HDLV.L vs. SPY5.L

Last updated Jul 17, 2026

HDLV.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist) and SPY5.L (State Street SPDR S&P 500 UCITS ETF (Dist)) are both S&P 500 funds - HDLV.L tracks the S&P 500 Low Volatility High Dividend Index while SPY5.L tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, HDLV.L returned 6.66%/yr vs 14.67%/yr for SPY5.L. A 0.62 correlation means they provide meaningful diversification when combined. HDLV.L charges 0.30%/yr vs 0.03%/yr for SPY5.L.

Performance

HDLV.L vs. SPY5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) and State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDLV.L achieves a 12.36% return, which is significantly higher than SPY5.L's 10.31% return. Over the past 10 years, HDLV.L has underperformed SPY5.L with an annualized return of 6.66%, while SPY5.L has yielded a comparatively higher 14.67% annualized return.

HDLV.L

• 1D: 1.59%
• 1M: 4.20%
• 6M: 9.41%
• YTD: 12.36%
• 1Y: 15.26%
• 3Y*: 12.35%
• 5Y*: 7.51%
• 10Y*: 6.66%

SPY5.L

• 1D: 0.06%
• 1M: 0.31%
• 6M: 9.03%
• YTD: 10.31%
• 1Y: 23.00%
• 3Y*: 20.06%
• 5Y*: 13.02%
• 10Y*: 14.67%

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

HDLV.L vs. SPY5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	12.36%	3.58%	16.39%	1.20%	0.44%	24.81%	-10.91%	18.81%	-7.12%	11.37%
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	10.31%	17.43%	25.36%	26.64%	-18.68%	29.28%	17.52%	30.43%	-6.64%	21.12%

Correlation

The correlation between HDLV.L and SPY5.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.62

Over the past year, the correlation between HDLV.L and SPY5.L has dropped to 0.11 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

HDLV.L vs. SPY5.L - Sectors Allocation Comparison

Sectors	HDLV.L	SPY5.L
Real Estate	21.3%	1.8%
Consumer Defensive	18.2%	4.5%
Financial Services	16.1%	11.1%
Utilities	13.9%	2.1%
Energy	11.9%	3.2%
Communication Services	8.6%	10.8%
Healthcare	5.1%	8.4%
Consumer Cyclical	3.5%	9.9%
Technology	1.6%	39.1%
Industrials	0.0%	7.8%
Basic Materials	-	1.3%

Return for Risk

HDLV.L vs. SPY5.L — Risk / Return Rank

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

HDLV.L

HDLV.L Risk / Return Rank: 47
HDLV.L Sharpe Ratio Rank: 49
HDLV.L Sortino Ratio Rank: 51
HDLV.L Omega Ratio Rank: 43
HDLV.L Calmar Ratio Rank: 53
HDLV.L Martin Ratio Rank: 38

SPY5.L

SPY5.L Risk / Return Rank: 75
SPY5.L Sharpe Ratio Rank: 75
SPY5.L Sortino Ratio Rank: 80
SPY5.L Omega Ratio Rank: 74
SPY5.L Calmar Ratio Rank: 69
SPY5.L Martin Ratio Rank: 77

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.

HDLV.L vs. SPY5.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) and State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L). 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.

	HDLV.L	SPY5.L	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.91	-0.54
Sortino ratio: Return per unit of downside risk	2.04	2.87	-0.82
Omega ratio: Gain probability vs. loss probability	1.23	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	2.12	2.80	-0.67
Martin ratio: Return relative to average drawdown	4.80	11.36	-6.56

HDLV.L vs. SPY5.L - Sharpe Ratio Comparison

The current HDLV.L Sharpe Ratio is 1.37, which is comparable to the SPY5.L Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of HDLV.L and SPY5.L, 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

HDLV.L vs. SPY5.L - Drawdown Comparison

The maximum HDLV.L drawdown since its inception was -41.00%, which is greater than SPY5.L's maximum drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for HDLV.L and SPY5.L.

Drawdown Indicators

	HDLV.L	SPY5.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.00%	-33.89%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-8.18%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.56%	-18.36%	+3.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.04%	-24.37%	+4.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.00%	-33.89%	-7.11%
Current Drawdown Current decline from peak	0.00%	-0.55%	+0.55%
Average Drawdown Average peak-to-trough decline	-5.65%	-3.70%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.02%	+1.15%

Volatility

HDLV.L vs. SPY5.L - Volatility Comparison

Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) has a higher volatility of 4.23% compared to State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L) at 2.82%. This indicates that HDLV.L's price experiences larger fluctuations and is considered to be riskier than SPY5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLV.L	SPY5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	2.82%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	8.54%	9.23%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.07%	12.03%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	16.00%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	16.20%	-0.07%

HDLV.L vs. SPY5.L - Expense Ratio Comparison

HDLV.L has a 0.30% expense ratio, which is higher than SPY5.L's 0.03% expense ratio.

Dividends

HDLV.L vs. SPY5.L - Dividend Comparison

HDLV.L's dividend yield for the trailing twelve months is around 3.44%, more than SPY5.L's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	3.44%	3.91%	3.54%	4.04%	3.56%	3.37%	4.35%	3.69%	3.79%	3.07%	3.07%	1.89%
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	0.91%	0.97%	1.06%	1.19%	1.40%	0.99%	1.28%	1.44%	0.40%	1.14%	1.64%	1.73%

Frequently Asked Questions

Can I hold both HDLV.L and SPY5.L in my portfolio?

HDLV.L and SPY5.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDLV.L or SPY5.L?

On fees, SPY5.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDLV.L or SPY5.L?

SPY5.L is cheaper with a 0.03% expense ratio, compared with 0.30% for HDLV.L.

What is the main difference between HDLV.L and SPY5.L?

HDLV.L tracks S&P 500 Low Volatility High Dividend Index, while SPY5.L tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.30% for HDLV.L and 0.03% for SPY5.L.