LVHD vs. DVQQ

Last updated Jun 4, 2026

LVHD (Legg Mason Low Volatility High Dividend ETF) and DVQQ (WEBs QQQ Defined Volatility ETF) are both exchange-traded funds - LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index, while DVQQ is a Large Cap Growth Equities fund tracking the Syntax Defined Volatility Triple Qs Index. Both are passively managed. Over the past year, LVHD returned 9.60% vs 49.85% for DVQQ. At a 0.11 correlation, their price movements are largely independent. LVHD charges 0.27%/yr vs 0.94%/yr for DVQQ.

Performance

LVHD vs. DVQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Legg Mason Low Volatility High Dividend ETF (LVHD) and WEBs QQQ Defined Volatility ETF (DVQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVHD achieves a 6.72% return, which is significantly lower than DVQQ's 21.39% return.

LVHD

• 1D: -0.14%
• 1M: -1.27%
• YTD: 6.72%
• 6M: 6.51%
• 1Y: 9.60%
• 3Y*: 9.33%
• 5Y*: 6.06%
• 10Y*: 8.03%

DVQQ

• 1D: -0.37%
• 1M: 14.84%
• YTD: 21.39%
• 6M: 18.25%
• 1Y: 49.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LVHD vs. DVQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LVHD Legg Mason Low Volatility High Dividend ETF	6.72%	7.50%	-1.46%
DVQQ WEBs QQQ Defined Volatility ETF	21.39%	18.03%	-7.61%

Correlation

The correlation between LVHD and DVQQ is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.11

Return for Risk

LVHD vs. DVQQ — Risk / Return Rank

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

LVHD

LVHD Risk / Return Rank: 28
LVHD Sharpe Ratio Rank: 28
LVHD Sortino Ratio Rank: 27
LVHD Omega Ratio Rank: 25
LVHD Calmar Ratio Rank: 31
LVHD Martin Ratio Rank: 28

DVQQ

DVQQ Risk / Return Rank: 60
DVQQ Sharpe Ratio Rank: 68
DVQQ Sortino Ratio Rank: 58
DVQQ Omega Ratio Rank: 60
DVQQ Calmar Ratio Rank: 57
DVQQ Martin Ratio Rank: 54

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.

LVHD vs. DVQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legg Mason Low Volatility High Dividend ETF (LVHD) and WEBs QQQ Defined Volatility ETF (DVQQ). 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.

	LVHD	DVQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.19	-1.18
Sortino ratio: Return per unit of downside risk	1.51	2.73	-1.22
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.56	2.80	-1.24
Martin ratio: Return relative to average drawdown	3.98	9.21	-5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVHD vs. DVQQ - Sharpe Ratio Comparison

The current LVHD Sharpe Ratio is 1.01, which is lower than the DVQQ Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of LVHD and DVQQ, 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

	LVHD	DVQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.19	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.88	-0.32

Drawdowns

LVHD vs. DVQQ - Drawdown Comparison

The maximum LVHD drawdown since its inception was -37.32%, which is greater than DVQQ's maximum drawdown of -25.09%. Use the drawdown chart below to compare losses from any high point for LVHD and DVQQ.

Drawdown Indicators

	LVHD	DVQQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-25.09%	-12.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-17.89%	+11.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	—	—
Current Drawdown Current decline from peak	-4.84%	-0.37%	-4.47%
Average Drawdown Average peak-to-trough decline	-4.05%	-7.16%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	5.43%	-3.01%

Volatility

LVHD vs. DVQQ - Volatility Comparison

The current volatility for Legg Mason Low Volatility High Dividend ETF (LVHD) is 2.86%, while WEBs QQQ Defined Volatility ETF (DVQQ) has a volatility of 6.29%. This indicates that LVHD experiences smaller price fluctuations and is considered to be less risky than DVQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVHD	DVQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	6.29%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	16.08%	-9.44%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	22.86%	-13.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	24.37%	-11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	24.37%	-8.87%

LVHD vs. DVQQ - Expense Ratio Comparison

LVHD has a 0.27% expense ratio, which is lower than DVQQ's 0.94% expense ratio.

Dividends

LVHD vs. DVQQ - Dividend Comparison

LVHD's dividend yield for the trailing twelve months is around 3.40%, more than DVQQ's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DVQQ WEBs QQQ Defined Volatility ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%

Frequently Asked Questions

Can I hold both LVHD and DVQQ in my portfolio?

LVHD and DVQQ have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVHD or DVQQ?

DVQQ has higher volatility (6.29%) compared to LVHD (2.86%). In terms of maximum drawdown, LVHD dropped -37.32% vs DVQQ's -25.09%.

Which ETF is better, LVHD or DVQQ?

On 1-year performance, DVQQ leads with 49.85% vs 9.60% for LVHD. On fees, LVHD is cheaper at 0.27% per year. On volatility, LVHD has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LVHD or DVQQ?

Over the 1-year period, DVQQ has performed better with a 49.85% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LVHD or DVQQ?

LVHD is cheaper with a 0.27% expense ratio, compared with 0.94% for DVQQ.

Which ETF pays a higher dividend yield, LVHD or DVQQ?

LVHD has the higher dividend yield at 3.40%, compared with 0.03% for DVQQ.

What is the main difference between LVHD and DVQQ?

LVHD is categorized as Volatility Hedged Equity, while DVQQ is Large Cap Growth Equities. LVHD tracks QS Low Volatility High Dividend Index, while DVQQ tracks Syntax Defined Volatility Triple Qs Index. They also come from different issuers: Franklin Templeton and WEBs. Their fees differ too: 0.27% for LVHD and 0.94% for DVQQ.

Which has better risk-adjusted returns?

DVQQ currently has the higher Sharpe Ratio (2.19 vs 1.01), 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.