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QLVE vs. SMLV
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QLVE vs. SMLV

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV).

QLVE and SMLV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLVE is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Emerging Markets Quality Low Volatility Index. It was launched on Jul 15, 2019. SMLV is a passively managed fund by State Street that tracks the performance of the SSGA US Small Cap Low Volatility Index. It was launched on Feb 20, 2013. Both QLVE and SMLV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QLVE vs. SMLV - Performance Comparison

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

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QLVE vs. SMLV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund		0.96%21.87%10.17%8.53%-13.10%0.90%4.16%4.98%
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF		5.10%5.66%16.77%7.52%-7.69%27.67%-1.55%8.42%

Returns By Period

In the year-to-date period, QLVE achieves a 0.96% return, which is significantly lower than SMLV's 5.10% return.

QLVE

1D
3.42%
1M
-7.54%
YTD
0.96%
6M
4.33%
1Y
20.33%
3Y*
12.69%
5Y*
4.43%
10Y*
—

SMLV

1D
1.29%
1M
-2.65%
YTD
5.10%
6M
7.05%
1Y
14.56%
3Y*
12.30%
5Y*
6.79%
10Y*
9.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

FlexShares Emerging Markets Quality Low Volatility Index Fund

SPDR SSGA US Small Cap Low Volatility Index ETF

Often compared with QLVE:
QLVE vs. FEMVXQLVE vs. IBDQLVE vs. SCHYQLVE vs. GEMQLVE vs. VWOQLVE vs. SCHEQLVE vs. FDEM
Often compared with SMLV:
SMLV vs. SMLFSMLV vs. SMMVSMLV vs. SCHGSMLV vs. LGLVSMLV vs. PSCCSMLV vs. XSLVSMLV vs. FYC

QLVE vs. SMLV - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is higher than SMLV's 0.12% expense ratio.

QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF

Return for Risk

QLVE vs. SMLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLVE
QLVE Risk / Return Rank: 7171
Overall Rank
QLVE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
QLVE Sortino Ratio Rank: 7373
Sortino Ratio Rank
QLVE Omega Ratio Rank: 7171
Omega Ratio Rank
QLVE Calmar Ratio Rank: 7070
Calmar Ratio Rank
QLVE Martin Ratio Rank: 7272
Martin Ratio Rank
SMLV
SMLV Risk / Return Rank: 4747
Overall Rank
SMLV Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
SMLV Sortino Ratio Rank: 4646
Sortino Ratio Rank
SMLV Omega Ratio Rank: 4242
Omega Ratio Rank
SMLV Calmar Ratio Rank: 5353
Calmar Ratio Rank
SMLV Martin Ratio Rank: 4848
Martin Ratio Rank
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.

QLVE vs. SMLV - Risk-Adjusted Trends Comparison

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

QLVESMLVDifference

Sharpe ratio

Return per unit of total volatility

1.26

0.78

+0.47

Sortino ratio

Return per unit of downside risk

1.83

1.21

+0.61

Omega ratio

Gain probability vs. loss probability

1.26

1.16

+0.10

Calmar ratio

Return relative to maximum drawdown

1.79

1.31

+0.47

Martin ratio

Return relative to average drawdown

7.57

4.41

+3.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLVE vs. SMLV - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 1.26, which is higher than the SMLV Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of QLVE and SMLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

QLVESMLVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.26

0.78

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.37

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.45

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.52

-0.18

Correlation

The correlation between QLVE and SMLV is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QLVE vs. SMLV - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.83%, more than SMLV's 2.52% yield.

TTM20252024202320222021202020192018201720162015
QLVE
FlexShares Emerging Markets Quality Low Volatility Index Fund		2.83%3.14%3.11%3.00%2.48%2.57%1.66%1.27%0.00%0.00%0.00%0.00%
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF		2.52%2.74%2.68%2.68%2.40%2.12%2.47%2.62%3.15%7.92%3.04%2.63%

Drawdowns

QLVE vs. SMLV - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, smaller than the maximum SMLV drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for QLVE and SMLV.

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Drawdown Indicators

QLVESMLVDifference

Max Drawdown

Largest peak-to-trough decline

-29.96%

-42.45%

+12.49%

Max Drawdown (1Y)

Largest decline over 1 year

-11.60%

-11.10%

-0.50%

Max Drawdown (5Y)

Largest decline over 5 years

-24.04%

-20.40%

-3.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.45%

—

Current Drawdown

Current decline from peak

-8.57%

-4.33%

-4.24%

Average Drawdown

Average peak-to-trough decline

-8.45%

-5.52%

-2.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

3.31%

-0.57%

Volatility

QLVE vs. SMLV - Volatility Comparison

FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a higher volatility of 8.82% compared to SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) at 4.80%. This indicates that QLVE's price experiences larger fluctuations and is considered to be riskier than SMLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLVESMLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.82%

4.80%

+4.02%

Volatility (6M)

Calculated over the trailing 6-month period

13.06%

10.57%

+2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

16.25%

18.66%

-2.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.09%

18.30%

-5.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.62%

20.96%

-5.34%