Data as of Oct 28, 2026.
USMV vs VOE: Differences, Returns & Fees
Over the year to Oct 28, 2026, USMV returned +10.8% to VOE's +22.8%; 13% of their weight is in the same names.
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Net assets: $24.1bn on Oct 27, 2026 for iShares MSCI USA Min Vol Factor ETF, and $22.8bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap Value ETF.
Pair scorecard
VOE costs 0.10 points a year less; their one-year returns differ by 12.0 points.
| Measure | USMV | VOE |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.8% | +22.8% |
| Benchmark | ||
| What it tracks | MSCI USA Minimum Volatility (USD) Index | Morningstar US Mid Cap Value Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.05% |
| Net assets, as of Sep 30, 2026 | $23.2bn | $22.8bn |
| Holdings | ||
| Holdings in common | 13% | |
| Top ten holdings, share of the fund | 14.8% | 14.0% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Oct 28, 2011 to Oct 23, 2026 · 782 weekly returnsVOE returned slightly more: +444.9% to +423.5%. USMV swung less: 13.4% to 17.5%. USMV fell less at its worst: −30.6% to −40.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | USMV | VOE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +423.5% | +444.9% | VOE (slight) | Price change plus distributions, reinvested. |
| Annualized | +11.6% | +11.9% | VOE (slight) | Total return as a yearly rate. |
| Price return | +295.7% | +291.0% | Tie | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 13.4% | 17.5% | USMV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.3% | 12.2% | USMV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −30.6% | −40.6% | USMV | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.76 | 0.63 | USMV | Return above Treasury bills per unit of volatility. |
| Sortino | 1.09 | 0.91 | USMV | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.38 | 0.29 | USMV | 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, USMV and VOE hold 13% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
13% in common
Only in one fund ↓
Side by side
USMV and VOE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
USMV and VOE do different jobs. What does each one do in a portfolio?
- What each follows. USMV follows MSCI USA Minimum Volatility (USD) Index and VOE follows Morningstar US Mid Cap Value Index.
- Holdings in common. 13% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 USMV returned +10.8% and VOE +22.8% with distributions reinvested, a gap of 12.0 points.
Data as of Oct 28, 2026.
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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%.
VOE
VOE tracks an index of Mid-Cap Value. Over the year to Oct 28, 2026 it returned +22.8% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 14.0%.
Questions people ask
- Which returned more over the last year, USMV or VOE?
- In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and VOE +22.8%.
- Which is cheaper, USMV or VOE?
- VOE is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
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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, USMV against VOE, data as of Oct 28, 2026. https://etfiq.com/compare/any/usmv-vs-voe
ETFIQ. (Oct 28, 2026). USMV against VOE. Retrieved from https://etfiq.com/compare/any/usmv-vs-voe
[USMV against VOE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/usmv-vs-voe)
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