SMLV vs. VIOO

Last updated Jun 9, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, SMLV returned 10.25%/yr vs 10.63%/yr for VIOO. Their correlation of 0.90 suggests significant overlap in exposure. SMLV charges 0.12%/yr vs 0.07%/yr for VIOO.

Performance

SMLV vs. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMLV having a 14.81% return and VIOO slightly higher at 15.44%. Both investments have delivered pretty close results over the past 10 years, with SMLV having a 10.25% annualized return and VIOO not far ahead at 10.63%.

SMLV

• 1D: 0.20%
• 1M: 1.40%
• YTD: 14.81%
• 6M: 15.50%
• 1Y: 23.44%
• 3Y*: 15.62%
• 5Y*: 8.02%
• 10Y*: 10.25%

VIOO

• 1D: 0.60%
• 1M: 0.16%
• YTD: 15.44%
• 6M: 15.12%
• 1Y: 30.51%
• 3Y*: 13.80%
• 5Y*: 5.39%
• 10Y*: 10.63%

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

SMLV vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	14.81%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
VIOO Vanguard S&P Small-Cap 600 ETF	15.44%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between SMLV and VIOO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 22, 2013	0.90

The correlation between SMLV and VIOO has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

SMLV vs. VIOO - Sectors Allocation Comparison

Sectors	SMLV	VIOO
Financial Services	30.5%	16.9%
Industrials	14.3%	15.5%
Real Estate	12.2%	7.7%
Technology	11.2%	15.5%
Consumer Cyclical	8.7%	13.4%
Healthcare	8.7%	11.0%
Consumer Defensive	4.3%	3.5%
Basic Materials	3.2%	5.1%
Utilities	2.9%	2.0%
Communication Services	2.2%	3.6%
Energy	1.8%	5.9%

Return for Risk

SMLV vs. VIOO — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 54
SMLV Sharpe Ratio Rank: 48
SMLV Sortino Ratio Rank: 49
SMLV Omega Ratio Rank: 49
SMLV Calmar Ratio Rank: 70
SMLV Martin Ratio Rank: 55

VIOO

VIOO Risk / Return Rank: 63
VIOO Sharpe Ratio Rank: 57
VIOO Sortino Ratio Rank: 60
VIOO Omega Ratio Rank: 53
VIOO Calmar Ratio Rank: 76
VIOO Martin Ratio Rank: 69

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. VIOO - 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 Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

	SMLV	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.74	-0.24
Sortino ratio: Return per unit of downside risk	2.17	2.53	-0.36
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	3.21	3.49	-0.29
Martin ratio: Return relative to average drawdown	8.78	11.68	-2.90
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. VIOO - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.50, which is comparable to the VIOO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SMLV and VIOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMLV	VIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.74	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.25	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.46	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.57	-0.02

Drawdowns

SMLV vs. VIOO - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for SMLV and VIOO.

Drawdown Indicators

	SMLV	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-44.15%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.77%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-27.93%	+7.53%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-27.93%	+7.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-44.15%	+1.70%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-5.45%	-7.33%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.62%	+0.06%

Volatility

SMLV vs. VIOO - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 4.09%, while Vanguard S&P Small-Cap 600 ETF (VIOO) has a volatility of 4.63%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.63%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	11.84%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	17.66%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	21.41%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	23.00%	-2.04%

SMLV vs. VIOO - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is higher than VIOO's 0.07% expense ratio. However, 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. VIOO - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.31%, more than VIOO's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.31%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
VIOO Vanguard S&P Small-Cap 600 ETF	1.18%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both SMLV and VIOO in my portfolio?

SMLV and VIOO have a correlation of 0.90, 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 VIOO?

VIOO has higher volatility (4.63%) compared to SMLV (4.09%). In terms of maximum drawdown, SMLV dropped -42.45% vs VIOO's -44.15%.

Which ETF is better, SMLV or VIOO?

On 10-year performance, VIOO leads with 10.63% vs 10.25% for SMLV. On fees, VIOO is cheaper at 0.07% per year. On volatility, SMLV has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or VIOO?

Over the 10-year period, VIOO has performed better with a 10.63% return vs 10.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or VIOO?

VIOO is cheaper with a 0.07% expense ratio, compared with 0.12% for SMLV.

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

SMLV has the higher dividend yield at 2.31%, compared with 1.18% for VIOO.

What is the main difference between SMLV and VIOO?

SMLV is categorized as Volatility Hedged Equity, while VIOO is Small Cap Blend Equities. SMLV tracks SSGA US Small Cap Low Volatility Index, while VIOO tracks S&P SmallCap 600 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for SMLV and 0.07% for VIOO.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (1.74 vs 1.50), 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.