DVND vs. SPLV

Last updated Jun 26, 2026

DVND (Touchstone Dividend Select ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - DVND is a Large Cap Value Equities fund actively managed by Touchstone, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. DVND is actively managed, while SPLV is passively managed. Over the past 3 years, DVND returned 15.85%/yr vs 8.68%/yr for SPLV. A 0.68 correlation means they provide meaningful diversification when combined. DVND charges 0.68%/yr vs 0.25%/yr for SPLV.

Performance

DVND vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Dividend Select ETF (DVND) 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, DVND achieves a 9.30% return, which is significantly higher than SPLV's 6.04% return.

DVND

• 1D: 0.26%
• 1M: -0.18%
• YTD: 9.30%
• 6M: 8.30%
• 1Y: 19.20%
• 3Y*: 15.85%
• 5Y*: —
• 10Y*: —

SPLV

• 1D: 0.28%
• 1M: 1.57%
• YTD: 6.04%
• 6M: 5.33%
• 1Y: 6.67%
• 3Y*: 8.68%
• 5Y*: 6.42%
• 10Y*: 8.50%

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

DVND vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DVND Touchstone Dividend Select ETF	9.30%	16.36%	11.57%	14.04%	1.22%
SPLV Invesco S&P 500 Low Volatility ETF	6.04%	4.10%	13.93%	0.53%	0.32%

Correlation

The correlation between DVND and SPLV is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 4, 2022	0.68

Over the past year, the correlation between DVND and SPLV has dropped to 0.44 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

DVND vs. SPLV — Risk / Return Rank

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

DVND

DVND Risk / Return Rank: 64
DVND Sharpe Ratio Rank: 68
DVND Sortino Ratio Rank: 69
DVND Omega Ratio Rank: 66
DVND Calmar Ratio Rank: 57
DVND Martin Ratio Rank: 59

SPLV

SPLV Risk / Return Rank: 20
SPLV Sharpe Ratio Rank: 21
SPLV Sortino Ratio Rank: 19
SPLV Omega Ratio Rank: 18
SPLV Calmar Ratio Rank: 21
SPLV Martin Ratio Rank: 20

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.

DVND vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Dividend Select ETF (DVND) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DVND	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.93	0.66	+1.27
Sortino ratio: Return per unit of downside risk	2.75	1.00	+1.76
Omega ratio: Gain probability vs. loss probability	1.35	1.12	+0.23
Calmar ratio: Return relative to maximum drawdown	2.47	0.90	+1.57
Martin ratio: Return relative to average drawdown	9.27	2.08	+7.19

DVND vs. SPLV - Sharpe Ratio Comparison

The current DVND Sharpe Ratio is 1.93, which is higher than the SPLV Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of DVND 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.

Drawdowns

DVND vs. SPLV - Drawdown Comparison

The maximum DVND drawdown since its inception was -14.83%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for DVND and SPLV.

Drawdown Indicators

	DVND	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-14.83%	-36.26%	+21.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-7.41%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.64%	-9.64%	-5.00%
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	-1.42%	-2.57%	+1.15%
Average Drawdown Average peak-to-trough decline	-2.43%	-3.55%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.21%	-1.13%

Volatility

DVND vs. SPLV - Volatility Comparison

The current volatility for Touchstone Dividend Select ETF (DVND) is 3.22%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 4.27%. This indicates that DVND 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

	DVND	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	4.27%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	7.37%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	10.23%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	12.50%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.33%	15.38%	-2.05%

DVND vs. SPLV - Expense Ratio Comparison

DVND has a 0.68% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

DVND vs. SPLV - Dividend Comparison

DVND's dividend yield for the trailing twelve months is around 1.82%, less than SPLV's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVND Touchstone Dividend Select ETF	1.82%	1.93%	2.06%	2.05%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPLV Invesco S&P 500 Low Volatility ETF	2.14%	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 DVND and SPLV in my portfolio?

DVND and SPLV have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVND or SPLV?

SPLV has higher volatility (4.27%) compared to DVND (3.22%). In terms of maximum drawdown, DVND dropped -14.83% vs SPLV's -36.26%.

Which ETF is better, DVND or SPLV?

On 3-year performance, DVND leads with 15.85% vs 8.68% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, DVND has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVND or SPLV?

Over the 3-year period, DVND has performed better with a 15.85% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVND or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.68% for DVND.

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

SPLV has the higher dividend yield at 2.14%, compared with 1.82% for DVND.

What is the main difference between DVND and SPLV?

DVND is categorized as Large Cap Value Equities, while SPLV is S&P 500. They also come from different issuers: Touchstone and Invesco. Their fees differ too: 0.68% for DVND and 0.25% for SPLV.

Which has better risk-adjusted returns?

DVND currently has the higher Sharpe Ratio (1.93 vs 0.66), 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.