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

In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and VTEB −0.4%.

Which is cheaper, USMV or VTEB?

VTEB 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.

Data as of Oct 28, 2026.

Across categories

USMV vs VTEB: Differences, Returns & Fees

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Over the year to Oct 28, 2026, USMV returned +10.8% to VTEB's −0.4%; 0% 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 $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

USMV on its own →VTEB on its own →

At a glance

+10.8%

USMV total return, 1 year

−0.4%

VTEB total return, 1 year

0.15%

USMV expense ratio

0.03%

VTEB expense ratio

Pair scorecard

VTEB costs 0.12 points a year less; their one-year returns differ by 11.2 points; VTEB is 2.1 times larger.

USMV vs VTEB: Differences, Returns & Fees
Measure	USMV	VTEB
Return
Measure	USMV	VTEB
Total return, 1 year	+10.8%	−0.4%
Benchmark
Measure	USMV	VTEB
What it tracks	MSCI USA Minimum Volatility (USD) Index	S&P National AMT-Free Municipal Bond Index
Cost and size
Measure	USMV	VTEB
Expense ratio	0.15%	0.03%
Net assets, as of Sep 30, 2026	$23.2bn	$49.6bn
Holdings
Measure	USMV	VTEB
Holdings in common	0%
In the S&P 500, by weight	93%
Top ten holdings, share of the fund	14.8%

Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method

What they share

By the books each fund has filed, USMV and VTEB hold 0% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first USMV VTEB

Only in one fund ↓

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%

Only in VTEB

Vanguard Municipal Low Duration Fund 0.69%

State of California 0.15%

State of California 0.14%

New York State Dormitory Authority 0.13%

State of Illinois 0.12%

Ohio State University 0.12%

City of New York NY 0.10%

State of Wisconsin 0.10%

Check overlap with more funds →

Side by side

USMV iShares MSCI USA Min Vol Factor ETF VTEB Vanguard Tax-Exempt Bond ETF

Where it sits Stock ETF Bond ETF

Issuer iShares Vanguard

What it is Tracks the MSCI USA Min Vol Factor Tracks an index of Tax-Exempt Bond

Total return, 1 year +10.8% −0.4%

Expense ratio 0.15% 0.03%

Holdings 176 11155

Net assets, USMV as of Oct 27, 2026 and VTEB as of Sep 30, 2026 $24.1bn $49.6bn

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

Alert

About each fund

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%.

VTEB

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year.

Questions people ask

Which returned more over the last year, USMV or VTEB?: In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and VTEB −0.4%.
Which is cheaper, USMV or VTEB?: VTEB 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.

Other comparisons

MUB vs USMV HYMB vs USMV USMV vs VCIT USMV vs VTIP RDVY vs VTEB CGGR vs VTEB SPMO vs VTEB DFUS vs VTEB

Where to next

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

Sources and dates

USMV filings on SEC EDGAR ↗

USMV prospectus with the expense ratio (SEC) ↗

iShares page for USMV ↗

VTEB filings on SEC EDGAR ↗

VTEB prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEB ↗

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 VTEB, data as of Oct 28, 2026. https://etfiq.com/compare/any/usmv-vs-vteb

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