XLG vs. SPYV

Last updated Jul 15, 2026

XLG (Invesco S&P 500 Top 50 ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both S&P 500 funds - XLG tracks the S&P 500 Top 50 Index while SPYV tracks the S&P 500 Value Index. Both are passively managed. Over the past 10 years, XLG returned 16.57%/yr vs 11.68%/yr for SPYV. Their correlation of 0.82 suggests significant overlap in exposure. XLG charges 0.20%/yr vs 0.04%/yr for SPYV.

Performance

XLG vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 4.48% return, which is significantly lower than SPYV's 9.25% return. Over the past 10 years, XLG has outperformed SPYV with an annualized return of 16.57%, while SPYV has yielded a comparatively lower 11.68% annualized return.

XLG

• 1D: 0.70%
• 1M: 0.83%
• 6M: 4.07%
• YTD: 4.48%
• 1Y: 18.08%
• 3Y*: 21.26%
• 5Y*: 14.10%
• 10Y*: 16.57%

SPYV

• 1D: -0.45%
• 1M: 0.92%
• 6M: 6.93%
• YTD: 9.25%
• 1Y: 18.30%
• 3Y*: 14.17%
• 5Y*: 11.46%
• 10Y*: 11.68%

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

XLG vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	4.48%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
SPYV SPDR Portfolio S&P 500 Value ETF	9.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between XLG and SPYV is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 10, 2005	0.82

Over the past year, the correlation between XLG and SPYV has dropped to 0.55 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

XLG vs. SPYV - Sectors Allocation Comparison

Sectors	XLG	SPYV
Technology	48.7%	22.4%
Communication Services	13.9%	3.2%
Consumer Cyclical	10.1%	11.1%
Financial Services	9.9%	14.5%
Healthcare	6.7%	11.5%
Consumer Defensive	5.0%	8.9%
Energy	2.2%	7.0%
Industrials	2.1%	10.5%
Utilities	0.8%	4.3%
Basic Materials	0.6%	3.3%
Real Estate	-	3.4%

Return for Risk

XLG vs. SPYV — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 41
XLG Sharpe Ratio Rank: 46
XLG Sortino Ratio Rank: 43
XLG Omega Ratio Rank: 43
XLG Calmar Ratio Rank: 35
XLG Martin Ratio Rank: 39

SPYV

SPYV Risk / Return Rank: 73
SPYV Sharpe Ratio Rank: 73
SPYV Sortino Ratio Rank: 73
SPYV Omega Ratio Rank: 71
SPYV Calmar Ratio Rank: 73
SPYV Martin Ratio Rank: 76

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.86	-0.57
Sortino ratio: Return per unit of downside risk	1.81	2.61	-0.81
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.10
Calmar ratio: Return relative to maximum drawdown	1.46	2.95	-1.49
Martin ratio: Return relative to average drawdown	4.88	11.24	-6.36

XLG vs. SPYV - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.29, which is lower than the SPYV Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XLG and SPYV, 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. SPYV - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for XLG and SPYV.

Drawdown Indicators

	XLG	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-58.45%	+6.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-6.22%	-6.19%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-17.54%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-17.89%	-10.13%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-36.89%	+6.43%
Current Drawdown Current decline from peak	-4.28%	-0.47%	-3.81%
Average Drawdown Average peak-to-trough decline	-7.63%	-8.68%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	1.63%	+2.09%

Volatility

XLG vs. SPYV - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 4.79% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.36%. This indicates that XLG's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	2.36%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	7.19%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.12%	9.91%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.83%	14.35%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	16.88%	+2.00%

XLG vs. SPYV - Expense Ratio Comparison

XLG has a 0.20% expense ratio, which is higher than SPYV's 0.04% expense ratio. However, 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. SPYV - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.64%, less than SPYV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
XLG Invesco S&P 500 Top 50 ETF	0.64%	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 SPYV in my portfolio?

XLG and SPYV have a correlation of 0.55, 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 SPYV?

XLG has higher volatility (4.79%) compared to SPYV (2.36%). In terms of maximum drawdown, XLG dropped -52.39% vs SPYV's -58.45%.

Which ETF is better, XLG or SPYV?

On 10-year performance, XLG leads with 16.57% vs 11.68% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or SPYV?

Over the 10-year period, XLG has performed better with a 16.57% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.20% for XLG.

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

SPYV has the higher dividend yield at 1.70%, compared with 0.64% for XLG.

What is the main difference between XLG and SPYV?

XLG tracks S&P 500 Top 50 Index, while SPYV tracks S&P 500 Value Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for XLG and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (1.85 vs 1.29), 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.