MGV vs MMTM: Grades, Fees and Holdings Compared

Vanguard Morningstar Mega Cap Value ETF

MGVANYSE Arca

State Street SPDR S&P 1500 Momentum Tilt ETF

MMTMBNYSE Arca

Overlap

31.5%by weight

Expense ratio

MGV −0.07pt a year

MGV0.05%MMTM0.12%

Avg volume · 30D

MGV 95.8×the volume

MGV247KMMTM2.58K

10Y return · a year

MMTM +0.9pt

MGV+13.3%MMTM+14.2%

MGV vs MMTM Performance

Oct 29, 2021 – Oct 30, 2026

+83.6%MGV+57.9%MMTM

Expense ratio: MGV 0.05%, better; MMTM 0.12%
Fund size: MGV $13.6B; MMTM $130M
1Y total return: MGV +25.6%, better; MMTM +1.1%
Yield (12M): MGV 1.82%, better; MMTM 0.93%
Holdings: MGV 117; MMTM 1490
Avg volume (30D): MGV 247K sh, better; MMTM 2.58K sh
NAV per share: MGV $168.92; MMTM $302.79
52W range

ETF.net Grade

Pillar letters and Scores for MGV, MMTM, with each pillar’s weight
Pillar	MGV	MMTM
Cost30% weight	A100Higher	A93
Mission25% weight	B67	A84Higher
Risk15% weight	A92Higher	D33
Tradability15% weight	C49Higher	D29
Holdings10% weight	B57Higher	C43
Durability5% weight	A90Higher	C50

Rank among US Factor Index funds

How we build Categories ›

Same Category. MGV and MMTM are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

MGV ranks 1st and MMTM 9th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 8BPRFInvesco RAFI US 1000 ETFScore 66
Rank 9BMMTMState Street SPDR S&P 1500 Momentum Tilt ETFScore 65
Rank 9BNULCNuveen ESG Large-CapScore 65

Our read on each fund

ETF.net Research

MGVAVanguard Morningstar Mega Cap Value ETF

MMTMBState Street SPDR S&P 1500 Momentum Tilt ETF

In short

MGV Most "value" ETFs slide down into mid caps. MGV stays at the very top of the US market and buys the value half of it for five basis points. Vanguard's plain, cheap way to own the old-guard giants.

MMTM Most momentum funds cut the market down to a hundred-odd winners. MMTM keeps roughly 1,500 US large, mid and small caps and just reweights them: strong momentum overweight, laggards underweight, for 0.12% a year.

Stated mandate

MGV The ETF seeks to track the Morningstar US Mega Cap Value Index and provides passive, diversified exposure to the largest value stocks in the U.S. market.

MMTM The fund seeks to track, before fees and expenses, the total return of the S&P 1500 Positive Momentum Tilt Index. The index emphasizes stocks with stronger recent price momentum.

Why people hold it

MGV At 0.05% it is the cheapest fund in its factor peer group, where the median charges 0.28%. It undercuts fellow top-rated peers SIZE (0.15%) and SUSA (0.25%).vanguard.com
Launched December 2007, straight into the crash, and now a multi-billion-dollar fund. Long history, quarterly distributions, Vanguard plumbing behind it.
One of the strongest overall showings in its US factor peer group, built on cost and staying power rather than a clever screen.

MMTM Costs 0.12% a year, well under half the 0.28% median for its US factor peer group. One of the cheaper ways to buy a momentum tilt.
The whole S&P Composite 1500 stays in the portfolio (large, mid and small caps). Momentum changes the weights, not the roster, so nothing gets dropped for one bad quarter.spglobal.com
Trading since 2012, which makes it one of the longer-running factor-tilt funds around. Distributions come quarterly.

Worth knowing

MGV About 130 names, all mega caps. The biggest holdings carry real weight, and small and mid caps are absent by design.
It tracks a Morningstar index of the largest US value stocks, so it leaves out the market's growth giants and can move very differently from a total-market fund.vanguard.com
Moderately traded rather than a household-name ticker, so limit orders and mid-session trading matter more here than with the very largest index ETFs.

MMTM Thinly traded with a modest asset base. Limit orders and a glance at the spread matter more here than with the giant factor ETFs.
The tilt is gentle by design. Holding all 1,500 names keeps it close to the broad US market rather than a concentrated bet on recent winners.spglobal.com
Weights follow recent price strength, so the fund leans into whatever has been running lately, crowded corners of the market included.ssga.com

Full MGV profile⁠

Full MMTM profile⁠

MGV vs MMTM Holdings

How MGV and MMTM differ

Overlap by weight

31.5%

Shared holdings make up 99.3% of MGV and 31.6% of MMTM.

Level by level

Holdings114 in both31.5%
Sector11 Sectors68.3%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in MGV and MMTM, widest gap first
Sector	More in MGVMore in MMTM	MGV	MMTM
Technology	MMTM +24.3 points	16.1%	40.4%
Financials	MGV +13.6 points	23.3%	9.7%
Consumer Staples	MGV +6.6 points	10.9%	4.3%
Health Care	MGV +6.1 points	18.4%	12.3%
Communication	MMTM +5.2 points	3.4%	8.6%
Industrials	MGV +4.2 points	12.7%	8.5%
Consumer Discretionary	MMTM +1.3 points	3.8%	5.1%
Utilities	MGV +0.9 points	1.7%	0.8%
Real Estate	MMTM +0.8 points	1.0%	1.8%
Energy	MGV +0.2 points	6.6%	6.4%
Materials	MGV +0.2 points	2.3%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in MGV and MMTM, widest gap first
Country	More in MGVMore in MMTM	MGV	MMTM
United States	MGV +0.6 points	100.0%	99.4%
Other countries (7)	MMTM +0.6 points	0.0%	0.6%

Concentration

Weight in the 10 largest Holdings

MGV30.4%
MMTM36.3%

Securities held

MGV116
MMTM1,488

Asset class

MGV: Equity
MMTM: Equity

Holdings

Only in MGV2
In both114
Only in MMTM1,374

Only in MGV

2 securities, 1.0% of MGV by weight

Berkshire Hathaway Inc1.04%
SLBBH11420.00%

Only in MMTM

1,374 securities, 67.8% of MMTM by weight

Apple Inc9.80%
NVIDIA Corp7.00%
Alphabet Inc Class A2.97%
Microsoft Corp2.53%
Advanced Micro Devices2.44%
Eli Lilly & Co2.43%
Amazon.com Inc2.22%
Alphabet Inc Class C2.20%
Meta Platforms Inc Class A1.67%
Intel Corp1.27%
Applied Materials Inc0.88%
Lam Research Corp0.84%
Broadcom Inc0.82%
Palo Alto Networks Inc0.82%
Visa Inc Class A Shares0.75%
Crowdstrike Holdings Inc A0.70%
Ge Vernova Inc0.59%
Kla Corp0.55%
Sandisk Corp0.54%
Marvell Technology Inc0.53%
Seagate Technology Holdings0.44%
Arista Networks Inc0.43%
Mastercard Inc A0.40%
Western Digital Corp0.40%
Welltower Inc0.37%
Amphenol Corp Class A0.36%
Marathon Petroleum Corp0.32%
Valero Energy Corp0.29%
Phillips 660.29%
Vertex Pharmaceuticals Inc0.26%
Corning Inc0.25%
Tesla Inc0.24%
Moderna Inc0.23%
Lumentum Holdings Inc0.23%
Fortinet Inc0.23%
Quanta Services Inc0.22%
Datadog Inc Class A0.22%
Hewlett Packard Enterprise0.22%
Vertiv Holdings Co A0.20%
Slb Ltd0.19%
Ross Stores Inc0.19%
Equinix Inc0.18%
Targa Resources Corp0.18%
Bloom Energy Corp A0.17%
Target Corp0.17%
Hilton Worldwide Holdings In0.17%
Palantir Technologies Inc A0.16%
Nucor Corp0.16%
Keysight Technologies In0.15%
Airbnb Inc Class A0.14%

Weight gaps

The 100 widest of 114 Holdings in both funds.

Holding weights in MGV and MMTM, widest gap first
Holding	More in MGVMore in MMTM	MGV	MMTM
JPMorgan Chase & CoJPM	MGV +3.34 points	4.32%	0.98%
Micron Technology IncMU	MGV +2.98 points	5.91%	2.93%
Berkshire Hathaway IncBRK.B	MGV +2.38 points	3.46%	1.08%
Walmart IncWMT	MGV +1.74 points	2.24%	0.50%
Costco Wholesale CorpCOST	MGV +1.64 points	1.99%	0.35%
Johnson & JohnsonJNJ	MGV +1.58 points	3.14%	1.56%
ExxonMobil Holdings CorpXOM	MGV +1.55 points	3.32%	1.77%
Procter & Gamble Co/ThePG	MGV +1.47 points	1.66%	0.19%
Bank of America CorpBAC	MGV +1.47 points	1.78%	0.31%
Home Depot Inc/TheHD	MGV +1.38 points	1.40%	0.02%
AbbVie IncABBV	MGV +1.35 points	2.27%	0.92%
General Electric CoGE	MGV +1.34 points	1.59%	0.25%
UnitedHealth Group IncUNH	MGV +1.17 points	1.62%	0.45%
Caterpillar IncCAT	MGV +1.13 points	1.83%	0.70%
Wells Fargo & CoWFC	MGV +1.10 points	1.19%	0.09%
International Business Machines CorpIBM	MGV +1.00 points	1.02%	0.02%
RTX CorpRTX	MGV +0.94 points	1.23%	0.29%
Chevron CorpCVX	MGV +0.87 points	1.88%	1.01%
Merck & Co IncMRK	MGV +0.86 points	1.76%	0.90%
Coca-Cola Co/TheKO	MGV +0.85 points	1.64%	0.79%
Walt Disney Co/TheDIS	MGV +0.82 points	0.89%	0.07%
Salesforce IncCRM	MGV +0.81 points	0.88%	0.07%
Cisco Systems IncCSCO	MGV +0.81 points	1.88%	1.07%
Abbott LaboratoriesABT	MGV +0.80 points	0.84%	0.04%
Thermo Fisher Scientific IncTMO	MGV +0.80 points	1.23%	0.43%
PepsiCo IncPEP	MGV +0.78 points	0.85%	0.07%
Goldman Sachs Group Inc/TheGS	MGV +0.77 points	1.21%	0.44%
QUALCOMM IncQCOM	MGV +0.77 points	0.95%	0.18%
McDonald's CorpMCD	MGV +0.76 points	0.80%	0.04%
Linde PLCLIN	MGV +0.73 points	1.08%	0.35%
American Express CoAXP	MGV +0.72 points	0.76%	0.04%
Morgan StanleyMS	MGV +0.72 points	1.09%	0.37%
Philip Morris International IncPM	MGV +0.70 points	1.46%	0.76%
NextEra Energy IncNEE	MGV +0.69 points	0.78%	0.09%
AT&T IncT	MGV +0.69 points	0.82%	0.13%
Uber Technologies IncUBER	MGV +0.64 points	0.65%	<0.01%
Charles Schwab Corp/TheSCHW	MGV +0.63 points	0.79%	0.16%
Verizon Communications IncVZ	MGV +0.62 points	0.94%	0.32%
Citigroup IncC	MGV +0.59 points	1.06%	0.47%
Blackrock IncBLK	MGV +0.60 points	0.73%	0.13%
Eaton Corp PLCETN	MGV +0.59 points	0.82%	0.23%
Danaher CorpDHR	MGV +0.55 points	0.69%	0.14%
Texas Instruments IncTXN	MGV +0.55 points	1.26%	0.71%
Accenture PLCACN	MGV +0.54 points	0.55%	0.01%
Capital One Financial CorpCOF	MGV +0.53 points	0.58%	0.05%
Amgen IncAMGN	MGV +0.53 points	1.12%	0.59%
S&P Global IncSPGI	MGV +0.53 points	0.56%	0.03%
Gilead Sciences IncGILD	MGV +0.49 points	0.91%	0.42%
Medtronic PLCMDT	MGV +0.48 points	0.54%	0.06%
Lowe's Cos IncLOW	MGV +0.49 points	0.51%	0.02%
Adobe IncADBE	MGV +0.46 points	0.47%	<0.01%
Prologis IncPLD	MGV +0.46 points	0.61%	0.15%
Progressive Corp/ThePGR	MGV +0.45 points	0.59%	0.14%
Pfizer IncPFE	MGV +0.45 points	0.80%	0.35%
Stryker CorpSYK	MGV +0.45 points	0.47%	0.02%
Lockheed Martin CorpLMT	MGV +0.44 points	0.58%	0.14%
Deere & CoDE	MGV +0.44 points	0.85%	0.41%
Union Pacific CorpUNP	MGV +0.42 points	0.79%	0.37%
Southern Co/TheSO	MGV +0.42 points	0.46%	0.04%
Analog Devices IncADI	MGV +0.42 points	0.95%	0.53%
Automatic Data Processing IncADP	MGV +0.41 points	0.50%	0.09%
Trane Technologies PLCTT	MGV +0.42 points	0.49%	0.07%
Duke Energy CorpDUK	MGV +0.40 points	0.44%	0.04%
CVS Health CorpCVS	MGV +0.40 points	0.54%	0.14%
Blackstone IncBX	MGV +0.39 points	0.41%	0.02%
Dell Technologies IncDELL	MGV +0.37 points	0.77%	0.40%
General Dynamics CorpGD	MGV +0.37 points	0.42%	0.05%
McKesson CorpMCK	MGV +0.37 points	0.49%	0.12%
CME Group IncCME	MGV +0.36 points	0.46%	0.10%
Intuit IncINTU	MGV +0.36 points	0.37%	<0.01%
Comcast CorpCMCSA	MGV +0.36 points	0.38%	0.02%
Sherwin-Williams Co/TheSHW	MGV +0.36 points	0.39%	0.03%
Marsh & McLennan Cos IncMRSH	MGV +0.35 points	0.40%	0.05%
Parker-Hannifin CorpPH	MGV +0.35 points	0.59%	0.24%
Chubb LtdCB	MGV +0.35 points	0.56%	0.21%
3M CoMMM	MGV +0.35 points	0.42%	0.07%
American Tower CorpAMT	MGV +0.35 points	0.38%	0.03%
Bristol-Myers Squibb CoBMY	MGV +0.34 points	0.63%	0.29%
Starbucks CorpSBUX	MGV +0.33 points	0.53%	0.20%
T-Mobile US IncTMUS	MGV +0.32 points	0.34%	0.02%
Intercontinental Exchange IncICE	MGV +0.32 points	0.42%	0.10%
Northrop Grumman CorpNOC	MGV +0.32 points	0.34%	0.02%
Waste Management IncWM	MGV +0.32 points	0.40%	0.08%
ConocoPhillipsCOP	MGV +0.32 points	0.74%	0.42%
TJX Cos Inc/TheTJX	MGV +0.30 points	0.36%	0.06%
Emerson Electric CoEMR	MGV +0.30 points	0.43%	0.13%
Mondelez International IncMDLZ	MGV +0.29 points	0.36%	0.07%
KKR & Co IncKKR	MGV +0.29 points	0.30%	0.01%
Altria Group IncMO	MGV +0.29 points	0.55%	0.26%
HCA Healthcare IncHCA	MGV +0.27 points	0.30%	0.03%
United Parcel Service IncUPS	MGV +0.27 points	0.34%	0.07%
Freeport-McMoRan IncFCX	MGV +0.25 points	0.49%	0.24%
Illinois Tool Works IncITW	MGV +0.25 points	0.34%	0.09%
PNC Financial Services Group Inc/ThePNC	MGV +0.25 points	0.44%	0.19%
Bank of New York Mellon Corp/TheBNY	MGV +0.24 points	0.48%	0.24%
Cigna Group/TheCI	MGV +0.23 points	0.35%	0.12%
US BancorpUSB	MGV +0.23 points	0.44%	0.21%
Elevance Health IncELV	MGV +0.21 points	0.40%	0.19%
CSX CorpCSX	MGV +0.21 points	0.42%	0.21%
EOG Resources IncEOG	MGV +0.17 points	0.36%	0.19%

All 127 MGV holdings⁠All 1,487 MMTM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MGV vs MMTM Cost

Overpaying MMTM vs MGV

$1,460

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

MGV 0.05%
$1,060
MMTM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

MGV 0.05%
MMTM 0.12%
Overpaying

Year by year

Year	MGV	MMTM	Overpaying
10	$92	$220	$128
20	$360	$859	$499
30	$1,060	$2,520	$1,460

Expense ratio

0.05%MGV, cheaper
0.12%MMTM

MGV0.05%MMTM0.12%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

MGV cheapest of 30 funds

MMTM 3rd cheapest of 30 funds

MGV vs MMTM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MGV 1.82%, better; MMTM 0.93%
Payout (12M): MGV $3.07; MMTM $2.74
Last payment: MGV $0.72; MMTM $0.66
Ex-dividend: MGV Sep 28, 2026; MMTM Sep 21, 2026
Paid on: MGV Sep 30, 2026; MMTM Sep 23, 2026
Frequency: MGV Quarterly; MMTM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MGVQuarterly · 39 paymentsAll MGV payments⁠

MMTMQuarterly · 39 paymentsAll MMTM payments⁠

MGV vs MMTM Risk

Fall from peak · 5 years

MGV
MMTM

Risk facts

VolatilityStd dev, 3 years: MGV 11.1%, betterMMTM 14.5%
Return per unit of riskSharpe ratio, 3 years: MGV 1.48, betterMMTM 1.03
Worst fallMax drawdown, 5 years: MGV −16.5%, betterMMTM −23.7%
Market sensitivityBeta, 5 years: MGV 0.66MMTM 1.03; Market = 1

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