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TSPA vs USMV: Differences, Returns & Fees

TSPA and USMV hold 32% of their weight in the same names, and TSPA returned +17.4% over the year. Net assets on Oct 9, 2026: $4.7bn for T. Rowe Price U.S. Equity Research ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.19 points a year less; their one-year returns differ by 9.9 points; USMV is 5.1 times larger.

TSPA vs USMV: Differences, Returns & Fees
TSPAUSMV
Expense ratio0.34%0.15%
Net assets$4.7bn$23.8bn
Total return, 1 year+17.4%+7.5%
What it tracksNo index, actively managedMSCI USA Minimum Volatility (USD) Index
Holdings in common32%
Top ten holdings, share of the fund36.3%15.1%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 9, 2026.

+17.4%
TSPA total return, 1 year
+7.5%
USMV total return, 1 year
0.34%
TSPA expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, TSPA and USMV hold 32% 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 Jun 30, 2026 and Oct 9, 2026.

half

32% in common

Positions both hold, largest shared weight first
Holding TSPA USMV
MICROSOFT CORP 4.28% 1.66%
NVIDIA CORP 7.39% 1.59%
MASTERCARD INC - A 1.07% 1.27%
APPLE INC 6.50% 0.96%
BROADCOM INC 2.65% 0.93%
JOHNSON & JOHNSON 0.91% 1.44%
CISCO SYSTEMS INC 0.87% 1.47%
ADVANCED MICRO DEVICES 1.76% 0.86%
BERKSHIRE HATHAWAY INC-CL B 0.82% 1.46%
ELI LILLY & CO 1.54% 0.79%
MICRON TECHNOLOGY INC 2.03% 0.79%
T-MOBILE US INC 0.71% 0.84%
Only in TSPA
ALPHABET INC CL A 2.59%
TESLA INC 1.77%
INTEL CORP 1.32%
J.P. MORGAN CHASE & CO. 1.27%
APPLIED MATERIALS INC 1.11%
CATERPILLAR INC 0.88%
EXXON MOBIL CORP 0.77%
GE Aerospace 0.76%
Only in USMV
EXXONMOBIL HOLDINGS CORP 1.49%
DUKE ENERGY CORP 1.32%
VERIZON COMMUNICATIONS INC 1.22%
ROPER TECHNOLOGIES 0.96%
TJX 0.96%
FORTINET 0.95%
MCDONALDS CORP 0.94%
CME GROUP CLASS A 0.87%

Check overlap with more funds →

On the same fields

TSPA
T. Rowe Price U.S. Equity Research ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer T. Rowe Price iShares
What it is Actively managed Tracks the MSCI USA Min Vol Factor
Total return, 1 year +17.4% +7.5%
Expense ratio 0.34% 0.15%
Already in the S&P 500 95.9% 93.0%
Holdings 328 176
Net assets $4.7bn $23.8bn

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

About TSPA

TSPA is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +17.4% with distributions reinvested. The prospectus expense ratio is 0.34% a year. By its holdings filed for Jun 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 328 positions, with the top ten at 36.3%.

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, TSPA or USMV?
In the year to Oct 9, 2026, with distributions reinvested, TSPA returned +17.4% and USMV +7.5%.
Which is cheaper, TSPA or USMV?
USMV is cheaper, by 0.19 percentage points a year. That is about $19 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do TSPA and USMV overlap with the S&P 500?
By their latest filed holdings, 96% of TSPA and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
DFUS vs TSPAOEF vs TSPAIWV vs TSPAMTUM vs TSPAOMFL vs USMVUSMV vs VTHRQLTY vs USMVUSMC vs USMV
TSPA on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
TSPA filings on SEC EDGAR ↗TSPA prospectus with the expense ratio (SEC) ↗T. Rowe Price website ↗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, TSPA against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/tspa-vs-usmv

Open data

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