USML vs. SPLV

Last updated Jun 3, 2026

USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 5 years, USML returned 8.67%/yr vs 5.41%/yr for SPLV. Their correlation of 0.87 suggests significant overlap in exposure. USML charges 0.95%/yr vs 0.25%/yr for SPLV.

Performance

USML vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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, USML achieves a 4.25% return, which is significantly higher than SPLV's 1.23% return.

USML

• 1D: 0.14%
• 1M: 4.47%
• YTD: 4.25%
• 6M: 4.48%
• 1Y: 4.31%
• 3Y*: 16.76%
• 5Y*: 8.67%
• 10Y*: —

SPLV

• 1D: 0.46%
• 1M: -3.22%
• YTD: 1.23%
• 6M: 0.93%
• 1Y: -0.33%
• 3Y*: 7.51%
• 5Y*: 5.41%
• 10Y*: 8.01%

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

USML vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	4.25%	9.33%	23.97%	11.37%	-22.87%	42.12%
SPLV Invesco S&P 500 Low Volatility ETF	1.23%	4.10%	13.93%	0.53%	-4.88%	23.63%

Correlation

The correlation between USML and SPLV is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.87

The correlation between USML and SPLV shifts across timeframes, from 0.74 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USML vs. SPLV — Risk / Return Rank

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

USML

USML Risk / Return Rank: 12
USML Sharpe Ratio Rank: 12
USML Sortino Ratio Rank: 12
USML Omega Ratio Rank: 12
USML Calmar Ratio Rank: 12
USML Martin Ratio Rank: 13

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.

USML vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.

	USML	SPLV	Difference
Sharpe ratio Return per unit of total volatility	0.26	-0.03	+0.30
Sortino ratio Return per unit of downside risk	0.48	0.02	+0.46
Omega ratio Gain probability vs. loss probability	1.06	1.00	+0.05
Calmar ratio Return relative to maximum drawdown	0.34	-0.05	+0.39
Martin ratio Return relative to average drawdown	1.03	-0.11	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USML vs. SPLV - Sharpe Ratio Comparison

The current USML Sharpe Ratio is 0.26, which is higher than the SPLV Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of USML 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

	USML	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	-0.03	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.44	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.68	-0.23

Drawdowns

USML vs. SPLV - Drawdown Comparison

The maximum USML drawdown since its inception was -35.34%, roughly equal to the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for USML and SPLV.

Drawdown Indicators

	USML	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-35.34%	-36.26%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-7.41%	-5.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-9.64%	-9.50%
Max Drawdown (5Y) Largest decline over 5 years	-35.34%	-17.26%	-18.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.26%	—
Current Drawdown Current decline from peak	-2.48%	-6.98%	+4.50%
Average Drawdown Average peak-to-trough decline	-10.42%	-3.55%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	3.03%	+1.30%

Volatility

USML vs. SPLV - Volatility Comparison

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a higher volatility of 4.03% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 3.00%. This indicates that USML'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

	USML	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	3.00%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	6.89%	+4.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.33%	9.78%	+6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.47%	12.45%	+12.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.29%	15.36%	+8.93%

USML vs. SPLV - Expense Ratio Comparison

USML has a 0.95% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

USML vs. SPLV - Dividend Comparison

USML has not paid dividends to shareholders, while SPLV's dividend yield for the trailing twelve months is around 2.23%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.23%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	0.00%	0.00%	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 USML and SPLV in my portfolio?

USML and SPLV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USML or SPLV?

USML has higher volatility (4.03%) compared to SPLV (3.00%). In terms of maximum drawdown, USML dropped -35.34% vs SPLV's -36.26%.

Which ETF is better, USML or SPLV?

On 5-year performance, USML leads with 8.67% vs 5.41% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USML or SPLV?

Over the 5-year period, USML has performed better with a 8.67% return vs 5.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USML or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.95% for USML.

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

SPLV has the higher dividend yield at 2.23%, compared with 0.00% for USML.

What is the main difference between USML and SPLV?

USML is categorized as Leveraged Equities, while SPLV is S&P 500. USML tracks MSCI USA Minimum Volatility Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.95% for USML and 0.25% for SPLV.

Which has better risk-adjusted returns?

USML currently has the higher Sharpe Ratio (0.26 vs -0.03), 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.