SMLV vs. SMMV

Last updated Jun 23, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while SMMV is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, SMLV returned 8.93%/yr vs 5.15%/yr for SMMV. Their correlation of 0.85 suggests significant overlap in exposure. SMLV charges 0.12%/yr vs 0.20%/yr for SMMV.

Performance

SMLV vs. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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 SMMV's 2.88% return.

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%

SMMV

• 1D: 0.10%
• 1M: -0.74%
• YTD: 2.88%
• 6M: 1.54%
• 1Y: 8.20%
• 3Y*: 11.50%
• 5Y*: 5.15%
• 10Y*: —

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

SMLV vs. SMMV - 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%
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	2.88%	6.42%	18.29%	5.63%	-10.00%	16.64%	-2.88%	24.21%	1.15%	14.31%

Correlation

The correlation between SMLV and SMMV is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016	0.85

The correlation between SMLV and SMMV has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

SMLV vs. SMMV - Sectors Allocation Comparison

Sectors	SMLV	SMMV
Financial Services	30.4%	8.9%
Industrials	14.2%	13.5%
Real Estate	12.3%	12.6%
Technology	11.7%	14.5%
Consumer Cyclical	8.9%	5.1%
Healthcare	8.7%	17.6%
Consumer Defensive	4.0%	8.0%
Basic Materials	3.4%	1.6%
Utilities	2.8%	7.5%
Communication Services	2.2%	5.3%
Energy	1.6%	5.3%

Return for Risk

SMLV vs. SMMV — 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

SMMV

SMMV Risk / Return Rank: 24
SMMV Sharpe Ratio Rank: 24
SMMV Sortino Ratio Rank: 23
SMMV Omega Ratio Rank: 22
SMMV Calmar Ratio Rank: 25
SMMV Martin Ratio Rank: 27

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. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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	SMMV	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.84	+0.92
Sortino ratio: Return per unit of downside risk	2.51	1.27	+1.24
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio: Return relative to maximum drawdown	3.75	1.17	+2.58
Martin ratio: Return relative to average drawdown	10.36	3.54	+6.82

SMLV vs. SMMV - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.76, which is higher than the SMMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of SMLV and SMMV, 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. SMMV - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, which is greater than SMMV's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for SMLV and SMMV.

Drawdown Indicators

	SMLV	SMMV	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-38.77%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-7.02%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-13.68%	-6.72%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-18.00%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	—	—
Current Drawdown Current decline from peak	-1.23%	-3.66%	+2.43%
Average Drawdown Average peak-to-trough decline	-5.44%	-5.09%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.32%	+0.33%

Volatility

SMLV vs. SMMV - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 3.46% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.27%. This indicates that SMLV's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	SMMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.27%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	6.44%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	9.81%	+5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	13.47%	+4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	15.66%	+5.30%

SMLV vs. SMMV - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than SMMV's 0.20% 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%.

Dividends

SMLV vs. SMMV - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.88%, more than SMMV's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	1.76%	1.77%	1.76%	2.30%	1.67%	1.08%	1.39%	1.64%	1.72%	1.63%	0.79%	0.00%

Frequently Asked Questions

Can I hold both SMLV and SMMV in my portfolio?

SMLV and SMMV have a correlation of 0.82, 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 SMMV?

SMLV has higher volatility (3.46%) compared to SMMV (2.27%). In terms of maximum drawdown, SMLV dropped -42.45% vs SMMV's -38.77%.

Which ETF is better, SMLV or SMMV?

On 5-year performance, SMLV leads with 8.93% vs 5.15% for SMMV. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMMV has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or SMMV?

Over the 5-year period, SMLV has performed better with a 8.93% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or SMMV?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.20% for SMMV.

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

SMLV has the higher dividend yield at 2.88%, compared with 1.76% for SMMV.

What is the main difference between SMLV and SMMV?

SMLV is categorized as Volatility Hedged Equity, while SMMV is Small Cap Growth Equities. SMLV tracks SSGA US Small Cap Low Volatility Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for SMLV and 0.20% for SMMV.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.76 vs 0.84), 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.