XMLV vs. LVHD

Last updated Jun 4, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and LVHD (Legg Mason Low Volatility High Dividend ETF) are both Volatility Hedged Equity funds - XMLV tracks the S&P MidCap 400 Low Volatility Index while LVHD tracks the QS Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, XMLV returned 7.60%/yr vs 8.03%/yr for LVHD. Their correlation of 0.84 suggests significant overlap in exposure. XMLV charges 0.25%/yr vs 0.27%/yr for LVHD.

Performance

XMLV vs. LVHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Low Volatility ETF (XMLV) and Legg Mason Low Volatility High Dividend ETF (LVHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMLV achieves a 2.54% return, which is significantly lower than LVHD's 6.72% return. Over the past 10 years, XMLV has underperformed LVHD with an annualized return of 7.60%, while LVHD has yielded a comparatively higher 8.03% annualized return.

XMLV

• 1D: -0.36%
• 1M: -2.36%
• YTD: 2.54%
• 6M: 2.22%
• 1Y: 5.54%
• 3Y*: 10.18%
• 5Y*: 5.52%
• 10Y*: 7.60%

LVHD

• 1D: -0.14%
• 1M: -1.27%
• YTD: 6.72%
• 6M: 6.51%
• 1Y: 9.60%
• 3Y*: 9.33%
• 5Y*: 6.06%
• 10Y*: 8.03%

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

XMLV vs. LVHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	2.54%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	13.72%
LVHD Legg Mason Low Volatility High Dividend ETF	6.72%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%

Correlation

The correlation between XMLV and LVHD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 30, 2015	0.84

The correlation between XMLV and LVHD has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

XMLV vs. LVHD - Sectors Allocation Comparison

Sectors	XMLV	LVHD
Real Estate	30.8%	15.0%
Financial Services	21.6%	8.6%
Utilities	20.0%	25.5%
Industrials	9.7%	4.6%
Consumer Defensive	4.7%	18.5%
Energy	3.9%	6.7%
Consumer Cyclical	3.3%	6.8%
Healthcare	2.9%	4.6%
Basic Materials	2.1%	-
Communication Services	1.0%	3.8%
Technology	1.0%	5.9%

Return for Risk

XMLV vs. LVHD — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 18
XMLV Sharpe Ratio Rank: 17
XMLV Sortino Ratio Rank: 16
XMLV Omega Ratio Rank: 15
XMLV Calmar Ratio Rank: 19
XMLV Martin Ratio Rank: 21

LVHD

LVHD Risk / Return Rank: 28
LVHD Sharpe Ratio Rank: 28
LVHD Sortino Ratio Rank: 27
LVHD Omega Ratio Rank: 25
LVHD Calmar Ratio Rank: 31
LVHD Martin Ratio Rank: 28

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.

XMLV vs. LVHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) and Legg Mason Low Volatility High Dividend ETF (LVHD). 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.

	XMLV	LVHD	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.01	-0.48
Sortino ratio: Return per unit of downside risk	0.83	1.51	-0.67
Omega ratio: Gain probability vs. loss probability	1.09	1.17	-0.08
Calmar ratio: Return relative to maximum drawdown	0.79	1.56	-0.77
Martin ratio: Return relative to average drawdown	2.66	3.98	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMLV vs. LVHD - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.54, which is lower than the LVHD Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of XMLV and LVHD, 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

	XMLV	LVHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.01	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.47	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.52	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.56	+0.03

Drawdowns

XMLV vs. LVHD - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, which is greater than LVHD's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for XMLV and LVHD.

Drawdown Indicators

	XMLV	LVHD	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-37.32%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-6.17%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-14.29%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-16.75%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	-37.32%	-2.54%
Current Drawdown Current decline from peak	-4.89%	-4.84%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.26%	-4.05%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.42%	-0.33%

Volatility

XMLV vs. LVHD - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) has a higher volatility of 3.06% compared to Legg Mason Low Volatility High Dividend ETF (LVHD) at 2.86%. This indicates that XMLV's price experiences larger fluctuations and is considered to be riskier than LVHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMLV	LVHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	2.86%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	6.64%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	9.52%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	12.87%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	15.50%	+1.47%

XMLV vs. LVHD - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is lower than LVHD's 0.27% 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

XMLV vs. LVHD - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.91%, less than LVHD's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%
XMLV Invesco S&P MidCap Low Volatility ETF	2.91%	2.87%	2.23%	2.34%	2.05%	1.14%	1.93%	2.02%	2.13%	1.74%	1.72%	1.85%

Frequently Asked Questions

Can I hold both XMLV and LVHD in my portfolio?

XMLV and LVHD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMLV or LVHD?

XMLV has higher volatility (3.06%) compared to LVHD (2.86%). In terms of maximum drawdown, XMLV dropped -39.86% vs LVHD's -37.32%.

Which ETF is better, XMLV or LVHD?

On 10-year performance, LVHD leads with 8.03% vs 7.60% for XMLV. On fees, XMLV is cheaper at 0.25% per year. On volatility, LVHD has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or LVHD?

Over the 10-year period, LVHD has performed better with a 8.03% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or LVHD?

XMLV is cheaper with a 0.25% expense ratio, compared with 0.27% for LVHD.

Which ETF pays a higher dividend yield, XMLV or LVHD?

LVHD has the higher dividend yield at 3.40%, compared with 2.91% for XMLV.

What is the main difference between XMLV and LVHD?

XMLV tracks S&P MidCap 400 Low Volatility Index, while LVHD tracks QS Low Volatility High Dividend Index. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.25% for XMLV and 0.27% for LVHD.

Which has better risk-adjusted returns?

LVHD currently has the higher Sharpe Ratio (1.01 vs 0.54), 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.