What is the difference between USMV and VTV?

USMV is a minimum volatility factor ETF designed to reduce price swings, while VTV tracks large-cap value stocks. USMV prioritises lower volatility, whereas VTV aims to capture the long-term performance of value stocks. These differences in objectives mean they suit different investment strategies and risk profiles.

What does an expense ratio mean?

An expense ratio is the annual fee charged by a fund for managing its assets. USMV has a 0.15% expense ratio, and VTV has 0.03%. Over time, these fees compound, impacting returns. Higher fees can significantly reduce growth, particularly in low-yield or stable markets where returns may be modest.

What are sector weights?

Sector weights indicate how a fund's assets are divided across different industry sectors, such as technology or healthcare. For both USMV and VTV, sector weights are not available. This limits transparency into specific sector risks, making it harder to assess how diversified or concentrated each fund's holdings are.

What does USMV track?

USMV uses a minimum volatility factor index to select stocks with lower price volatility. This strategy aims to reduce large market swings while maintaining exposure to large-cap US equities. The goal is to provide smoother returns during volatile market conditions compared to broader market benchmarks.

VTV tracks the CRSP US Large Cap Value Index, which includes large-cap stocks from the US that exhibit value characteristics. It emphasises stocks with lower prices relative to their earnings, book value, and other fundamentals, offering exposure to companies deemed undervalued by the market.

What are the top holdings for both funds?

USMV's top holdings include NVDA and MSFT, each at 1.57%, reflecting a mix of tech and healthcare. VTV's top holding is MU at 3.94%, showing a greater concentration in tech. These holdings highlight USMV's focus on volatility and VTV's value strategy, with both including some tech exposure.

What is a dividend yield?

A dividend yield shows how much a company pays in dividends relative to its stock price. USMV has a yield of 1.42%, while VTV offers 1.85%. This means VTV pays more in dividends, potentially benefiting income-focused investors, but both funds offer modest yields compared to higher-income ETFs.

What are the top holdings in each fund?

USMV includes NVDA and MSFT, each at 1.57%. VTV's top holding is MU at 3.94%, followed by JPM and BRK.B. These differences reflect the funds' respective strategies: USMV focuses on low volatility, while VTV prioritises value, resulting in varying levels of concentration in their holdings.

How are the sector weights distributed?

Sector weights are not available for either USMV or VTV, limiting insights into sector exposure. This lack of data means investors cannot determine how diversified or concentrated each fund is across industries, making it more difficult to assess sector-specific risks without external resources.

How do liquidity and stability differ?

VTV, with $191.1 billion in assets, offers higher liquidity and stability compared to USMV's $23.5 billion. A larger fund typically experiences less impact from daily trading, which can be advantageous for large-scale investors seeking stable market participation without high transaction costs.

What are the inception dates?

USMV was launched on Oct 18, 2011, while VTV began on Jan 26, 2004. VTV's longer history provides more performance data, which may be helpful for analysing behaviour through different market conditions. USMV's more recent inception reflects its specialised volatility strategy.

Are there any overlap in the top 10 holdings?

Both funds share some holdings in their top 10, including JNJ, BRK.B, and XOM. While the percentage weights differ, this overlap shows similar exposure to certain large-cap stocks. Investors should note, though, the overall strategy and other holdings that set the funds apart.

USMV vs VTV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare USMV (iShares MSCI USA Minimum Volatility Factor ETF) and VTV (Vanguard Value ETF) by fees, holdings, dividends, and market tracking. USMV uses a 0.15% expense ratio with a 1.42% yield, while VTV has a 0.03% expense ratio and 1.85% yield. Educational content, not financial advice.

Compare USMV (iShares MSCI USA Minimum Volatility Factor ETF) and VTV (Vanguard Value ETF) by fees, holdings, dividends, and market tracking. USMV uses a 0.15% expense ratio with a 1.42% yield, while ...

Fund Snapshot

Key Fund Metrics

USMV

Metric

VTV

0.15%

Expense Ratio

0.03%

1.42%

Dividend Yield

1.85%

$23.54B

Net Assets

$191.07B

178

Holdings

319

Oct 18, 2011

Inception Date

Jan 26, 2004

–

Index Tracked

–

Large Blend

Fund Category

Large Value

VTV costs about $12.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	USMV	VTV
JNJJohnson & Johnson	1.52%	2.33%
BRK.BBerkshire Hathaway Inc.	1.47%	2.88%
XOMExxonMobil Holdings Corporation	1.47%	2.43%

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Investment Analysis

USMV

Pros

Its net assets of $23.5 billion support liquidity while limiting transaction costs.
The 0.15% expense ratio is reasonable for an actively managed low-volatility strategy.
Its inception date of Oct 18, 2011 provides a long track record.

Considerations

The top holdings are heavily concentrated, with NVDA and MSFT each at 1.57%.
A dividend yield of 1.42% is lower than many income-focused ETFs.
The sector weights are not available, making it difficult to assess sector exposure.

VTV

Pros

With net assets of $191.1 billion, it offers high liquidity and stability.
An expense ratio of 0.03% is low compared to many value-focused ETFs.
Its dividend yield of 1.85% is competitive for a value-oriented fund.

Considerations

Its largest holding, MU, accounts for 3.94%, contributing to significant concentration.
Top holdings like JPM and BRK.B represent large individual exposures within the portfolio.
Specific sector weights are not available, limiting transparency into sector-specific risks.

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About USMV and VTV

USMV (USMV)

VTV (VTV)

The Vanguard Value ETF (VTV) is a large-cap value fund designed to track the performance of US large-capitalisation companies considered to have value characteristics. Launched in January 2004, it currently holds a diverse portfolio of 319 stocks. With a very low expense ratio of just 0.03%, it offers investors a cost-effective way to access established US companies that may be trading at lower prices relative to their fundamental metrics. The fund has accumulated net assets of approximately USD 191.07 billion, indicating significant liquidity and investor confidence. It currently provides a dividend yield of 1.85%. While value strategies can offer potential advantages during market rotations, like all investments, the value of shares can fall as well as rise, and returns are not guaranteed. This fund is generally suitable for investors seeking diversified exposure to the US large-cap value segment as part of a broader portfolio strategy.

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