SPMV vs. MGV

Last updated Jun 24, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and MGV (Vanguard Mega Cap Value ETF) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index. Both are passively managed. A 0.75 correlation means they provide meaningful diversification when combined. SPMV charges 0.10%/yr vs 0.05%/yr for MGV.

Performance

SPMV vs. MGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) and Vanguard Mega Cap Value ETF (MGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMV

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

MGV

• 1D: -0.82%
• 1M: 3.65%
• YTD: 15.89%
• 6M: 15.48%
• 1Y: 28.43%
• 3Y*: 19.53%
• 5Y*: 12.99%
• 10Y*: 13.34%

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

SPMV vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MGV Vanguard Mega Cap Value ETF	15.89%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	11.07%

Correlation

The correlation between SPMV and MGV is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.75

The correlation between SPMV and MGV shifts across timeframes, from 0.60 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

SPMV vs. MGV - Sectors Allocation Comparison

Sectors	SPMV	MGV
Technology	26.9%	18.5%
Financial Services	17.8%	22.8%
Healthcare	15.0%	16.0%
Consumer Defensive	10.7%	11.0%
Consumer Cyclical	6.6%	3.4%
Communication Services	6.5%	3.2%
Industrials	6.0%	13.2%
Energy	4.8%	6.0%
Utilities	2.8%	2.3%
Basic Materials	2.6%	2.3%
Real Estate	0.2%	1.2%

Return for Risk

SPMV vs. MGV — Risk / Return Rank

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

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MGV

MGV Risk / Return Rank: 87
MGV Sharpe Ratio Rank: 89
MGV Sortino Ratio Rank: 90
MGV Omega Ratio Rank: 86
MGV Calmar Ratio Rank: 84
MGV 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.

SPMV vs. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) and Vanguard Mega Cap Value ETF (MGV). 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.

	SPMV	MGV	Difference
Sharpe ratio: Return per unit of total volatility	—	2.81	—
Sortino ratio: Return per unit of downside risk	—	3.99	—
Omega ratio: Gain probability vs. loss probability	—	1.50	—
Calmar ratio: Return relative to maximum drawdown	—	4.45	—
Martin ratio: Return relative to average drawdown	—	16.89	—

Drawdowns

Drawdown Indicators

	SPMV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	—	-56.07%	—
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	—	-0.82%	—
Average Drawdown Average peak-to-trough decline	—	-7.77%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.69%	—

Volatility

Volatility by Period

	SPMV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	10.18%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.58%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.32%	—

SPMV vs. MGV - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is higher than MGV's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPMV vs. MGV - Dividend Comparison

SPMV has not paid dividends to shareholders, while MGV's dividend yield for the trailing twelve months is around 1.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.84%	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	1.05%	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 SPMV and MGV in my portfolio?

SPMV and MGV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or MGV?

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, SPMV or MGV?

MGV is cheaper with a 0.05% expense ratio, compared with 0.10% for SPMV.

Which ETF pays a higher dividend yield, SPMV or MGV?

MGV has the higher dividend yield at 1.84%, compared with 1.05% for SPMV.

What is the main difference between SPMV and MGV?

SPMV is categorized as S&P 500, while MGV is Large Cap Value Equities. SPMV tracks S&P 500 Minimum Volatility Index, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.10% for SPMV and 0.05% for MGV.