SPVM vs VONV: Grades, Fees and Holdings Compared

Invesco S&P 500 Value with Momentum ETF

SPVMCNYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

16.3%by weight

Expense ratio

VONV −0.33pt a year

SPVM0.39%VONV0.06%

Avg volume · 30D

VONV 80.4×the volume

SPVM9.62KVONV774K

10Y return · a year

SPVM+12.0%VONV+12.0%

SPVM vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+71.2%SPVM+73.8%VONV

Expense ratio: SPVM 0.39%; VONV 0.06%, better
Fund size: SPVM $142M; VONV $23.3B
1Y total return: SPVM +22.6%; VONV +28.5%, better
Yield (12M): SPVM 1.81%, better; VONV 1.53%
Holdings: SPVM 103; VONV 873
Avg volume (30D): SPVM 9.62K sh; VONV 774K sh, better
NAV per share: SPVM $77.73; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for SPVM, VONV, with each pillar’s weight
Pillar	SPVM	VONV
Cost30% weight	D34	A96Higher
Mission25% weight	B57	A100Higher
Risk15% weight	A70	A86Higher
Tradability15% weight	C45	B60Higher
Holdings10% weight	B58Higher	C49
Durability5% weight	C54	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. SPVM 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 SPVM 64th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 64CDSTLDistillate U.S. Fundamental Stability & Value ETFScore 50
Rank 64CSPVMInvesco S&P 500 Value with Momentum ETFScore 50
Rank 66COMFSInvesco Russell 2000 Dynamic Multifactor ETFScore 49

Our read on each fund

ETF.net Research

SPVMCInvesco S&P 500 Value with Momentum ETF

VONVAVanguard Russell 1000 Value ETF

In short

SPVM Value usually means catching a falling knife. SPVM screens the S&P 500 for stocks scoring high on both value and momentum, holding about 100 names: cheap, but already moving.

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

SPVM The Fund seeks to track the S&P 500 High Momentum Value Index, which selects 100 stocks from the S&P 500 and represents large-cap U.S. equities.

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

SPVM Double screen: picks roughly 100 S&P 500 names with the highest value and momentum scores, so cheapness has to come with price strength.invesco.com
Running since 2011, a long-tenured take on pairing two factors that often pull in opposite directions.
The hunting ground is the S&P 500 itself, so holdings are large-cap US companies, not small-cap deep value. Pays quarterly.

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

SPVM Costs 0.39% net of a waiver through August 31, 2028 (0.44% gross), above the category median. Broad value peers VYM (0.04%) and VONV (0.06%) cost far less.
A smaller fund that trades thinly, so spreads can be wider than in mega-cap index funds.
About 100 stocks means it can look very different from the S&P 500 in any given stretch.

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 SPVM profile⁠

Full VONV profile⁠

SPVM vs VONV Holdings

How SPVM and VONV differ

Overlap by weight

16.3%

Shared holdings make up 99.9% of SPVM and 19.1% of VONV.

Level by level

Holdings100 in both16.3%
Sector11 Sectors63.3%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in SPVM and VONV, widest gap first
Sector	More in SPVMMore in VONV	SPVM	VONV
Technology	VONV +21.9 points	0.0%	21.9%
Financials	SPVM +17.1 points	35.0%	17.9%
Energy	SPVM +9.3 points	15.5%	6.2%
Utilities	SPVM +9.2 points	12.6%	3.4%
Consumer Discretionary	VONV +6.4 points	4.0%	10.4%
Health Care	VONV +4.5 points	8.9%	13.4%
Real Estate	VONV +1.5 points	2.0%	3.5%
Consumer Staples	VONV +1.2 points	6.0%	7.2%
Materials	SPVM +1.1 points	4.4%	3.3%
Industrials	VONV +0.8 points	8.7%	9.5%
Communication	VONV +0.5 points	2.9%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in SPVM and VONV, widest gap first
Country	More in SPVMMore in VONV	SPVM	VONV
United States	VONV +1.2 points	98.8%	100.0%
Switzerland	SPVM +1.2 points	1.2%	0.0%

Concentration

Weight in the 10 largest Holdings

SPVM16.6%
VONV29.8%

Securities held

SPVM102
VONV871

Asset class

SPVM: Equity
VONV: Equity

Holdings

Only in SPVM2
In both100
Only in VONV771

Only in SPVM

2 securities, 0.1% of SPVM by weight

Invesco Government & Agency Portfolio0.05%
Securities Lending - Bnym0.00%

Only in VONV

771 securities, 80.7% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Gilead Sciences Inc0.51%
Salesforce 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%
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%
Prologis Inc0.34%
Progressive Corp/The0.33%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%
Capital One Financial Corp0.32%
American Express Co0.31%
Altria Group Inc0.31%
Accenture PLC0.31%

Weight gaps

All 100 Holdings in both funds, largest gap first.

Holding weights in SPVM and VONV, widest gap first
Holding	More in SPVMMore in VONV	SPVM	VONV
Marathon Petroleum CorpMPC	SPVM +1.69 points	1.85%	0.16%
APA CorpAPA	SPVM +1.67 points	1.71%	0.04%
Phillips 66PSX	SPVM +1.63 points	1.89%	0.26%
JPMorgan Chase & CoJPM	VONV +1.59 points	0.84%	2.43%
Allstate Corp/TheALL	SPVM +1.59 points	1.75%	0.16%
General Motors CoGM	SPVM +1.52 points	1.71%	0.19%
Travelers Cos Inc/TheTRV	SPVM +1.50 points	1.70%	0.20%
Stanley Black & Decker IncSWK	SPVM +1.45 points	1.49%	0.04%
McKesson CorpMCK	SPVM +1.38 points	1.40%	0.02%
United Airlines Holdings IncUAL	SPVM +1.37 points	1.46%	0.09%
Loews CorpL	SPVM +1.36 points	1.41%	0.05%
Synchrony FinancialSYF	SPVM +1.35 points	1.41%	0.06%
Dollar General CorpDG	SPVM +1.34 points	1.41%	0.07%
Valero Energy CorpVLO	SPVM +1.34 points	1.61%	0.27%
Cincinnati Financial CorpCINF	SPVM +1.33 points	1.40%	0.07%
MetLife IncMET	SPVM +1.26 points	1.40%	0.14%
Assurant IncAIZ	SPVM +1.26 points	1.30%	0.04%
Hartford Insurance Group Inc/TheHIG	SPVM +1.24 points	1.33%	0.09%
Target CorpTGT	SPVM +1.19 points	1.39%	0.20%
EQT CorpEQT	SPVM +1.13 points	1.21%	0.08%
Edison InternationalEIX	SPVM +1.11 points	1.17%	0.06%
Delta Air Lines IncDAL	SPVM +1.10 points	1.23%	0.13%
Archer-Daniels-Midland CoADM	SPVM +1.10 points	1.20%	0.10%
Bunge Global SABG	SPVM +1.10 points	1.14%	0.04%
Truist Financial CorpTFC	SPVM +1.08 points	1.24%	0.16%
Citizens Financial Group IncCFG	SPVM +1.08 points	1.15%	0.07%
CVS Health CorpCVS	SPVM +1.07 points	1.37%	0.30%
Cardinal Health IncCAH	SPVM +1.06 points	1.14%	0.08%
Regions Financial CorpRF	SPVM +1.06 points	1.12%	0.06%
M&T Bank CorpMTB	SPVM +1.05 points	1.14%	0.09%
Huntington Bancshares Inc/OHHBAN	SPVM +1.05 points	1.13%	0.08%
Globe Life IncGL	SPVM +1.01 points	1.05%	0.04%
ExxonMobil Holdings CorpXOM	VONV +1.01 points	0.83%	1.84%
Devon Energy CorpDVN	SPVM +1.01 points	1.15%	0.14%
KeyCorpKEY	SPVM +1.00 points	1.05%	0.05%
Huntington Ingalls Industries IncHII	SPVM +0.98 points	1.01%	0.03%
Biogen IncBIIB	SPVM +0.97 points	1.06%	0.09%
Franklin Templeton IncBEN	SPVM +0.97 points	0.99%	0.02%
Principal Financial Group IncPFG	SPVM +0.95 points	1.02%	0.07%
Eversource EnergyES	SPVM +0.94 points	1.01%	0.07%
CF Industries Holdings IncCF	SPVM +0.94 points	0.99%	0.05%
Carnival Corp LtdCCL	SPVM +0.94 points	1.03%	0.09%
US BancorpUSB	SPVM +0.92 points	1.17%	0.25%
Chubb LtdCB	SPVM +0.92 points	1.23%	0.31%
Textron IncTXT	SPVM +0.90 points	0.94%	0.04%
Raymond James Financial IncRJF	SPVM +0.90 points	0.97%	0.07%
T Rowe Price Group IncTROW	SPVM +0.89 points	0.95%	0.06%
Pinnacle West Capital CorpPNW	SPVM +0.85 points	0.88%	0.03%
Southwest Airlines CoLUV	SPVM +0.85 points	0.90%	0.05%
Aflac IncAFL	SPVM +0.82 points	0.96%	0.14%
Fifth Third BancorpFITB	SPVM +0.80 points	0.93%	0.13%
Host Hotels & Resorts IncHST	SPVM +0.80 points	0.84%	0.04%
State Street CorpSTT	SPVM +0.79 points	0.92%	0.13%
Viatris IncVTRS	SPVM +0.77 points	0.83%	0.06%
EOG Resources IncEOG	SPVM +0.77 points	0.97%	0.20%
PNC Financial Services Group Inc/ThePNC	SPVM +0.73 points	0.98%	0.25%
Quest Diagnostics IncDGX	SPVM +0.74 points	0.81%	0.07%
Fox CorpFOXA	SPVM +0.73 points	0.76%	0.03%
Dollar Tree IncDLTR	SPVM +0.72 points	0.78%	0.06%
Incyte CorpINCY	SPVM +0.71 points	0.77%	0.06%
Aptiv PLCAPTV	SPVM +0.69 points	0.72%	0.03%
Evergy IncEVRG	SPVM +0.70 points	0.75%	0.05%
PPL CorpPPL	SPVM +0.69 points	0.76%	0.07%
HCA Healthcare IncHCA	SPVM +0.68 points	0.85%	0.17%
FirstEnergy CorpFE	SPVM +0.66 points	0.73%	0.07%
Ford Motor CoF	SPVM +0.65 points	0.78%	0.13%
Northern Trust CorpNTRS	SPVM +0.62 points	0.70%	0.08%
Ameren CorpAEE	SPVM +0.61 points	0.69%	0.08%
Atmos Energy CorpATO	SPVM +0.62 points	0.69%	0.07%
Kimco Realty CorpKIM	SPVM +0.61 points	0.65%	0.04%
CMS Energy CorpCMS	SPVM +0.60 points	0.65%	0.05%
DuPont de Nemours IncDD	SPVM +0.59 points	0.64%	0.05%
Nucor CorpNUE	SPVM +0.59 points	0.73%	0.14%
Dow IncDOW	SPVM +0.59 points	0.64%	0.05%
Walt Disney Co/TheDIS	SPVM +0.57 points	1.07%	0.50%
DTE Energy CoDTE	SPVM +0.57 points	0.64%	0.07%
FedEx CorpFDX	SPVM +0.57 points	0.74%	0.17%
Halliburton CoHAL	SPVM +0.56 points	0.63%	0.07%
Duke Energy CorpDUK	SPVM +0.56 points	0.80%	0.24%
NiSource IncNI	SPVM +0.56 points	0.61%	0.05%
Xcel Energy IncXEL	SPVM +0.55 points	0.67%	0.12%
Citigroup IncC	SPVM +0.55 points	1.05%	0.50%
American Electric Power Co IncAEP	SPVM +0.54 points	0.72%	0.18%
Dominion Energy IncD	SPVM +0.54 points	0.69%	0.15%
Kinder Morgan IncKMI	SPVM +0.53 points	0.69%	0.16%
CenterPoint Energy IncCNP	SPVM +0.52 points	0.59%	0.07%
ConocoPhillipsCOP	SPVM +0.51 points	0.93%	0.42%
Verizon Communications IncVZ	SPVM +0.48 points	1.01%	0.53%
Bank of New York Mellon Corp/TheBNY	SPVM +0.46 points	0.71%	0.25%
Newmont CorpNEM	SPVM +0.46 points	0.79%	0.33%
SempraSRE	SPVM +0.45 points	0.59%	0.14%
Wells Fargo & CoWFC	SPVM +0.44 points	1.11%	0.67%
Crh PLCCRH	SPVM +0.44 points	0.59%	0.15%
General Dynamics CorpGD	SPVM +0.44 points	0.67%	0.23%
Realty Income CorpO	SPVM +0.41 points	0.55%	0.14%
PACCAR IncPCAR	SPVM +0.39 points	0.55%	0.16%
Baker Hughes CoBKR	SPVM +0.38 points	0.53%	0.15%
Bristol-Myers Squibb CoBMY	SPVM +0.30 points	0.65%	0.35%
Chevron CorpCVX	VONV +0.20 points	0.84%	1.04%
Bank of America CorpBAC	SPVM +0.10 points	1.01%	0.91%

All 101 SPVM 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.

SPVM vs VONV Cost

Overpaying SPVM vs VONV

$6,628

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

SPVM 0.39%
$7,898
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SPVM 0.39%
VONV 0.06%
Overpaying

Year by year

Year	SPVM	VONV	Overpaying
10	$705	$110	$595
20	$2,725	$432	$2,293
30	$7,898	$1,270	$6,628

Expense ratio

0.39%SPVM
0.06%VONV, cheaper

VONV0.06%SPVM0.39%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

SPVM 64th cheapest of 99 funds

SPVM vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPVM 1.81%, better; VONV 1.53%
Payout (12M): SPVM $1.41; VONV $1.74
Last payment: SPVM $0.38; VONV $0.42
Ex-dividend: SPVM Sep 21, 2026; VONV Sep 23, 2026
Paid on: SPVM Sep 25, 2026; VONV Sep 25, 2026
Frequency: SPVM Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPVMQuarterly · 39 paymentsAll SPVM payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

SPVM vs VONV Risk

Fall from peak · 5 years

SPVM
VONV

Risk facts

VolatilityStd dev, 3 years: SPVM 13.3%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: SPVM 1.19VONV 1.43, better
Worst fallMax drawdown, 5 years: SPVM −19.5%VONV −18.9%, better
Market sensitivityBeta, 5 years: SPVM 0.69VONV 0.85; Market = 1

SPVM 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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SPVM vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How SPVM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPVM

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How SPVM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPVM

Only in VONV

Weight gaps