SPLV vs. IVV

Last updated Jun 4, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and IVV (iShares Core S&P 500 ETF) are both S&P 500 funds - SPLV tracks the S&P 500 Low Volatility Index while IVV tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.01%/yr vs 15.54%/yr for IVV. A 0.71 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.03%/yr for IVV.

Performance

SPLV vs. IVV - Performance Comparison

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

Returns By Period

In the year-to-date period, SPLV achieves a 1.32% return, which is significantly lower than IVV's 10.85% return. Over the past 10 years, SPLV has underperformed IVV with an annualized return of 8.01%, while IVV has yielded a comparatively higher 15.54% annualized return.

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

SPLV vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between SPLV and IVV is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 6, 2011	0.71

Over the past year, the correlation between SPLV and IVV has dropped to 0.18 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

SPLV vs. IVV - Sectors Allocation Comparison

Sectors	SPLV	IVV
Utilities	26.8%	2.4%
Financial Services	16.6%	11.8%
Real Estate	14.8%	1.9%
Consumer Defensive	10.8%	4.9%
Industrials	10.1%	8.3%
Healthcare	6.8%	8.5%
Consumer Cyclical	5.7%	10.1%
Technology	4.6%	35.6%
Basic Materials	2.0%	1.8%
Energy	0.9%	3.5%
Communication Services	0.9%	11.2%

Return for Risk

SPLV vs. IVV — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	2.39	-2.39
Sortino ratio: Return per unit of downside risk	0.06	3.25	-3.19
Omega ratio: Gain probability vs. loss probability	1.01	1.43	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.00	3.17	-3.17
Martin ratio: Return relative to average drawdown	-0.01	14.71	-14.72
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. IVV - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is -0.00, which is lower than the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPLV and IVV, 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	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	2.39	-2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.83	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.86	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.45	+0.22

Drawdowns

SPLV vs. IVV - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for SPLV and IVV.

Drawdown Indicators

	SPLV	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-55.25%	+18.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-8.89%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-18.75%	+9.11%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-24.53%	+7.27%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-33.90%	-2.36%
Current Drawdown Current decline from peak	-6.91%	-0.76%	-6.15%
Average Drawdown Average peak-to-trough decline	-3.55%	-10.78%	+7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.91%	+1.14%

Volatility

SPLV vs. IVV - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) and iShares Core S&P 500 ETF (IVV) have volatilities of 2.97% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.87%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	8.90%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	9.78%	11.80%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	16.88%	-4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	18.05%	-2.69%

SPLV vs. IVV - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than IVV'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

SPLV vs. IVV - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.22%, more than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	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 IVV in my portfolio?

SPLV and IVV have a correlation of 0.18, 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 IVV?

SPLV has higher volatility (2.97%) compared to IVV (2.87%). In terms of maximum drawdown, SPLV dropped -36.26% vs IVV's -55.25%.

Which ETF is better, SPLV or IVV?

On 10-year performance, IVV leads with 15.54% vs 8.01% for SPLV. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or IVV?

Over the 10-year period, IVV has performed better with a 15.54% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.22%, compared with 1.06% for IVV.

What is the main difference between SPLV and IVV?

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

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs -0.00), 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.