XMLV vs. SPHD

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD).

XMLV and SPHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XMLV is a passively managed fund by Invesco that tracks the performance of the S&P MidCap 400 Low Volatility Index. It was launched on Feb 15, 2013. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. Both XMLV and SPHD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XMLV vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

XMLV vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	1.89%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	13.72%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.64%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Returns By Period

In the year-to-date period, XMLV achieves a 1.89% return, which is significantly lower than SPHD's 4.64% return. Over the past 10 years, XMLV has outperformed SPHD with an annualized return of 7.78%, while SPHD has yielded a comparatively lower 7.24% annualized return.

XMLV

• 1D: 0.80%
• 1M: -4.73%
• YTD: 1.89%
• 6M: 0.66%
• 1Y: 5.09%
• 3Y*: 9.15%
• 5Y*: 5.91%
• 10Y*: 7.78%

SPHD

• 1D: 0.55%
• 1M: -4.99%
• YTD: 4.64%
• 6M: 2.81%
• 1Y: 3.20%
• 3Y*: 9.99%
• 5Y*: 7.05%
• 10Y*: 7.24%

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

XMLV vs. SPHD - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is lower than SPHD's 0.30% expense ratio.

SPHD

Invesco S&P 500® High Dividend Low Volatility ETF

XMLV

Invesco S&P MidCap Low Volatility ETF

Return for Risk

XMLV vs. SPHD — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 25
XMLV Sharpe Ratio Rank: 23
XMLV Sortino Ratio Rank: 23
XMLV Omega Ratio Rank: 22
XMLV Calmar Ratio Rank: 25
XMLV Martin Ratio Rank: 30

SPHD

SPHD Risk / Return Rank: 20
SPHD Sharpe Ratio Rank: 19
SPHD Sortino Ratio Rank: 18
SPHD Omega Ratio Rank: 18
SPHD Calmar Ratio Rank: 22
SPHD Martin Ratio Rank: 22

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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio Return per unit of total volatility	0.37	0.22	+0.15
Sortino ratio Return per unit of downside risk	0.62	0.41	+0.21
Omega ratio Gain probability vs. loss probability	1.08	1.05	+0.03
Calmar ratio Return relative to maximum drawdown	0.56	0.38	+0.18
Martin ratio Return relative to average drawdown	2.42	1.22	+1.20
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. SPHD - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.37, which is higher than the SPHD Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of XMLV and SPHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XMLV	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	0.22	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.50	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.41	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.59	+0.01

Correlation

The correlation between XMLV and SPHD is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XMLV vs. SPHD - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.93%, less than SPHD's 4.31% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XMLV Invesco S&P MidCap Low Volatility ETF	2.93%	2.87%	2.23%	2.34%	2.05%	1.14%	1.93%	2.02%	2.13%	1.74%	1.72%	1.85%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.31%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Drawdowns

XMLV vs. SPHD - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, roughly equal to the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for XMLV and SPHD.

Drawdown Indicators

	XMLV	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-41.39%	+1.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.67%	-11.33%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-19.50%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	-41.39%	+1.53%
Current Drawdown Current decline from peak	-5.49%	-5.14%	-0.35%
Average Drawdown Average peak-to-trough decline	-4.29%	-4.70%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	3.67%	-1.20%

Volatility

XMLV vs. SPHD - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 3.35% and 3.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMLV	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.21%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	7.91%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.71%	14.51%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	14.20%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	17.65%	-0.68%