HGRO vs. SPLV

Last updated Aug 4, 2026

HGRO (Hedgeye Quality Growth ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - HGRO is a Quality Factor fund actively managed by Hedgeye, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. HGRO is actively managed, while SPLV is passively managed. Over the past year, HGRO returned 17.25% vs 7.67% for SPLV. Their -0.04 correlation means they have often moved in opposite directions in the past. HGRO charges 0.70%/yr vs 0.25%/yr for SPLV.

Performance

HGRO vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Quality Growth ETF (HGRO) 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, HGRO achieves a 7.49% return, which is significantly lower than SPLV's 8.10% return.

HGRO

• 1D: 0.86%
• 1M: -1.29%
• 6M: 3.85%
• YTD: 7.49%
• 1Y: 17.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.93%

SPLV

• 1D: -0.03%
• 1M: -0.49%
• 6M: 4.74%
• YTD: 8.10%
• 1Y: 7.67%
• 3Y*: 9.39%
• 5Y*: 6.09%
• 10Y*: 8.28%
• ALL TIME*: 10.14%

*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)
HGRO Hedgeye Quality Growth ETF	$1.36M	$1.39M	$1.92M
SPLV Invesco S&P 500 Low Volatility ETF	$164.48M	$163.53M	$188.20M

HGRO vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025
HGRO Hedgeye Quality Growth ETF	7.49%	13.45%
SPLV Invesco S&P 500 Low Volatility ETF	8.10%	-0.63%

Correlation

The correlation between HGRO and SPLV is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.04

Return for Risk

HGRO vs. SPLV — Risk / Return Rank

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

HGRO

HGRO Risk / Return Rank: 48
HGRO Sharpe Ratio Rank: 45
HGRO Sortino Ratio Rank: 43
HGRO Omega Ratio Rank: 42
HGRO Calmar Ratio Rank: 59
HGRO Martin Ratio Rank: 52

SPLV

SPLV Risk / Return Rank: 29
SPLV Sharpe Ratio Rank: 30
SPLV Sortino Ratio Rank: 29
SPLV Omega Ratio Rank: 27
SPLV Calmar Ratio Rank: 31
SPLV Martin Ratio Rank: 28

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.

HGRO vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Quality Growth ETF (HGRO) 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.

	HGRO	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.72	+0.52
Sortino ratio: Return per unit of downside risk	1.72	1.11	+0.61
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.09
Calmar ratio: Return relative to maximum drawdown	2.28	1.04	+1.24
Martin ratio: Return relative to average drawdown	6.60	2.38	+4.22

HGRO vs. SPLV - Sharpe Ratio Comparison

The current HGRO Sharpe Ratio is 1.24, which is higher than the SPLV Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of HGRO 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

HGRO vs. SPLV - Drawdown Comparison

The maximum HGRO drawdown since its inception was -7.61%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for HGRO and SPLV.

Drawdown Indicators

	HGRO	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-7.61%	-36.26%	+28.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-7.41%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.10%	—
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	-3.99%	-2.26%	-1.73%
Average Drawdown Average peak-to-trough decline	-1.65%	-3.54%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.23%	-0.61%

Volatility

HGRO vs. SPLV - Volatility Comparison

Hedgeye Quality Growth ETF (HGRO) and Invesco S&P 500 Low Volatility ETF (SPLV) have volatilities of 4.10% and 3.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGRO	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.93%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	8.27%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	10.72%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.69%	12.61%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	15.42%	-1.73%

HGRO vs. SPLV - Expense Ratio Comparison

HGRO has a 0.70% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

HGRO vs. SPLV - Dividend Comparison

HGRO's dividend yield for the trailing twelve months is around 0.07%, less than SPLV's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HGRO Hedgeye Quality Growth ETF	0.07%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPLV Invesco S&P 500 Low Volatility ETF	2.12%	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 HGRO and SPLV in my portfolio?

HGRO and SPLV have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HGRO or SPLV?

HGRO has higher volatility (4.10%) compared to SPLV (3.93%). In terms of maximum drawdown, HGRO dropped -7.61% vs SPLV's -36.26%.

Which ETF is better, HGRO or SPLV?

On 1-year performance, HGRO leads with 17.25% vs 7.67% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HGRO or SPLV?

Over the 1-year period, HGRO has performed better with a 17.25% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HGRO or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.70% for HGRO.

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

SPLV has the higher dividend yield at 2.12%, compared with 0.07% for HGRO.

What is the main difference between HGRO and SPLV?

HGRO is categorized as Quality Factor, while SPLV is S&P 500. They also come from different issuers: Hedgeye and Invesco. Their fees differ too: 0.70% for HGRO and 0.25% for SPLV.

Which has better risk-adjusted returns?

HGRO currently has the higher Sharpe Ratio (1.24 vs 0.72), 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.