SPLV vs. XYLD
SPLV (Invesco S&P 500 Low Volatility ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, SPLV returned 8.06%/yr vs 8.21%/yr for XYLD. A 0.55 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.60%/yr for XYLD.
Performance
SPLV vs. XYLD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPLV having a 7.41% return and XYLD slightly higher at 7.53%. Both investments have delivered pretty close results over the past 10 years, with SPLV having a 8.06% annualized return and XYLD not far ahead at 8.21%.
SPLV
- 1D
- -0.47%
- 1M
- 4.00%
- 6M
- 5.47%
- YTD
- 7.41%
- 1Y
- 6.48%
- 3Y*
- 8.07%
- 5Y*
- 6.18%
- 10Y*
- 8.06%
- ALL TIME*
- 10.12%
XYLD
- 1D
- 0.49%
- 1M
- 1.90%
- 6M
- 7.99%
- YTD
- 7.53%
- 1Y
- 18.05%
- 3Y*
- 11.59%
- 5Y*
- 7.91%
- 10Y*
- 8.21%
- ALL TIME*
- 8.35%
SPLV vs. XYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 7.41% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
XYLD Global X S&P 500 Covered Call ETF | 7.53% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
Correlation
The correlation between SPLV and XYLD is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.55 |
Over the past year, the correlation between SPLV and XYLD has dropped to 0.04 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
SPLV vs. XYLD — Risk / Return Rank
SPLV
XYLD
SPLV vs. XYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Global X S&P 500 Covered Call ETF (XYLD). 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 | XYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.59 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 3.43 | -2.55 |
| Martin ratioReturn relative to average drawdown | 2.01 | 17.85 | -15.83 |
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Drawdowns
SPLV vs. XYLD - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for SPLV and XYLD.
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Drawdown Indicators
| SPLV | XYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -33.46% | -2.80% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -5.29% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -15.53% | +5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -18.66% | +1.40% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -33.46% | -2.80% |
Current DrawdownCurrent decline from peak | -1.39% | 0.00% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -3.68% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 1.01% | +2.21% |
Volatility
SPLV vs. XYLD - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.28% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.73%. This indicates that SPLV's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLV | XYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 1.73% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 5.93% | +2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.65% | 6.96% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.59% | 11.25% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.41% | 14.15% | +1.26% |
SPLV vs. XYLD - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than XYLD's 0.60% expense ratio.
Dividends
SPLV vs. XYLD - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.14%, less than XYLD's 10.58% 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% |
XYLD Global X S&P 500 Covered Call ETF | 10.58% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
Frequently Asked Questions
SPLV and XYLD have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.28%) compared to XYLD (1.73%). In terms of maximum drawdown, SPLV dropped -36.26% vs XYLD's -33.46%.
On 10-year performance, XYLD leads with 8.21% vs 8.06% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, XYLD has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XYLD has performed better with a 8.21% return vs 8.06%. 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 0.60% for XYLD.
XYLD has the higher dividend yield at 10.58%, compared with 2.14% for SPLV.
SPLV is categorized as S&P 500, while XYLD is Derivative Income. SPLV tracks S&P 500 Low Volatility Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.25% for SPLV and 0.60% for XYLD.
XYLD currently has the higher Sharpe Ratio (2.61 vs 0.61), 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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