SMLV vs. LGLV

Last updated Jun 23, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) are both Volatility Hedged Equity funds from State Street - SMLV tracks the SSGA US Small Cap Low Volatility Index while LGLV tracks the SSGA US Large Cap Low Volatility (TR). Both are passively managed. Over the past 10 years, SMLV returned 10.73%/yr vs 11.20%/yr for LGLV. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.12% expense ratio.

Performance

SMLV vs. LGLV - Performance Comparison

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

Returns By Period

In the year-to-date period, SMLV achieves a 16.87% return, which is significantly higher than LGLV's 1.90% return. Both investments have delivered pretty close results over the past 10 years, with SMLV having a 10.73% annualized return and LGLV not far ahead at 11.20%.

SMLV

• 1D: 0.01%
• 1M: 3.13%
• YTD: 16.87%
• 6M: 14.82%
• 1Y: 27.44%
• 3Y*: 17.62%
• 5Y*: 8.93%
• 10Y*: 10.73%

LGLV

• 1D: -0.06%
• 1M: -1.22%
• YTD: 1.90%
• 6M: 1.27%
• 1Y: 5.48%
• 3Y*: 11.22%
• 5Y*: 8.17%
• 10Y*: 11.20%

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

SMLV vs. LGLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	16.87%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	1.90%	8.37%	16.22%	9.19%	-8.17%	27.95%	7.42%	30.83%	0.32%	17.84%

Correlation

The correlation between SMLV and LGLV is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.69

The correlation between SMLV and LGLV has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

SMLV vs. LGLV - Sectors Allocation Comparison

Sectors	SMLV	LGLV
Financial Services	30.4%	9.9%
Industrials	14.2%	18.4%
Real Estate	12.3%	17.6%
Technology	11.7%	9.4%
Consumer Cyclical	8.9%	9.1%
Healthcare	8.7%	7.1%
Consumer Defensive	4.0%	5.8%
Basic Materials	3.4%	3.5%
Utilities	2.8%	11.6%
Communication Services	2.2%	4.3%
Energy	1.6%	3.5%

Return for Risk

SMLV vs. LGLV — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 59
SMLV Sharpe Ratio Rank: 53
SMLV Sortino Ratio Rank: 53
SMLV Omega Ratio Rank: 52
SMLV Calmar Ratio Rank: 76
SMLV Martin Ratio Rank: 60

LGLV

LGLV Risk / Return Rank: 17
LGLV Sharpe Ratio Rank: 18
LGLV Sortino Ratio Rank: 16
LGLV Omega Ratio Rank: 15
LGLV Calmar Ratio Rank: 19
LGLV Martin Ratio Rank: 17

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.

SMLV vs. LGLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV). 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.

	SMLV	LGLV	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.58	+1.18
Sortino ratio: Return per unit of downside risk	2.51	0.89	+1.62
Omega ratio: Gain probability vs. loss probability	1.32	1.10	+0.22
Calmar ratio: Return relative to maximum drawdown	3.75	0.80	+2.95
Martin ratio: Return relative to average drawdown	10.36	1.91	+8.45

SMLV vs. LGLV - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.76, which is higher than the LGLV Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of SMLV and LGLV, 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

SMLV vs. LGLV - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, which is greater than LGLV's maximum drawdown of -36.64%. Use the drawdown chart below to compare losses from any high point for SMLV and LGLV.

Drawdown Indicators

	SMLV	LGLV	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-36.64%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-6.86%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-10.17%	-10.23%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-17.49%	-2.91%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-36.64%	-5.81%
Current Drawdown Current decline from peak	-1.23%	-5.60%	+4.37%
Average Drawdown Average peak-to-trough decline	-5.44%	-3.22%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.88%	-0.23%

Volatility

SMLV vs. LGLV - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) have volatilities of 3.46% and 3.40%, 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

	SMLV	LGLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.40%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	6.95%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	9.55%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	12.93%	+5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	16.09%	+4.87%

SMLV vs. LGLV - Expense Ratio Comparison

Both SMLV and LGLV have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SMLV vs. LGLV - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.88%, more than LGLV's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.58%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.88%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and LGLV in my portfolio?

SMLV and LGLV have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or LGLV?

SMLV has higher volatility (3.46%) compared to LGLV (3.40%). In terms of maximum drawdown, SMLV dropped -42.45% vs LGLV's -36.64%.

Which ETF is better, SMLV or LGLV?

On 10-year performance, LGLV leads with 11.20% vs 10.73% for SMLV. Both ETFs have the same 0.12% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or LGLV?

Over the 10-year period, LGLV has performed better with a 11.20% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or LGLV?

SMLV and LGLV have the same expense ratio: 0.12% per year.

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

SMLV has the higher dividend yield at 2.88%, compared with 2.58% for LGLV.

What is the main difference between SMLV and LGLV?

SMLV tracks SSGA US Small Cap Low Volatility Index, while LGLV tracks SSGA US Large Cap Low Volatility (TR).

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.76 vs 0.58), 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.