SPLV vs. XLG
SPLV (Invesco S&P 500 Low Volatility ETF) and XLG (Invesco S&P 500 Top 50 ETF) are both S&P 500 funds from Invesco - SPLV tracks the S&P 500 Low Volatility Index while XLG tracks the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.08%/yr vs 16.57%/yr for XLG. A 0.61 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.20%/yr for XLG.
Performance
SPLV vs. XLG - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 7.47% return, which is significantly higher than XLG's 4.48% return. Over the past 10 years, SPLV has underperformed XLG with an annualized return of 8.08%, while XLG has yielded a comparatively higher 16.57% annualized return.
SPLV
- 1D
- -0.65%
- 1M
- 2.13%
- 6M
- 6.43%
- YTD
- 7.47%
- 1Y
- 6.49%
- 3Y*
- 8.78%
- 5Y*
- 6.17%
- 10Y*
- 8.08%
XLG
- 1D
- 0.70%
- 1M
- 0.83%
- 6M
- 4.07%
- YTD
- 4.48%
- 1Y
- 18.08%
- 3Y*
- 21.26%
- 5Y*
- 14.10%
- 10Y*
- 16.57%
SPLV vs. XLG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 7.47% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
XLG Invesco S&P 500 Top 50 ETF | 4.48% | 19.51% | 33.49% | 38.16% | -24.29% | 30.77% | 24.15% | 32.04% | -3.59% | 23.04% |
Correlation
The correlation between SPLV and XLG is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.61 |
The correlation between SPLV and XLG shifts across timeframes, from -0.15 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPLV vs. XLG — Risk / Return Rank
SPLV
XLG
SPLV vs. XLG - 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 Top 50 ETF (XLG). 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 | XLG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.23 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.46 | -0.58 |
| Martin ratioReturn relative to average drawdown | 2.02 | 4.88 | -2.86 |
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Drawdowns
SPLV vs. XLG - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum XLG drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for SPLV and XLG.
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Drawdown Indicators
| SPLV | XLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -52.39% | +16.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -12.41% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -20.70% | +11.06% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -28.02% | +10.76% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -30.46% | -5.80% |
Current DrawdownCurrent decline from peak | -1.31% | -4.28% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -7.63% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 3.72% | -0.50% |
Volatility
SPLV vs. XLG - Volatility Comparison
The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.19%, while Invesco S&P 500 Top 50 ETF (XLG) has a volatility of 4.79%. This indicates that SPLV experiences smaller price fluctuations and is considered to be less risky than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLV | XLG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 4.79% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 11.07% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.52% | 14.12% | -3.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.57% | 18.83% | -6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 18.88% | -3.48% |
SPLV vs. XLG - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is higher than XLG's 0.20% 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. XLG - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.11%, more than XLG's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.11% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
XLG Invesco S&P 500 Top 50 ETF | 0.64% | 0.64% | 0.72% | 0.97% | 1.34% | 0.94% | 1.25% | 1.58% | 2.00% | 1.85% | 2.00% | 2.09% |
Frequently Asked Questions
SPLV and XLG have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLG has higher volatility (4.79%) compared to SPLV (4.19%). In terms of maximum drawdown, SPLV dropped -36.26% vs XLG's -52.39%.
On 10-year performance, XLG leads with 16.57% vs 8.08% for SPLV. On fees, XLG is cheaper at 0.20% per year. On volatility, SPLV has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLG has performed better with a 16.57% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLG is cheaper with a 0.20% expense ratio, compared with 0.25% for SPLV.
SPLV has the higher dividend yield at 2.11%, compared with 0.64% for XLG.
SPLV tracks S&P 500 Low Volatility Index, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.25% for SPLV and 0.20% for XLG.
XLG currently has the higher Sharpe Ratio (1.29 vs 0.62), 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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