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 M1 EP 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.