SPY vs USMV
State Street SPDR S&P 500 ETF Trust vs iShares MSCI USA Min Vol Factor ETF
Last updated: 2026-04-02
State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund issued by State Street that provides exposure to large-cap U.S. equities across growth and value styles. It charges a low expense ratio of 0.09%. The fund offers a moderate dividend yield of 1.13%. Launched in 1993, the fund has a 33-year track record.
iShares MSCI USA Min Vol Factor ETF (USMV) is an exchange-traded fund that provides exposure to us factor - min volatility securities. It charges a low expense ratio of 0.15%. The fund offers a moderate dividend yield of 1.59%. Launched in 2011, the fund has a 15-year track record.
Quick Verdict
SPY has a slightly lower expense ratio (0.09% vs 0.15%), saving about $119 per $10,000 over 10 years. Over the past year, SPY has significantly outperformed with a 16.8% return vs -1.0%.
Key Metrics
Performance Chart
Indexed to 100 at start (5-year comparison)
Performance Comparison
Fee Impact Over Time
Estimated fee cost difference assuming 8% annual returns
Risk Metrics
Based on 5 years of daily returns
Dividend Comparison
Top Holdings
1 of top 9 holdings overlap (11% overlap in top holdings)
SPY Top Holdings
| Name | Weight |
|---|---|
| NVIDIA CorporationNVDA | 7.58% |
| Apple Inc.AAPL | 6.66% |
| Microsoft CorporationMSFT | 4.91% |
| Amazon.com, Inc.AMZN | 3.64% |
| Broadcom Inc.AVGO | 2.62% |
| Alphabet Inc.GOOG | 2.40% |
| Meta Platforms, Inc.META | 2.24% |
| Tesla, Inc.TSLA | 1.87% |
| Berkshire Hathaway Inc.BRK.B | 1.57% |
USMV Top Holdings
| Name | Weight |
|---|---|
| Exxon Mobil CorporationXOM | 1.84% |
| Cisco Systems, Inc.CSCO | 1.63% |
| Verizon Communications Inc.VZ | 1.61% |
| Duke Energy CorporationDUK | 1.61% |
| The Southern CompanySO | 1.57% |
| Johnson & JohnsonJNJ | 1.55% |
| Chubb LimitedCB | 1.51% |
| Motorola Solutions, Inc.MSI | 1.50% |
| Waste Management, Inc.WM | 1.48% |
| Berkshire Hathaway Inc.BRK.B | 1.45% |
Which One Should You Choose?
Choose SPY if...
you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.
Choose SPY if...
recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.
Choose USMV if...
you prioritize dividend income and want higher regular distributions from your portfolio.