SPVM vs. SPY

Last updated Jun 23, 2026

SPVM (Invesco S&P 500 Value with Momentum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPVM is a Momentum fund tracking the S&P 500 High Momentum Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPVM returned 12.26%/yr vs 15.70%/yr for SPY. A 0.72 correlation means they provide meaningful diversification when combined. SPVM charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

SPVM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Value with Momentum ETF (SPVM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPVM achieves a 9.10% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, SPVM has underperformed SPY with an annualized return of 12.26%, while SPY has yielded a comparatively higher 15.70% annualized return.

SPVM

• 1D: 0.76%
• 1M: 1.83%
• YTD: 9.10%
• 6M: 8.06%
• 1Y: 29.65%
• 3Y*: 18.95%
• 5Y*: 11.16%
• 10Y*: 12.26%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SPVM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPVM Invesco S&P 500 Value with Momentum ETF	9.10%	20.47%	15.64%	5.53%	-2.10%	28.86%	-3.18%	29.33%	-9.17%	14.70%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPVM and SPY 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	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.72

The correlation between SPVM and SPY shifts across timeframes, from 0.54 (1 year) to 0.73 (10 years), reflecting how their relationship changes across market environments.

SPVM vs. SPY - Sectors Allocation Comparison

Sectors	SPVM	SPY
Financial Services	36.0%	11.1%
Utilities	13.8%	2.1%
Energy	8.6%	3.1%
Consumer Defensive	7.6%	4.5%
Consumer Cyclical	6.8%	9.9%
Communication Services	6.6%	10.6%
Technology	6.2%	39.0%
Healthcare	6.2%	8.3%
Industrials	4.5%	7.8%
Basic Materials	1.9%	1.7%
Real Estate	1.9%	1.8%

Return for Risk

SPVM vs. SPY — Risk / Return Rank

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

SPVM

SPVM Risk / Return Rank: 84
SPVM Sharpe Ratio Rank: 83
SPVM Sortino Ratio Rank: 86
SPVM Omega Ratio Rank: 78
SPVM Calmar Ratio Rank: 85
SPVM Martin Ratio Rank: 85

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SPVM vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.16	+0.41
Sortino ratio: Return per unit of downside risk	3.67	2.91	+0.76
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	4.53	3.01	+1.52
Martin ratio: Return relative to average drawdown	17.20	13.54	+3.66

SPVM vs. SPY - Sharpe Ratio Comparison

The current SPVM Sharpe Ratio is 2.56, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPVM and SPY, 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

SPVM vs. SPY - Drawdown Comparison

The maximum SPVM drawdown since its inception was -45.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPVM and SPY.

Drawdown Indicators

	SPVM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-45.35%	-55.19%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-8.88%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.66%	-18.76%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-19.48%	-24.50%	+5.02%
Max Drawdown (10Y) Largest decline over 10 years	-45.35%	-33.72%	-11.63%
Current Drawdown Current decline from peak	-1.62%	-1.75%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.98%	-9.04%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.97%	-0.24%

Volatility

SPVM vs. SPY - Volatility Comparison

The current volatility for Invesco S&P 500 Value with Momentum ETF (SPVM) is 3.21%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SPVM experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPVM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	4.64%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	7.68%	9.75%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	12.43%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	17.14%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	17.99%	+1.59%

SPVM vs. SPY - Expense Ratio Comparison

SPVM has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPVM vs. SPY - Dividend Comparison

SPVM's dividend yield for the trailing twelve months is around 2.39%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPVM Invesco S&P 500 Value with Momentum ETF	2.39%	2.02%	1.91%	2.45%	2.33%	1.41%	2.11%	2.40%	3.10%	1.68%	2.80%	2.67%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPVM and SPY in my portfolio?

SPVM and SPY 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, SPVM or SPY?

SPY has higher volatility (4.64%) compared to SPVM (3.21%). In terms of maximum drawdown, SPVM dropped -45.35% vs SPY's -55.19%.

Which ETF is better, SPVM or SPY?

On 10-year performance, SPY leads with 15.70% vs 12.26% for SPVM. On fees, SPY is cheaper at 0.09% per year. On volatility, SPVM has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPVM or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 12.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPVM or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for SPVM.

Which ETF pays a higher dividend yield, SPVM or SPY?

SPVM has the higher dividend yield at 2.39%, compared with 1.01% for SPY.

What is the main difference between SPVM and SPY?

SPVM is categorized as Momentum, while SPY is S&P 500. SPVM tracks S&P 500 High Momentum Value Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for SPVM and 0.09% for SPY.

Which has better risk-adjusted returns?

SPVM currently has the higher Sharpe Ratio (2.56 vs 2.16), 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.