DVAL vs. SPLV

Last updated Jun 4, 2026

DVAL (BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - DVAL is a Large Cap Value Equities fund actively managed by BrandywineGLOBAL, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. DVAL is actively managed, while SPLV is passively managed. Over the past 3 years, DVAL returned 12.66%/yr vs 7.54%/yr for SPLV. A 0.69 correlation means they provide meaningful diversification when combined. DVAL charges 0.49%/yr vs 0.25%/yr for SPLV.

Performance

DVAL vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVAL achieves a 6.15% return, which is significantly higher than SPLV's 1.32% return.

DVAL

• 1D: -0.80%
• 1M: 1.63%
• YTD: 6.15%
• 6M: 7.12%
• 1Y: 12.93%
• 3Y*: 12.66%
• 5Y*: —
• 10Y*: —

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DVAL vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF	6.15%	8.74%	12.84%	8.73%	1.78%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	3.88%

Correlation

The correlation between DVAL and SPLV is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 1, 2022	0.69

The correlation between DVAL and SPLV has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

DVAL vs. SPLV - Sectors Allocation Comparison

Sectors	DVAL	SPLV
Financial Services	31.6%	16.6%
Industrials	14.7%	10.1%
Technology	11.1%	4.6%
Consumer Cyclical	10.2%	5.7%
Communication Services	10.0%	0.9%
Healthcare	7.9%	6.8%
Consumer Defensive	6.6%	10.8%
Energy	6.1%	0.9%
Utilities	1.1%	26.8%
Basic Materials	0.1%	2.0%
Real Estate	-	14.8%

Return for Risk

DVAL vs. SPLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DVAL

DVAL Risk / Return Rank: 37
DVAL Sharpe Ratio Rank: 35
DVAL Sortino Ratio Rank: 35
DVAL Omega Ratio Rank: 32
DVAL Calmar Ratio Rank: 43
DVAL Martin Ratio Rank: 42

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DVAL vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Invesco S&P 500 Low Volatility ETF (SPLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DVAL	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.23	-0.00	+1.23
Sortino ratio: Return per unit of downside risk	1.84	0.06	+1.77
Omega ratio: Gain probability vs. loss probability	1.21	1.01	+0.20
Calmar ratio: Return relative to maximum drawdown	2.09	-0.00	+2.10
Martin ratio: Return relative to average drawdown	6.71	-0.01	+6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVAL vs. SPLV - Sharpe Ratio Comparison

The current DVAL Sharpe Ratio is 1.23, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of DVAL and SPLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DVAL	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	-0.00	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.68	+0.08

Drawdowns

DVAL vs. SPLV - Drawdown Comparison

The maximum DVAL drawdown since its inception was -18.11%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for DVAL and SPLV.

Drawdown Indicators

	DVAL	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-36.26%	+18.15%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-7.41%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.11%	-9.64%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.26%	—
Current Drawdown Current decline from peak	-1.09%	-6.91%	+5.82%
Average Drawdown Average peak-to-trough decline	-3.64%	-3.55%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	3.05%	-1.12%

Volatility

DVAL vs. SPLV - Volatility Comparison

The current volatility for BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) is 2.73%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 2.97%. This indicates that DVAL experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVAL	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	2.97%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	6.78%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	9.78%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	12.45%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.24%	15.36%	-1.12%

DVAL vs. SPLV - Expense Ratio Comparison

DVAL has a 0.49% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

DVAL vs. SPLV - Dividend Comparison

DVAL's dividend yield for the trailing twelve months is around 1.88%, less than SPLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF	1.88%	2.00%	2.82%	1.16%	13.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both DVAL and SPLV in my portfolio?

DVAL and SPLV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVAL or SPLV?

SPLV has higher volatility (2.97%) compared to DVAL (2.73%). In terms of maximum drawdown, DVAL dropped -18.11% vs SPLV's -36.26%.

Which ETF is better, DVAL or SPLV?

On 3-year performance, DVAL leads with 12.66% vs 7.54% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, DVAL has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVAL or SPLV?

Over the 3-year period, DVAL has performed better with a 12.66% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVAL or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.49% for DVAL.

Which ETF pays a higher dividend yield, DVAL or SPLV?

SPLV has the higher dividend yield at 2.22%, compared with 1.88% for DVAL.

What is the main difference between DVAL and SPLV?

DVAL is categorized as Large Cap Value Equities, while SPLV is S&P 500. They also come from different issuers: BrandywineGLOBAL and Invesco. Their fees differ too: 0.49% for DVAL and 0.25% for SPLV.

Which has better risk-adjusted returns?

DVAL currently has the higher Sharpe Ratio (1.23 vs -0.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.