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XMLV vs. SPLV
Performance
Return for Risk
Dividends
Drawdowns
Volatility

XMLV vs. SPLV

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco S&P 500 Low Volatility ETF (SPLV).

XMLV and SPLV 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. SPLV is a passively managed fund by Invesco that tracks the performance of the S&P 500 Low Volatility Index. It was launched on May 5, 2011. Both XMLV and SPLV 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. SPLV - 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 Low Volatility ETF (SPLV). The values are adjusted to include any dividend payments, if applicable.

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XMLV vs. SPLV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPLV
Invesco S&P 500 Low Volatility ETF		2.97%4.10%13.93%0.53%-4.88%24.13%-1.39%27.87%-0.19%17.32%

Returns By Period

In the year-to-date period, XMLV achieves a 1.89% return, which is significantly lower than SPLV's 2.97% return. Over the past 10 years, XMLV has underperformed SPLV with an annualized return of 7.78%, while SPLV has yielded a comparatively higher 8.31% 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%

SPLV

1D
0.49%
1M
-5.33%
YTD
2.97%
6M
0.64%
1Y
-0.00%
3Y*
7.72%
5Y*
6.82%
10Y*
8.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Invesco S&P MidCap Low Volatility ETF

Invesco S&P 500 Low Volatility ETF

Often compared with XMLV:
XMLV vs. VOXMLV vs. VOOXMLV vs. USMVXMLV vs. OMFLXMLV vs. FTBFXXMLV vs. IWMXMLV vs. MDY
Often compared with SPLV:
SPLV vs. USMVSPLV vs. SPYSPLV vs. SPHBSPLV vs. VOOSPLV vs. SPHDSPLV vs. JEPISPLV vs. DGRW

XMLV vs. SPLV - Expense Ratio Comparison

Both XMLV 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%.

XMLV
Invesco S&P MidCap Low Volatility ETF
SPLV
Invesco S&P 500 Low Volatility ETF

Return for Risk

XMLV vs. SPLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMLV
XMLV Risk / Return Rank: 2525
Overall Rank
XMLV Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
XMLV Sortino Ratio Rank: 2323
Sortino Ratio Rank
XMLV Omega Ratio Rank: 2222
Omega Ratio Rank
XMLV Calmar Ratio Rank: 2525
Calmar Ratio Rank
XMLV Martin Ratio Rank: 3030
Martin Ratio Rank
SPLV
SPLV Risk / Return Rank: 1313
Overall Rank
SPLV Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
SPLV Sortino Ratio Rank: 1111
Sortino Ratio Rank
SPLV Omega Ratio Rank: 1111
Omega Ratio Rank
SPLV Calmar Ratio Rank: 1616
Calmar Ratio Rank
SPLV Martin Ratio Rank: 1616
Martin Ratio Rank
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. SPLV - 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 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.

XMLVSPLVDifference

Sharpe ratio

Return per unit of total volatility

0.37

-0.00

+0.37

Sortino ratio

Return per unit of downside risk

0.62

0.09

+0.53

Omega ratio

Gain probability vs. loss probability

1.08

1.01

+0.07

Calmar ratio

Return relative to maximum drawdown

0.56

0.15

+0.41

Martin ratio

Return relative to average drawdown

2.42

0.47

+1.95

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. SPLV - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.37, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of XMLV and SPLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XMLVSPLVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.37

-0.00

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.55

-0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.54

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.69

-0.09

Correlation

The correlation between XMLV and SPLV is 0.83, 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. SPLV - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.93%, more than SPLV's 2.12% yield.

TTM20252024202320222021202020192018201720162015
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%
SPLV
Invesco S&P 500 Low Volatility ETF		2.12%2.04%1.88%2.45%2.11%1.51%2.12%2.08%2.18%2.03%2.03%2.28%

Drawdowns

XMLV vs. SPLV - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, which is greater than SPLV's maximum drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for XMLV and SPLV.

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Drawdown Indicators

XMLVSPLVDifference

Max Drawdown

Largest peak-to-trough decline

-39.86%

-36.26%

-3.60%

Max Drawdown (1Y)

Largest decline over 1 year

-10.67%

-8.88%

-1.79%

Max Drawdown (5Y)

Largest decline over 5 years

-16.53%

-17.26%

+0.73%

Max Drawdown (10Y)

Largest decline over 10 years

-39.86%

-36.26%

-3.60%

Current Drawdown

Current decline from peak

-5.49%

-5.39%

-0.10%

Average Drawdown

Average peak-to-trough decline

-4.29%

-3.54%

-0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.47%

2.87%

-0.40%

Volatility

XMLV vs. SPLV - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) has a higher volatility of 3.35% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 3.06%. This indicates that XMLV'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.

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Volatility by Period

XMLVSPLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.35%

3.06%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

7.19%

6.86%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

13.71%

12.75%

+0.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.45%

12.43%

+2.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

15.36%

+1.61%