SPYV vs. MGV

Last updated Jun 4, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and MGV (Vanguard Mega Cap Value ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value, while MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, SPYV returned 11.90%/yr vs 12.82%/yr for MGV. Their correlation of 0.94 suggests significant overlap in exposure. SPYV charges 0.04%/yr vs 0.05%/yr for MGV.

Performance

SPYV vs. MGV - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYV achieves a 7.46% return, which is significantly lower than MGV's 13.14% return. Over the past 10 years, SPYV has underperformed MGV with an annualized return of 11.90%, while MGV has yielded a comparatively higher 12.82% annualized return.

SPYV

• 1D: -0.36%
• 1M: 2.22%
• YTD: 7.46%
• 6M: 7.77%
• 1Y: 21.26%
• 3Y*: 15.72%
• 5Y*: 10.68%
• 10Y*: 11.90%

MGV

• 1D: 0.08%
• 1M: 5.09%
• YTD: 13.14%
• 6M: 13.88%
• 1Y: 26.98%
• 3Y*: 18.87%
• 5Y*: 11.92%
• 10Y*: 12.82%

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

SPYV vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	7.46%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%
MGV Vanguard Mega Cap Value ETF	13.14%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between SPYV and MGV is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.94

The correlation between SPYV and MGV has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

SPYV vs. MGV - Sectors Allocation Comparison

Sectors	SPYV	MGV
Technology	21.2%	14.2%
Financial Services	14.7%	23.9%
Healthcare	11.6%	16.6%
Consumer Cyclical	10.9%	3.7%
Industrials	10.6%	13.7%
Consumer Defensive	9.2%	11.9%
Energy	7.4%	6.6%
Utilities	4.4%	2.6%
Basic Materials	3.4%	2.4%
Real Estate	3.3%	1.2%
Communication Services	3.2%	3.4%

Return for Risk

SPYV vs. MGV — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 66
SPYV Sharpe Ratio Rank: 63
SPYV Sortino Ratio Rank: 64
SPYV Omega Ratio Rank: 63
SPYV Calmar Ratio Rank: 68
SPYV Martin Ratio Rank: 69

MGV

MGV Risk / Return Rank: 82
MGV Sharpe Ratio Rank: 83
MGV Sortino Ratio Rank: 85
MGV Omega Ratio Rank: 81
MGV Calmar Ratio Rank: 80
MGV Martin Ratio Rank: 80

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.

SPYV vs. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.

	SPYV	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.76	-0.59
Sortino ratio: Return per unit of downside risk	3.05	3.93	-0.88
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	3.43	4.22	-0.79
Martin ratio: Return relative to average drawdown	13.16	16.07	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYV vs. MGV - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.17, which is comparable to the MGV Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SPYV and MGV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYV	MGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.76	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.88	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.79	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.48	-0.06

Drawdowns

SPYV vs. MGV - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, roughly equal to the maximum MGV drawdown of -55.87%. Use the drawdown chart below to compare losses from any high point for SPYV and MGV.

Drawdown Indicators

	SPYV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-55.87%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-6.42%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-13.18%	-4.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-16.54%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-35.41%	-1.48%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-8.72%	-7.70%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.68%	-0.06%

Volatility

SPYV vs. MGV - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 1.98%, while Vanguard Mega Cap Value ETF (MGV) has a volatility of 2.46%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	2.46%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	7.46%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.84%	9.83%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	13.56%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	16.33%	+0.61%

SPYV vs. MGV - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than MGV's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYV vs. MGV - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.70%, less than MGV's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.88%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYV and MGV in my portfolio?

SPYV and MGV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or MGV?

MGV has higher volatility (2.46%) compared to SPYV (1.98%). In terms of maximum drawdown, SPYV dropped -58.45% vs MGV's -55.87%.

Which ETF is better, SPYV or MGV?

On 10-year performance, MGV leads with 12.82% vs 11.90% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or MGV?

Over the 10-year period, MGV has performed better with a 12.82% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or MGV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.05% for MGV.

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

MGV has the higher dividend yield at 1.88%, compared with 1.70% for SPYV.

What is the main difference between SPYV and MGV?

SPYV is categorized as S&P 500, while MGV is Large Cap Value Equities. SPYV tracks S&P 500 Value, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.04% for SPYV and 0.05% for MGV.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.76 vs 2.17), 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.