LGLV vs. QLVE

Last updated Jun 4, 2026

LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) and QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) are both Volatility Hedged Equity funds - LGLV tracks the SSGA US Large Cap Low Volatility (TR) while QLVE tracks the Northern Trust Emerging Markets Quality Low Volatility Index. Both are passively managed. Over the past 5 years, LGLV returned 7.70%/yr vs 7.43%/yr for QLVE. At a 0.46 correlation, their price movements are largely independent. LGLV charges 0.12%/yr vs 0.40%/yr for QLVE.

Performance

LGLV vs. QLVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGLV achieves a 0.83% return, which is significantly lower than QLVE's 18.06% return.

LGLV

• 1D: -0.06%
• 1M: -1.79%
• YTD: 0.83%
• 6M: 1.07%
• 1Y: 2.87%
• 3Y*: 11.07%
• 5Y*: 7.70%
• 10Y*: 11.00%

QLVE

• 1D: -1.29%
• 1M: 7.29%
• YTD: 18.06%
• 6M: 19.74%
• 1Y: 34.41%
• 3Y*: 18.46%
• 5Y*: 7.43%
• 10Y*: —

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

LGLV vs. QLVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	0.83%	8.37%	16.22%	9.19%	-8.17%	27.95%	7.42%	4.55%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	18.06%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.98%

Correlation

The correlation between LGLV and QLVE is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.46

Over the past year, the correlation between LGLV and QLVE has dropped to 0.22 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

LGLV vs. QLVE - Sectors Allocation Comparison

Sectors	LGLV	QLVE
Industrials	18.4%	7.1%
Real Estate	17.4%	0.1%
Utilities	11.8%	5.4%
Financial Services	9.9%	38.5%
Consumer Cyclical	9.4%	10.4%
Technology	8.8%	59.6%
Healthcare	7.0%	7.6%
Consumer Defensive	5.9%	10.8%
Communication Services	4.2%	18.4%
Energy	3.7%	7.2%
Basic Materials	3.5%	5.5%

Return for Risk

LGLV vs. QLVE — Risk / Return Rank

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

LGLV

LGLV Risk / Return Rank: 13
LGLV Sharpe Ratio Rank: 13
LGLV Sortino Ratio Rank: 12
LGLV Omega Ratio Rank: 12
LGLV Calmar Ratio Rank: 14
LGLV Martin Ratio Rank: 14

QLVE

QLVE Risk / Return Rank: 64
QLVE Sharpe Ratio Rank: 62
QLVE Sortino Ratio Rank: 64
QLVE Omega Ratio Rank: 70
QLVE Calmar Ratio Rank: 60
QLVE Martin Ratio Rank: 66

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.

LGLV vs. QLVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). 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.

	LGLV	QLVE	Difference
Sharpe ratio Return per unit of total volatility	0.31	2.10	-1.79
Sortino ratio Return per unit of downside risk	0.51	2.99	-2.47
Omega ratio Gain probability vs. loss probability	1.06	1.42	-0.36
Calmar ratio Return relative to maximum drawdown	0.42	2.98	-2.56
Martin ratio Return relative to average drawdown	1.08	11.97	-10.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGLV vs. QLVE - Sharpe Ratio Comparison

The current LGLV Sharpe Ratio is 0.31, which is lower than the QLVE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of LGLV and QLVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LGLV	QLVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	2.10	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.55	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.48	+0.28

Drawdowns

LGLV vs. QLVE - Drawdown Comparison

The maximum LGLV drawdown since its inception was -36.64%, which is greater than QLVE's maximum drawdown of -29.96%. Use the drawdown chart below to compare losses from any high point for LGLV and QLVE.

Drawdown Indicators

	LGLV	QLVE	Difference
Max Drawdown Largest peak-to-trough decline	-36.64%	-29.96%	-6.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-11.60%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	-13.29%	+3.12%
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	-23.94%	+6.45%
Max Drawdown (10Y) Largest decline over 10 years	-36.64%	—	—
Current Drawdown Current decline from peak	-6.60%	-1.29%	-5.31%
Average Drawdown Average peak-to-trough decline	-3.21%	-8.29%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.88%	-0.21%

Volatility

LGLV vs. QLVE - Volatility Comparison

The current volatility for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) is 2.42%, while FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a volatility of 6.82%. This indicates that LGLV experiences smaller price fluctuations and is considered to be less risky than QLVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGLV	QLVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	6.82%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	6.52%	14.82%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	16.46%	-7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.91%	13.48%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	15.79%	+0.27%

LGLV vs. QLVE - Expense Ratio Comparison

LGLV has a 0.12% expense ratio, which is lower than QLVE's 0.40% expense ratio.

Dividends

LGLV vs. QLVE - Dividend Comparison

LGLV's dividend yield for the trailing twelve months is around 2.04%, less than QLVE's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.04%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.42%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LGLV and QLVE in my portfolio?

LGLV and QLVE have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGLV or QLVE?

QLVE has higher volatility (6.82%) compared to LGLV (2.42%). In terms of maximum drawdown, LGLV dropped -36.64% vs QLVE's -29.96%.

Which ETF is better, LGLV or QLVE?

On 5-year performance, LGLV leads with 7.70% vs 7.43% for QLVE. On fees, LGLV is cheaper at 0.12% per year. On volatility, LGLV has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGLV or QLVE?

Over the 5-year period, LGLV has performed better with a 7.70% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGLV or QLVE?

LGLV is cheaper with a 0.12% expense ratio, compared with 0.40% for QLVE.

Which ETF pays a higher dividend yield, LGLV or QLVE?

QLVE has the higher dividend yield at 2.42%, compared with 2.04% for LGLV.

What is the main difference between LGLV and QLVE?

LGLV tracks SSGA US Large Cap Low Volatility (TR), while QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.12% for LGLV and 0.40% for QLVE.

Which has better risk-adjusted returns?

QLVE currently has the higher Sharpe Ratio (2.10 vs 0.31), 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.