Dividend comparison
USMV vs SPHQ: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares MSCI USA Min Vol Factor ETF and Invesco S&P 500 Quality ETF, side by side. Updated October 21, 2026.
USMV vs SPHQ: key differences
The short answer, from the latest data on this page.
- Fees. USMV is cheaper at 0.15% a year versus 0.20% for SPHQ. On $10,000 that is $5 a year less in fees.
- Income. USMV pays more income, yielding 1.38% over the last twelve months versus 1.03% for SPHQ. That is about $35 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPHQ returned 74.1% versus 42.3% for USMV, with dividends reinvested. $10,000 would have grown to $17,415 in SPHQ and $14,229 in USMV.
- Risk. SPHQ has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -25.1%, against -17.9% for USMV.
- Diversification. USMV holds 174 positions and SPHQ holds 100. The ten largest positions make up 15.1% of USMV and 44.0% of SPHQ.
- Overlap. At least 17% of the two portfolios overlap by weight, across 25 shared holdings. They mostly own different companies, so they can complement each other.
- Dividend growth. USMV grew its yearly payout 8.2% a year over the last 4 years, versus 6.6% for SPHQ.
Bottom line: USMV fits better if you care most about lower fees, more income today, smaller drawdowns, faster dividend growth and broader diversification. SPHQ fits better if you care most about stronger 5-year returns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | USMV iShares MSCI USA Min Vol Factor ETF | SPHQ Invesco S&P 500 Quality ETF |
|---|---|---|
| Dividend yield (TTM) | 1.38% | 1.03% |
| Dividend / share (TTM) | $1.41 | $0.87 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.3282 on Sep 18, 2026 | $0.1541 on Sep 25, 2026 |
| Ex-dividend date | Sep 15, 2026 | Sep 21, 2026 |
| Dividend growth (CAGR) | 8.2% over 4 yrs | 6.6% over 4 yrs |
| Price | $102.32 | $84.34 |
| Dividend growth streak | — | 1 year |
| Beta | 0.48 | 0.81 |
| Max drawdown (5Y) | -17.9% | -25.1% |
| Market cap | $23.79B | $18.73B |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.15% | 0.20% |
| Assets under management | $24.00B | $18.83B |
| Number of holdings | 174 | 100 |
| Top 10 concentration | 15.1% | 44.0% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
USMV
$11.49/mo
$138 /yr at 1.38% yield
SPHQ
$8.58/mo
$103 /yr at 1.03% yield
Dividend history
Total dividends paid per share in each calendar year. USMV pays quarterly; SPHQ pays quarterly.
| Year | USMV | SPHQ |
|---|---|---|
| 2025 | $1.4021 | $0.8148 |
| 2024 | $1.4869 | $0.7699 |
| 2023 | $1.4177 | $0.7704 |
| 2022 | $1.1700 | $0.8147 |
| 2021 | $1.0230 | $0.6308 |
Strategy: Factor and momentum
Rules-based funds that tilt toward a single trait linked to long-run returns, such as momentum, quality or low volatility. Momentum funds rebalance into recent winners, quality funds favor high profitability and strong balance sheets, and low-volatility funds pick the steadiest stocks. The same label can hide very different rules, so the index methodology matters more than the name.
Factor tilts go through long dry spells, and momentum funds can turn over quickly and get caught out when market leadership changes.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $14,229 in USMV and $17,415 in SPHQ.
| Period | USMV | SPHQ |
|---|---|---|
| 1 month | 3.99% | 0.67% |
| 3 months | 5.92% | -0.52% |
| Year to date | 8.67% | 12.38% |
| 1 year | 8.14% | 13.62% |
| 3 years | 47.54% | 73.75% |
| 5 years | 42.29% | 74.15% |
- USMV
- SPHQ
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- USMV
- SPHQ
USMV vs SPHQ holdings overlap
At least 17% overlap by weight, with 25 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | USMV weight | SPHQ weight |
|---|---|---|
| MAMASTERCARD CLASS A | 1.32% | 6.29% |
| CSCOCISCO SYSTEMS INC | 1.31% | 3.49% |
| PGPROCTER & GAMBLE | 1.11% | 3.15% |
| VVISA CLASS A | 1.07% | 6.22% |
| TJXTJX | 1.01% | 1.50% |
| AAPLAPPLE | 0.97% | 5.86% |
| ACNACCENTURE PLC CLASS A | 0.93% | 1.28% |
| FTNTFORTINET | 0.83% | 1.55% |
| LMTLOCKHEED MARTIN CORP | 0.79% | 1.05% |
| TRVTRAVELERS COMPANIES | 0.82% | 0.76% |
Top 10 holdings
Largest positions by portfolio weight.
USMV174 holdings total
Quick verdict
USMV fits better if you care most about lower fees, more income today, smaller drawdowns, faster dividend growth and broader diversification. SPHQ fits better if you care most about stronger 5-year returns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is USMV or SPHQ better for dividend income?
It depends on your goals. USMV currently yields 1.38% Trailing Twelve Months (TTM) while SPHQ yields 1.03%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between USMV and SPHQ?
iShares MSCI USA Min Vol Factor ETF (USMV) is an ETF listed on CBOE. Invesco S&P 500 Quality ETF (SPHQ) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, USMV or SPHQ?
USMV has the lower expense ratio. USMV charges 0.15% a year and SPHQ charges 0.20%, a difference of $5 a year on a $10,000 investment.
Which has performed better, USMV or SPHQ?
Over the last 5 years, SPHQ has the higher total return with dividends reinvested: USMV returned 42.3% and SPHQ returned 74.1%. Past performance does not predict future returns.
Which is riskier, USMV or SPHQ?
Measured by the worst peak-to-trough decline over the last five years, SPHQ has been riskier: USMV fell as much as 17.9% and SPHQ as much as 25.1%. Their betas are 0.48 and 0.81.
How much do USMV and SPHQ overlap?
At least 17% of the two portfolios overlap by weight, across 25 shared holdings. The largest shared positions are MA, CSCO, PG. Holding both still adds meaningful diversification.
How often do USMV and SPHQ pay dividends?
Both pay quarterly. The most recent payments were $0.3282 for USMV and $0.1541 for SPHQ.
How much income does $10,000 in USMV vs SPHQ generate?
At current TTM yields, $10,000 in USMV would generate roughly $11.49 per month ($138 annually). The same amount in SPHQ would produce about $8.58 per month ($103 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both USMV and SPHQ?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare USMV vs SPHQ with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how USMV and SPHQ fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.