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

In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and XLI +10.2%.

Which is cheaper, USMV or XLI?

XLI is cheaper, by 0.07 percentage points a year. That is about $7 on $10,000 held for a year. Fees come from each fund's prospectus.

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

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

Data as of Oct 28, 2026.

Across categories

USMV vs XLI: Differences, Returns & Fees

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Over the year to Oct 28, 2026, USMV returned +10.8% to XLI's +10.2%; 5% of their weight is in the same names.

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Net assets on Oct 27, 2026: $24.1bn for iShares MSCI USA Min Vol Factor ETF and $30.8bn for State Street Industrial Select Sector SPDR ETF.

USMV on its own →XLI on its own →

At a glance

+10.8%

USMV total return, 1 year

+10.2%

XLI total return, 1 year

0.15%

USMV expense ratio

0.08%

XLI expense ratio

Pair scorecard

XLI costs 0.07 points a year less; their one-year returns differ by 0.6 points; XLI is 1.3 times larger.

USMV vs XLI: Differences, Returns & Fees
Measure	USMV	XLI
Return
Measure	USMV	XLI
Total return, 1 year	+10.8%	+10.2%
Drawdown
Measure	USMV	XLI
Below its high		9.4%, high on Aug 14, 2026
Benchmark
Measure	USMV	XLI
What it tracks	MSCI USA Minimum Volatility (USD) Index	Industrial Select Sector Index
Cost and size
Measure	USMV	XLI
Expense ratio	0.15%	0.08%
Net assets, as of Oct 27, 2026	$24.1bn	$30.8bn
Holdings
Measure	USMV	XLI
Holdings in common	5%
Top ten holdings, share of the fund	14.8%	37.8%

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

What they share

By the books each fund has filed, USMV and XLI hold 5% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

5% in common

Positions both hold · largest shared weight first USMV XLI

WASTE MANAGEMENT INC 1.38% 1.64%

LOCKHEED MARTIN 0.88% 2.37%

REPUBLIC SERVICES INC 1.31% 0.86%

GE VERNOVA 0.55% 4.47%

NORTHROP GRUMMAN CORP 0.51% 1.38%

ROLLINS INC 0.23% 0.19%

RTX 0.13% 4.91%

AUTOMATIC DATA PROCESSING INC 0.08% 2.18%

GENERAL DYNAMICS CORP 0.06% 1.69%

UBER TECHNOLOGIES 0.06% 2.52%

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 XLI

CATERPILLAR INC 6.14%

GENERAL ELECTRIC 5.79%

UNION PACIFIC CORP 3.34%

DEERE + CO 3.01%

EATON CORP PLC 2.79%

BOEING CO 2.49%

PARKER HANNIFIN CORP 2.13%

TRANE TECHNOLOGIES PLC 1.90%

Check overlap with more funds →

Side by side

USMV iShares MSCI USA Min Vol Factor ETF XLI State Street Industrial Select Sector SPDR ETF

Where it sits Stock ETF Stock ETF

Issuer iShares State Street

What it is Tracks the MSCI USA Min Vol Factor Tracks an index of Industrials

Total return, 1 year +10.8% +10.2%

Its benchmark over the same days not measured +13.6% (SPY)

Gap to its benchmark not measured −3.4 pts vs SPY

Expense ratio 0.15% 0.08%

Already in the S&P 500 93.0% 99.9%

Holdings 176 84

Net assets, as of Oct 27, 2026 $24.1bn $30.8bn

USMV and XLI 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%.

XLI

XLI tracks an index of Industrials. Over the year to Oct 28, 2026 it returned +10.2% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.08% 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 84 positions, with the top ten at 37.8%. It sat 9.4% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, USMV or XLI?: In the year to Oct 28, 2026, with distributions reinvested, USMV returned +10.8% and XLI +10.2%.
Which is cheaper, USMV or XLI?: XLI is cheaper, by 0.07 percentage points a year. That is about $7 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do USMV and XLI overlap with the S&P 500?: By their latest filed holdings, 93% of USMV and 100% of XLI by weight is stocks the S&P 500 already holds.

Other comparisons

USMV vs VHT USMV vs XLF USMV vs XLP IGM vs USMV CGGR vs XLI DFUS vs XLI DGRW vs XLI AVUS vs XLI

Where to next

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

Sources and dates

USMV filings on SEC EDGAR ↗

USMV prospectus with the expense ratio (SEC) ↗

iShares page for USMV ↗

XLI filings on SEC EDGAR ↗

XLI prospectus with the expense ratio (SEC) ↗

State Street website ↗

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

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