XCLR vs. SPLV

Last updated Jun 4, 2026

XCLR (Global X S&P 500 Collar 95-110 ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - XCLR is a Equity Hedged fund tracking the Cboe S&P 500 3-Month Collar 95-110 Index, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 3 years, XCLR returned 13.42%/yr vs 7.54%/yr for SPLV. At a 0.50 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

XCLR vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Collar 95-110 ETF (XCLR) 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, XCLR achieves a 2.37% return, which is significantly higher than SPLV's 1.32% return.

XCLR

• 1D: -0.05%
• 1M: 2.04%
• YTD: 2.37%
• 6M: 2.16%
• 1Y: 13.37%
• 3Y*: 13.42%
• 5Y*: —
• 10Y*: —

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

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

XCLR vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	2.37%	10.25%	20.67%	15.64%	-12.93%	3.44%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	13.93%	0.53%	-4.88%	8.58%

Correlation

The correlation between XCLR and SPLV is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.50

Over the past year, the correlation between XCLR and SPLV has dropped to 0.18 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

XCLR vs. SPLV - Sectors Allocation Comparison

Sectors	XCLR	SPLV
Technology	35.6%	4.6%
Financial Services	11.8%	16.6%
Communication Services	11.2%	0.9%
Consumer Cyclical	10.1%	5.7%
Healthcare	8.5%	6.8%
Industrials	8.3%	10.1%
Consumer Defensive	4.9%	10.8%
Energy	3.5%	0.9%
Utilities	2.4%	26.8%
Real Estate	2.0%	14.8%
Basic Materials	1.8%	2.0%

Return for Risk

XCLR vs. SPLV — Risk / Return Rank

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

XCLR

XCLR Risk / Return Rank: 41
XCLR Sharpe Ratio Rank: 44
XCLR Sortino Ratio Rank: 43
XCLR Omega Ratio Rank: 45
XCLR Calmar Ratio Rank: 32
XCLR Martin Ratio Rank: 41

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.

XCLR vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Collar 95-110 ETF (XCLR) 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.

	XCLR	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.00	+1.57
Sortino ratio: Return per unit of downside risk	2.17	0.06	+2.11
Omega ratio: Gain probability vs. loss probability	1.29	1.01	+0.28
Calmar ratio: Return relative to maximum drawdown	1.62	-0.00	+1.62
Martin ratio: Return relative to average drawdown	6.51	-0.01	+6.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCLR vs. SPLV - Sharpe Ratio Comparison

The current XCLR Sharpe Ratio is 1.57, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of XCLR 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

	XCLR	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	-0.00	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.68	+0.05

Drawdowns

XCLR vs. SPLV - Drawdown Comparison

The maximum XCLR drawdown since its inception was -14.63%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for XCLR and SPLV.

Drawdown Indicators

	XCLR	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-14.63%	-36.26%	+21.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-7.41%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-9.64%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.26%	—
Current Drawdown Current decline from peak	-0.05%	-6.91%	+6.86%
Average Drawdown Average peak-to-trough decline	-4.71%	-3.55%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.05%	-0.99%

Volatility

XCLR vs. SPLV - Volatility Comparison

The current volatility for Global X S&P 500 Collar 95-110 ETF (XCLR) is 0.61%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 2.97%. This indicates that XCLR 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.

Volatility by Period

	XCLR	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	2.97%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	6.78%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	9.78%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	12.45%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.44%	15.36%	-4.92%

XCLR vs. SPLV - Expense Ratio Comparison

Both XCLR and SPLV have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XCLR vs. SPLV - Dividend Comparison

XCLR's dividend yield for the trailing twelve months is around 12.85%, more than SPLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
XCLR Global X S&P 500 Collar 95-110 ETF	12.85%	13.15%	18.76%	1.40%	1.01%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCLR and SPLV in my portfolio?

XCLR and SPLV have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCLR or SPLV?

SPLV has higher volatility (2.97%) compared to XCLR (0.61%). In terms of maximum drawdown, XCLR dropped -14.63% vs SPLV's -36.26%.

Which ETF is better, XCLR or SPLV?

On 3-year performance, XCLR leads with 13.42% vs 7.54% for SPLV. Both ETFs have the same 0.25% expense ratio. On volatility, XCLR has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCLR or SPLV?

Over the 3-year period, XCLR has performed better with a 13.42% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCLR or SPLV?

XCLR and SPLV have the same expense ratio: 0.25% per year.

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

XCLR has the higher dividend yield at 12.85%, compared with 2.22% for SPLV.

What is the main difference between XCLR and SPLV?

XCLR is categorized as Equity Hedged, while SPLV is S&P 500. XCLR tracks Cboe S&P 500 3-Month Collar 95-110 Index, while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: Global X and Invesco.

Which has better risk-adjusted returns?

XCLR currently has the higher Sharpe Ratio (1.57 vs -0.00), 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.