VMAX vs. SPLV
VMAX (Hartford US Value ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - VMAX is a Large Cap Value Equities fund actively managed by Hartford, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. VMAX is actively managed, while SPLV is passively managed. Over the past year, VMAX returned 31.16% vs 7.67% for SPLV. Their 0.53 correlation means they have sometimes moved together and sometimes differently. VMAX charges 0.29%/yr vs 0.25%/yr for SPLV.
Performance
VMAX vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, VMAX achieves a 18.73% return, which is significantly higher than SPLV's 8.10% return.
VMAX
- 1D
- 0.57%
- 1M
- 2.72%
- 6M
- 13.64%
- YTD
- 18.73%
- 1Y
- 31.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.61%
SPLV
- 1D
- -0.03%
- 1M
- -0.49%
- 6M
- 4.74%
- YTD
- 8.10%
- 1Y
- 7.67%
- 3Y*
- 9.39%
- 5Y*
- 6.09%
- 10Y*
- 8.28%
- ALL TIME*
- 10.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $164.48M | $163.53M | $188.20M | |
| $16.61K | $9.61K | $6.33K |
VMAX vs. SPLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VMAX Hartford US Value ETF | 18.73% | 15.65% | 15.89% | 5.71% |
SPLV Invesco S&P 500 Low Volatility ETF | 8.10% | 4.10% | 13.93% | 2.13% |
Correlation
The correlation between VMAX and SPLV is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023 | 0.53 |
Over the past year, the correlation between VMAX and SPLV has dropped to 0.32 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
VMAX vs. SPLV — Risk / Return Rank
VMAX
SPLV
VMAX vs. SPLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hartford US Value ETF (VMAX) 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.
| VMAX | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.13 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | 1.04 | +5.31 |
| Martin ratioReturn relative to average drawdown | 23.40 | 2.38 | +21.02 |
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Drawdowns
VMAX vs. SPLV - Drawdown Comparison
The maximum VMAX drawdown since its inception was -19.05%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for VMAX and SPLV.
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Drawdown Indicators
| VMAX | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.05% | -36.26% | +17.21% |
Max Drawdown (1Y)Largest decline over 1 year | -4.93% | -7.41% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.26% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.26% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.26% | +2.26% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -3.54% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 3.23% | -1.90% |
Volatility
VMAX vs. SPLV - Volatility Comparison
The current volatility for Hartford US Value ETF (VMAX) is 2.51%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 3.93%. This indicates that VMAX experiences smaller price fluctuations and is considered to be less risky 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
| VMAX | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 3.93% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 8.27% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 10.72% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.17% | 12.61% | +2.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.17% | 15.42% | -0.25% |
VMAX vs. SPLV - Expense Ratio Comparison
VMAX has a 0.29% expense ratio, which is higher than SPLV's 0.25% expense ratio.
Dividends
VMAX vs. SPLV - Dividend Comparison
VMAX's dividend yield for the trailing twelve months is around 1.82%, less than SPLV's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.12% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
VMAX Hartford US Value ETF | 1.82% | 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
VMAX and SPLV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (3.93%) compared to VMAX (2.51%). In terms of maximum drawdown, VMAX dropped -19.05% vs SPLV's -36.26%.
On 1-year performance, VMAX leads with 31.16% vs 7.67% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, VMAX has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VMAX has performed better with a 31.16% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.29% for VMAX.
SPLV has the higher dividend yield at 2.12%, compared with 1.82% for VMAX.
VMAX is categorized as Large Cap Value Equities, while SPLV is S&P 500. They also come from different issuers: Hartford and Invesco. Their fees differ too: 0.29% for VMAX and 0.25% for SPLV.
VMAX currently has the higher Sharpe Ratio (2.62 vs 0.72), 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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