SPYG vs. SPLV
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 18.05%/yr vs 8.38%/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
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Returns By Period
In the year-to-date period, SPYG achieves a 8.70% return, which is significantly higher than SPLV's 5.06% return. Over the past 10 years, SPYG has outperformed SPLV with an annualized return of 18.05%, while SPLV has yielded a comparatively lower 8.38% annualized return.
SPYG
- 1D
- -2.40%
- 1M
- -2.07%
- YTD
- 8.70%
- 6M
- 7.46%
- 1Y
- 26.87%
- 3Y*
- 25.48%
- 5Y*
- 14.11%
- 10Y*
- 18.05%
SPLV
- 1D
- 1.32%
- 1M
- 0.35%
- YTD
- 5.06%
- 6M
- 4.84%
- 1Y
- 4.45%
- 3Y*
- 8.50%
- 5Y*
- 6.37%
- 10Y*
- 8.38%
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 | 8.70% | 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 | 5.06% | 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 -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
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 SPYG and SPLV shifts across timeframes, from -0.14 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPYG vs. SPLV — Risk / Return Rank
SPYG
SPLV
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.
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.
| SPYG | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.08 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 0.60 | +1.36 |
| Martin ratioReturn relative to average drawdown | 7.79 | 1.39 | +6.40 |
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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.
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Drawdown Indicators
| SPYG | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -5.52% | -3.47% | -2.05% |
Average DrawdownAverage peak-to-trough decline | -24.28% | -3.55% | -20.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.46% | 3.20% | +0.26% |
Volatility
SPYG vs. SPLV - Volatility Comparison
State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 7.26% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 4.26%. 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.
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Volatility by Period
| SPYG | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 4.26% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.90% | 7.38% | +6.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.26% | 10.28% | +6.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.36% | 12.50% | +8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 15.39% | +5.34% |
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 0.50%, less than SPLV's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.16% | 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 | 0.50% | 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
SPYG and SPLV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (7.26%) compared to SPLV (4.26%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPLV's -36.26%.
On 10-year performance, SPYG leads with 18.05% vs 8.38% for SPLV. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPLV has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYG has performed better with a 18.05% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYG is cheaper with a 0.04% expense ratio, compared with 0.25% for SPLV.
SPLV has the higher dividend yield at 2.16%, compared with 0.50% for SPYG.
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.
SPYG currently has the higher Sharpe Ratio (1.57 vs 0.44), 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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