SPGP vs. MFEM

Last updated Jun 24, 2026

SPGP (Invesco S&P 500 GARP ETF) and MFEM (PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while MFEM is a Emerging Markets Equities fund tracking the RAFI Dynamic Multi-Factor Emerging Market Index. Both are passively managed. Over the past 5 years, SPGP returned 7.93%/yr vs 7.53%/yr for MFEM. A 0.63 correlation means they provide meaningful diversification when combined. SPGP charges 0.36%/yr vs 0.49%/yr for MFEM.

Performance

SPGP vs. MFEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGP achieves a 5.38% return, which is significantly lower than MFEM's 22.43% return.

SPGP

• 1D: -0.40%
• 1M: 1.15%
• YTD: 5.38%
• 6M: 3.93%
• 1Y: 15.59%
• 3Y*: 12.41%
• 5Y*: 7.93%
• 10Y*: 15.37%

MFEM

• 1D: -4.55%
• 1M: -0.67%
• YTD: 22.43%
• 6M: 23.23%
• 1Y: 40.87%
• 3Y*: 20.13%
• 5Y*: 7.53%
• 10Y*: —

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

SPGP vs. MFEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP Invesco S&P 500 GARP ETF	5.38%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	8.55%
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	22.43%	25.33%	4.73%	15.14%	-19.50%	10.77%	11.33%	15.26%	-14.64%	4.86%

Correlation

The correlation between SPGP and MFEM is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017	0.63

The correlation between SPGP and MFEM has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

SPGP vs. MFEM - Sectors Allocation Comparison

Sectors	SPGP	MFEM
Technology	24.9%	29.1%
Financial Services	20.9%	16.0%
Consumer Cyclical	17.6%	9.1%
Industrials	16.9%	11.3%
Communication Services	6.8%	4.5%
Energy	6.3%	7.5%
Healthcare	3.7%	1.4%
Real Estate	2.9%	1.0%
Basic Materials	-	13.8%
Consumer Defensive	-	3.1%
Utilities	-	3.4%

Return for Risk

SPGP vs. MFEM — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 30
SPGP Sharpe Ratio Rank: 29
SPGP Sortino Ratio Rank: 29
SPGP Omega Ratio Rank: 27
SPGP Calmar Ratio Rank: 29
SPGP Martin Ratio Rank: 36

MFEM

MFEM Risk / Return Rank: 63
MFEM Sharpe Ratio Rank: 62
MFEM Sortino Ratio Rank: 57
MFEM Omega Ratio Rank: 66
MFEM Calmar Ratio Rank: 68
MFEM Martin Ratio Rank: 65

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.

SPGP vs. MFEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM). 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.

	SPGP	MFEM	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.92	-0.93
Sortino ratio: Return per unit of downside risk	1.50	2.51	-1.01
Omega ratio: Gain probability vs. loss probability	1.18	1.37	-0.19
Calmar ratio: Return relative to maximum drawdown	1.40	3.19	-1.79
Martin ratio: Return relative to average drawdown	5.34	10.95	-5.61

SPGP vs. MFEM - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 0.99, which is lower than the MFEM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPGP and MFEM, 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

SPGP vs. MFEM - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, roughly equal to the maximum MFEM drawdown of -43.32%. Use the drawdown chart below to compare losses from any high point for SPGP and MFEM.

Drawdown Indicators

	SPGP	MFEM	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-43.32%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-12.86%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-19.22%	-3.65%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-30.84%	+7.97%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-1.69%	-7.95%	+6.26%
Average Drawdown Average peak-to-trough decline	-4.35%	-11.45%	+7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	3.74%	-0.82%

Volatility

SPGP vs. MFEM - Volatility Comparison

The current volatility for Invesco S&P 500 GARP ETF (SPGP) is 5.41%, while PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) has a volatility of 11.67%. This indicates that SPGP experiences smaller price fluctuations and is considered to be less risky than MFEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	MFEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	11.67%	-6.26%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	19.63%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	21.40%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	17.16%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	19.63%	+1.59%

SPGP vs. MFEM - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than MFEM's 0.49% expense ratio.

Dividends

SPGP vs. MFEM - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.85%, less than MFEM's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.27%	2.77%	5.89%	4.01%	7.01%	29.96%	1.70%	2.37%	1.18%	0.21%	0.00%	0.00%
SPGP Invesco S&P 500 GARP ETF	0.85%	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 SPGP and MFEM in my portfolio?

SPGP and MFEM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or MFEM?

MFEM has higher volatility (11.67%) compared to SPGP (5.41%). In terms of maximum drawdown, SPGP dropped -42.08% vs MFEM's -43.32%.

Which ETF is better, SPGP or MFEM?

On 5-year performance, SPGP leads with 7.93% vs 7.53% for MFEM. On fees, SPGP is cheaper at 0.36% per year. On volatility, SPGP has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or MFEM?

Over the 5-year period, SPGP has performed better with a 7.93% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or MFEM?

SPGP is cheaper with a 0.36% expense ratio, compared with 0.49% for MFEM.

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

MFEM has the higher dividend yield at 2.27%, compared with 0.85% for SPGP.

What is the main difference between SPGP and MFEM?

SPGP is categorized as Multi-factor, while MFEM is Emerging Markets Equities. SPGP tracks S&P 500 GARP Index, while MFEM tracks RAFI Dynamic Multi-Factor Emerging Market Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.36% for SPGP and 0.49% for MFEM.

Which has better risk-adjusted returns?

MFEM currently has the higher Sharpe Ratio (1.92 vs 0.99), 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.