQ vs SPMO DFUS vs SPHQ OEF vs SPHQ MTUM vs USMV ESGU vs USMV IWV vs USMV DFUS vs USMV

Where to next

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

Sources and dates

SPHQ filings on SEC EDGAR ↗

SPHQ prospectus with the expense ratio (SEC) ↗

Invesco page for SPHQ ↗

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.

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

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