MVPA vs SPY
Miller Value Partners Appreciation ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MVPA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $74M | $821.1B | |
| Dividend Yield | 0.52% | 1.01% | |
| Holdings | 38 | 505 | |
| YTD Return | +13.24% | +12.68% | |
| 1Y Return | +12.79% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 21.6% | 15.3% | |
| Max Drawdown | -25.9% | -56.5% | |
| Fund Family | Miller Value Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 30, 2024 | Jan 22, 1993 |
MVPA vs SPY Performance
Miller Value Partners Appreciation ETF (MVPA) is a ETF from Miller Value Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MVPA returned +12.79% while SPY returned +21.82%. Year to date, MVPA is up 13.24% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
MVPA has been the more volatile fund, with annualized monthly volatility of 21.6% compared with 15.3% 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 -25.9% for MVPA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MVPA charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, MVPA currently yields 0.52% against 1.01% for SPY.
Holdings Overlap
MVPA and SPY share 6 holdings out of 532 unique holdings combined, representing a 2.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MVPA or SPY?
MVPA has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, MVPA or SPY?
Over the past year MVPA returned +12.79% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), MVPA annualized +18.93% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, MVPA or SPY?
MVPA has been the more volatile fund at 21.6% annualized versus 15.3% for SPY. Worst drawdown: MVPA -25.9% vs SPY -56.5%.
Should I hold both MVPA and SPY?
MVPA and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MVPA and SPY?
MVPA and SPY share 6 common holdings with a 2.3% weight overlap. Combined, they hold 532 unique securities.
Which pays a higher dividend, MVPA or SPY?
MVPA yields 0.52% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.