SPGP vs. USMF

Last updated Jun 24, 2026

SPGP (Invesco S&P 500 GARP ETF) and USMF (WisdomTree US Multifactor Fund) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while USMF is a Mid Cap Blend Equities fund tracking the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, SPGP returned 7.93%/yr vs 7.96%/yr for USMF. Their correlation of 0.84 suggests significant overlap in exposure. SPGP charges 0.36%/yr vs 0.28%/yr for USMF.

Performance

SPGP vs. USMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and WisdomTree US Multifactor Fund (USMF). 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 higher than USMF's 4.51% 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%

USMF

• 1D: -1.81%
• 1M: 0.79%
• YTD: 4.51%
• 6M: 3.57%
• 1Y: 6.87%
• 3Y*: 13.86%
• 5Y*: 7.96%
• 10Y*: —

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

SPGP vs. USMF - 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%	10.04%
USMF WisdomTree US Multifactor Fund	4.51%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%

Correlation

The correlation between SPGP and USMF is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.84

The correlation between SPGP and USMF shifts across timeframes, from 0.76 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

SPGP vs. USMF - Sectors Allocation Comparison

Sectors	SPGP	USMF
Technology	24.9%	33.2%
Financial Services	20.9%	10.7%
Consumer Cyclical	17.6%	10.5%
Industrials	16.9%	8.2%
Communication Services	6.8%	9.8%
Energy	6.3%	4.8%
Healthcare	3.7%	9.0%
Real Estate	2.9%	2.0%
Basic Materials	-	0.9%
Consumer Defensive	-	4.3%
Utilities	-	1.9%

Return for Risk

SPGP vs. USMF — 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

USMF

USMF Risk / Return Rank: 20
USMF Sharpe Ratio Rank: 19
USMF Sortino Ratio Rank: 18
USMF Omega Ratio Rank: 17
USMF Calmar Ratio Rank: 24
USMF Martin Ratio Rank: 25

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. USMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) and WisdomTree US Multifactor Fund (USMF). 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	USMF	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.60	+0.39
Sortino ratio: Return per unit of downside risk	1.50	0.92	+0.58
Omega ratio: Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	1.40	1.07	+0.34
Martin ratio: Return relative to average drawdown	5.34	3.16	+2.18

SPGP vs. USMF - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 0.99, which is higher than the USMF Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of SPGP and USMF, 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. USMF - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, which is greater than USMF's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for SPGP and USMF.

Drawdown Indicators

	SPGP	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-36.24%	-5.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-6.47%	-4.68%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-15.39%	-7.48%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-18.10%	-4.77%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-1.69%	-2.01%	+0.32%
Average Drawdown Average peak-to-trough decline	-4.35%	-4.14%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.18%	+0.74%

Volatility

SPGP vs. USMF - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 5.41% compared to WisdomTree US Multifactor Fund (USMF) at 4.95%. This indicates that SPGP's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	4.95%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	8.55%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	11.56%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	14.35%	+4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	16.98%	+4.24%

SPGP vs. USMF - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is higher than USMF's 0.28% expense ratio.

Dividends

SPGP vs. USMF - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.85%, less than USMF's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USMF WisdomTree US Multifactor Fund	1.31%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPGP and USMF in my portfolio?

SPGP and USMF have a correlation of 0.76, 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 USMF?

SPGP has higher volatility (5.41%) compared to USMF (4.95%). In terms of maximum drawdown, SPGP dropped -42.08% vs USMF's -36.24%.

Which ETF is better, SPGP or USMF?

On 5-year performance, USMF leads with 7.96% vs 7.93% for SPGP. On fees, USMF is cheaper at 0.28% per year. On volatility, USMF has been the lower-risk option at 4.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or USMF?

Over the 5-year period, USMF has performed better with a 7.96% return vs 7.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or USMF?

USMF is cheaper with a 0.28% expense ratio, compared with 0.36% for SPGP.

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

USMF has the higher dividend yield at 1.31%, compared with 0.85% for SPGP.

What is the main difference between SPGP and USMF?

SPGP is categorized as Multi-factor, while USMF is Mid Cap Blend Equities. SPGP tracks S&P 500 GARP Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.36% for SPGP and 0.28% for USMF.

Which has better risk-adjusted returns?

SPGP currently has the higher Sharpe Ratio (0.99 vs 0.60), 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.