SPYV vs. IVV

Last updated Aug 2, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and IVV (iShares Core S&P 500 ETF) are both S&P 500 funds - SPYV tracks the S&P 500 Value Index while IVV tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPYV returned 11.92%/yr vs 15.11%/yr for IVV. Their correlation of 0.84 means they have usually moved in the same direction. SPYV charges 0.04%/yr vs 0.03%/yr for IVV.

Performance

SPYV vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPYV having a 10.14% return and IVV slightly lower at 10.13%. Over the past 10 years, SPYV has underperformed IVV with an annualized return of 11.92%, while IVV has yielded a comparatively higher 15.11% annualized return.

SPYV

• 1D: -0.16%
• 1M: 0.68%
• 6M: 7.56%
• YTD: 10.14%
• 1Y: 21.27%
• 3Y*: 13.90%
• 5Y*: 11.52%
• 10Y*: 11.92%
• ALL TIME*: 7.87%

IVV

• 1D: 0.69%
• 1M: 0.25%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.55%
• 3Y*: 19.40%
• 5Y*: 12.82%
• 10Y*: 15.11%
• ALL TIME*: 8.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVV iShares Core S&P 500 ETF	$3.36B	$3.31B	$5.91B
SPYV SPDR Portfolio S&P 500 Value ETF	$129.05M	$117.43M	$146.49M

SPYV vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	10.14%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%
IVV iShares Core S&P 500 ETF	10.13%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between SPYV and IVV is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Oct 2, 2000	0.84

The correlation between SPYV and IVV shifts across timeframes, from 0.72 (1 year) to 0.85 (10 years), reflecting how their relationship changes across market environments.

SPYV vs. IVV - Sectors Allocation Comparison

Sectors	SPYV	IVV
Technology	21.7%	37.2%
Financial Services	15.1%	12.5%
Healthcare	12.2%	9.4%
Industrials	10.9%	7.9%
Consumer Cyclical	10.6%	8.9%
Consumer Defensive	8.8%	4.8%
Energy	6.6%	3.3%
Utilities	4.5%	2.6%
Basic Materials	3.3%	1.8%
Real Estate	3.3%	1.9%
Communication Services	2.9%	9.6%

Return for Risk

SPYV vs. IVV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYV

SPYV Risk / Return Rank: 85
SPYV Sharpe Ratio Rank: 85
SPYV Sortino Ratio Rank: 85
SPYV Omega Ratio Rank: 84
SPYV Calmar Ratio Rank: 84
SPYV Martin Ratio Rank: 86

IVV

IVV Risk / Return Rank: 67
IVV Sharpe Ratio Rank: 68
IVV Sortino Ratio Rank: 64
IVV Omega Ratio Rank: 65
IVV Calmar Ratio Rank: 64
IVV Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYV vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares Core S&P 500 ETF (IVV). 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.

	SPYV	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.53	+0.45
Sortino ratio: Return per unit of downside risk	2.78	2.12	+0.66
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	3.17	2.21	+0.96
Martin ratio: Return relative to average drawdown	12.28	9.43	+2.85

SPYV vs. IVV - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 1.98, which is comparable to the IVV Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SPYV and IVV, 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

SPYV vs. IVV - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for SPYV and IVV.

Drawdown Indicators

	SPYV	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-55.25%	-3.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-8.89%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-18.75%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-24.53%	+6.64%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-33.90%	-2.99%
Current Drawdown Current decline from peak	-1.13%	-1.41%	+0.28%
Average Drawdown Average peak-to-trough decline	-8.67%	-10.72%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.09%	-0.48%

Volatility

SPYV vs. IVV - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.72%, while iShares Core S&P 500 ETF (IVV) has a volatility of 3.52%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	3.52%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	10.18%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.99%	12.89%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	17.01%	-2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	18.06%	-1.18%

SPYV vs. IVV - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is higher than IVV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYV vs. IVV - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.69%, more than IVV's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.09%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
SPYV SPDR Portfolio S&P 500 Value ETF	1.69%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYV and IVV in my portfolio?

SPYV and IVV have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or IVV?

IVV has higher volatility (3.52%) compared to SPYV (2.72%). In terms of maximum drawdown, SPYV dropped -58.45% vs IVV's -55.25%.

Which ETF is better, SPYV or IVV?

On 10-year performance, IVV leads with 15.11% vs 11.92% for SPYV. On fees, IVV is cheaper at 0.03% per year. On volatility, SPYV has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or IVV?

Over the 10-year period, IVV has performed better with a 15.11% return vs 11.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.04% for SPYV.

Which ETF pays a higher dividend yield, SPYV or IVV?

SPYV has the higher dividend yield at 1.69%, compared with 1.09% for IVV.

What is the main difference between SPYV and IVV?

SPYV tracks S&P 500 Value Index, while IVV tracks S&P 500 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYV and 0.03% for IVV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (1.98 vs 1.53), 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.