ETF comparison
SPY vs USMV
US Large Cap vs Low Volatility Factor.
State Street SPDR S&P 500 ETF Trust · iShares MSCI USA Min Vol Factor ETF
Holdings overlap
148 positions appear in both funds. Buying equal dollars of SPY and USMV would leave roughly 34.5% of each dollar exposed to the same underlying securities.
Unmatched is the part of a fund's weight the other fund doesn't match: names only it holds, plus any extra weight it puts in names both funds hold.
Side by side
Sub-score comparison
Tracking quality isn't part of the composite — see what we don't score for why.
Cost difference
SPY is 6 bps cheaper than USMV. On a $100,000 position that's about $56/yr more in fees for USMV.
Fee figure is the annual expense charged on $100,000. To see how the gap compounds over a multi-decade holding period, open the cost calculator pre-filled with SPY vs USMV.
Top shared holdings
148 shared in total| # | Holding | In SPY | In USMV | Overlap |
|---|---|---|---|---|
| 1 | MICROSOFT CORP | 5.77% | 1.62% | 1.62% |
| 2 | BERKSHIRE HATHAWAY INC CL B | 1.41% | 1.47% | 1.41% |
| 3 | NVIDIA CORP | 8.50% | 1.32% | 1.32% |
| 4 | BROADCOM INC | 2.54% | 1.02% | 1.02% |
| 5 | EXXONMOBIL HOLDINGS CORP | 1.01% | 1.39% | 1.01% |
| 6 | JOHNSON + JOHNSON | 0.93% | 1.54% | 0.93% |
| 7 | VISA INC CLASS A SHARES | 0.92% | 1.00% | 0.92% |
| 8 | APPLE INC | 7.32% | 0.90% | 0.90% |
| 9 | ELI LILLY + CO | 1.37% | 0.78% | 0.78% |
| 10 | WALMART INC | 0.70% | 0.71% | 0.70% |
| 11 | ABBVIE INC | 0.70% | 0.72% | 0.70% |
| 12 | ADVANCED MICRO DEVICES | 1.55% | 0.69% | 0.69% |
Only in SPY
357 total- ALPHABET INC CL A 3.03%
- TESLA INC 1.57%
- JPMORGAN CHASE + CO 1.33%
- INTEL CORP 0.89%
- LAM RESEARCH CORP 0.65%
- CATERPILLAR INC 0.58%
- BANK OF AMERICA CORP 0.52%
- GENERAL ELECTRIC 0.48%
- KLA CORP 0.41%
- GOLDMAN SACHS GROUP INC 0.39%
Only in USMV
17 total- WASTE CONNECTIONS, INC. 1.25%
- ELECTRONIC ARTS INC. 0.85%
- SNOWFLAKE INC. 0.51%
- LIBERTY MEDIA CORP - FORMULA ONE GROUP 0.50%
- ALNYLAM PHARMACEUTICALS, INC. 0.45%
- NEUROCRINE BIOSCIENCES, INC. 0.37%
- MercadoLibre, Inc. 0.36%
- FIRST CITIZENS BANCSHARES, INC. 0.34%
- CLOUDFLARE, INC. 0.28%
- ZOOM COMMUNICATIONS, INC. 0.24%
Related comparisons
More comparisons with SPY
- SPY vs DFLV · Dimensional US Large Cap Value ETF 33.7%
- SPY vs DFUV · Dimensional US Marketwide Value ETF 33.3%
- SPY vs VYM · Vanguard High Dividend Yield Index Fund ETF Shares 33.1%
- SPY vs MGV · Vanguard Morningstar Mega Cap Value ETF 32.1%
- SPY vs DIA · State Street SPDR Dow Jones Industrial Average ETF Trust 29.7%
- SPY vs MTUM · iShares MSCI USA Momentum Factor ETF 29.0%
More comparisons with USMV
- USMV vs SPYM · State Street SPDR Portfolio S&P 500 ETF 34.0%
- USMV vs IVV · iShares Core S&P 500 ETF 34.0%
- USMV vs VOO · Vanguard S&P 500 ETF 34.0%
- USMV vs VIG · Vanguard Dividend Appreciation Index Fund ETF Shares 33.5%
- USMV vs SPLV · Invesco S&P 500 Low Volatility ETF 33.0%
- USMV vs VTI · Vanguard Morningstar Total Stock Market ETF 32.2%
Percentages are holdings overlap with the named fund.
Open SPY or USMV at a brokerage
Both funds trade commission-free at major US brokerages.
Affiliate links — opening an account through these earns PlainIndex a one-time referral. Scoring is computed before any affiliate consideration; see our methodology and funding disclosure.
Holdings overlap is the sum of min(weight_a, weight_b) over positions
matched on ISIN (CUSIP fallback). Methodology: see
/methodology/.
Comparing two funds doesn't endorse swapping one for the other. Tax-lot history, account type, and personal goals matter — PlainIndex publishes data and methodology, not investment advice.