SPLV vs. SPY
SPLV (Invesco S&P 500 Low Volatility ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - SPLV tracks the S&P 500 Low Volatility Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.51%/yr vs 15.46%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.09%/yr for SPY.
Performance
SPLV vs. SPY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPLV having a 7.26% return and SPY slightly higher at 7.47%. Over the past 10 years, SPLV has underperformed SPY with an annualized return of 8.51%, while SPY has yielded a comparatively higher 15.46% annualized return.
SPLV
- 1D
- 1.15%
- 1M
- 4.09%
- YTD
- 7.26%
- 6M
- 6.59%
- 1Y
- 7.22%
- 3Y*
- 8.98%
- 5Y*
- 6.66%
- 10Y*
- 8.51%
SPY
- 1D
- -0.72%
- 1M
- -3.15%
- YTD
- 7.47%
- 6M
- 6.16%
- 1Y
- 19.87%
- 3Y*
- 20.16%
- 5Y*
- 12.83%
- 10Y*
- 15.46%
SPLV vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 7.26% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
SPY State Street SPDR S&P 500 ETF | 7.47% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SPLV and SPY is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.71 |
Over the past year, the correlation between SPLV and SPY has dropped to 0.09 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
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Return for Risk
SPLV vs. SPY — Risk / Return Rank
SPLV
SPY
SPLV vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.30 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 2.31 | -1.29 |
| Martin ratioReturn relative to average drawdown | 2.36 | 10.17 | -7.80 |
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Drawdowns
SPLV vs. SPY - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPLV and SPY.
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Drawdown Indicators
| SPLV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -55.19% | +18.93% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -8.88% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -18.76% | +9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -24.50% | +7.24% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -33.72% | -2.54% |
Current DrawdownCurrent decline from peak | -1.45% | -3.78% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -9.03% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.02% | +1.19% |
Volatility
SPLV vs. SPY - Volatility Comparison
The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.36%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.83%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 4.83% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 7.45% | 9.82% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.20% | 12.46% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.51% | 17.15% | -4.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 17.94% | -2.55% |
SPLV vs. SPY - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.12%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.12% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPLV and SPY have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.83%) compared to SPLV (4.36%). In terms of maximum drawdown, SPLV dropped -36.26% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.46% vs 8.51% for SPLV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPLV has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.46% return vs 8.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for SPLV.
SPLV has the higher dividend yield at 2.12%, compared with 1.03% for SPY.
SPLV tracks S&P 500 Low Volatility Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for SPLV and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.65 vs 0.75), 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.
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