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SMLV vs. QLV
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SMLV vs. QLV

Last updated Apr 2, 2026

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

SMLV and QLV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. QLV is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Quality Low Volatility Index. It was launched on Jul 15, 2019. Both SMLV and QLV 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

SMLV vs. QLV - 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 FlexShares US Quality Low Volatility Index Fund (QLV). The values are adjusted to include any dividend payments, if applicable.

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SMLV vs. QLV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF		5.81%5.66%16.77%7.52%-7.69%27.67%-1.55%8.42%
QLV
FlexShares US Quality Low Volatility Index Fund		0.29%12.28%18.08%13.71%-9.97%26.08%9.63%6.24%

Returns By Period

In the year-to-date period, SMLV achieves a 5.81% return, which is significantly higher than QLV's 0.29% return.

SMLV

1D
0.68%
1M
-2.86%
YTD
5.81%
6M
7.80%
1Y
15.12%
3Y*
12.55%
5Y*
6.93%
10Y*
9.58%

QLV

1D
0.19%
1M
-4.10%
YTD
0.29%
6M
0.78%
1Y
11.23%
3Y*
13.83%
5Y*
10.56%
10Y*
—
*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.

SPDR SSGA US Small Cap Low Volatility Index ETF

FlexShares US Quality Low Volatility Index Fund

Often compared with SMLV:
SMLV vs. SMLFSMLV vs. SMMVSMLV vs. SCHGSMLV vs. LGLVSMLV vs. PSCCSMLV vs. XSLVSMLV vs. FYC
Often compared with QLV:
QLV vs. XRLVQLV vs. IUSQLV vs. USMVQLV vs. VOOQLV vs. PBJQLV vs. VMVFXQLV vs. ^GSPC

SMLV vs. QLV - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than QLV's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

QLV
FlexShares US Quality Low Volatility Index Fund
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF

Return for Risk

SMLV vs. QLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLV
SMLV Risk / Return Rank: 4444
Overall Rank
SMLV Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SMLV Sortino Ratio Rank: 4343
Sortino Ratio Rank
SMLV Omega Ratio Rank: 3939
Omega Ratio Rank
SMLV Calmar Ratio Rank: 5050
Calmar Ratio Rank
SMLV Martin Ratio Rank: 4545
Martin Ratio Rank
QLV
QLV Risk / Return Rank: 4848
Overall Rank
QLV Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
QLV Sortino Ratio Rank: 4747
Sortino Ratio Rank
QLV Omega Ratio Rank: 5050
Omega Ratio Rank
QLV Calmar Ratio Rank: 4141
Calmar Ratio Rank
QLV Martin Ratio Rank: 5656
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.

SMLV vs. QLV - 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 FlexShares US Quality Low Volatility Index Fund (QLV). 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.

SMLVQLVDifference

Sharpe ratio

Return per unit of total volatility

0.81

0.89

-0.07

Sortino ratio

Return per unit of downside risk

1.25

1.35

-0.10

Omega ratio

Gain probability vs. loss probability

1.16

1.20

-0.04

Calmar ratio

Return relative to maximum drawdown

1.38

1.14

+0.24

Martin ratio

Return relative to average drawdown

4.63

5.85

-1.22

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

SMLV vs. QLV - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 0.81, which is comparable to the QLV Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SMLV and QLV, 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

SMLVQLVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.81

0.89

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.83

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.65

-0.13

Correlation

The correlation between SMLV and QLV is 0.68, 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

SMLV vs. QLV - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.50%, more than QLV's 1.60% yield.

TTM20252024202320222021202020192018201720162015
SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF		2.50%2.74%2.68%2.68%2.40%2.12%2.47%2.62%3.15%7.92%3.04%2.63%
QLV
FlexShares US Quality Low Volatility Index Fund		1.60%1.60%1.66%1.60%1.74%0.96%1.24%0.58%0.00%0.00%0.00%0.00%

Drawdowns

SMLV vs. QLV - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, which is greater than QLV's maximum drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for SMLV and QLV.

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Drawdown Indicators

SMLVQLVDifference

Max Drawdown

Largest peak-to-trough decline

-42.45%

-33.71%

-8.74%

Max Drawdown (1Y)

Largest decline over 1 year

-11.10%

-9.75%

-1.35%

Max Drawdown (5Y)

Largest decline over 5 years

-20.40%

-17.93%

-2.47%

Max Drawdown (10Y)

Largest decline over 10 years

-42.45%

—

—

Current Drawdown

Current decline from peak

-3.68%

-4.10%

+0.42%

Average Drawdown

Average peak-to-trough decline

-5.52%

-4.08%

-1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.31%

1.89%

+1.42%

Volatility

SMLV vs. QLV - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 4.83% compared to FlexShares US Quality Low Volatility Index Fund (QLV) at 3.18%. This indicates that SMLV's price experiences larger fluctuations and is considered to be riskier than QLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLVQLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.83%

3.18%

+1.65%

Volatility (6M)

Calculated over the trailing 6-month period

10.58%

5.76%

+4.82%

Volatility (1Y)

Calculated over the trailing 1-year period

18.67%

12.73%

+5.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

12.73%

+5.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.96%

16.74%

+4.22%