In comparing their predecessors: M1 0W40 and Pennzoil Ultra 5W40 Euro, I found that both had excellent UOAs in the Volvos in my sig. The two Volvos have essentially the same engine...and both cars saw a lot of city driving with a 7,500 mile OCI. Very low wear metals and plenty of TBN left despite the turbo engines in summer heat and short trips.
Both oils performed very well. I would let price be your guide. In my case, Mrs. Astro is from PA, so we go with sentimentality as the determining factor in her Volvo...it is currently running Pennzoil Ultra 5W30 Euro (SM formulation) until I use up the several cases that I bought on clearance for $1 - $2 a quart.