USMV vs PBUS: Holdings Overlap
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
Invesco · 537 holdings · $11.4B · as of 2026-05-31
Holdings snapshots are 31 days apart (USMV: 2026-04-30, PBUS: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are USMV and PBUS?
iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170 positions; Invesco MSCI USA ETF (PBUS, by Invesco) holds 537. They have 169 holdings in common, and by portfolio weight the two funds are 32.6% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 32.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 169USMV holds 170 · PBUS holds 537
- Weight in Shared Holdings
- USMV 100%·PBUS 65%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in USMV
1 of 170 positions (0.2% of the fund) are not held by PBUS.
CTRACoterra Energy Inc COM0.19%
Sector Breakdown
| Sector | USMV | PBUS |
|---|---|---|
| Information Technology | 29.2% | 38.0% |
| Financials | 13.7% | 11.1% |
| Health Care | 12.7% | 8.3% |
| Communication Services | 5.9% | 10.7% |
| Consumer Staples | 9.9% | 4.4% |
| Other Sectors | 28.3% | 27.1% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
| PBUS | +3.4% | +14.0% | +23.4% | +21.4% | +12.9% | — | 0.99% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in USMV vs PBUS →
Shared Holdings(169)
The top 10 shared positions account for 30% of the overlap, led by NVDA, MSFT and BRK-B.
 NVDANVIDIA Corp. COM | 1.63% | 7.77% | 1.63% |
|---|---|---|---|
 MSFTMicrosoft Corp. COM | 1.56% | 4.81% | 1.56% |
 BRK-BBerkshire Hathaway, Inc., Class B | 1.41% | 0.99% | 0.99% |
 XOMExxon Mobil Corp. COM | 1.60% | 0.93% | 0.93% |
 VVisa, Inc., Class A | 0.94% | 0.83% | 0.83% |
 JNJJohnson & Johnson COM | 1.43% | 0.82% | 0.82% |
 AAPLApple Inc. COM | 0.82% | 6.94% | 0.82% |
 WMTWalmart Inc COM | 0.87% | 0.77% | 0.77% |
 CSCOCisco Systems, Inc. COM | 1.80% | 0.72% | 0.72% |
 LLYEli Lilly & Co. COM | 0.66% | 1.34% | 0.66% |
 MAMasterCard Incorporated CL A | 1.15% | 0.63% | 0.63% |
 ABBVAbbVie Inc. COM | 0.63% | 0.58% | 0.58% |
 AMDAdvanced Micro Devices Inc. COM | 0.53% | 1.27% | 0.53% |
 PGThe Procter & Gamble Co. COM | 1.10% | 0.51% | 0.51% |
 AVGOBroadcom Inc COM | 0.50% | 3.05% | 0.50% |
 PLTRPalantir Technologies, Inc., Class A | 0.49% | 0.54% | 0.49% |
 KOCoca-Cola Co (The) COM | 1.19% | 0.49% | 0.49% |
 GOOGAlphabet Inc. CAP STK CL C | 0.45% | 2.77% | 0.45% |
 MRKMerck & Co., Inc COM | 1.17% | 0.45% | 0.45% |
 IBMInternational Business Machines Corp. COM | 1.11% | 0.42% | 0.42% |
 TXNTexas Instruments Inc. COM | 0.77% | 0.42% | 0.42% |
 MUMicron Technology Inc. COM | 0.42% | 1.65% | 0.42% |
 PMPhilip Morris International Inc. COM | 0.52% | 0.42% | 0.42% |
 CVXChevron Corp. COM | 0.41% | 0.53% | 0.41% |
 UNHUnitedHealth Group Inc. COM | 0.39% | 0.52% | 0.39% |
Frequently Asked Questions
How much do USMV and PBUS overlap?
USMV and PBUS overlap by 32.6% of portfolio weight. They share 169 holdings (USMV holds 170 positions and PBUS holds 537), based on each fund's latest SEC-reported holdings.
Is it redundant to own both USMV and PBUS?
The two portfolios are 32.6% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of USMV and PBUS?
The largest positions held by both funds are NVDA, MSFT, BRK-B, XOM and V. Together the top 10 shared positions account for 30% of the total overlap.
What does USMV own that PBUS doesn't?
1 positions (0.2% of USMV) are unique to USMV, led by CTRA. In the other direction, 368 positions (34.9% of PBUS) are unique to PBUS.