XLG vs. SPLV

Last updated Jun 20, 2026

XLG (Invesco S&P 500 Top 50 ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both S&P 500 funds from Invesco - XLG tracks the S&P 500 Top 50 Index while SPLV tracks the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, XLG returned 17.04%/yr vs 8.11%/yr for SPLV. A 0.62 correlation means they provide meaningful diversification when combined. XLG charges 0.20%/yr vs 0.25%/yr for SPLV.

Performance

XLG vs. SPLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) 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, XLG achieves a 4.36% return, which is significantly higher than SPLV's 3.28% return. Over the past 10 years, XLG has outperformed SPLV with an annualized return of 17.04%, while SPLV has yielded a comparatively lower 8.11% annualized return.

XLG

• 1D: 0.90%
• 1M: -2.83%
• YTD: 4.36%
• 6M: 4.76%
• 1Y: 23.96%
• 3Y*: 22.07%
• 5Y*: 15.41%
• 10Y*: 17.04%

SPLV

• 1D: -0.30%
• 1M: -0.64%
• YTD: 3.28%
• 6M: 3.65%
• 1Y: 4.08%
• 3Y*: 7.47%
• 5Y*: 6.25%
• 10Y*: 8.11%

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

XLG vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	4.36%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
SPLV Invesco S&P 500 Low Volatility ETF	3.28%	4.10%	13.93%	0.53%	-4.88%	24.13%	-1.39%	27.87%	-0.19%	17.32%

Correlation

The correlation between XLG and SPLV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.62

The correlation between XLG and SPLV shifts across timeframes, from -0.06 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

XLG vs. SPLV - Sectors Allocation Comparison

Sectors	XLG	SPLV
Technology	45.9%	0.8%
Communication Services	15.9%	0.8%
Consumer Cyclical	10.6%	4.0%
Financial Services	9.5%	21.3%
Healthcare	7.4%	4.0%
Consumer Defensive	5.5%	9.4%
Energy	2.6%	2.7%
Industrials	2.0%	12.2%
Basic Materials	0.6%	2.1%
Real Estate	-	17.8%
Utilities	-	24.9%

Return for Risk

XLG vs. SPLV — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 48
XLG Sharpe Ratio Rank: 53
XLG Sortino Ratio Rank: 50
XLG Omega Ratio Rank: 51
XLG Calmar Ratio Rank: 40
XLG Martin Ratio Rank: 45

SPLV

SPLV Risk / Return Rank: 14
SPLV Sharpe Ratio Rank: 14
SPLV Sortino Ratio Rank: 13
SPLV Omega Ratio Rank: 12
SPLV Calmar Ratio Rank: 15
SPLV Martin Ratio Rank: 15

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.

XLG vs. SPLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) 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.

	XLG	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.40	+1.34
Sortino ratio: Return per unit of downside risk	2.37	0.63	+1.73
Omega ratio: Gain probability vs. loss probability	1.31	1.07	+0.24
Calmar ratio: Return relative to maximum drawdown	1.94	0.55	+1.39
Martin ratio: Return relative to average drawdown	7.02	1.28	+5.74

XLG vs. SPLV - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.74, which is higher than the SPLV Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of XLG 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.

Drawdowns

XLG vs. SPLV - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than SPLV's maximum drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for XLG and SPLV.

Drawdown Indicators

	XLG	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-36.26%	-16.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-7.41%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-9.64%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-17.26%	-10.76%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-36.26%	+5.80%
Current Drawdown Current decline from peak	-4.38%	-5.10%	+0.72%
Average Drawdown Average peak-to-trough decline	-7.63%	-3.55%	-4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.18%	+0.24%

Volatility

XLG vs. SPLV - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 4.80% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 4.03%. This indicates that XLG'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

	XLG	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.03%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	7.30%	+3.37%
Volatility (1Y) Calculated over the trailing 1-year period	13.82%	10.19%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	12.50%	+6.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	15.39%	+3.49%

XLG vs. SPLV - Expense Ratio Comparison

XLG has a 0.20% expense ratio, which is lower than SPLV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XLG vs. SPLV - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.62%, less than SPLV's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.18%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
XLG Invesco S&P 500 Top 50 ETF	0.62%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and SPLV in my portfolio?

XLG and SPLV have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLG or SPLV?

XLG has higher volatility (4.80%) compared to SPLV (4.03%). In terms of maximum drawdown, XLG dropped -52.39% vs SPLV's -36.26%.

Which ETF is better, XLG or SPLV?

On 10-year performance, XLG leads with 17.04% vs 8.11% for SPLV. On fees, XLG is cheaper at 0.20% per year. On volatility, SPLV has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or SPLV?

Over the 10-year period, XLG has performed better with a 17.04% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or SPLV?

XLG is cheaper with a 0.20% expense ratio, compared with 0.25% for SPLV.

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

SPLV has the higher dividend yield at 2.18%, compared with 0.62% for XLG.

What is the main difference between XLG and SPLV?

XLG tracks S&P 500 Top 50 Index, while SPLV tracks S&P 500 Low Volatility Index. Their fees differ too: 0.20% for XLG and 0.25% for SPLV.

Which has better risk-adjusted returns?

XLG currently has the higher Sharpe Ratio (1.74 vs 0.40), 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.