QLVE vs. XSLV

Last updated Jul 14, 2026

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and XSLV (Invesco S&P SmallCap Low Volatility ETF) are both Volatility Hedged Equity funds - QLVE tracks the Northern Trust Emerging Markets Quality Low Volatility Index while XSLV tracks the S&P SmallCap 600 Low Volatility Index. Both are passively managed. Over the past 5 years, QLVE returned 6.79%/yr vs 4.94%/yr for XSLV. At a 0.43 correlation, their price movements are largely independent. QLVE charges 0.40%/yr vs 0.25%/yr for XSLV.

Performance

QLVE vs. XSLV - 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 Invesco S&P SmallCap Low Volatility ETF (XSLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLVE achieves a 11.95% return, which is significantly lower than XSLV's 14.75% return.

QLVE

• 1D: -2.40%
• 1M: -3.16%
• 6M: 7.48%
• YTD: 11.95%
• 1Y: 22.18%
• 3Y*: 15.02%
• 5Y*: 6.79%
• 10Y*: —

XSLV

• 1D: 0.24%
• 1M: 2.52%
• 6M: 11.86%
• YTD: 14.75%
• 1Y: 16.62%
• 3Y*: 11.57%
• 5Y*: 4.94%
• 10Y*: 5.75%

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

QLVE vs. XSLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	11.95%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.77%
XSLV Invesco S&P SmallCap Low Volatility ETF	14.75%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	7.48%

Correlation

The correlation between QLVE and XSLV is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.43

Over the past year, the correlation between QLVE and XSLV has dropped to 0.16 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

QLVE vs. XSLV - Sectors Allocation Comparison

Sectors	QLVE	XSLV
Technology	37.3%	0.9%
Financial Services	15.9%	43.2%
Communication Services	10.7%	1.1%
Consumer Cyclical	6.7%	2.3%
Industrials	6.3%	7.2%
Consumer Defensive	6.2%	3.9%
Healthcare	4.6%	1.5%
Energy	4.4%	0.8%
Utilities	4.4%	9.1%
Basic Materials	3.4%	2.7%
Real Estate	0.1%	28.5%

Return for Risk

QLVE vs. XSLV — Risk / Return Rank

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

QLVE

QLVE Risk / Return Rank: 46
QLVE Sharpe Ratio Rank: 42
QLVE Sortino Ratio Rank: 41
QLVE Omega Ratio Rank: 47
QLVE Calmar Ratio Rank: 48
QLVE Martin Ratio Rank: 51

XSLV

XSLV Risk / Return Rank: 48
XSLV Sharpe Ratio Rank: 45
XSLV Sortino Ratio Rank: 47
XSLV Omega Ratio Rank: 41
XSLV Calmar Ratio Rank: 56
XSLV Martin Ratio Rank: 49

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. XSLV - 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 Invesco S&P SmallCap Low Volatility ETF (XSLV). 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.

	QLVE	XSLV	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.26	-0.08
Sortino ratio: Return per unit of downside risk	1.71	1.90	-0.18
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	1.92	2.24	-0.32
Martin ratio: Return relative to average drawdown	6.97	6.51	+0.46

QLVE vs. XSLV - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 1.18, which is comparable to the XSLV Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of QLVE and XSLV, 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

QLVE vs. XSLV - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, smaller than the maximum XSLV drawdown of -44.34%. Use the drawdown chart below to compare losses from any high point for QLVE and XSLV.

Drawdown Indicators

	QLVE	XSLV	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-44.34%	+14.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-7.46%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-18.35%	+5.06%
Max Drawdown (5Y) Largest decline over 5 years	-23.60%	-24.72%	+1.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.34%	—
Current Drawdown Current decline from peak	-6.40%	-0.35%	-6.05%
Average Drawdown Average peak-to-trough decline	-8.23%	-7.24%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.56%	+0.63%

Volatility

QLVE vs. XSLV - Volatility Comparison

FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a higher volatility of 8.31% compared to Invesco S&P SmallCap Low Volatility ETF (XSLV) at 3.96%. This indicates that QLVE's price experiences larger fluctuations and is considered to be riskier than XSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLVE	XSLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.31%	3.96%	+4.35%
Volatility (6M) Calculated over the trailing 6-month period	17.56%	9.42%	+8.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	13.28%	+5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	16.70%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.09%	19.91%	-3.82%

QLVE vs. XSLV - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is higher than XSLV's 0.25% expense ratio.

Dividends

QLVE vs. XSLV - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.70%, more than XSLV's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.70%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%	0.00%	0.00%
XSLV Invesco S&P SmallCap Low Volatility ETF	2.10%	2.14%	2.55%	2.35%	2.78%	1.05%	2.49%	2.43%	2.75%	1.87%	1.96%	2.20%

Frequently Asked Questions

Can I hold both QLVE and XSLV in my portfolio?

QLVE and XSLV have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLVE or XSLV?

QLVE has higher volatility (8.31%) compared to XSLV (3.96%). In terms of maximum drawdown, QLVE dropped -29.96% vs XSLV's -44.34%.

Which ETF is better, QLVE or XSLV?

On 5-year performance, QLVE leads with 6.79% vs 4.94% for XSLV. On fees, XSLV is cheaper at 0.25% per year. On volatility, XSLV has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLVE or XSLV?

Over the 5-year period, QLVE has performed better with a 6.79% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLVE or XSLV?

XSLV is cheaper with a 0.25% expense ratio, compared with 0.40% for QLVE.

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

QLVE has the higher dividend yield at 2.70%, compared with 2.10% for XSLV.

What is the main difference between QLVE and XSLV?

QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index, while XSLV tracks S&P SmallCap 600 Low Volatility Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.40% for QLVE and 0.25% for XSLV.

Which has better risk-adjusted returns?

XSLV currently has the higher Sharpe Ratio (1.26 vs 1.18), 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.