SPYG vs. SPLV

Last updated Jun 4, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both S&P 500 funds - SPYG tracks the S&P 500 Growth Index while SPLV tracks the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, SPYG returned 18.20%/yr vs 8.01%/yr for SPLV. A 0.61 correlation means they provide meaningful diversification when combined. SPYG charges 0.04%/yr vs 0.25%/yr for SPLV.

Performance

SPYG vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Invesco S&P 500 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 13.75% return, which is significantly higher than SPLV's 1.32% return. Over the past 10 years, SPYG has outperformed SPLV with an annualized return of 18.20%, while SPLV has yielded a comparatively lower 8.01% annualized return.

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

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

SPYG vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between SPYG and SPLV is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 6, 2011	0.61

The correlation between SPYG and SPLV shifts across timeframes, from -0.06 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

SPYG vs. SPLV - Sectors Allocation Comparison

Sectors	SPYG	SPLV
Technology	51.9%	4.6%
Communication Services	16.8%	0.9%
Consumer Cyclical	8.9%	5.7%
Financial Services	8.5%	16.6%
Healthcare	5.8%	6.8%
Industrials	5.0%	10.1%
Utilities	1.2%	26.8%
Consumer Defensive	1.0%	10.8%
Real Estate	0.6%	14.8%
Basic Materials	0.3%	2.0%
Energy	0.1%	0.9%

Return for Risk

SPYG vs. SPLV — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

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.

SPYG vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Invesco S&P 500 Low Volatility ETF (SPLV). 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.

	SPYG	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	-0.00	+2.13
Sortino ratio: Return per unit of downside risk	2.90	0.06	+2.84
Omega ratio: Gain probability vs. loss probability	1.37	1.01	+0.36
Calmar ratio: Return relative to maximum drawdown	2.48	-0.00	+2.48
Martin ratio: Return relative to average drawdown	10.25	-0.01	+10.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYG vs. SPLV - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 2.12, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of SPYG and SPLV, 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

	SPYG	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	-0.00	+2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.43	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.52	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.68	-0.32

Drawdowns

SPYG vs. SPLV - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than SPLV's maximum drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for SPYG and SPLV.

Drawdown Indicators

	SPYG	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-36.26%	-31.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-7.41%	-6.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-9.64%	-12.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-17.26%	-15.41%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-36.26%	+3.59%
Current Drawdown Current decline from peak	-1.13%	-6.91%	+5.78%
Average Drawdown Average peak-to-trough decline	-24.33%	-3.55%	-20.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.05%	+0.27%

Volatility

SPYG vs. SPLV - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 4.35% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 2.97%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	2.97%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	6.78%	+5.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.06%	9.78%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	12.45%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	15.36%	+5.28%

SPYG vs. SPLV - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than SPLV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYG vs. SPLV - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.47%, less than SPLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and SPLV in my portfolio?

SPYG and SPLV have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or SPLV?

SPYG has higher volatility (4.35%) compared to SPLV (2.97%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPLV's -36.26%.

Which ETF is better, SPYG or SPLV?

On 10-year performance, SPYG leads with 18.20% vs 8.01% for SPLV. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPLV has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or SPLV?

Over the 10-year period, SPYG has performed better with a 18.20% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or SPLV?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.22%, compared with 0.47% for SPYG.

What is the main difference between SPYG and SPLV?

SPYG tracks S&P 500 Growth Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.04% for SPYG and 0.25% for SPLV.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs -0.00), 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.