MGV vs. SPMV

Last updated Jun 5, 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. A 0.75 correlation means they provide meaningful diversification when combined. 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: 0.77%
• 1M: 4.80%
• YTD: 14.01%
• 6M: 14.90%
• 1Y: 28.63%
• 3Y*: 19.33%
• 5Y*: 12.10%
• 10Y*: 12.84%

SPMV

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

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

MGV vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGV Vanguard Mega Cap Value ETF	14.01%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	11.34%
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 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.75

The correlation between MGV and SPMV shifts across timeframes, from 0.64 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

MGV vs. SPMV - Sectors Allocation Comparison

Sectors	MGV	SPMV
Financial Services	23.9%	17.8%
Healthcare	16.6%	15.0%
Technology	14.2%	26.9%
Industrials	13.7%	6.0%
Consumer Defensive	11.9%	10.7%
Energy	6.6%	4.8%
Consumer Cyclical	3.7%	6.6%
Communication Services	3.4%	6.5%
Utilities	2.6%	2.8%
Basic Materials	2.4%	2.6%
Real Estate	1.2%	0.2%

Return for Risk

MGV vs. SPMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MGV

MGV Risk / Return Rank: 87
MGV Sharpe Ratio Rank: 88
MGV Sortino Ratio Rank: 90
MGV Omega Ratio Rank: 87
MGV Calmar Ratio Rank: 84
MGV Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	MGV	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	2.93	—	—
Sortino ratio: Return per unit of downside risk	4.16	—	—
Omega ratio: Gain probability vs. loss probability	1.53	—	—
Calmar ratio: Return relative to maximum drawdown	4.48	—	—
Martin ratio: Return relative to average drawdown	17.05	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MGV	SPMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	—	—

Drawdowns

Drawdown Indicators

	MGV	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	—	—
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	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-7.69%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	—	—

Volatility

Volatility by Period

	MGV	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.85%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	—	—

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 1.87%, more than SPMV's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.87%	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	1.45%	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 0.64, 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 1.87%, compared with 1.45% 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.