SPLV vs. SCHD

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs 12.83%/yr for SCHD. A 0.79 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.06%/yr for SCHD.

Performance

SPLV vs. SCHD - Performance Comparison

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

Returns By Period

In the year-to-date period, SPLV achieves a 4.85% return, which is significantly lower than SCHD's 19.96% return. Over the past 10 years, SPLV has underperformed SCHD with an annualized return of 8.33%, while SCHD has yielded a comparatively higher 12.83% annualized return.

SPLV

• 1D: -0.36%
• 1M: 2.76%
• YTD: 4.85%
• 6M: 4.17%
• 1Y: 4.71%
• 3Y*: 8.01%
• 5Y*: 6.29%
• 10Y*: 8.33%

SCHD

• 1D: -0.58%
• 1M: 2.87%
• YTD: 19.96%
• 6M: 18.54%
• 1Y: 25.99%
• 3Y*: 14.28%
• 5Y*: 8.90%
• 10Y*: 12.83%

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

SPLV vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	4.85%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
SCHD Schwab U.S. Dividend Equity ETF	19.96%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between SPLV and SCHD is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.79

The correlation between SPLV and SCHD shifts across timeframes, from 0.64 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

SPLV vs. SCHD - Sectors Allocation Comparison

Sectors	SPLV	SCHD
Utilities	24.9%	0.0%
Financial Services	21.3%	9.1%
Real Estate	17.8%	-
Industrials	12.2%	7.4%
Consumer Defensive	9.4%	18.5%
Healthcare	4.0%	18.4%
Consumer Cyclical	4.0%	6.7%
Energy	2.7%	14.6%
Basic Materials	2.1%	1.2%
Technology	0.8%	19.4%
Communication Services	0.8%	6.0%

Return for Risk

SPLV vs. SCHD — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 17
SPLV Sharpe Ratio Rank: 17
SPLV Sortino Ratio Rank: 16
SPLV Omega Ratio Rank: 15
SPLV Calmar Ratio Rank: 18
SPLV Martin Ratio Rank: 17

SCHD

SCHD Risk / Return Rank: 85
SCHD Sharpe Ratio Rank: 84
SCHD Sortino Ratio Rank: 90
SCHD Omega Ratio Rank: 81
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 80

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	SPLV	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	0.47	2.39	-1.92
Sortino ratio: Return per unit of downside risk	0.73	3.69	-2.96
Omega ratio: Gain probability vs. loss probability	1.08	1.43	-0.34
Calmar ratio: Return relative to maximum drawdown	0.64	5.66	-5.02
Martin ratio: Return relative to average drawdown	1.50	13.87	-12.37

SPLV vs. SCHD - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the SCHD Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPLV and SCHD, 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

SPLV vs. SCHD - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for SPLV and SCHD.

Drawdown Indicators

	SPLV	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-33.37%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-4.61%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-16.13%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-16.85%	-0.41%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-33.37%	-2.89%
Current Drawdown Current decline from peak	-3.66%	-0.61%	-3.05%
Average Drawdown Average peak-to-trough decline	-3.55%	-3.31%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	1.88%	+1.27%

Volatility

SPLV vs. SCHD - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.14%. This indicates that SPLV's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	3.14%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	7.56%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	10.94%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	14.39%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	16.72%	-1.34%

SPLV vs. SCHD - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than SCHD's 0.06% 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. SCHD - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, less than SCHD's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.24%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
SPLV Invesco S&P 500 Low Volatility ETF	2.15%	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 SCHD in my portfolio?

SPLV and SCHD have a correlation of 0.64, 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 SCHD?

SPLV has higher volatility (4.03%) compared to SCHD (3.14%). In terms of maximum drawdown, SPLV dropped -36.26% vs SCHD's -33.37%.

Which ETF is better, SPLV or SCHD?

On 10-year performance, SCHD leads with 12.83% vs 8.33% for SPLV. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or SCHD?

Over the 10-year period, SCHD has performed better with a 12.83% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.25% for SPLV.

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

SCHD has the higher dividend yield at 3.24%, compared with 2.15% for SPLV.

What is the main difference between SPLV and SCHD?

SPLV is categorized as S&P 500, while SCHD is Dividend. SPLV tracks S&P 500 Low Volatility Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.25% for SPLV and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.39 vs 0.47), 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.