MVV vs SPY
MVV vs SPY
ProShares Ultra MidCap400 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MVV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MVV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $156M | $789.1B | |
| Dividend Yield | 0.65% | 1.01% | |
| Holdings | 411 | 505 | |
| YTD Return | +27.86% | +13.28% | |
| 1Y Return | +42.17% | +23.94% | |
| 3Y Return (annualized) | +18.03% | +21.07% | |
| 5Y Return (annualized) | +7.86% | +13.27% | |
| Volatility (annualized) | 36.6% | 15.3% | |
| Max Drawdown | -86.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 19, 2006 | Jan 22, 1993 |
MVV vs SPY Performance
ProShares Ultra MidCap400 (MVV) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MVV returned +42.17% while SPY returned +23.94%. Year to date, MVV is up 27.86% versus a gain of 13.28% for SPY.
Over three years, MVV compounded at +18.03% per year against +21.07% for SPY; over five years the annualized figures are +7.86% and +13.27% respectively. Across the full 20-year window we track, MVV has the edge at +10.76% annualized vs +8.84%. 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 15.3% 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 -86.3% for MVV 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 0.92. 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 0.65% against 1.01% for SPY.
Holdings Overlap
MVV and SPY share 0 holdings out of 904 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, MVV or SPY?
MVV has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, MVV or SPY?
Over the past year MVV returned +42.17% vs +23.94% for SPY, so MVV leads on 1-year performance. Over the longest common window we track (20 years), MVV annualized +10.76% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, MVV or SPY?
MVV has been the more volatile fund at 36.6% annualized versus 15.3% 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. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between MVV and SPY?
MVV and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 904 unique securities.
Which pays a higher dividend, MVV or SPY?
MVV yields 0.65% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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