Data as of Oct 28, 2026.
USMV vs VOO: Differences, Returns & Fees
Over the year to Oct 28, 2026, USMV returned +10.8% to VOO's +13.7%; 36% 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 $1.0tn on Sep 30, 2026 for Vanguard S&P 500 ETF.
Pair scorecard
VOO costs 0.12 points a year less; their one-year returns differ by 2.9 points; VOO is far larger, $1.0tn against $23.2bn.
| Measure | USMV | VOO |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.8% | +13.7% |
| Benchmark | ||
| What it tracks | MSCI USA Minimum Volatility (USD) Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.03% |
| Net assets, as of Sep 30, 2026 | $23.2bn | $1.0tn |
| Holdings | ||
| Holdings in common | 36% | |
| Top ten holdings, share of the fund | 14.8% | 39.1% |
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 returnsVOO returned more: +674.7% to +423.5%. USMV swung less: 13.4% to 15.7%. USMV fell slightly less at its worst: −30.6% to −31.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | USMV | VOO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +423.5% | +674.7% | VOO | Price change plus distributions, reinvested. |
| Annualized | +11.6% | +14.6% | VOO | Total return as a yearly rate. |
| Price return | +295.7% | +493.7% | VOO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 13.4% | 15.7% | USMV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.3% | 10.8% | USMV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −30.6% | −31.8% | USMV (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.76 | 0.84 | VOO (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.09 | 1.22 | VOO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.38 | 0.46 | VOO | 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 VOO hold 36% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
36% in common
Only in one fund ↓
Side by side
USMV and VOO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
USMV and VOO are built for the same job. How do they differ in cost, holdings and results?
- What each follows. USMV follows MSCI USA Minimum Volatility (USD) Index and VOO follows S&P 500 Index.
- Holdings in common. 36% 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 VOO +13.7% with distributions reinvested, a gap of 2.9 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%.
VOO
VOO tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 507 positions, with the top ten at 39.1%.
Questions people ask
- Which returned more over the last year, USMV or VOO?
- In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and VOO +13.7%.
- Which is cheaper, USMV or VOO?
- VOO is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
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.
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ETFIQ, USMV against VOO, data as of Oct 28, 2026. https://etfiq.com/compare/any/usmv-vs-voo
ETFIQ. (Oct 28, 2026). USMV against VOO. Retrieved from https://etfiq.com/compare/any/usmv-vs-voo
[USMV against VOO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/usmv-vs-voo)
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