MGV vs SPHB: Grades, Fees and Holdings Compared

Vanguard Morningstar Mega Cap Value ETF

MGVANYSE Arca

Invesco S&P 500 High Beta ETF

SPHBCNYSE Arca

Overlap

11.5%by weight

Expense ratio

MGV −0.20pt a year

MGV0.05%SPHB0.25%

Avg volume · 30D

SPHB 1.3×the volume

MGV247KSPHB321K

10Y return · a year

SPHB +3.8pt

MGV+13.3%SPHB+17.1%

MGV vs SPHB Performance

Oct 29, 2021 – Oct 30, 2026

+83.6%MGV+81.4%SPHB

Expense ratio: MGV 0.05%, better; SPHB 0.25%
Fund size: MGV $13.6B; SPHB $817M
1Y total return: MGV +25.6%, better; SPHB +20.1%
Yield (12M): MGV 1.82%, better; SPHB 0.55%
Holdings: MGV 117; SPHB 100
Avg volume (30D): MGV 247K sh; SPHB 321K sh, better
NAV per share: MGV $168.92; SPHB $137.37
52W range

ETF.net Grade

Pillar letters and Scores for MGV, SPHB, with each pillar’s weight
Pillar	MGV	SPHB
Cost30% weight	A100Higher	B66
Mission25% weight	B67Higher	F13
Risk15% weight	A92Higher	D28
Tradability15% weight	C49	A81Higher
Holdings10% weight	B57	A82Higher
Durability5% weight	A90Higher	B55

Rank among US Factor Index funds

How we build Categories ›

Same Category. MGV and SPHB 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 SPHB 17th 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 15CXSMOInvesco S&P SmallCap Momentum ETFScore 51
Rank 17CSPHBInvesco S&P 500 High Beta ETFScore 50
Rank 18CHAPIHarbor Human Capital Factor US Large Cap ETF (HAPI)Score 49

Our read on each fund

ETF.net Research

MGVAVanguard Morningstar Mega Cap Value ETF

SPHBCInvesco S&P 500 High Beta 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.

SPHB The S&P 500 with the volume knob turned up. SPHB holds about 100 of the index's most market-sensitive names, amplifying the market's swings in both directions using plain stocks, not leverage.

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.

SPHB The Fund is based on the S&P 500® High Beta Index.

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.

SPHB 0.25% a year, below the 0.28% median for US factor ETFs. A specialty tilt priced like a mainstream one.
No leverage, no derivatives, no daily reset. Just about 100 S&P 500 stocks picked by a published S&P index rather than a manager's hunch.
Live since 2011 and one of the easier funds in its factor group to trade, so moving in and out tends to be cheap relative to peers.

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.

SPHB High beta cuts both ways. The wiring that magnifies rallies magnifies selloffs, and this ranks among the most volatile funds in its factor peer group.
About 100 names, not 500, and the screen keeps whichever stocks are swinging hardest. The sector mix can look very different from one stretch to the next.
Distributions land quarterly, but income is a byproduct of the beta screen, not the design goal.

Full MGV profile⁠

Full SPHB profile⁠

MGV vs SPHB Holdings

How MGV and SPHB differ

Overlap by weight

11.5%

Shared holdings make up 18.4% of MGV and 14.3% of SPHB.

Level by level

Holdings16 in both11.5%
Sector11 Sectors56.7%
Countryby domicile97.4%
Asset classEquity100%

Sector

Sector weights in MGV and SPHB, widest gap first
Sector	More in MGVMore in SPHB	MGV	SPHB
Technology	SPHB +34.4 points	16.1%	50.5%
Financials	MGV +13.3 points	23.3%	10.0%
Health Care	MGV +12.8 points	18.4%	5.6%
Consumer Staples	MGV +10.0 points	10.9%	0.9%
Energy	MGV +5.9 points	6.6%	0.7%
Consumer Discretionary	SPHB +5.7 points	3.8%	9.5%
Industrials	SPHB +1.5 points	12.7%	14.2%
Real Estate	MGV +1.0 points	1.0%	0.0%
Materials	SPHB +0.9 points	2.3%	3.2%
Utilities	SPHB +0.5 points	1.7%	2.2%
Communication	MGV +0.4 points	3.4%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in MGV and SPHB, widest gap first
Country	More in MGVMore in SPHB	MGV	SPHB
United States	MGV +2.6 points	100.0%	97.4%
Mexico	SPHB +1.1 points	0.0%	1.1%
China	SPHB +0.9 points	0.0%	0.9%
Ireland	SPHB +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

MGV30.4%
SPHB19.1%

Securities held

MGV116
SPHB99

Asset class

MGV: Equity
SPHB: Equity

Holdings

Only in MGV100
In both16
Only in SPHB83

Only in MGV

100 securities, 81.9% of MGV by weight

JPMorgan Chase & Co4.32%
Berkshire Hathaway Inc3.46%
ExxonMobil Holdings Corp3.32%
Johnson & Johnson3.14%
AbbVie Inc2.27%
Walmart Inc2.24%
Costco Wholesale Corp1.99%
Chevron Corp1.88%
Cisco Systems Inc1.88%
Bank of America Corp1.78%
Merck & Co Inc1.76%
Procter & Gamble Co/The1.66%
Coca-Cola Co/The1.64%
UnitedHealth Group Inc1.62%
General Electric Co1.59%
Philip Morris International Inc1.46%
Home Depot Inc/The1.40%
RTX Corp1.23%
Thermo Fisher Scientific Inc1.23%
Wells Fargo & Co1.19%
Amgen Inc1.12%
Linde PLC1.08%
Berkshire Hathaway Inc1.04%
International Business Machines Corp1.02%
Verizon Communications Inc0.94%
Gilead Sciences Inc0.91%
Walt Disney Co/The0.89%
Salesforce Inc0.88%
PepsiCo Inc0.85%
Deere & Co0.85%
Abbott Laboratories0.84%
AT&T Inc0.82%
McDonald's Corp0.80%
Pfizer Inc0.80%
Union Pacific Corp0.79%
Charles Schwab Corp/The0.79%
NextEra Energy Inc0.78%
American Express Co0.76%
ConocoPhillips0.74%
Blackrock Inc0.73%
Danaher Corp0.69%
Uber Technologies Inc0.65%
Bristol-Myers Squibb Co0.63%
Prologis Inc0.61%
Progressive Corp/The0.59%
Parker-Hannifin Corp0.59%
Lockheed Martin Corp0.58%
S&P Global Inc0.56%
Chubb Ltd0.56%
Altria Group Inc0.55%

Only in SPHB

83 securities, 85.7% of SPHB by weight

Moderna Inc3.24%
Sandisk Corp2.30%
Advanced Micro Devices Inc1.99%
Coinbase Global Inc1.77%
Super Micro Computer Inc1.74%
Marvell Technology Inc1.63%
Robinhood Markets Inc1.57%
Lumentum Holdings Inc1.54%
Tesla Inc1.48%
Western Digital Corp1.41%
Intel Corp1.37%
Lam Research Corp1.34%
Teradyne Inc1.28%
Vertiv Holdings Co1.22%
KLA Corp1.20%
Carnival Corp Ltd1.17%
ON Semiconductor Corp1.17%
Monolithic Power Systems Inc1.16%
Ciena Corp1.15%
Coherent Corp1.15%
Carvana Co1.12%
Applied Materials Inc1.12%
Flex Ltd1.11%
NXP Semiconductors NV1.11%
Microchip Technology Inc1.10%
Corning Inc1.09%
Synopsys Inc1.07%
Seagate Technology Holdings PLC1.04%
Skyworks Solutions Inc1.03%
Palantir Technologies Inc1.03%
Hewlett Packard Enterprise Co1.03%
Norwegian Cruise Line Holdings Ltd1.02%
Comfort Systems USA Inc1.02%
Arista Networks Inc1.00%
Block Inc1.00%
United Airlines Holdings Inc0.99%
AppLovin Corp0.98%
Revvity Inc0.98%
NVIDIA Corp0.97%
Broadcom Inc0.96%
Cadence Design Systems Inc0.95%
Oracle Corp0.95%
EchoStar Corp0.94%
GE Vernova Inc0.94%
Estee Lauder Cos Inc/The0.94%
Crowdstrike Holdings Inc0.93%
Interactive Brokers Group Inc0.93%
Keysight Technologies Inc0.92%
Generac Holdings Inc0.92%
Charles River Laboratories International Inc0.92%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in MGV and SPHB, widest gap first
Holding	More in MGVMore in SPHB	MGV	SPHB
Micron Technology IncMU	MGV +4.04 points	5.91%	1.87%
Caterpillar IncCAT	MGV +1.14 points	1.83%	0.69%
Freeport-McMoRan IncFCX	SPHB +0.65 points	0.49%	1.14%
Newmont CorpNEM	SPHB +0.49 points	0.30%	0.79%
Goldman Sachs Group Inc/TheGS	MGV +0.44 points	1.21%	0.77%
Emerson Electric CoEMR	SPHB +0.43 points	0.43%	0.86%
Morgan StanleyMS	MGV +0.43 points	1.09%	0.66%
Texas Instruments IncTXN	MGV +0.42 points	1.26%	0.84%
Citigroup IncC	MGV +0.39 points	1.06%	0.67%
KKR & Co IncKKR	SPHB +0.38 points	0.30%	0.68%
Dell Technologies IncDELL	SPHB +0.30 points	0.77%	1.07%
QUALCOMM IncQCOM	SPHB +0.25 points	0.95%	1.20%
Blackstone IncBX	SPHB +0.17 points	0.41%	0.58%
Capital One Financial CorpCOF	SPHB +0.10 points	0.58%	0.68%
Eaton Corp PLCETN	MGV +0.03 points	0.82%	0.79%
Analog Devices IncADI	SPHB +0.02 points	0.95%	0.97%

All 127 MGV holdings⁠All 99 SPHB 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 SPHB Cost

Overpaying SPHB vs MGV

$4,099

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

MGV 0.05%
$1,060
SPHB 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

MGV 0.05%
SPHB 0.25%
Overpaying

Year by year

Year	MGV	SPHB	Overpaying
10	$92	$455	$363
20	$360	$1,769	$1,409
30	$1,060	$5,159	$4,099

Expense ratio

0.05%MGV, cheaper
0.25%SPHB

MGV0.05%SPHB0.25%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

MGV cheapest of 30 funds

SPHB 10th cheapest of 30 funds

MGV vs SPHB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MGV 1.82%, better; SPHB 0.55%
Payout (12M): MGV $3.07; SPHB $0.76
Last payment: MGV $0.72; SPHB $0.14
Ex-dividend: MGV Sep 28, 2026; SPHB Sep 21, 2026
Paid on: MGV Sep 30, 2026; SPHB Sep 25, 2026
Frequency: MGV Quarterly; SPHB Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MGVQuarterly · 39 paymentsAll MGV payments⁠

SPHBQuarterly · 39 paymentsAll SPHB payments⁠

MGV vs SPHB Risk

Fall from peak · 5 years

MGV
SPHB

Risk facts

VolatilityStd dev, 3 years: MGV 11.1%, betterSPHB 22.6%
Return per unit of riskSharpe ratio, 3 years: MGV 1.48, betterSPHB 1.08
Worst fallMax drawdown, 5 years: MGV −16.5%, betterSPHB −31.5%
Market sensitivityBeta, 5 years: MGV 0.66SPHB 1.44; Market = 1

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