SPLV vs USMV: Simple Low-Vol Ranking vs Optimized Minimum Volatility
Both aim for a smoother ride than the S&P 500. SPLV simply picks the 100 quietest stocks. USMV uses portfolio optimization to minimize overall volatility — a more sophisticated approach.
SPLV (Invesco S&P 500 Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) both target lower-volatility US equity exposure. SPLV simply ranks S&P 500 stocks by their realized volatility over 252 days and selects the 100 least-volatile — weighted by inverse volatility. USMV uses MSCI's optimization model to construct a portfolio that minimizes overall portfolio volatility, accounting for correlations between stocks — not just individual stock volatility. USMV holds ~175 stocks at 0.15%; SPLV holds 100 stocks at 0.25%. USMV's optimization approach is theoretically superior because it considers how stocks move together, not just individually. USMV is also cheaper. Both have historically achieved lower volatility than the S&P 500.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 SPLV vs USMV: Key Facts Side by Side
| Metric | SPLV | USMV |
|---|---|---|
| Fund Name | Invesco S&P 500 Low Volatility ETF | iShares MSCI USA Min Vol Factor ETF |
| Issuer | Invesco | iShares |
| Tracks Index | S&P 500 Low Volatility | MSCI USA Minimum Volatility |
| Expense Ratio | 0.25% | 0.15% ✓ |
| Cost per $10K/yr | $25.00 | $15.00 |
| AUM | $6.9B | $23.2B |
| Holdings | 100 | 175 |
| Inception | 2011 | 2011 |
| 1-Year Return | -0.03% | +6.88% |
| 3-Year Return | +9.98% | +13.27% |
| 5-Year Return | +5.62% | +8.09% |
| Dividend Yield | 2.33% | 1.45% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.01% |
AUM and returns updated Oct 14, 2026 from ETF BFF database; expense ratios verified against issuer filings. Returns are annualised. Not investment advice.
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📊 SPLV vs USMV: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- already use Invesco and prefer staying within one fund family
- want the lowest fees: saves ~$10/yr per $10K vs SPLV
- want broader diversification (175 holdings vs 100)
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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