XMLV vs. SPMV

Last updated Aug 2, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - XMLV is a Low Volatility fund tracking the S&P MidCap 400 Low Volatility Index, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. XMLV charges 0.25%/yr vs 0.10%/yr for SPMV.

Performance

XMLV vs. SPMV - 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 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XMLV

• 1D: -0.40%
• 1M: 1.77%
• 6M: 8.77%
• YTD: 11.48%
• 1Y: 15.65%
• 3Y*: 11.57%
• 5Y*: 7.14%
• 10Y*: 8.01%
• ALL TIME*: 9.98%

SPMV

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XMLV Invesco S&P MidCap Low Volatility ETF	$1.62M	$1.47M	$1.28M

XMLV vs. SPMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	11.48%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	6.30%
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%

Correlation

The correlation between XMLV and SPMV is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Aug 24, 2017	0.68

Over the past year, the correlation between XMLV and SPMV has dropped to 0.34 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

XMLV vs. SPMV - Sectors Allocation Comparison

Sectors	XMLV	SPMV
Real Estate	32.8%	0.2%
Financial Services	26.0%	17.8%
Utilities	17.8%	2.8%
Industrials	10.0%	6.0%
Consumer Cyclical	4.4%	6.6%
Energy	3.7%	4.8%
Consumer Defensive	2.2%	10.7%
Healthcare	2.0%	15.0%
Basic Materials	1.0%	2.6%
Communication Services	1.0%	6.5%
Technology	1.0%	26.9%

Return for Risk

XMLV vs. SPMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XMLV

XMLV Risk / Return Rank: 61
XMLV Sharpe Ratio Rank: 61
XMLV Sortino Ratio Rank: 64
XMLV Omega Ratio Rank: 55
XMLV Calmar Ratio Rank: 62
XMLV Martin Ratio Rank: 61

SPMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XMLV vs. SPMV - 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 Minimum Variance ETF (SPMV). 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.

	XMLV	SPMV	Difference
Sharpe ratio: Return per unit of total volatility	1.43	—	—
Sortino ratio: Return per unit of downside risk	2.13	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.19	—	—
Martin ratio: Return relative to average drawdown	7.26	—	—

Drawdowns

Drawdown Indicators

	XMLV	SPMV	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	—	—
Current Drawdown Current decline from peak	-2.14%	—	—
Average Drawdown Average peak-to-trough decline	-4.22%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	—	—

Volatility

Volatility by Period

	XMLV	SPMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.50%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	—	—

XMLV vs. SPMV - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is higher than SPMV's 0.10% 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

XMLV vs. SPMV - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.85%, while SPMV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMV Invesco S&P 500 Minimum Variance ETF	1.05%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%	0.00%	0.00%
XMLV Invesco S&P MidCap Low Volatility ETF	2.85%	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 SPMV in my portfolio?

XMLV and SPMV have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMLV or SPMV?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMLV or SPMV?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.25% for XMLV.

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

XMLV has the higher dividend yield at 2.85%, compared with 1.05% for SPMV.

What is the main difference between XMLV and SPMV?

XMLV is categorized as Low Volatility, while SPMV is S&P 500. XMLV tracks S&P MidCap 400 Low Volatility Index, while SPMV tracks S&P 500 Minimum Volatility Index. Their fees differ too: 0.25% for XMLV and 0.10% for SPMV.