SPVM vs. DVLU
SPVM (Invesco S&P 500 Value with Momentum ETF) and DVLU (First Trust Dorsey Wright Momentum & Value ETF) are both Momentum funds - SPVM tracks the S&P 500 High Momentum Value Index while DVLU tracks the Dorsey Wright Momentum Plus Value Index. Both are passively managed. Over the past 5 years, SPVM returned 11.87%/yr vs 13.27%/yr for DVLU. Their correlation of 0.85 suggests significant overlap in exposure. SPVM charges 0.39%/yr vs 0.60%/yr for DVLU.
Performance
SPVM vs. DVLU - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPVM having a 13.35% return and DVLU slightly higher at 13.71%.
SPVM
- 1D
- 0.60%
- 1M
- 2.20%
- 6M
- 11.23%
- YTD
- 13.35%
- 1Y
- 27.99%
- 3Y*
- 18.66%
- 5Y*
- 11.87%
- 10Y*
- 12.06%
DVLU
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 10.62%
- YTD
- 13.71%
- 1Y
- 36.51%
- 3Y*
- 20.42%
- 5Y*
- 13.27%
- 10Y*
- —
SPVM vs. DVLU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPVM Invesco S&P 500 Value with Momentum ETF | 13.35% | 20.47% | 15.64% | 5.53% | -2.10% | 28.86% | -3.18% | 29.33% | -12.27% |
DVLU First Trust Dorsey Wright Momentum & Value ETF | 13.71% | 23.67% | 13.36% | 18.84% | -9.73% | 41.67% | -6.68% | 33.59% | -24.03% |
Correlation
The correlation between SPVM and DVLU is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.85 |
The correlation between SPVM and DVLU shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPVM vs. DVLU — Risk / Return Rank
SPVM
DVLU
SPVM vs. DVLU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Value with Momentum ETF (SPVM) and First Trust Dorsey Wright Momentum & Value ETF (DVLU). 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.
| SPVM | DVLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.40 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.28 | 3.00 | +1.28 |
| Martin ratioReturn relative to average drawdown | 16.27 | 10.91 | +5.36 |
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Drawdowns
SPVM vs. DVLU - Drawdown Comparison
The maximum SPVM drawdown since its inception was -45.35%, smaller than the maximum DVLU drawdown of -53.26%. Use the drawdown chart below to compare losses from any high point for SPVM and DVLU.
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Drawdown Indicators
| SPVM | DVLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.35% | -53.26% | +7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -6.57% | -12.24% | +5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -18.66% | -24.86% | +6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | -24.86% | +5.38% |
Max Drawdown (10Y)Largest decline over 10 years | -45.35% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -8.67% | +3.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 3.35% | -1.63% |
Volatility
SPVM vs. DVLU - Volatility Comparison
Invesco S&P 500 Value with Momentum ETF (SPVM) has a higher volatility of 3.31% compared to First Trust Dorsey Wright Momentum & Value ETF (DVLU) at 2.75%. This indicates that SPVM's price experiences larger fluctuations and is considered to be riskier than DVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPVM | DVLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 2.75% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 7.61% | 11.99% | -4.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 16.25% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 21.23% | -4.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.50% | 25.66% | -6.16% |
SPVM vs. DVLU - Expense Ratio Comparison
SPVM has a 0.39% expense ratio, which is lower than DVLU's 0.60% expense ratio.
Dividends
SPVM vs. DVLU - Dividend Comparison
SPVM's dividend yield for the trailing twelve months is around 1.96%, more than DVLU's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVLU First Trust Dorsey Wright Momentum & Value ETF | 0.67% | 0.73% | 1.06% | 1.34% | 2.18% | 1.33% | 1.34% | 1.71% | 0.58% | 0.00% | 0.00% | 0.00% |
SPVM Invesco S&P 500 Value with Momentum ETF | 1.96% | 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
SPVM and DVLU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPVM has higher volatility (3.31%) compared to DVLU (2.75%). In terms of maximum drawdown, SPVM dropped -45.35% vs DVLU's -53.26%.
On 5-year performance, DVLU leads with 13.27% vs 11.87% for SPVM. On fees, SPVM is cheaper at 0.39% per year. On volatility, DVLU has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DVLU has performed better with a 13.27% return vs 11.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPVM is cheaper with a 0.39% expense ratio, compared with 0.60% for DVLU.
SPVM has the higher dividend yield at 1.96%, compared with 0.67% for DVLU.
SPVM tracks S&P 500 High Momentum Value Index, while DVLU tracks Dorsey Wright Momentum Plus Value Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for SPVM and 0.60% for DVLU.
SPVM currently has the higher Sharpe Ratio (2.45 vs 2.26), 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.
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