SPLG.L vs. VOO

Last updated Jul 21, 2026

SPLG.L (Invesco S&P 500 Low Volatility UCITS ETF USD (Acc)) and VOO (Vanguard S&P 500 ETF) are both S&P 500 funds - SPLG.L tracks the S&P 500 Low Volatility Index while VOO tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, SPLG.L returned 6.37%/yr vs 13.35%/yr for VOO. At a 0.20 correlation, their price movements are largely independent. SPLG.L charges 0.25%/yr vs 0.03%/yr for VOO.

Performance

SPLG.L vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPLG.L is traded in GBp, while VOO is traded in USD. To make them comparable, the VOO values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPLG.L achieves a 7.42% return, which is significantly lower than VOO's 9.77% return.

SPLG.L

• 1D: -1.07%
• 1M: 3.09%
• 6M: 5.64%
• YTD: 7.42%
• 1Y: 6.93%
• 3Y*: 6.39%
• 5Y*: 6.37%
• 10Y*: —
• ALL TIME*: -0.03%

VOO

• 1D: 0.01%
• 1M: -2.23%
• 6M: 7.44%
• YTD: 9.77%
• 1Y: 19.54%
• 3Y*: 17.78%
• 5Y*: 13.35%
• 10Y*: 14.70%
• ALL TIME*: 15.78%

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

SPLG.L vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPLG.L Invesco S&P 500 Low Volatility UCITS ETF USD (Acc)	7.42%	-2.34%	15.31%	-5.86%	6.95%	-18.01%
VOO Vanguard S&P 500 ETF	9.77%	9.43%	27.16%	20.01%	-8.44%	12.04%

Correlation

The correlation between SPLG.L and VOO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.20

The correlation between SPLG.L and VOO shifts across timeframes, from -0.10 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

SPLG.L vs. VOO - Sectors Allocation Comparison

Sectors	SPLG.L	VOO
Utilities	25.4%	2.2%
Financial Services	21.5%	11.4%
Real Estate	17.9%	1.8%
Industrials	10.9%	8.5%
Consumer Defensive	9.2%	4.5%
Healthcare	4.1%	8.9%
Consumer Cyclical	3.9%	9.5%
Energy	2.6%	3.0%
Basic Materials	2.2%	1.7%
Technology	1.7%	38.6%
Communication Services	0.7%	9.9%

Return for Risk

SPLG.L vs. VOO — Risk / Return Rank

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

SPLG.L

SPLG.L Risk / Return Rank: 24
SPLG.L Sharpe Ratio Rank: 24
SPLG.L Sortino Ratio Rank: 24
SPLG.L Omega Ratio Rank: 21
SPLG.L Calmar Ratio Rank: 25
SPLG.L Martin Ratio Rank: 25

VOO

VOO Risk / Return Rank: 64
VOO Sharpe Ratio Rank: 64
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 63
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 72

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.

SPLG.L vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) and Vanguard S&P 500 ETF (VOO). 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.

	SPLG.L	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.63	-0.99
Sortino ratio: Return per unit of downside risk	1.01	2.19	-1.18
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.88	2.56	-1.68
Martin ratio: Return relative to average drawdown	2.15	9.50	-7.35

SPLG.L vs. VOO - Sharpe Ratio Comparison

The current SPLG.L Sharpe Ratio is 0.64, which is lower than the VOO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SPLG.L and VOO, 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

SPLG.L vs. VOO - Drawdown Comparison

The maximum SPLG.L drawdown since its inception was -27.94%, which is greater than VOO's maximum drawdown of -26.09%. Use the drawdown chart below to compare losses from any high point for SPLG.L and VOO.

Drawdown Indicators

	SPLG.L	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-27.94%	-26.09%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-7.66%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-21.93%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-20.63%	-21.93%	+1.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.09%	—
Current Drawdown Current decline from peak	-1.61%	-2.23%	+0.62%
Average Drawdown Average peak-to-trough decline	-13.14%	-3.28%	-9.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.06%	+1.15%

Volatility

SPLG.L vs. VOO - Volatility Comparison

Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) has a higher volatility of 3.98% compared to Vanguard S&P 500 ETF (VOO) at 3.16%. This indicates that SPLG.L's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLG.L	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	3.16%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.58%	8.99%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	12.04%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	15.86%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.49%	18.00%	+4.49%

SPLG.L vs. VOO - Expense Ratio Comparison

SPLG.L has a 0.25% expense ratio, which is higher than VOO's 0.03% 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

SPLG.L vs. VOO - Dividend Comparison

SPLG.L has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLG.L Invesco S&P 500 Low Volatility UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.08%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SPLG.L and VOO in my portfolio?

SPLG.L and VOO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLG.L or VOO?

On fees, VOO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLG.L or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for SPLG.L.

What is the main difference between SPLG.L and VOO?

SPLG.L tracks S&P 500 Low Volatility Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.25% for SPLG.L and 0.03% for VOO.