SPMV
Invesco S&P 500 Minimum Variance ETF
The Invesco S&P 500 Minimum Variance Portfolio tracks an index of stocks selected from the S&P 500. Holdings are selected and weighted to create a low-volatility portfolio, subject to constraints.
US
EQUITY
Passive
MANAGEMENT STYLE
5.7 M
ASSETS UNDER MGMT
10 bp
EXPENSES
Fund Basics
Fund sponsor | Invesco |
Category | US |
Asset class | Equity |
Website | link... |
Inception date | Jul 13, 2017 |
Assets (mns) | $6 |
Expense ratio | 10 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-Ended Fund |
Distributions | Quarterly |
Taxation | 1099 |
Stock selection | Multi-Factor |
Weighting | Multi-Factor |
Holdings Transparency | Full |
Derivatives-based | No |
Options available | Yes |
Currency hedged | No |
Fund of funds | No |
Top 10 Holdings
Complete list +
BERKSHIRE HATHAWAY INC-CL B | 3.2 % |
MARSH & MCLENNAN COS | 3.1 % |
CHUBB LIMITED | 3.1 % |
MONDELEZ INTERNATIONAL INC-A | 3.1 % |
T-MOBILE US, INC. | 3.1 % |
PROGRESSIVE CORP | 3.0 % |
ABBOTT LABORATORIES | 3.0 % |
PROCTER & GAMBLE CO/THE | 3.0 % |
MICROSOFT CORP | 2.9 % |
APPLE INC | 2.9 % |
Constituent Breakdown
Number of holdings | 74 |
Herfindahl-Hirschman Index | 207 |
Wgt avg mkt cap (mns) | $532,833 |
Large cap (>$10bn) | 100.0% |
Mid cap ($2-10bn) | 0.0% |
Small cap (<$2bn) | 0.0% |
Developed mkts. | 100.0% |
Emerging mkts. | 0.0% |
Country Exposure
UNITED STATES | 92.7 % | |
SWITZERLAND | 3.1 % | |
IRELAND | 2.4 % |
Historical Performance
Standardized Performance (as of 02/28/2025)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 4.9% | 16.8% | 17.9% | 9.8% | 12.5% | -- | 11.4% | Volatility | 10.6% | 10.3% | 10.3% | 13.9% | 18.2% | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 0.76 | 87% |
MSCI EAFE | 0.68 | 70% |
MSCI Emg Mkts | 0.45 | 32% |
Liquidity Measures
Avg. volume (000) | 0 |
Turnover | 0.0% |
Avg. Bid/Ask (% of price) | 0.22% |
ADV of underlying (mns) | $95,469 |
Technical Indicators
Recent close | $46.91 |
30d moving avg. | $47.30 |
Annualized volatility | 14.0% |
Relative strength (RSI) | 47 |
Short interest (ETF) | 4.6% |
Short interest (underlying) | 1.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. SPMV |
Expenses vs. SPMV |
ALTAR Score™ vs. SPMV |
---|---|---|---|---|
FDLO | Fidelity Low Volatility Factor ETF | 36.2% | +5 bp | +1.0% |
USMV | iShares MSCI USA Min Vol Factor ETF | 35.9% | +5 bp | +1.1% |
OEF | iShares S&P 100 ETF | 34.9% | +10 bp | +0.8% |
MODL | VictoryShares WestEnd U.S. Sector ETF | 34.9% | +32 bp | +0.9% |
QLV | FlexShares US Quality Low Volatility Index Fund | 34.8% | +12 bp | +1.4% |
IWL | iShares Russell Top 200 ETF | 34.7% | +5 bp | +0.8% |
MGC | Vanguard Mega Cap ETF | 34.6% | -3 bp | +0.9% |
QUS | SPDR MSCI USA StrategicFactors ETF | 34.4% | +5 bp | +1.6% |
OMFL | Invesco Russell 1000 Dynamic Multifactor ETF | 34.2% | +19 bp | -0.2% |
BBLU | EA Bridgeway Blue Chip ETF EA Bridgeway Blue Chip ETF | 34.2% | +5 bp | +2.2% |
Risk and Returns: SPMV vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
2020 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2024 | 2025E | Fwd Est | 2026E | |
Price-to-sales | --x | --x | --x | --x |
Price-to-earnings | --x | --x | --x | --x |
Price-to-cash flow | --x | --x | --x | --x |
Price-to-growth | --x | --x | --x | --x |
Price-to-book value | --x | --x | --x | --x |
Yield | --% | --% | --x | --% |
Based on closing prices from 4/2/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SPMV
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
SPMV
4.5%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 953 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.8%. SPMV's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places SPMV in the 33rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPMVSELL
U/W
HOLD
O/W
BUY
Expense Analysis
Peer Group | Passive US Equity ETFs |
# of ETFs | 192 |
Avg. Expense Ratio | 31.0 bp |
Std. Deviation | 25.7 bp |
SPMV (10 bp) Percentile rank | 20 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
SPMV | 10.0 | 21.7 | 31.7 |
Peer Avg. | 26.5 | 10.1 | 36.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .