SPY vs. LVHI

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) and LVHI (Franklin International Low Volatility High Dividend Index ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while LVHI is a Volatility Hedged Equity fund tracking the Franklin International Low Volatility High Dividend Hedged Index-NR. Both are passively managed. Over the past 5 years, SPY returned 13.36%/yr vs 15.97%/yr for LVHI. A 0.57 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.40%/yr for LVHI.

Performance

SPY vs. LVHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Franklin International Low Volatility High Dividend Index ETF (LVHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than LVHI's 13.78% return.

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

LVHI

• 1D: 0.49%
• 1M: 0.84%
• YTD: 13.78%
• 6M: 14.96%
• 1Y: 32.13%
• 3Y*: 21.52%
• 5Y*: 15.97%
• 10Y*: —

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

SPY vs. LVHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
LVHI Franklin International Low Volatility High Dividend Index ETF	13.78%	27.12%	14.81%	17.45%	3.84%	18.19%	-8.76%	18.35%	-5.22%	12.26%

Correlation

The correlation between SPY and LVHI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 28, 2016	0.57

The correlation between SPY and LVHI shifts across timeframes, from 0.45 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

SPY vs. LVHI - Sectors Allocation Comparison

Sectors	SPY	LVHI
Technology	39.0%	0.1%
Financial Services	11.1%	24.1%
Communication Services	10.6%	5.8%
Consumer Cyclical	9.9%	5.5%
Healthcare	8.3%	7.4%
Industrials	7.8%	13.4%
Consumer Defensive	4.5%	8.6%
Energy	3.1%	16.6%
Utilities	2.1%	10.0%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	6.8%

Return for Risk

SPY vs. LVHI — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

LVHI

LVHI Risk / Return Rank: 94
LVHI Sharpe Ratio Rank: 95
LVHI Sortino Ratio Rank: 95
LVHI Omega Ratio Rank: 94
LVHI Calmar Ratio Rank: 92
LVHI Martin Ratio Rank: 93

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.

SPY vs. LVHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Franklin International Low Volatility High Dividend Index ETF (LVHI). 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.

	SPY	LVHI	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.31	-1.33
Sortino ratio: Return per unit of downside risk	2.68	4.54	-1.86
Omega ratio: Gain probability vs. loss probability	1.36	1.63	-0.27
Calmar ratio: Return relative to maximum drawdown	2.74	5.23	-2.49
Martin ratio: Return relative to average drawdown	12.39	21.61	-9.22

SPY vs. LVHI - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is lower than the LVHI Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of SPY and LVHI, 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

SPY vs. LVHI - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than LVHI's maximum drawdown of -32.31%. Use the drawdown chart below to compare losses from any high point for SPY and LVHI.

Drawdown Indicators

	SPY	LVHI	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-32.31%	-22.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-6.08%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-11.99%	-6.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-11.99%	-12.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-9.04%	-3.51%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.48%	+0.49%

Volatility

SPY vs. LVHI - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 4.34% compared to Franklin International Low Volatility High Dividend Index ETF (LVHI) at 2.78%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than LVHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	LVHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	2.78%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	7.72%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	9.60%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	11.08%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	13.75%	+4.21%

SPY vs. LVHI - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than LVHI's 0.40% expense ratio.

Dividends

SPY vs. LVHI - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than LVHI's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHI Franklin International Low Volatility High Dividend Index ETF	4.69%	4.92%	3.98%	8.12%	7.74%	4.13%	3.97%	6.67%	10.67%	3.38%	2.02%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and LVHI in my portfolio?

SPY and LVHI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or LVHI?

SPY has higher volatility (4.34%) compared to LVHI (2.78%). In terms of maximum drawdown, SPY dropped -55.19% vs LVHI's -32.31%.

Which ETF is better, SPY or LVHI?

On 5-year performance, LVHI leads with 15.97% vs 13.36% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, LVHI has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or LVHI?

Over the 5-year period, LVHI has performed better with a 15.97% return vs 13.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or LVHI?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for LVHI.

Which ETF pays a higher dividend yield, SPY or LVHI?

LVHI has the higher dividend yield at 4.69%, compared with 1.00% for SPY.

What is the main difference between SPY and LVHI?

SPY is categorized as S&P 500, while LVHI is Volatility Hedged Equity. SPY tracks S&P 500 Index, while LVHI tracks Franklin International Low Volatility High Dividend Hedged Index-NR. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.09% for SPY and 0.40% for LVHI.

Which has better risk-adjusted returns?

LVHI currently has the higher Sharpe Ratio (3.31 vs 1.98), 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.