SPGM vs. SPGP

Last updated Jun 23, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and SPGP (Invesco S&P 500 GARP ETF) are both exchange-traded funds - SPGM is a Global Equities fund tracking the MSCI ACWI IMI Index, while SPGP is a Multi-factor fund tracking the S&P 500 GARP Index. Both are passively managed. Over the past 10 years, SPGM returned 13.44%/yr vs 15.41%/yr for SPGP. A 0.74 correlation means they provide meaningful diversification when combined. SPGM charges 0.09%/yr vs 0.36%/yr for SPGP.

Performance

SPGM vs. SPGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Invesco S&P 500 GARP ETF (SPGP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGM achieves a 12.88% return, which is significantly higher than SPGP's 5.80% return. Over the past 10 years, SPGM has underperformed SPGP with an annualized return of 13.44%, while SPGP has yielded a comparatively higher 15.41% annualized return.

SPGM

• 1D: -0.19%
• 1M: 1.80%
• YTD: 12.88%
• 6M: 12.47%
• 1Y: 31.93%
• 3Y*: 21.14%
• 5Y*: 11.67%
• 10Y*: 13.44%

SPGP

• 1D: -0.27%
• 1M: 1.56%
• YTD: 5.80%
• 6M: 3.85%
• 1Y: 16.63%
• 3Y*: 12.56%
• 5Y*: 8.15%
• 10Y*: 15.41%

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

SPGM vs. SPGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGM SPDR Portfolio MSCI Global Stock Market ETF	12.88%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-10.12%	23.26%
SPGP Invesco S&P 500 GARP ETF	5.80%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%

Correlation

The correlation between SPGM and SPGP is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 5, 2012	0.74

The correlation between SPGM and SPGP shifts across timeframes, from 0.74 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

SPGM vs. SPGP - Sectors Allocation Comparison

Sectors	SPGM	SPGP
Technology	30.7%	24.9%
Financial Services	15.7%	20.9%
Industrials	12.5%	16.9%
Consumer Cyclical	9.0%	17.6%
Communication Services	8.2%	6.8%
Healthcare	7.9%	3.7%
Consumer Defensive	4.5%	-
Energy	4.0%	6.3%
Basic Materials	3.8%	-
Utilities	2.0%	-
Real Estate	1.8%	2.9%

Return for Risk

SPGM vs. SPGP — Risk / Return Rank

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

SPGM

SPGM Risk / Return Rank: 75
SPGM Sharpe Ratio Rank: 77
SPGM Sortino Ratio Rank: 74
SPGM Omega Ratio Rank: 76
SPGM Calmar Ratio Rank: 69
SPGM Martin Ratio Rank: 79

SPGP

SPGP Risk / Return Rank: 31
SPGP Sharpe Ratio Rank: 30
SPGP Sortino Ratio Rank: 30
SPGP Omega Ratio Rank: 28
SPGP Calmar Ratio Rank: 31
SPGP Martin Ratio Rank: 38

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.

SPGM vs. SPGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Invesco S&P 500 GARP ETF (SPGP). 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.

	SPGM	SPGP	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.06	+1.30
Sortino ratio: Return per unit of downside risk	3.18	1.59	+1.59
Omega ratio: Gain probability vs. loss probability	1.43	1.19	+0.24
Calmar ratio: Return relative to maximum drawdown	3.38	1.50	+1.88
Martin ratio: Return relative to average drawdown	14.88	5.70	+9.18

SPGM vs. SPGP - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 2.36, which is higher than the SPGP Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SPGM and SPGP, 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

SPGM vs. SPGP - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, smaller than the maximum SPGP drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for SPGM and SPGP.

Drawdown Indicators

	SPGM	SPGP	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-42.08%	+8.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-11.15%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-22.87%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-22.87%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-42.08%	+8.11%
Current Drawdown Current decline from peak	-0.87%	-1.30%	+0.43%
Average Drawdown Average peak-to-trough decline	-4.80%	-4.35%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.92%	-0.77%

Volatility

SPGM vs. SPGP - Volatility Comparison

SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Invesco S&P 500 GARP ETF (SPGP) have volatilities of 5.30% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGM	SPGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.39%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	12.33%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	15.79%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	18.62%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	21.25%	-3.66%

SPGM vs. SPGP - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than SPGP's 0.36% expense ratio.

Dividends

SPGM vs. SPGP - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.79%, more than SPGP's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.79%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%
SPGP Invesco S&P 500 GARP ETF	0.84%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGM and SPGP in my portfolio?

SPGM and SPGP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGM or SPGP?

SPGP has higher volatility (5.39%) compared to SPGM (5.30%). In terms of maximum drawdown, SPGM dropped -33.97% vs SPGP's -42.08%.

Which ETF is better, SPGM or SPGP?

On 10-year performance, SPGP leads with 15.41% vs 13.44% for SPGM. On fees, SPGM is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGM or SPGP?

Over the 10-year period, SPGP has performed better with a 15.41% return vs 13.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGM or SPGP?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.36% for SPGP.

Which ETF pays a higher dividend yield, SPGM or SPGP?

SPGM has the higher dividend yield at 1.79%, compared with 1.13% for SPGP.

What is the main difference between SPGM and SPGP?

SPGM is categorized as Global Equities, while SPGP is Multi-factor. SPGM tracks MSCI ACWI IMI Index, while SPGP tracks S&P 500 GARP Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.09% for SPGM and 0.36% for SPGP.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.36 vs 1.06), 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.