SPLV vs. USML
SPLV (Invesco S&P 500 Low Volatility ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, SPLV returned 5.33%/yr vs 8.11%/yr for USML. Their correlation of 0.87 suggests significant overlap in exposure. SPLV charges 0.25%/yr vs 0.95%/yr for USML.
Performance
SPLV vs. USML - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPLV achieves a 1.32% return, which is significantly lower than USML's 2.96% return.
SPLV
- 1D
- 0.08%
- 1M
- -2.50%
- YTD
- 1.32%
- 6M
- 1.06%
- 1Y
- -0.03%
- 3Y*
- 7.54%
- 5Y*
- 5.33%
- 10Y*
- 8.01%
USML
- 1D
- -1.24%
- 1M
- 3.76%
- YTD
- 2.96%
- 6M
- 2.63%
- 1Y
- 2.80%
- 3Y*
- 16.27%
- 5Y*
- 8.11%
- 10Y*
- —
SPLV vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 1.32% | 4.10% | 13.93% | 0.53% | -4.88% | 23.63% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 2.96% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between SPLV and USML is 0.73, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.87 |
The correlation between SPLV and USML shifts across timeframes, from 0.73 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPLV vs. USML — Risk / Return Rank
SPLV
USML
SPLV vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.
| SPLV | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.04 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 0.21 | -0.22 |
| Martin ratioReturn relative to average drawdown | -0.01 | 0.65 | -0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPLV | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 0.17 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.33 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.44 | +0.24 |
Drawdowns
SPLV vs. USML - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, roughly equal to the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for SPLV and USML.
Loading charts...
Drawdown Indicators
| SPLV | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -35.34% | -0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -13.09% | +5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -19.14% | +9.50% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -35.34% | +18.08% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | — | — |
Current DrawdownCurrent decline from peak | -6.91% | -3.69% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -10.41% | +6.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 4.33% | -1.28% |
Volatility
SPLV vs. USML - Volatility Comparison
The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 2.97%, while ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a volatility of 4.22%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPLV | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 4.22% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 11.44% | -4.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.78% | 16.38% | -6.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.45% | 24.47% | -12.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.36% | 24.29% | -8.93% |
SPLV vs. USML - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than USML's 0.95% expense ratio.
Dividends
SPLV vs. USML - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.22%, while USML 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 | 2.22% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPLV and USML have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USML has higher volatility (4.22%) compared to SPLV (2.97%). In terms of maximum drawdown, SPLV dropped -36.26% vs USML's -35.34%.
On 5-year performance, USML leads with 8.11% vs 5.33% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 8.11% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.95% for USML.
SPLV has the higher dividend yield at 2.22%, compared with 0.00% for USML.
SPLV is categorized as S&P 500, while USML is Leveraged Equities. SPLV tracks S&P 500 Low Volatility Index, while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.25% for SPLV and 0.95% for USML.
USML currently has the higher Sharpe Ratio (0.17 vs -0.00), 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.
Find the right allocation for SPLV and USML
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