FSUVX vs. SPLV

Last updated Jun 24, 2026

FSUVX (Fidelity SAI U.S. Low Volatility Index Fund) and SPLV (Invesco S&P 500 Low Volatility ETF) are both funds - FSUVX is a Large Cap Blend Equities fund managed by Fidelity, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Over the past 10 years, FSUVX returned 11.18%/yr vs 8.38%/yr for SPLV. Their correlation of 0.86 suggests significant overlap in exposure. FSUVX charges 0.11%/yr vs 0.25%/yr for SPLV.

Performance

FSUVX vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) 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, FSUVX achieves a 3.46% return, which is significantly lower than SPLV's 5.06% return. Over the past 10 years, FSUVX has outperformed SPLV with an annualized return of 11.18%, while SPLV has yielded a comparatively lower 8.38% annualized return.

FSUVX

• 1D: -0.59%
• 1M: -2.76%
• YTD: 3.46%
• 6M: 2.97%
• 1Y: 10.40%
• 3Y*: 13.42%
• 5Y*: 9.18%
• 10Y*: 11.18%

SPLV

• 1D: 1.32%
• 1M: 0.35%
• YTD: 5.06%
• 6M: 4.84%
• 1Y: 4.45%
• 3Y*: 8.50%
• 5Y*: 6.37%
• 10Y*: 8.38%

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

FSUVX vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSUVX Fidelity SAI U.S. Low Volatility Index Fund	3.46%	11.03%	17.40%	14.80%	-10.93%	21.51%	9.86%	27.73%	1.35%	17.68%
SPLV Invesco S&P 500 Low Volatility ETF	5.06%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between FSUVX and SPLV is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 5, 2015	0.86

Over the past year, the correlation between FSUVX and SPLV has dropped to 0.60 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

FSUVX vs. SPLV — Risk / Return Rank

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

FSUVX

FSUVX Risk / Return Rank: 26
FSUVX Sharpe Ratio Rank: 27
FSUVX Sortino Ratio Rank: 26
FSUVX Omega Ratio Rank: 24
FSUVX Calmar Ratio Rank: 22
FSUVX Martin Ratio Rank: 31

SPLV

SPLV Risk / Return Rank: 15
SPLV Sharpe Ratio Rank: 15
SPLV Sortino Ratio Rank: 14
SPLV Omega Ratio Rank: 13
SPLV Calmar Ratio Rank: 16
SPLV Martin Ratio Rank: 15

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.

FSUVX vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) 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.

	FSUVX	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.44	+0.93
Sortino ratio: Return per unit of downside risk	1.96	0.68	+1.27
Omega ratio: Gain probability vs. loss probability	1.24	1.08	+0.16
Calmar ratio: Return relative to maximum drawdown	1.61	0.60	+1.00
Martin ratio: Return relative to average drawdown	6.69	1.39	+5.30

FSUVX vs. SPLV - Sharpe Ratio Comparison

The current FSUVX Sharpe Ratio is 1.36, which is higher than the SPLV Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of FSUVX 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

FSUVX vs. SPLV - Drawdown Comparison

The maximum FSUVX drawdown since its inception was -32.41%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for FSUVX and SPLV.

Drawdown Indicators

	FSUVX	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-32.41%	-36.26%	+3.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-7.41%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-11.55%	-9.64%	-1.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.48%	-17.26%	-2.22%
Max Drawdown (10Y) Largest decline over 10 years	-32.41%	-36.26%	+3.85%
Current Drawdown Current decline from peak	-2.76%	-3.47%	+0.71%
Average Drawdown Average peak-to-trough decline	-3.27%	-3.55%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	3.20%	-1.46%

Volatility

FSUVX vs. SPLV - Volatility Comparison

The current volatility for Fidelity SAI U.S. Low Volatility Index Fund (FSUVX) is 2.71%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 4.26%. This indicates that FSUVX 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

	FSUVX	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	4.26%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	6.54%	7.38%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	10.28%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	12.50%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	15.39%	-0.20%

FSUVX vs. SPLV - Expense Ratio Comparison

FSUVX has a 0.11% expense ratio, which is lower than SPLV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSUVX vs. SPLV - Dividend Comparison

FSUVX's dividend yield for the trailing twelve months is around 4.30%, more than SPLV's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSUVX Fidelity SAI U.S. Low Volatility Index Fund	4.30%	4.45%	2.25%	1.74%	4.12%	3.52%	1.31%	3.80%	2.63%	2.94%	2.23%	1.17%
SPLV Invesco S&P 500 Low Volatility ETF	2.16%	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 FSUVX and SPLV in my portfolio?

FSUVX and SPLV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSUVX or SPLV?

SPLV has higher volatility (4.26%) compared to FSUVX (2.71%). In terms of maximum drawdown, FSUVX dropped -32.41% vs SPLV's -36.26%.

Which has better risk-adjusted returns?

FSUVX currently has the higher Sharpe Ratio (1.36 vs 0.44), 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.