Equivalence of the variational matrix product method and the density matrix renormalization group applied to spin chains

We study the relationship between the Density Matrix Renormalization Group (DMRG) and the variational matrix product method (MPM). In the latter method one can also define a density matrix whose eigenvalues turn out to be numerically close to those of the DMRG. We illustrate our ideas with the spin-1 Heisenberg chain, where we compute the ground-state energy and the spin correlation length. We also give a rotational invariant formulation of the MPM.