FDLO vs. SPMV

Last updated Aug 2, 2026

FDLO (Fidelity Low Volatility Factor ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - FDLO is a Low Volatility fund tracking the Fidelity U.S. Low Volatility Factor Index, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their correlation of 0.83 means they have usually moved in the same direction. FDLO charges 0.15%/yr vs 0.10%/yr for SPMV.

Performance

FDLO vs. SPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Low Volatility Factor ETF (FDLO) and Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FDLO

• 1D: 0.52%
• 1M: 2.54%
• 6M: 6.36%
• YTD: 8.41%
• 1Y: 16.67%
• 3Y*: 13.79%
• 5Y*: 9.60%
• 10Y*: —
• ALL TIME*: 13.06%

SPMV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDLO Fidelity Low Volatility Factor ETF	$4.52M	$3.68M	$3.65M

FDLO vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDLO Fidelity Low Volatility Factor ETF	8.41%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	10.02%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between FDLO and SPMV is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.83

Over the past year, the correlation between FDLO and SPMV has dropped to 0.58 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

FDLO vs. SPMV - Sectors Allocation Comparison

Sectors	FDLO	SPMV
Technology	33.2%	26.9%
Financial Services	13.1%	17.8%
Healthcare	10.6%	15.0%
Communication Services	10.1%	6.5%
Consumer Cyclical	10.0%	6.6%
Industrials	8.7%	6.0%
Consumer Defensive	4.7%	10.7%
Energy	3.1%	4.8%
Utilities	2.4%	2.8%
Real Estate	2.3%	0.2%
Basic Materials	1.8%	2.6%

Return for Risk

FDLO vs. SPMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDLO

FDLO Risk / Return Rank: 72
FDLO Sharpe Ratio Rank: 75
FDLO Sortino Ratio Rank: 76
FDLO Omega Ratio Rank: 73
FDLO Calmar Ratio Rank: 62
FDLO Martin Ratio Rank: 72

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDLO vs. SPMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) and Invesco S&P 500 Minimum Variance ETF (SPMV). 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.

	FDLO	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	1.70	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.17	—	—
Martin ratio: Return relative to average drawdown	8.89	—	—

Drawdowns

Drawdown Indicators

	FDLO	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-34.35%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-3.34%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	—	—

Volatility

Volatility by Period

	FDLO	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.15%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	—	—

FDLO vs. SPMV - Expense Ratio Comparison

FDLO has a 0.15% expense ratio, which is higher than SPMV's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FDLO vs. SPMV - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.37%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDLO Fidelity Low Volatility Factor ETF	1.37%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%

Frequently Asked Questions

Can I hold both FDLO and SPMV in my portfolio?

FDLO and SPMV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FDLO or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FDLO or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.15% for FDLO.

Which ETF pays a higher dividend yield, FDLO or SPMV?

FDLO has the higher dividend yield at 1.37%, compared with 1.05% for SPMV.

What is the main difference between FDLO and SPMV?

FDLO is categorized as Low Volatility, while SPMV is S&P 500. FDLO tracks Fidelity U.S. Low Volatility Factor Index, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.15% for FDLO and 0.10% for SPMV.