SPLV vs. SMH

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs 38.18%/yr for SMH. At a 0.40 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.35%/yr for SMH.

Performance

SPLV vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and VanEck Semiconductor ETF (SMH). 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 SMH's 79.69% return. Over the past 10 years, SPLV has underperformed SMH with an annualized return of 8.33%, while SMH has yielded a comparatively higher 38.18% 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%

SMH

• 1D: 4.38%
• 1M: 16.31%
• YTD: 79.69%
• 6M: 83.94%
• 1Y: 152.58%
• 3Y*: 62.32%
• 5Y*: 39.72%
• 10Y*: 38.18%

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

SPLV vs. SMH - 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%
SMH VanEck Semiconductor ETF	79.69%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SPLV and SMH is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.40

The correlation between SPLV and SMH shifts across timeframes, from -0.17 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

SPLV vs. SMH - Sectors Allocation Comparison

Sectors	SPLV	SMH
Utilities	24.9%	-
Financial Services	21.3%	-
Real Estate	17.8%	-
Industrials	12.2%	-
Consumer Defensive	9.4%	-
Healthcare	4.0%	-
Consumer Cyclical	4.0%	-
Energy	2.7%	-
Basic Materials	2.1%	-
Technology	0.8%	100.0%
Communication Services	0.8%	-

Return for Risk

SPLV vs. SMH — 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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.47	4.61	-4.14
Sortino ratio: Return per unit of downside risk	0.73	4.60	-3.87
Omega ratio: Gain probability vs. loss probability	1.08	1.65	-0.57
Calmar ratio: Return relative to maximum drawdown	0.64	10.28	-9.64
Martin ratio: Return relative to average drawdown	1.50	37.77	-36.27

SPLV vs. SMH - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the SMH Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of SPLV and SMH, 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. SMH - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SPLV and SMH.

Drawdown Indicators

	SPLV	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-84.96%	+48.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-14.93%	+7.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-35.74%	+26.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-45.30%	+28.04%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-45.30%	+9.04%
Current Drawdown Current decline from peak	-3.66%	0.00%	-3.66%
Average Drawdown Average peak-to-trough decline	-3.55%	-41.04%	+37.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.06%	-0.91%

Volatility

SPLV vs. SMH - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.03%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.71%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	16.71%	-12.68%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	27.97%	-20.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	33.39%	-23.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.51%	35.53%	-23.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	32.86%	-17.48%

SPLV vs. SMH - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

SPLV vs. SMH - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
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 SMH in my portfolio?

SPLV and SMH have a correlation of -0.17, 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 SMH?

SMH has higher volatility (16.71%) compared to SPLV (4.03%). In terms of maximum drawdown, SPLV dropped -36.26% vs SMH's -84.96%.

Which ETF is better, SPLV or SMH?

On 10-year performance, SMH leads with 38.18% vs 8.33% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or SMH?

Over the 10-year period, SMH has performed better with a 38.18% 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 SMH?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.35% for SMH.

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

SPLV has the higher dividend yield at 2.15%, compared with 0.17% for SMH.

What is the main difference between SPLV and SMH?

SPLV is categorized as S&P 500, while SMH is Semiconductors. SPLV tracks S&P 500 Low Volatility Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.25% for SPLV and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.61 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.