SPGP vs VONV: Grades, Fees and Holdings Compared

Invesco S&P 500 GARP ETF

SPGPBNYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

9.3%by weight

Expense ratio

VONV −0.28pt a year

SPGP0.34%VONV0.06%

Avg volume · 30D

VONV 9.4×the volume

SPGP82.6KVONV774K

10Y return · a year

SPGP +3.2pt

SPGP+15.2%VONV+12.0%

SPGP vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+40.2%SPGP+73.8%VONV

Expense ratio: SPGP 0.34%; VONV 0.06%, better
Fund size: SPGP $2.08B; VONV $23.3B
1Y total return: SPGP +10.0%; VONV +28.5%, better
Yield (12M): SPGP 0.78%; VONV 1.53%, better
Holdings: SPGP 77; VONV 873
Avg volume (30D): SPGP 82.6K sh; VONV 774K sh, better
NAV per share: SPGP $122.56; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for SPGP, VONV, with each pillar’s weight
Pillar	SPGP	VONV
Cost30% weight	C46	A96Higher
Mission25% weight	A91	A100Higher
Risk15% weight	D25	A86Higher
Tradability15% weight	A86Higher	B60
Holdings10% weight	B56Higher	C49
Durability5% weight	A83	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. SPGP and VONV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

VONV ranks 1st and SPGP 38th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 37BJHMMJohn Hancock Multifactor Mid Cap ETFScore 64
Rank 38BSPGPInvesco S&P 500 GARP ETFScore 62
Rank 39BJOETVirtus Terranova U.S. Quality Momentum ETFScore 61

Our read on each fund

ETF.net Research

SPGPBInvesco S&P 500 GARP ETF

VONVAVanguard Russell 1000 Value ETF

In short

SPGP Growth at a reasonable price, by rulebook: screen the S&P 500 for fast earnings and sales growth, then keep only the names that also look cheap and financially sound. About 75 stocks, weighted by growth score, for 0.34%.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

SPGP SPGP seeks exposure to companies combining fundamental growth, reasonable valuation, financial strength, and earning power through the S&P 500 GARP Index.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

SPGP Two gates, in order: rank the S&P 500 on three-year earnings and sales growth, then keep the best on return on equity, leverage and earnings-to-price. About 75 names survive.spglobal.com spglobal.com 2
Weighted by growth score, not market cap, with caps on any single stock and any one sector, so it won't just reload on whatever mega-cap has run hardest.spglobal.com spglobal.com 2
Rebalances each June and December on fundamental data, so the valuation discipline gets reapplied twice a year instead of drifting with prices.spglobal.com spglobal.com 2
Has tracked its index closely and trades regularly enough for everyday retail orders; it has grown into a multi-billion-dollar fund.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

SPGP At 0.34%, with no fee waiver, the cost sits near its category median; cheaper broad factor peers exist, such as VYM at 0.04% and VONV at 0.06%.
Narrow by design, roughly 75 of the 500, and it has swung harder than the typical multifactor fund; the sector mix can shift at each rebalance.spglobal.com
Distributions come quarterly, and yield plays no part in selection: the screen reads growth, quality and valuation only.spglobal.com

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full SPGP profile⁠

Full VONV profile⁠

SPGP vs VONV Holdings

How SPGP and VONV differ

Overlap by weight

9.3%

Shared holdings make up 66.1% of SPGP and 14.4% of VONV.

Level by level

Holdings49 in both9.3%
Sector11 Sectors78.1%
Countryby domicile97.4%
Asset classEquity100%

Sector

Sector weights in SPGP and VONV, widest gap first
Sector	More in SPGPMore in VONV	SPGP	VONV
Financials	SPGP +13.7 points	31.6%	17.9%
Consumer Staples	VONV +6.2 points	1.0%	7.2%
Energy	VONV +5.0 points	1.2%	6.2%
Communication	SPGP +4.8 points	8.2%	3.4%
Real Estate	VONV +3.5 points	0.0%	3.5%
Consumer Discretionary	SPGP +3.0 points	13.4%	10.4%
Health Care	VONV +2.5 points	10.9%	13.4%
Utilities	VONV +2.5 points	0.9%	3.4%
Materials	VONV +1.5 points	1.8%	3.3%
Technology	VONV +0.8 points	21.1%	21.9%
Industrials	SPGP +0.3 points	9.8%	9.5%

Country, concentration and asset class

Country by domicile

Country weights in SPGP and VONV, widest gap first
Country	More in SPGPMore in VONV	SPGP	VONV
United States	VONV +2.6 points	97.4%	100.0%
Switzerland	SPGP +2.6 points	2.6%	0.0%

Concentration

Weight in the 10 largest Holdings

SPGP20.7%
VONV29.8%

Securities held

SPGP75
VONV871

Asset class

SPGP: Equity
VONV: Equity

Holdings

Only in SPGP26
In both49
Only in VONV822

Only in SPGP

26 securities, 33.9% of SPGP by weight

NVIDIA Corp2.35%
Eli Lilly & Co2.23%
Arista Networks Inc2.07%
Expedia Group Inc1.94%
General Electric Co1.76%
Mastercard Inc1.53%
GoDaddy Inc1.51%
Comfort Systems USA Inc1.49%
Dexcom Inc1.42%
Airbnb Inc1.40%
Las Vegas Sands Corp1.37%
EMCOR Group Inc1.36%
Fortinet Inc1.30%
Visa Inc1.17%
GE Vernova Inc1.16%
Erie Indemnity Co1.15%
AppLovin Corp1.14%
Autodesk Inc1.11%
Chipotle Mexican Grill Inc1.09%
Alphabet Inc0.99%
Trane Technologies PLC0.96%
Netflix Inc0.92%
Fiserv Inc0.90%
KLA Corp0.82%
Rollins Inc0.71%
Invesco Government & Agency Portfolio0.03%

Only in VONV

822 securities, 85.4% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%
Bristol-Myers Squibb Co0.35%
Prologis Inc0.34%
S&P Global Inc0.32%
Capital One Financial Corp0.32%

Weight gaps

All 49 Holdings in both funds, largest gap first.

Holding weights in SPGP and VONV, widest gap first
Holding	More in SPGPMore in VONV	SPGP	VONV
Microsoft CorpMSFT	VONV +3.92 points	1.32%	5.24%
Cincinnati Financial CorpCINF	SPGP +2.15 points	2.22%	0.07%
Arch Capital Group LtdACGL	SPGP +1.99 points	2.07%	0.08%
Royal Caribbean Cruises LtdRCL	SPGP +1.95 points	2.03%	0.08%
Progressive Corp/ThePGR	SPGP +1.84 points	2.17%	0.33%
Carnival Corp LtdCCL	SPGP +1.74 points	1.83%	0.09%
Incyte CorpINCY	SPGP +1.73 points	1.79%	0.06%
Allstate Corp/TheALL	SPGP +1.57 points	1.73%	0.16%
PayPal Holdings IncPYPL	SPGP +1.57 points	1.65%	0.08%
Newmont CorpNEM	SPGP +1.51 points	1.84%	0.33%
PTC IncPTC	SPGP +1.50 points	1.54%	0.04%
First Solar IncFSLR	SPGP +1.46 points	1.51%	0.05%
Universal Health Services IncUHS	SPGP +1.46 points	1.48%	0.02%
eBay IncEBAY	SPGP +1.31 points	1.40%	0.09%
ResMed IncRMD	SPGP +1.28 points	1.37%	0.09%
Assurant IncAIZ	SPGP +1.28 points	1.32%	0.04%
Travelers Cos Inc/TheTRV	SPGP +1.23 points	1.43%	0.20%
Loews CorpL	SPGP +1.22 points	1.27%	0.05%
Berkshire Hathaway IncBRK.B	VONV +1.21 points	1.34%	2.55%
Everest Group LtdEG	SPGP +1.21 points	1.25%	0.04%
Garmin LtdGRMN	SPGP +1.20 points	1.33%	0.13%
United Airlines Holdings IncUAL	SPGP +1.17 points	1.26%	0.09%
Intuit IncINTU	SPGP +1.16 points	1.30%	0.14%
Synchrony FinancialSYF	SPGP +1.16 points	1.22%	0.06%
Hartford Insurance Group Inc/TheHIG	SPGP +1.11 points	1.20%	0.09%
Boston Scientific CorpBSX	SPGP +1.09 points	1.27%	0.18%
Cboe Global Markets IncCBOE	SPGP +1.08 points	1.16%	0.08%
Adobe IncADBE	SPGP +1.08 points	1.16%	0.08%
Moody's CorpMCO	SPGP +1.07 points	1.17%	0.10%
Cigna Group/TheCI	SPGP +1.06 points	1.26%	0.20%
Ameriprise Financial IncAMP	SPGP +1.06 points	1.17%	0.11%
Fox CorpFOXA	SPGP +1.06 points	1.09%	0.03%
Prudential Financial IncPRU	SPGP +1.05 points	1.16%	0.11%
Leidos Holdings IncLDOS	SPGP +1.05 points	1.09%	0.04%
Deckers Outdoor CorpDECK	SPGP +1.02 points	1.05%	0.03%
Baker Hughes CoBKR	SPGP +1.01 points	1.16%	0.15%
Lululemon Athletica IncLULU	SPGP +1.00 points	1.03%	0.03%
Delta Air Lines IncDAL	SPGP +1.00 points	1.13%	0.13%
W R Berkley CorpWRB	SPGP +0.95 points	0.99%	0.04%
Uber Technologies IncUBER	SPGP +0.94 points	1.27%	0.33%
Constellation Brands IncSTZ	SPGP +0.93 points	0.98%	0.05%
Chubb LtdCB	SPGP +0.94 points	1.25%	0.31%
Meta Platforms IncMETA	SPGP +0.92 points	1.72%	0.80%
Globe Life IncGL	SPGP +0.91 points	0.95%	0.04%
Edison InternationalEIX	SPGP +0.91 points	0.97%	0.06%
Comcast CorpCMCSA	SPGP +0.81 points	1.02%	0.21%
American Express CoAXP	SPGP +0.73 points	1.04%	0.31%
Parker-Hannifin CorpPH	SPGP +0.70 points	1.03%	0.33%
Walt Disney Co/TheDIS	SPGP +0.60 points	1.10%	0.50%

All 75 SPGP holdings⁠All 872 VONV 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.

SPGP vs VONV Cost

Overpaying SPGP vs VONV

$5,662

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

SPGP 0.34%
$6,932
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SPGP 0.34%
VONV 0.06%
Overpaying

Year by year

Year	SPGP	VONV	Overpaying
10	$616	$110	$506
20	$2,386	$432	$1,954
30	$6,932	$1,270	$5,662

Expense ratio

0.34%SPGP
0.06%VONV, cheaper

VONV0.06%SPGP0.34%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

SPGP 53rd cheapest of 99 funds

SPGP vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPGP 0.78%; VONV 1.53%, better
Payout (12M): SPGP $0.96; VONV $1.74
Last payment: SPGP $0.11; VONV $0.42
Ex-dividend: SPGP Sep 21, 2026; VONV Sep 23, 2026
Paid on: SPGP Sep 25, 2026; VONV Sep 25, 2026
Frequency: SPGP Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPGPQuarterly · 39 paymentsAll SPGP payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

SPGP vs VONV Risk

Fall from peak · 5 years

SPGP
VONV

Risk facts

VolatilityStd dev, 3 years: SPGP 13.8%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: SPGP 0.65VONV 1.43, better
Worst fallMax drawdown, 5 years: SPGP −22.9%VONV −18.9%, better
Market sensitivityBeta, 5 years: SPGP 0.96VONV 0.85; Market = 1

SPGP and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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