SPLV vs. VBR

Last updated Jun 14, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, SPLV returned 8.36%/yr vs 10.99%/yr for VBR. A 0.65 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.05%/yr for VBR.

Performance

SPLV vs. VBR - Performance Comparison

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

Returns By Period

In the year-to-date period, SPLV achieves a 5.23% return, which is significantly lower than VBR's 14.60% return. Over the past 10 years, SPLV has underperformed VBR with an annualized return of 8.36%, while VBR has yielded a comparatively higher 10.99% annualized return.

SPLV

• 1D: 0.85%
• 1M: 2.29%
• YTD: 5.23%
• 6M: 5.17%
• 1Y: 5.09%
• 3Y*: 8.60%
• 5Y*: 6.12%
• 10Y*: 8.36%

VBR

• 1D: 0.87%
• 1M: 4.49%
• YTD: 14.60%
• 6M: 12.92%
• 1Y: 29.93%
• 3Y*: 16.09%
• 5Y*: 8.36%
• 10Y*: 10.99%

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

SPLV vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPLV Invesco S&P 500 Low Volatility ETF	5.23%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%
VBR Vanguard Small-Cap Value ETF	14.60%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between SPLV and VBR is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.65

The correlation between SPLV and VBR shifts across timeframes, from 0.47 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

SPLV vs. VBR - Sectors Allocation Comparison

Sectors	SPLV	VBR
Utilities	24.9%	4.8%
Financial Services	21.3%	17.6%
Real Estate	17.8%	10.1%
Industrials	12.2%	18.1%
Consumer Defensive	9.4%	4.0%
Healthcare	4.0%	7.9%
Consumer Cyclical	4.0%	12.4%
Energy	2.7%	5.2%
Basic Materials	2.1%	6.3%
Technology	0.8%	10.6%
Communication Services	0.8%	2.5%

Return for Risk

SPLV vs. VBR — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 16
SPLV Sharpe Ratio Rank: 16
SPLV Sortino Ratio Rank: 15
SPLV Omega Ratio Rank: 14
SPLV Calmar Ratio Rank: 17
SPLV Martin Ratio Rank: 16

VBR

VBR Risk / Return Rank: 67
VBR Sharpe Ratio Rank: 64
VBR Sortino Ratio Rank: 68
VBR Omega Ratio Rank: 59
VBR Calmar Ratio Rank: 72
VBR Martin Ratio Rank: 70

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.83	-1.42
Sortino ratio: Return per unit of downside risk	0.65	2.67	-2.03
Omega ratio: Gain probability vs. loss probability	1.07	1.31	-0.24
Calmar ratio: Return relative to maximum drawdown	0.56	3.17	-2.61
Martin ratio: Return relative to average drawdown	1.31	11.22	-9.91

SPLV vs. VBR - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.41, which is lower than the VBR Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SPLV and VBR, 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. VBR - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for SPLV and VBR.

Drawdown Indicators

	SPLV	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-61.98%	+25.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-8.85%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-24.19%	+14.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-24.19%	+6.93%
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	-45.28%	+9.02%
Current Drawdown Current decline from peak	-3.31%	0.00%	-3.31%
Average Drawdown Average peak-to-trough decline	-3.55%	-8.26%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.50%	+0.65%

Volatility

SPLV vs. VBR - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.01%, while Vanguard Small-Cap Value ETF (VBR) has a volatility of 4.43%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLV	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.43%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	10.65%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	15.36%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.50%	19.79%	-7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	21.74%	-6.36%

SPLV vs. VBR - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is higher than VBR's 0.05% 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. VBR - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.14%, more than VBR's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.14%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
VBR Vanguard Small-Cap Value ETF	1.71%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both SPLV and VBR in my portfolio?

SPLV and VBR have a correlation of 0.47, 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 VBR?

VBR has higher volatility (4.43%) compared to SPLV (4.01%). In terms of maximum drawdown, SPLV dropped -36.26% vs VBR's -61.98%.

Which ETF is better, SPLV or VBR?

On 10-year performance, VBR leads with 10.99% vs 8.36% for SPLV. On fees, VBR is cheaper at 0.05% per year. On volatility, SPLV has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPLV or VBR?

Over the 10-year period, VBR has performed better with a 10.99% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPLV or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.14%, compared with 1.71% for VBR.

What is the main difference between SPLV and VBR?

SPLV is categorized as S&P 500, while VBR is Small Cap Value Equities. SPLV tracks S&P 500 Low Volatility Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.25% for SPLV and 0.05% for VBR.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.83 vs 0.41), 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.