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MGV vs UPGD

Vanguard Morningstar Mega Cap Value ETF

MGVANYSE Arca

Invesco Bloomberg Analyst Rating Improvers ETF

UPGDDNYSE Arca

Overlap

3.7%by weight

Expense ratio

MGV −0.35pt a year

MGV0.05%UPGD0.40%

Avg volume · 30D

MGV 69.7×the volume

MGV247KUPGD3.54K

10Y return · a year

MGV +3.4pt

MGV+13.3%UPGD+9.9%

MGV vs UPGD Performance

Oct 29, 2021 – Oct 30, 2026

+83.6%MGV+38.1%UPGD

Oct 29, 2021 to Oct 30, 2026. MGV +83.6%. UPGD +38.1%. Use the arrow keys to read each point.−20%0%20%60%Oct 2021Apr 2024Oct 2026
Expense ratio
MGV 0.05%, better
UPGD 0.40%
Fund size
MGV $13.6B
UPGD $110M
1Y total return
MGV +25.6%, better
UPGD +13.6%
Yield (12M)
MGV 1.82%, better
UPGD 1.57%
Holdings
MGV 117
UPGD 53
Avg volume (30D)
MGV 247K sh, better
UPGD 3.54K sh
NAV per share
MGV $168.92
UPGD $82.58
52W range

ETF.net Grade

MGV: Cost 100, Risk 92, Mission 67, Tradability 49, Holdings 57, Durability 90. UPGD: Cost 26, Risk 54, Mission not scored, Tradability 13, Holdings 61, Durability 43.
Pillar letters and Scores for MGV, UPGD, with each pillar’s weight
PillarMGVUPGD
Cost30% weightA100HigherD26
Mission25% weightB67Not scored
Risk15% weightA92HigherC54
Tradability15% weightC49HigherF13
Holdings10% weightB57B61Higher
Durability5% weightA90HigherC43

Rank among US Factor Index funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MGV and UPGD 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 UPGD 24th of 30 funds in the US Factor Index Category.

  1. Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
  2. Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
  3. Rank 23DPKWInvesco BuyBack Achievers ETFScore 35
  4. Rank 24DUPGDInvesco Bloomberg Analyst Rating Improvers ETFScore 34
  5. Rank 25DXSHDInvesco S&P SmallCap High Dividend Low Volatility ETFScore 31

Our read on each fund

ETF.net Research

MGVAVanguard Morningstar Mega Cap Value ETF

UPGDDInvesco Bloomberg Analyst Rating Improvers 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.

UPGD Most equity funds screen for cheap or profitable. UPGD screens for improving: about 50 US large and mid caps whose analyst recommendations are trending up, run as a rules-based index at 0.40%.

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.

UPGD The fund is tied to the Bloomberg ANR Improvers Index, which selects 50 companies from the Bloomberg US Large Mid Universe using analyst-recommendation improvement scores.

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.
  • UPGD Costs 0.40% a year, comfortably under the 0.65% median for active US equity funds in its peer group.
  • The Bloomberg ANR Improvers Index does the picking: 50 names drawn from Bloomberg's US large and mid cap universe on analyst-recommendation improvement scores. Rules, not a stock picker's mood.invesco.com
  • A rare factor in a crowded aisle. Plenty of funds chase value, quality or momentum; few build the portfolio around the direction analyst sentiment is moving.
  • Lands in the top quartile of its US active-equity cohort on our overall read, helped by low cost and a clean, transparent portfolio.

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.
  • UPGD Thinly traded, so spreads can be wider than on household-name funds and a big order can nudge the price.
  • Analyst sentiment is the whole engine. With about 50 holdings, individual names carry real weight and the fund can tilt hard toward wherever upgrades are clustering.
  • Cheaper than the active median, not cheap outright: broad core options such as DFAU (0.12%) and AVLC (0.15%) charge a fraction of it.

Full MGV profile⁠

Full UPGD profile⁠

MGV vs UPGD Holdings

How MGV and UPGD differ

Overlap by weight

3.7%

Shared holdings make up 12.7% of UPGD and 3.7% of MGV.

Level by level

  • Holdings6 in both3.7%
  • Sector11 Sectors59.8%
  • Asset classEquity100%
  • Countryby domicile100%

Sector

Sector weights in MGV and UPGD, widest gap first
SectorMore in MGVMore in UPGD
FinancialsMGV +23.3 points
Consumer DiscretionaryUPGD +19.0 points
IndustrialsUPGD +13.2 points
Health CareMGV +7.4 points
EnergyMGV +4.7 points
UtilitiesUPGD +4.0 points
CommunicationMGV +3.4 points
Consumer StaplesUPGD +2.5 points
MaterialsUPGD +1.3 points
Real EstateMGV +1.0 points
TechnologyMGV +0.5 points

Country, concentration and asset class

Country by domicile

Country weights in MGV and UPGD, widest gap first
CountryMore in MGVMore in UPGD
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • MGV30.4%
  • UPGD23.4%

Securities held

  • MGV116
  • UPGD52

Asset class

MGV
Equity
UPGD
Equity

Holdings

  • Only in MGV110
  • In both6
  • Only in UPGD46

Only in MGV

110 securities, 96.6% of MGV by weight

  • Micron Technology Inc5.91%
  • JPMorgan Chase & Co4.32%
  • Berkshire Hathaway Inc3.46%

Only in UPGD

46 securities, 87.3% of UPGD by weight

  • Illumina Inc2.83%
  • Mettler-Toledo International Inc2.41%
  • eBay Inc2.36%

Weight gaps

All 6 Holdings in both funds, largest gap first.

Holding weights in MGV and UPGD, widest gap first
HoldingMore in MGVMore in UPGD
Marriott International Inc/MDMARUPGD +2.04 points
Illinois Tool Works IncITWUPGD +1.64 points
Lockheed Martin CorpLMTUPGD +1.61 points
Automatic Data Processing IncADPUPGD +1.56 points
Texas Instruments IncTXNUPGD +1.08 points
PepsiCo IncPEPUPGD +1.03 points

All 127 MGV holdings⁠All 51 UPGD 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 UPGD Cost

Overpaying UPGD vs MGV

$7,030

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

  • MGV 0.05%

    $1,060

  • UPGD 0.40%

    $8,090

$10,000
30 years

Cost over time

  • MGV 0.05%
  • UPGD 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530UPGD $8,090MGV $1,060

Year by year

YearMGVUPGDOverpaying
10$92$723$631
20$360$2,793$2,433
30$1,060$8,090$7,030

Expense ratio

  • 0.05%MGV, cheaper
  • 0.40%UPGD
  • Middle half of US Factor Index funds
  • Median 0.30%

MGV cheapest of 30 funds

UPGD 22nd cheapest of 30 funds

MGV vs UPGD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MGV 1.82%, better
UPGD 1.57%
Payout (12M)
MGV $3.07
UPGD $1.29
Last payment
MGV $0.72
UPGD $1.29
Ex-dividend
MGV Sep 28, 2026
UPGD Dec 22, 2025
Paid on
MGV Sep 30, 2026
UPGD Dec 26, 2025
Frequency
MGV Quarterly
UPGD Annual

Distribution history

Per share, 2017 to 2026, same scale for both

MGVQuarterly · 39 paymentsAll MGV payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 29, 2017 $0.39; Jun 23, 2017 $0.41; Sep 27, 2017 $0.51; Dec 26, 2017 $0.47; Mar 22, 2018 $0.42; Jun 28, 2018 $0.46; Sep 28, 2018 $0.50; Dec 24, 2018 $0.51; Mar 25, 2019 $0.60; Jun 27, 2019 $0.57; Oct 1, 2019 $0.57; Dec 24, 2019 $0.60; Mar 26, 2020 $0.51; Jun 25, 2020 $0.53; Sep 11, 2020 $0.46; Dec 24, 2020 $0.65; Mar 26, 2021 $0.49; Jun 24, 2021 $0.55; Sep 29, 2021 $0.62; Dec 27, 2021 $0.66; Mar 24, 2022 $0.55; Jun 23, 2022 $0.60; Sep 28, 2022 $0.68; Dec 22, 2022 $0.70; Mar 23, 2023 $0.59; Jun 23, 2023 $0.66; Sep 21, 2023 $0.68; Dec 21, 2023 $0.77; Mar 21, 2024 $0.70; Jun 27, 2024 $0.73; Sep 26, 2024 $0.72; Dec 23, 2024 $0.72; Mar 27, 2025 $0.68; Jun 30, 2025 $0.68; Sep 29, 2025 $0.70; Dec 22, 2025 $0.82; Mar 27, 2026 $0.79; Jun 26, 2026 $0.73; Sep 28, 2026 $0.72. Use the arrow keys to read each point.$0$12017202020232026YTD
UPGDAnnual · 8 paymentsAll UPGD payments⁠
One bar per payment. 8 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.52; Dec 23, 2019 $0.10; Dec 21, 2020 $0.14; Dec 20, 2021 $0.33; Dec 19, 2022 $0.39; Dec 18, 2023 $0.86; Dec 23, 2024 $0.88; Dec 22, 2025 $1.29. Use the arrow keys to read each point.$0$12017202020232026YTD

MGV vs UPGD Risk

Fall from peak · 5 years

  • MGV
  • UPGD
Oct 29, 2021 to Oct 30, 2026. Worst fall: UPGD −24.3% · Jun 2022. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
MGV 11.1%, betterUPGD 13.7%
Return per unit of riskSharpe ratio, 3 years
MGV 1.48, betterUPGD 0.95
Worst fallMax drawdown, 5 years
MGV −16.5%, betterUPGD −24.3%
Market sensitivityBeta, 5 years
MGV 0.66UPGD 0.95

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