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We present a rotationally invariant matrix product method (MPM) of isotropicspin chains. This allows us to deal with a larger number of variational MPMparameters than those considered earlier by other authors. We also show therelation between the MPM and the DMRG method of White. In our approach theeigenstates of the density matrix associated with the MPM are used asvariational parameters together with the standard MPM parameters. We computethe ground state energy density and the spin correlation length of the spin 1Heisenberg chain.Comment: REVTEX file, 4 pages, NO figures inserted in text. 2 Table

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