Oh, I fully believe you acheived a .5 mpg gain on the Valvoline 5W-20, as you would with any friction modified GF-4 oil that has actually passed the GF-4 fuel economy test.
Just because the formulation uses synthetic base oils, this does not automatically guarantee "top shelf" fuel economy.
Remember, when Mobil 1 Extended Performance was initially launched, it did not meet GF-4 and by ExxonMobil's admission, it could not pass the fuel economy test, which is run against a PAO reference oil.