SPLV vs. FUTY

Last updated Jun 5, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. Both are passively managed. Over the past 10 years, SPLV returned 8.12%/yr vs 9.10%/yr for FUTY. A 0.72 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.08%/yr for FUTY.

Performance

SPLV vs. FUTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and Fidelity MSCI Utilities Index ETF (FUTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPLV achieves a 2.34% return, which is significantly lower than FUTY's 3.78% return. Over the past 10 years, SPLV has underperformed FUTY with an annualized return of 8.12%, while FUTY has yielded a comparatively higher 9.10% annualized return.

SPLV

• 1D: 1.00%
• 1M: -1.54%
• YTD: 2.34%
• 6M: 2.40%
• 1Y: 1.57%
• 3Y*: 7.86%
• 5Y*: 5.54%
• 10Y*: 8.12%

FUTY

• 1D: 0.60%
• 1M: -4.86%
• YTD: 3.78%
• 6M: 1.95%
• 1Y: 12.10%
• 3Y*: 13.73%
• 5Y*: 9.26%
• 10Y*: 9.10%

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

SPLV vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	2.34%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
FUTY Fidelity MSCI Utilities Index ETF	3.78%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%

Correlation

The correlation between SPLV and FUTY is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.72

The correlation between SPLV and FUTY shifts across timeframes, from 0.56 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

SPLV vs. FUTY - Sectors Allocation Comparison

Sectors	SPLV	FUTY
Utilities	26.8%	99.2%
Financial Services	16.6%	-
Real Estate	14.8%	-
Consumer Defensive	10.8%	-
Industrials	10.1%	0.2%
Healthcare	6.8%	-
Consumer Cyclical	5.7%	-
Technology	4.6%	-
Basic Materials	2.0%	-
Energy	0.9%	0.5%
Communication Services	0.9%	-

Return for Risk

SPLV vs. FUTY — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 11
SPLV Sharpe Ratio Rank: 12
SPLV Sortino Ratio Rank: 11
SPLV Omega Ratio Rank: 11
SPLV Calmar Ratio Rank: 12
SPLV Martin Ratio Rank: 12

FUTY

FUTY Risk / Return Rank: 25
FUTY Sharpe Ratio Rank: 25
FUTY Sortino Ratio Rank: 24
FUTY Omega Ratio Rank: 24
FUTY Calmar Ratio Rank: 29
FUTY Martin Ratio Rank: 24

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.

SPLV vs. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Fidelity MSCI Utilities Index ETF (FUTY). 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.

	SPLV	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.85	-0.69
Sortino ratio: Return per unit of downside risk	0.29	1.23	-0.94
Omega ratio: Gain probability vs. loss probability	1.03	1.15	-0.12
Calmar ratio: Return relative to maximum drawdown	0.21	1.36	-1.15
Martin ratio: Return relative to average drawdown	0.51	3.05	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLV vs. FUTY - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.16, which is lower than the FUTY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SPLV and FUTY, 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

	SPLV	FUTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.85	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.54	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.48	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.55	+0.13

Drawdowns

SPLV vs. FUTY - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, roughly equal to the maximum FUTY drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for SPLV and FUTY.

Drawdown Indicators

	SPLV	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-36.44%	+0.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-8.93%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-17.35%	+7.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-25.11%	+7.85%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-36.44%	+0.18%
Current Drawdown Current decline from peak	-5.97%	-6.72%	+0.75%
Average Drawdown Average peak-to-trough decline	-3.55%	-6.03%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.98%	-0.91%

Volatility

SPLV vs. FUTY - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 3.17%, while Fidelity MSCI Utilities Index ETF (FUTY) has a volatility of 5.52%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	5.52%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	11.38%	-4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	14.34%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	17.08%	-4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	19.05%	-3.69%

SPLV vs. FUTY - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than FUTY's 0.08% 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

SPLV vs. FUTY - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.20%, less than FUTY's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%
SPLV Invesco S&P 500 Low Volatility ETF	2.20%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both SPLV and FUTY in my portfolio?

SPLV and FUTY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPLV or FUTY?

FUTY has higher volatility (5.52%) compared to SPLV (3.17%). In terms of maximum drawdown, SPLV dropped -36.26% vs FUTY's -36.44%.

Which ETF is better, SPLV or FUTY?

On 10-year performance, FUTY leads with 9.10% vs 8.12% for SPLV. On fees, FUTY is cheaper at 0.08% per year. On volatility, SPLV has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or FUTY?

Over the 10-year period, FUTY has performed better with a 9.10% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.25% for SPLV.

Which ETF pays a higher dividend yield, SPLV or FUTY?

FUTY has the higher dividend yield at 2.60%, compared with 2.20% for SPLV.

What is the main difference between SPLV and FUTY?

SPLV is categorized as S&P 500, while FUTY is Utilities Equities. SPLV tracks S&P 500 Low Volatility Index, while FUTY tracks MSCI USA IMI Utilities Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.25% for SPLV and 0.08% for FUTY.

Which has better risk-adjusted returns?

FUTY currently has the higher Sharpe Ratio (0.85 vs 0.16), 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.