VLU vs. VMAX

Last updated Aug 5, 2026

VLU (SPDR S&P 1500 Value Tilt ETF) and VMAX (Hartford US Value ETF) are both Large Cap Value Equities funds. VLU is passively managed, while VMAX is actively managed. Over the past year, VLU returned 31.34% vs 30.64% for VMAX. Their correlation of 0.94 means they have usually moved in the same direction. VLU charges 0.12%/yr vs 0.29%/yr for VMAX.

Performance

VLU vs. VMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Value Tilt ETF (VLU) and Hartford US Value ETF (VMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VLU having a 19.00% return and VMAX slightly higher at 19.80%.

VLU

• 1D: 1.12%
• 1M: 3.66%
• 6M: 12.67%
• YTD: 19.00%
• 1Y: 31.34%
• 3Y*: 20.17%
• 5Y*: 13.37%
• 10Y*: 14.17%
• ALL TIME*: 13.95%

VMAX

• 1D: 0.90%
• 1M: 3.64%
• 6M: 14.59%
• YTD: 19.80%
• 1Y: 30.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.99%

*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)
VLU SPDR S&P 1500 Value Tilt ETF	$1.43M	$1.32M	$1.58M
VMAX Hartford US Value ETF	$16.58K	$9.22K	$6.34K

VLU vs. VMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VLU SPDR S&P 1500 Value Tilt ETF	19.00%	16.70%	17.24%	5.76%
VMAX Hartford US Value ETF	19.80%	15.65%	15.89%	5.71%

Correlation

The correlation between VLU and VMAX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.94

The correlation between VLU and VMAX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VLU vs. VMAX - Sectors Allocation Comparison

Sectors	VLU	VMAX
Financial Services	19.3%	33.8%
Technology	18.4%	13.8%
Healthcare	12.3%	11.3%
Consumer Cyclical	10.4%	3.8%
Industrials	8.8%	5.4%
Communication Services	8.0%	5.9%
Consumer Defensive	7.1%	3.6%
Energy	6.3%	9.8%
Utilities	3.6%	5.4%
Real Estate	3.5%	4.8%
Basic Materials	2.4%	2.4%

Return for Risk

VLU vs. VMAX — Risk / Return Rank

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

VLU

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

VMAX

VMAX Risk / Return Rank: 93
VMAX Sharpe Ratio Rank: 92
VMAX Sortino Ratio Rank: 91
VMAX Omega Ratio Rank: 91
VMAX Calmar Ratio Rank: 96
VMAX Martin Ratio Rank: 95

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.

VLU vs. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Value Tilt ETF (VLU) and Hartford US Value ETF (VMAX). 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.

	VLU	VMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.58	+0.34
Sortino ratio: Return per unit of downside risk	4.03	3.52	+0.52
Omega ratio: Gain probability vs. loss probability	1.55	1.46	+0.09
Calmar ratio: Return relative to maximum drawdown	4.97	6.24	-1.28
Martin ratio: Return relative to average drawdown	20.62	23.02	-2.40

VLU vs. VMAX - Sharpe Ratio Comparison

The current VLU Sharpe Ratio is 2.92, which is comparable to the VMAX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of VLU and VMAX, 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

VLU vs. VMAX - Drawdown Comparison

The maximum VLU drawdown since its inception was -37.39%, which is greater than VMAX's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for VLU and VMAX.

Drawdown Indicators

	VLU	VMAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.39%	-19.05%	-18.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.34%	-4.93%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-16.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.39%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.70%	-2.43%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.33%	+0.19%

Volatility

VLU vs. VMAX - Volatility Comparison

SPDR S&P 1500 Value Tilt ETF (VLU) has a higher volatility of 2.92% compared to Hartford US Value ETF (VMAX) at 2.57%. This indicates that VLU's price experiences larger fluctuations and is considered to be riskier than VMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLU	VMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.57%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	8.32%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	11.99%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	15.17%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	15.17%	+2.81%

VLU vs. VMAX - Expense Ratio Comparison

VLU has a 0.12% expense ratio, which is lower than VMAX's 0.29% expense ratio.

Dividends

VLU vs. VMAX - Dividend Comparison

VLU's dividend yield for the trailing twelve months is around 1.56%, less than VMAX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VLU SPDR S&P 1500 Value Tilt ETF	1.56%	1.82%	2.00%	2.02%	2.16%	1.86%	1.98%	2.19%	2.57%	1.96%	2.14%	6.37%
VMAX Hartford US Value ETF	1.80%	2.14%	1.95%	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 VLU and VMAX in my portfolio?

With a correlation of 0.91, VLU and VMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VLU or VMAX?

VLU has higher volatility (2.92%) compared to VMAX (2.57%). In terms of maximum drawdown, VLU dropped -37.39% vs VMAX's -19.05%.

Which ETF is better, VLU or VMAX?

On 1-year performance, VLU leads with 31.34% vs 30.64% for VMAX. On fees, VLU is cheaper at 0.12% per year. On volatility, VMAX has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLU or VMAX?

Over the 1-year period, VLU has performed better with a 31.34% return vs 30.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLU or VMAX?

VLU is cheaper with a 0.12% expense ratio, compared with 0.29% for VMAX.

Which ETF pays a higher dividend yield, VLU or VMAX?

VMAX has the higher dividend yield at 1.80%, compared with 1.56% for VLU.

What is the main difference between VLU and VMAX?

They also come from different issuers: State Street and Hartford. Their fees differ too: 0.12% for VLU and 0.29% for VMAX.

Which has better risk-adjusted returns?

VLU currently has the higher Sharpe Ratio (2.92 vs 2.58), 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.