RPV vs. SPVM

Last updated Jun 24, 2026

RPV (Invesco S&P 500® Pure Value ETF) and SPVM (Invesco S&P 500 Value with Momentum ETF) are both exchange-traded funds - RPV is a Large Cap Value Equities fund tracking the S&P 500/Citigroup Pure Value Index, while SPVM is a Momentum fund tracking the S&P 500 High Momentum Value Index. Both are passively managed. Over the past 10 years, RPV returned 11.14%/yr vs 12.34%/yr for SPVM. Their correlation of 0.84 suggests significant overlap in exposure. RPV charges 0.35%/yr vs 0.39%/yr for SPVM.

Performance

RPV vs. SPVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® Pure Value ETF (RPV) and Invesco S&P 500 Value with Momentum ETF (SPVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPV achieves a 10.84% return, which is significantly higher than SPVM's 9.93% return. Over the past 10 years, RPV has underperformed SPVM with an annualized return of 11.14%, while SPVM has yielded a comparatively higher 12.34% annualized return.

RPV

• 1D: 0.43%
• 1M: 0.99%
• YTD: 10.84%
• 6M: 10.96%
• 1Y: 25.73%
• 3Y*: 17.60%
• 5Y*: 10.53%
• 10Y*: 11.14%

SPVM

• 1D: 0.76%
• 1M: 2.61%
• YTD: 9.93%
• 6M: 9.00%
• 1Y: 28.99%
• 3Y*: 19.25%
• 5Y*: 11.13%
• 10Y*: 12.34%

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

RPV vs. SPVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPV Invesco S&P 500® Pure Value ETF	10.84%	17.70%	12.41%	7.98%	-1.27%	34.22%	-8.69%	24.80%	-12.31%	17.30%
SPVM Invesco S&P 500 Value with Momentum ETF	9.93%	20.47%	15.64%	5.53%	-2.10%	28.86%	-3.18%	29.33%	-9.17%	14.70%

Correlation

The correlation between RPV and SPVM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.84

The correlation between RPV and SPVM has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

RPV vs. SPVM - Sectors Allocation Comparison

Sectors	RPV	SPVM
Financial Services	17.4%	36.0%
Healthcare	16.8%	6.2%
Consumer Defensive	14.8%	7.6%
Consumer Cyclical	11.4%	6.8%
Energy	10.0%	8.6%
Basic Materials	8.6%	1.9%
Industrials	6.7%	4.5%
Communication Services	5.5%	6.6%
Utilities	3.9%	13.8%
Technology	3.5%	6.2%
Real Estate	1.6%	1.9%

Return for Risk

RPV vs. SPVM — Risk / Return Rank

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

RPV

RPV Risk / Return Rank: 65
RPV Sharpe Ratio Rank: 65
RPV Sortino Ratio Rank: 67
RPV Omega Ratio Rank: 59
RPV Calmar Ratio Rank: 69
RPV Martin Ratio Rank: 66

SPVM

SPVM Risk / Return Rank: 83
SPVM Sharpe Ratio Rank: 83
SPVM Sortino Ratio Rank: 85
SPVM Omega Ratio Rank: 78
SPVM Calmar Ratio Rank: 84
SPVM Martin Ratio Rank: 85

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.

RPV vs. SPVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® Pure Value ETF (RPV) and Invesco S&P 500 Value with Momentum ETF (SPVM). 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.

	RPV	SPVM	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.51	-0.50
Sortino ratio: Return per unit of downside risk	2.92	3.60	-0.68
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.09
Calmar ratio: Return relative to maximum drawdown	3.34	4.43	-1.09
Martin ratio: Return relative to average drawdown	11.48	16.80	-5.32

RPV vs. SPVM - Sharpe Ratio Comparison

The current RPV Sharpe Ratio is 2.02, which is comparable to the SPVM Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of RPV and SPVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RPV vs. SPVM - Drawdown Comparison

The maximum RPV drawdown since its inception was -75.32%, which is greater than SPVM's maximum drawdown of -45.35%. Use the drawdown chart below to compare losses from any high point for RPV and SPVM.

Drawdown Indicators

	RPV	SPVM	Difference
Max Drawdown Largest peak-to-trough decline	-75.32%	-45.35%	-29.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-6.57%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-18.66%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-19.48%	-3.16%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	-45.35%	-5.32%
Current Drawdown Current decline from peak	-2.85%	-0.87%	-1.98%
Average Drawdown Average peak-to-trough decline	-10.66%	-4.98%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.73%	+0.52%

Volatility

RPV vs. SPVM - Volatility Comparison

Invesco S&P 500® Pure Value ETF (RPV) has a higher volatility of 3.56% compared to Invesco S&P 500 Value with Momentum ETF (SPVM) at 3.27%. This indicates that RPV's price experiences larger fluctuations and is considered to be riskier than SPVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPV	SPVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.27%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	7.72%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	11.64%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	16.74%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	19.56%	+2.31%

RPV vs. SPVM - Expense Ratio Comparison

RPV has a 0.35% expense ratio, which is lower than SPVM's 0.39% expense ratio.

Dividends

RPV vs. SPVM - Dividend Comparison

RPV's dividend yield for the trailing twelve months is around 2.40%, more than SPVM's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPV Invesco S&P 500® Pure Value ETF	2.40%	2.50%	2.16%	2.38%	2.29%	1.92%	2.11%	2.28%	2.49%	1.73%	1.73%	2.39%
SPVM Invesco S&P 500 Value with Momentum ETF	2.02%	2.02%	1.91%	2.45%	2.33%	1.41%	2.11%	2.40%	3.10%	1.68%	2.80%	2.67%

Frequently Asked Questions

Can I hold both RPV and SPVM in my portfolio?

RPV and SPVM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPV or SPVM?

RPV has higher volatility (3.56%) compared to SPVM (3.27%). In terms of maximum drawdown, RPV dropped -75.32% vs SPVM's -45.35%.

Which ETF is better, RPV or SPVM?

On 10-year performance, SPVM leads with 12.34% vs 11.14% for RPV. On fees, RPV is cheaper at 0.35% per year. On volatility, SPVM has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RPV or SPVM?

Over the 10-year period, SPVM has performed better with a 12.34% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPV or SPVM?

RPV is cheaper with a 0.35% expense ratio, compared with 0.39% for SPVM.

Which ETF pays a higher dividend yield, RPV or SPVM?

RPV has the higher dividend yield at 2.40%, compared with 2.02% for SPVM.

What is the main difference between RPV and SPVM?

RPV is categorized as Large Cap Value Equities, while SPVM is Momentum. RPV tracks S&P 500/Citigroup Pure Value Index, while SPVM tracks S&P 500 High Momentum Value Index. Their fees differ too: 0.35% for RPV and 0.39% for SPVM.

Which has better risk-adjusted returns?

SPVM currently has the higher Sharpe Ratio (2.51 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.