SPLW.L vs. PQVM.L

Last updated Jun 5, 2026

SPLW.L (Invesco S&P 500 Low Volatility UCITS ETF Acc) and PQVM.L (Invesco S&P 500 QVM UCITS ETF) are both S&P 500 funds from Invesco - SPLW.L tracks the S&P 500 Low Vol NTR Index while PQVM.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index. Both are passively managed. Over the past 3 years, SPLW.L returned 7.28%/yr vs 24.37%/yr for PQVM.L. A 0.57 correlation means they provide meaningful diversification when combined. SPLW.L charges 0.25%/yr vs 0.35%/yr for PQVM.L.

Performance

SPLW.L vs. PQVM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) and Invesco S&P 500 QVM UCITS ETF (PQVM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPLW.L achieves a 0.99% return, which is significantly lower than PQVM.L's 16.65% return.

SPLW.L

• 1D: -0.01%
• 1M: -1.98%
• YTD: 0.99%
• 6M: 1.54%
• 1Y: 0.40%
• 3Y*: 7.28%
• 5Y*: —
• 10Y*: —

PQVM.L

• 1D: 0.39%
• 1M: 4.36%
• YTD: 16.65%
• 6M: 17.79%
• 1Y: 22.76%
• 3Y*: 24.37%
• 5Y*: 15.45%
• 10Y*: —

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

SPLW.L vs. PQVM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPLW.L Invesco S&P 500 Low Volatility UCITS ETF Acc	0.99%	4.80%	13.46%	-0.49%	-4.28%	10.45%
PQVM.L Invesco S&P 500 QVM UCITS ETF	16.65%	13.66%	30.17%	6.82%	0.52%	7.11%

Correlation

The correlation between SPLW.L and PQVM.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.57

The correlation between SPLW.L and PQVM.L has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

SPLW.L vs. PQVM.L - Sectors Allocation Comparison

Sectors	SPLW.L	PQVM.L
Utilities	26.8%	2.8%
Financial Services	16.6%	22.0%
Real Estate	14.8%	-
Consumer Defensive	10.8%	5.5%
Industrials	10.2%	13.7%
Healthcare	6.8%	9.4%
Consumer Cyclical	5.7%	4.2%
Technology	4.6%	25.6%
Basic Materials	2.0%	2.2%
Energy	0.9%	5.6%
Communication Services	0.8%	9.1%

Return for Risk

SPLW.L vs. PQVM.L — Risk / Return Rank

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

SPLW.L

SPLW.L Risk / Return Rank: 9
SPLW.L Sharpe Ratio Rank: 10
SPLW.L Sortino Ratio Rank: 9
SPLW.L Omega Ratio Rank: 9
SPLW.L Calmar Ratio Rank: 10
SPLW.L Martin Ratio Rank: 10

PQVM.L

PQVM.L Risk / Return Rank: 73
PQVM.L Sharpe Ratio Rank: 63
PQVM.L Sortino Ratio Rank: 71
PQVM.L Omega Ratio Rank: 62
PQVM.L Calmar Ratio Rank: 86
PQVM.L Martin Ratio Rank: 82

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.

SPLW.L vs. PQVM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) and Invesco S&P 500 QVM UCITS ETF (PQVM.L). 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.

	SPLW.L	PQVM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.04	2.06	-2.02
Sortino ratio: Return per unit of downside risk	0.12	3.15	-3.03
Omega ratio: Gain probability vs. loss probability	1.01	1.37	-0.36
Calmar ratio: Return relative to maximum drawdown	0.06	4.70	-4.64
Martin ratio: Return relative to average drawdown	0.13	16.26	-16.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLW.L vs. PQVM.L - Sharpe Ratio Comparison

The current SPLW.L Sharpe Ratio is 0.04, which is lower than the PQVM.L Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPLW.L and PQVM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPLW.L	PQVM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	2.06	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.87	-0.47

Drawdowns

SPLW.L vs. PQVM.L - Drawdown Comparison

The maximum SPLW.L drawdown since its inception was -17.23%, smaller than the maximum PQVM.L drawdown of -34.42%. Use the drawdown chart below to compare losses from any high point for SPLW.L and PQVM.L.

Drawdown Indicators

	SPLW.L	PQVM.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-34.42%	+17.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-4.83%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-9.67%	-15.49%	+5.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.35%	—
Current Drawdown Current decline from peak	-6.27%	0.00%	-6.27%
Average Drawdown Average peak-to-trough decline	-5.07%	-3.90%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.40%	+1.63%

Volatility

SPLW.L vs. PQVM.L - Volatility Comparison

Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) and Invesco S&P 500 QVM UCITS ETF (PQVM.L) have volatilities of 3.25% and 3.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLW.L	PQVM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.15%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	8.76%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	11.01%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.26%	16.13%	-3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.26%	17.13%	-4.87%

SPLW.L vs. PQVM.L - Expense Ratio Comparison

SPLW.L has a 0.25% expense ratio, which is lower than PQVM.L's 0.35% expense ratio.

Dividends

SPLW.L vs. PQVM.L - Dividend Comparison

SPLW.L has not paid dividends to shareholders, while PQVM.L's dividend yield for the trailing twelve months is around 0.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.77%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
SPLW.L Invesco S&P 500 Low Volatility UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPLW.L and PQVM.L in my portfolio?

SPLW.L and PQVM.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLW.L or PQVM.L?

On fees, SPLW.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLW.L or PQVM.L?

SPLW.L is cheaper with a 0.25% expense ratio, compared with 0.35% for PQVM.L.

What is the main difference between SPLW.L and PQVM.L?

SPLW.L tracks S&P 500 Low Vol NTR Index, while PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index. Their fees differ too: 0.25% for SPLW.L and 0.35% for PQVM.L.