MGV vs. SPMV

Last updated Aug 4, 2026

MGV (Vanguard Mega Cap Value ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. MGV charges 0.05%/yr vs 0.10%/yr for SPMV.

Performance

MGV vs. SPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Value ETF (MGV) and Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MGV

• 1D: 0.42%
• 1M: -0.09%
• 6M: 10.64%
• YTD: 17.26%
• 1Y: 29.26%
• 3Y*: 18.40%
• 5Y*: 12.90%
• 10Y*: 12.76%
• ALL TIME*: 9.32%

SPMV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MGV Vanguard Mega Cap Value ETF	$37.79M	$38.66M	$40.05M

MGV vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGV Vanguard Mega Cap Value ETF	17.26%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	11.07%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between MGV and SPMV is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.74

Over the past year, the correlation between MGV and SPMV has dropped to 0.52 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

MGV vs. SPMV - Sectors Allocation Comparison

Sectors	MGV	SPMV
Financial Services	23.1%	17.8%
Technology	18.1%	26.9%
Healthcare	16.7%	15.0%
Industrials	13.8%	6.0%
Consumer Defensive	10.7%	10.7%
Energy	5.5%	4.8%
Consumer Cyclical	3.8%	6.6%
Communication Services	3.0%	6.5%
Basic Materials	2.3%	2.6%
Utilities	2.0%	2.8%
Real Estate	1.0%	0.2%

Return for Risk

MGV vs. SPMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MGV

MGV Risk / Return Rank: 94
MGV Sharpe Ratio Rank: 95
MGV Sortino Ratio Rank: 95
MGV Omega Ratio Rank: 94
MGV Calmar Ratio Rank: 93
MGV Martin Ratio Rank: 93

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MGV vs. SPMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Value ETF (MGV) and Invesco S&P 500 Minimum Variance ETF (SPMV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MGV	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	2.88	—	—
Sortino ratio: Return per unit of downside risk	4.09	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	4.58	—	—
Martin ratio: Return relative to average drawdown	17.81	—	—

Drawdowns

Drawdown Indicators

	MGV	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-56.07%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.41%	—	—
Current Drawdown Current decline from peak	-0.93%	—	—
Average Drawdown Average peak-to-trough decline	-7.73%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	—	—

Volatility

Volatility by Period

	MGV	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	—	—

MGV vs. SPMV - Expense Ratio Comparison

MGV has a 0.05% expense ratio, which is lower than SPMV's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MGV vs. SPMV - Dividend Comparison

MGV's dividend yield for the trailing twelve months is around 1.86%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.86%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGV and SPMV in my portfolio?

MGV and SPMV have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MGV or SPMV?

On fees, MGV is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MGV or SPMV?

MGV is cheaper with a 0.05% expense ratio, compared with 0.10% for SPMV.

Which ETF pays a higher dividend yield, MGV or SPMV?

MGV has the higher dividend yield at 1.86%, compared with 1.05% for SPMV.

What is the main difference between MGV and SPMV?

MGV is categorized as Large Cap Value Equities, while SPMV is S&P 500. MGV tracks CRSP US Mega Cap Value Index, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.05% for MGV and 0.10% for SPMV.