PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPLV vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPLV vs. SPAXX

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while SPAXX is a Money Market fund actively managed by Fidelity. SPLV is passively managed, while SPAXX is actively managed. Over the past 5 years, SPLV returned 6.29%/yr vs 1.45%/yr for SPAXX. At a 0.06 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.42%/yr for SPAXX.

Performance

SPLV vs. SPAXX - 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 Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SPLV achieves a 4.85% return, which is significantly higher than SPAXX's 1.37% 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%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPLV vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SPLV
Invesco S&P 500 Low Volatility ETF		4.85%4.10%13.93%0.53%-4.88%13.23%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between SPLV and SPAXX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.06

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Low Volatility ETF

Fidelity Government Money Market Fund

Often compared with SPLV:
SPLV vs. USMVSPLV vs. SPYSPLV vs. SPHBSPLV vs. VOOSPLV vs. SPHDSPLV vs. JEPISPLV vs. DGRW
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

SPLV vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPLV
SPLV Risk / Return Rank: 1717
Overall Rank
SPLV Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
SPLV Sortino Ratio Rank: 1616
Sortino Ratio Rank
SPLV Omega Ratio Rank: 1515
Omega Ratio Rank
SPLV Calmar Ratio Rank: 1818
Calmar Ratio Rank
SPLV Martin Ratio Rank: 1717
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - 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 Government Money Market Fund (SPAXX). 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.

SPLVSPAXXDifference
Sharpe ratioReturn per unit of total volatility
0.47
3.65

-3.18

Sortino ratioReturn per unit of downside risk
0.73

—

—

Omega ratioGain probability vs. loss probability

1.08

—

—

Calmar ratioReturn relative to maximum drawdown

0.64

—

—

Martin ratioReturn relative to average drawdown

1.50

—

—

SPLV vs. SPAXX - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of SPLV and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SPLV vs. SPAXX - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPLV and SPAXX.

Loading charts...

Drawdown Indicators

SPLVSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-36.26%

0.00%

-36.26%

Max Drawdown (1Y)

Largest decline over 1 year

-7.41%

0.00%

-7.41%

Max Drawdown (3Y)

Largest decline over 3 years

-9.64%

0.00%

-9.64%

Max Drawdown (5Y)

Largest decline over 5 years

-17.26%

0.00%

-17.26%

Max Drawdown (10Y)

Largest decline over 10 years

-36.26%

—

—

Current Drawdown

Current decline from peak

-3.66%

0.00%

-3.66%

Average Drawdown

Average peak-to-trough decline

-3.55%

0.00%

-3.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

0.00%

+3.15%

Volatility

SPLV vs. SPAXX - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that SPLV's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SPLVSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.03%

0.28%

+3.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.20%

0.66%

+6.54%

Volatility (1Y)

Calculated over the trailing 1-year period

10.08%

1.03%

+9.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.51%

0.69%

+11.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.38%

0.69%

+14.69%

SPLV vs. SPAXX - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

SPLV vs. SPAXX - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

SPLV and SPAXX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPLV has higher volatility (4.03%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPLV dropped -36.26% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 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.

Portfolio Optimizer

Find the right allocation for SPLV and SPAXX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer