BMVP vs SPY
Invesco Bloomberg MVP Multi-factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BMVP or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. BMVP is less concentrated, with 21.2% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BMVP | SPY |
|---|---|---|
| Expense Ratio | 0.29% | 0.09%Best |
| AUM | $105M | $804.7B |
| Dividend Yield | 1.69% | 0.98% |
| Holdings | 58 | 505 |
| YTD Return | +9.52% | +12.09%Best |
| 1Y Return | +11.81% | +16.29%Best |
| 3Y Return (annualized) | +13.98% | +21.20%Best |
| 5Y Return (annualized) | +7.51% | +13.37%Best |
| Volatility (annualized) | 15.6% | 14.6%Best |
| Max Drawdown | -53.4%Best | -56.5% |
| $10,000 over 5 years | $14,363 | $18,728Best |
| Top 10 Weight | 21.2%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | May 1, 2003 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 14, 2003 to Sep 18, 2026 (22.8 years).
BMVP vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.8 years both funds cover.
BMVP vs SPY Performance
Invesco Bloomberg MVP Multi-factor ETF (BMVP) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BMVP returned +11.81% while SPY returned +16.29%. Year to date, BMVP is up 9.52% versus a gain of 12.09% for SPY.
Over three years, BMVP compounded at +13.98% per year against +21.20% for SPY; over five years the annualized figures are +7.51% and +13.37% respectively. Across the full 23-year window we track, SPY has the edge at +9.40% annualized vs +7.51%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BMVP has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 14.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -53.4% for BMVP and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
BMVP charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, BMVP currently yields 1.69% against 0.98% for SPY.
Holdings Overlap
96.3% of BMVP's money is in holdings SPY also owns. 25.5% of SPY's money is in holdings BMVP also owns.
Most of BMVP is already inside SPY. Owning both mostly buys the same companies twice.
53 positions in common, counted across the 56 positions we hold weights for in BMVP and 504 in SPY, against full books of 58 and 505.
What only one of them owns
Our book lists 444 positions for SPY that do not appear in our book for BMVP (73.8% of the fund), and 2 for BMVP that do not appear in SPY (1.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in BMVP | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.88% | 8.01% | 6.13% |
| AAPLApple, Inc | 1.87% | 7.26% | 5.39% |
| GOOGLAlphabet Inc,class A | 1.62% | 2.99% | 1.37% |
| JNJJohnson & Johnson - Common | 1.80% | 0.99% | 0.81% |
| MPCMarathon Petroleum Corp | 2.50% | 0.17% | 2.33% |
| TBBAt&t Inc | 2.13% | 0.27% | 1.86% |
| KOCoca Cola Co. | 1.86% | 0.52% | 1.34% |
| LDOSLeidos Holdings, Inc. | 2.32% | 0.03% | 2.29% |
| VZVerizon Communic | 2.02% | 0.32% | 1.70% |
| PFEPfizer Inc | 2.05% | 0.25% | 1.80% |
96.3% of BMVP is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BMVP or SPY?
BMVP has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, BMVP or SPY?
Over the past year BMVP returned +11.81% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), BMVP annualized +7.51% vs +9.40% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BMVP or SPY?
BMVP has been the more volatile fund at 15.6% annualized versus 14.6% for SPY. Worst drawdown: BMVP -53.4% vs SPY -56.5%.
Should I hold both BMVP and SPY?
BMVP and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between BMVP and SPY?
96.3% of BMVP's money is in holdings SPY also owns. 25.5% of SPY's is in holdings BMVP also owns. They hold 53 positions in common, counted across the 56 positions we hold weights for in BMVP and 504 in SPY.
Which pays a higher dividend, BMVP or SPY?
BMVP yields 1.69% while SPY yields 0.98%, so BMVP currently pays the higher dividend yield.
Is SPY better than BMVP?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. BMVP is less concentrated, with 21.2% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.