MVPL vs SPY
Miller Value Partners Leverage ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MVPL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MVPL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.72% | 0.09% | |
| AUM | $24M | $789.1B | |
| Dividend Yield | 0.94% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | +25.53% | +14.47% | |
| 1Y Return | +34.46% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 21.8% | 15.3% | |
| Max Drawdown | -25.7% | -56.5% | |
| Fund Family | Miller Value Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 28, 2024 | Jan 22, 1993 |
MVPL vs SPY Performance
Miller Value Partners Leverage ETF (MVPL) 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 MVPL returned +34.46% while SPY returned +21.96%. Year to date, MVPL is up 25.53% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
MVPL has been the more volatile fund, with annualized monthly volatility of 21.8% 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 -25.7% for MVPL 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
MVPL charges 1.72% per year while SPY charges 0.09%. On a $10,000 position that is $172 vs $9 annually, a gap of $163 per year that compounds over a long holding period. On income, MVPL currently yields 0.94% against 1.01% for SPY.
Holdings Overlap
MVPL and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MVPL or SPY?
MVPL has an expense ratio of 1.72% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $163 per year of difference.
Which performed better, MVPL or SPY?
Over the past year MVPL returned +34.46% vs +21.96% for SPY, so MVPL leads on 1-year performance. Over the longest common window we track (3 years), MVPL annualized +31.47% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, MVPL or SPY?
MVPL has been the more volatile fund at 21.8% annualized versus 15.3% for SPY. Worst drawdown: MVPL -25.7% vs SPY -56.5%.
Should I hold both MVPL and SPY?
MVPL and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between MVPL and SPY?
MVPL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, MVPL or SPY?
MVPL yields 0.94% 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.