FLVC.NEO vs. TLV.TO

Last updated Jul 30, 2026

FLVC.NEO (Franklin Canadian Low Volatility High Dividend Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both Canada Equities funds - FLVC.NEO tracks the Franklin Canadian Low Volatility High Dividend Index while TLV.TO tracks the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past year, FLVC.NEO returned 34.39% vs 30.05% for TLV.TO. Their 0.43 correlation means their historical movements had little consistent relationship. FLVC.NEO charges 0.15%/yr vs 0.33%/yr for TLV.TO.

Performance

FLVC.NEO vs. TLV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLVC.NEO achieves a 21.03% return, which is significantly higher than TLV.TO's 18.92% return.

FLVC.NEO

• 1D: 0.06%
• 1M: 3.34%
• 6M: 21.68%
• YTD: 21.03%
• 1Y: 34.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.44%

TLV.TO

• 1D: -0.50%
• 1M: 1.67%
• 6M: 18.64%
• YTD: 18.92%
• 1Y: 30.05%
• 3Y*: 21.73%
• 5Y*: 11.65%
• 10Y*: 9.16%
• ALL TIME*: 9.78%

*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)
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	CA$126.22K	CA$137.12K	CA$491.29K
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	CA$26.71K	CA$18.26K	CA$27.14K

FLVC.NEO vs. TLV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	21.03%	21.15%	13.79%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	18.92%	22.51%	15.02%

Correlation

The correlation between FLVC.NEO and TLV.TO is 0.54, 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.	0.54
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.43

The correlation between FLVC.NEO and TLV.TO shifts across timeframes, from 0.43 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLVC.NEO vs. TLV.TO — Risk / Return Rank

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

FLVC.NEO

FLVC.NEO Risk / Return Rank: 98
FLVC.NEO Sharpe Ratio Rank: 99
FLVC.NEO Sortino Ratio Rank: 98
FLVC.NEO Omega Ratio Rank: 98
FLVC.NEO Calmar Ratio Rank: 98
FLVC.NEO Martin Ratio Rank: 98

TLV.TO

TLV.TO Risk / Return Rank: 97
TLV.TO Sharpe Ratio Rank: 98
TLV.TO Sortino Ratio Rank: 98
TLV.TO Omega Ratio Rank: 97
TLV.TO Calmar Ratio Rank: 97
TLV.TO Martin Ratio Rank: 97

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.

FLVC.NEO vs. TLV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO). 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.

	FLVC.NEO	TLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.88	3.96	+0.92
Sortino ratio: Return per unit of downside risk	7.42	6.02	+1.40
Omega ratio: Gain probability vs. loss probability	1.98	1.81	+0.17
Calmar ratio: Return relative to maximum drawdown	12.02	7.42	+4.60
Martin ratio: Return relative to average drawdown	52.99	33.97	+19.01

FLVC.NEO vs. TLV.TO - Sharpe Ratio Comparison

The current FLVC.NEO Sharpe Ratio is 4.88, which is comparable to the TLV.TO Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of FLVC.NEO and TLV.TO, 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

FLVC.NEO vs. TLV.TO - Drawdown Comparison

The maximum FLVC.NEO drawdown since its inception was -7.89%, smaller than the maximum TLV.TO drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for FLVC.NEO and TLV.TO.

Drawdown Indicators

	FLVC.NEO	TLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-7.89%	-37.68%	+29.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-4.07%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.68%	—
Current Drawdown Current decline from peak	-1.11%	-0.50%	-0.61%
Average Drawdown Average peak-to-trough decline	-0.80%	-4.02%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.89%	-0.18%

Volatility

FLVC.NEO vs. TLV.TO - Volatility Comparison

Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO) has a higher volatility of 2.83% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.27%. This indicates that FLVC.NEO's price experiences larger fluctuations and is considered to be riskier than TLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLVC.NEO	TLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.27%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	6.13%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	7.90%	7.63%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	9.97%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	12.68%	-1.29%

FLVC.NEO vs. TLV.TO - Expense Ratio Comparison

FLVC.NEO has a 0.15% expense ratio, which is lower than TLV.TO's 0.33% expense ratio.

Dividends

FLVC.NEO vs. TLV.TO - Dividend Comparison

FLVC.NEO's dividend yield for the trailing twelve months is around 4.72%, more than TLV.TO's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	4.72%	4.96%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	2.85%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%

Frequently Asked Questions

Can I hold both FLVC.NEO and TLV.TO in my portfolio?

FLVC.NEO and TLV.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLVC.NEO or TLV.TO?

On fees, FLVC.NEO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLVC.NEO or TLV.TO?

FLVC.NEO is cheaper with a 0.15% expense ratio, compared with 0.33% for TLV.TO.

What is the main difference between FLVC.NEO and TLV.TO?

FLVC.NEO tracks Franklin Canadian Low Volatility High Dividend Index, while TLV.TO tracks S&P/TSX Composite Low Volatility Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.15% for FLVC.NEO and 0.33% for TLV.TO.