MVV vs SPY
ProShares Ultra MidCap400 vs State Street SPDR S&P 500 ETF Trust
Which is better, MVV or SPY?
Trading-Leveraged Equity against Large Cap Blend.
SPY has a lower expense ratio. MVV led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.92.
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 | MVV | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $147M | $804.7B |
| Dividend Yield | 0.69% | 0.98% |
| Holdings | 411 | 505 |
| YTD Return | +16.20%Best | +13.81% |
| 1Y Return | +19.29%Best | +16.94% |
| 3Y Return (annualized) | +20.49% | +22.84%Best |
| 5Y Return (annualized) | +6.46% | +13.50%Best |
| Volatility (annualized) | 36.6% | 15.2%Best |
| Max Drawdown | -86.3% | -56.5%Best |
| $10,000 over 5 years | $13,675 | $18,836Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Leveraged Equity | Large Cap Blend |
| Inception | Jun 19, 2006 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 21, 2006 to Sep 22, 2026 (20.3 years).
MVV 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 20.3 years both funds cover.
MVV vs SPY Performance
ProShares Ultra MidCap400 (MVV) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MVV returned +19.29% while SPY returned +16.94%. Year to date, MVV is up 16.20% versus a gain of 13.81% for SPY.
Over three years, MVV compounded at +20.49% per year against +22.84% for SPY; over five years the annualized figures are +6.46% and +13.50% respectively. Across the full 20-year window we track, MVV has the edge at +10.16% annualized vs +9.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MVV has been the more volatile fund, with annualized monthly volatility of 36.6% compared with 15.2% 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 -86.3% for MVV 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
MVV charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, MVV currently yields 0.69% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 397 holdings in MVV and 504 in SPY, totalling 78.6% and 99.9% of the two funds. That is not enough of MVV to divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
1 positions in common, counted across the 397 positions we hold weights for in MVV and 504 in SPY, against full books of 411 and 505.
Top Shared Holdings
| Stock | Weight in MVV | Weight in SPY | Difference |
|---|---|---|---|
| FISFidelity National Information Srvcs Inc | 0.25% | 0.03% | 0.22% |
You are not choosing between two funds in isolation.
Whichever of MVV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MVV or SPY?
MVV has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, MVV or SPY?
Over the past year MVV returned +19.29% vs +16.94% for SPY, so MVV leads on 1-year performance. Over the longest common window we track (20 years), MVV annualized +10.16% vs +9.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MVV or SPY?
MVV has been the more volatile fund at 36.6% annualized versus 15.2% for SPY. Worst drawdown: MVV -86.3% vs SPY -56.5%.
Should I hold both MVV and SPY?
MVV and SPY have a monthly-return correlation of 0.92, 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.
Which pays a higher dividend, MVV or SPY?
MVV yields 0.69% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than MVV?
SPY has a lower expense ratio. MVV led over 1Y and the full window, SPY over 3Y and 5Y. The two have moved almost in lockstep, correlation 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.