SPLV vs. SPMV

Last updated Jun 24, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both S&P 500 funds from Invesco - SPLV tracks the S&P 500 Low Volatility Index while SPMV tracks the S&P 500 Minimum Volatility Index. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.10%/yr for SPMV.

Performance

SPLV vs. SPMV - Performance Comparison

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

Returns By Period

SPLV

• 1D: 1.32%
• 1M: 0.35%
• YTD: 5.06%
• 6M: 4.84%
• 1Y: 4.45%
• 3Y*: 8.50%
• 5Y*: 6.37%
• 10Y*: 8.38%

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPLV vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	5.06%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	5.94%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between SPLV and SPMV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.71

Over the past year, the correlation between SPLV and SPMV has dropped to 0.36 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

SPLV vs. SPMV — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 15
SPLV Sharpe Ratio Rank: 15
SPLV Sortino Ratio Rank: 14
SPLV Omega Ratio Rank: 13
SPLV Calmar Ratio Rank: 16
SPLV Martin Ratio Rank: 15

SPMV

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. SPMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Invesco S&P 500 Minimum Variance ETF (SPMV). 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	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	0.44	—	—
Sortino ratio: Return per unit of downside risk	0.68	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.39	—	—

Drawdowns

Drawdown Indicators

	SPLV	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	—	—
Current Drawdown Current decline from peak	-3.47%	—	—
Average Drawdown Average peak-to-trough decline	-3.55%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	—	—

Volatility

Volatility by Period

	SPLV	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.50%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	—	—

SPLV vs. SPMV - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than SPMV's 0.10% 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. SPMV - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.16%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.16%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLV and SPMV in my portfolio?

SPLV and SPMV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLV or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLV or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.16%, compared with 1.05% for SPMV.

What is the main difference between SPLV and SPMV?

SPLV tracks S&P 500 Low Volatility Index, while SPMV tracks S&P 500 Minimum Volatility Index. Their fees differ too: 0.25% for SPLV and 0.10% for SPMV.