SMLV vs. VVOAX

Last updated Jul 21, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and VVOAX (Invesco Value Opportunities Fund) are both funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while VVOAX is a Mid Cap Value Equities fund managed by Invesco. Over the past 10 years, SMLV returned 10.42%/yr vs 15.81%/yr for VVOAX. A 0.78 correlation means they provide meaningful diversification when combined. SMLV charges 0.12%/yr vs 1.22%/yr for VVOAX.

Performance

SMLV vs. VVOAX - 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 Invesco Value Opportunities Fund (VVOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 22.24% return, which is significantly higher than VVOAX's 16.45% return. Over the past 10 years, SMLV has underperformed VVOAX with an annualized return of 10.42%, while VVOAX has yielded a comparatively higher 15.81% annualized return.

SMLV

• 1D: -0.67%
• 1M: 4.61%
• 6M: 15.91%
• YTD: 22.24%
• 1Y: 28.48%
• 3Y*: 17.10%
• 5Y*: 10.21%
• 10Y*: 10.42%
• ALL TIME*: 11.06%

VVOAX

• 1D: -0.44%
• 1M: -4.95%
• 6M: 10.23%
• YTD: 16.45%
• 1Y: 35.16%
• 3Y*: 25.45%
• 5Y*: 18.77%
• 10Y*: 15.81%
• ALL TIME*: 8.70%

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

SMLV vs. VVOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	22.24%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
VVOAX Invesco Value Opportunities Fund	16.45%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%

Correlation

The correlation between SMLV and VVOAX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.78

Over the past year, the correlation between SMLV and VVOAX has dropped to 0.57 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

SMLV vs. VVOAX — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 81
SMLV Sharpe Ratio Rank: 78
SMLV Sortino Ratio Rank: 79
SMLV Omega Ratio Rank: 78
SMLV Calmar Ratio Rank: 89
SMLV Martin Ratio Rank: 79

VVOAX

VVOAX Risk / Return Rank: 70
VVOAX Sharpe Ratio Rank: 65
VVOAX Sortino Ratio Rank: 55
VVOAX Omega Ratio Rank: 56
VVOAX Calmar Ratio Rank: 91
VVOAX Martin Ratio Rank: 84

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. VVOAX - 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 Invesco Value Opportunities Fund (VVOAX). 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	VVOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.80	+0.06
Sortino ratio: Return per unit of downside risk	2.68	2.39	+0.29
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	3.90	3.83	+0.06
Martin ratio: Return relative to average drawdown	10.99	12.20	-1.21

SMLV vs. VVOAX - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.85, which is comparable to the VVOAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SMLV and VVOAX, 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. VVOAX - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum VVOAX drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for SMLV and VVOAX.

Drawdown Indicators

	SMLV	VVOAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-62.08%	+19.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-9.21%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-24.05%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-24.05%	+3.65%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-51.80%	+9.35%
Current Drawdown Current decline from peak	-1.59%	-6.80%	+5.21%
Average Drawdown Average peak-to-trough decline	-5.41%	-11.68%	+6.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.88%	-0.28%

Volatility

SMLV vs. VVOAX - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.75%, while Invesco Value Opportunities Fund (VVOAX) has a volatility of 6.09%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than VVOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	VVOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	6.09%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	15.68%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.46%	19.65%	-4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	21.33%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	24.09%	-3.18%

SMLV vs. VVOAX - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than VVOAX's 1.22% expense ratio.

Dividends

SMLV vs. VVOAX - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.23%, less than VVOAX's 8.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.23%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
VVOAX Invesco Value Opportunities Fund	8.96%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both SMLV and VVOAX in my portfolio?

SMLV and VVOAX have a correlation of 0.57, 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 VVOAX?

VVOAX has higher volatility (6.09%) compared to SMLV (3.75%). In terms of maximum drawdown, SMLV dropped -42.45% vs VVOAX's -62.08%.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.85 vs 1.80), 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.