XMLV vs. XSHD

Last updated Jun 4, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) are both Volatility Hedged Equity funds from Invesco - XMLV tracks the S&P MidCap 400 Low Volatility Index while XSHD tracks the S&P SmallCap 600 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, XMLV returned 5.52%/yr vs -5.26%/yr for XSHD. A 0.79 correlation means they provide meaningful diversification when combined. XMLV charges 0.25%/yr vs 0.30%/yr for XSHD.

Performance

XMLV vs. XSHD - 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 SmallCap High Dividend Low Volatility ETF (XSHD). 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 XSHD's 6.99% 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%

XSHD

• 1D: -1.25%
• 1M: -1.41%
• YTD: 6.99%
• 6M: 6.10%
• 1Y: 6.80%
• 3Y*: 1.31%
• 5Y*: -5.26%
• 10Y*: —

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

XMLV vs. XSHD - 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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	6.99%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-13.55%	17.91%	-7.86%	1.52%

Correlation

The correlation between XMLV and XSHD is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 2, 2016	0.79

The correlation between XMLV and XSHD has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.

XMLV vs. XSHD - Sectors Allocation Comparison

Sectors	XMLV	XSHD
Real Estate	30.8%	45.1%
Financial Services	21.6%	2.2%
Utilities	20.0%	10.7%
Industrials	9.7%	10.4%
Consumer Defensive	4.7%	9.6%
Energy	3.9%	7.6%
Consumer Cyclical	3.3%	6.8%
Healthcare	2.9%	2.7%
Basic Materials	2.1%	5.4%
Communication Services	1.0%	1.9%
Technology	1.0%	-

Return for Risk

XMLV vs. XSHD — 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

XSHD

XSHD Risk / Return Rank: 16
XSHD Sharpe Ratio Rank: 16
XSHD Sortino Ratio Rank: 16
XSHD Omega Ratio Rank: 15
XSHD Calmar Ratio Rank: 17
XSHD Martin Ratio Rank: 17

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. XSHD - 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 SmallCap High Dividend Low Volatility ETF (XSHD). 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	XSHD	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.46	+0.07
Sortino ratio: Return per unit of downside risk	0.83	0.78	+0.05
Omega ratio: Gain probability vs. loss probability	1.09	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.79	0.65	+0.14
Martin ratio: Return relative to average drawdown	2.66	1.75	+0.90
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. XSHD - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.54, which is comparable to the XSHD Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of XMLV and XSHD, 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	XSHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.46	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	-0.28	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	-0.03	+0.63

Drawdowns

XMLV vs. XSHD - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, smaller than the maximum XSHD drawdown of -49.53%. Use the drawdown chart below to compare losses from any high point for XMLV and XSHD.

Drawdown Indicators

	XMLV	XSHD	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-49.53%	+9.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-10.51%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-20.77%	+6.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-36.84%	+20.31%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	—	—
Current Drawdown Current decline from peak	-4.89%	-25.49%	+20.60%
Average Drawdown Average peak-to-trough decline	-4.26%	-16.36%	+12.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	3.89%	-1.80%

Volatility

XMLV vs. XSHD - Volatility Comparison

The current volatility for Invesco S&P MidCap Low Volatility ETF (XMLV) is 3.06%, while Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) has a volatility of 3.52%. This indicates that XMLV experiences smaller price fluctuations and is considered to be less risky than XSHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMLV	XSHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.52%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	9.77%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	14.77%	-4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	18.88%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	22.24%	-5.27%

XMLV vs. XSHD - Expense Ratio Comparison

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

Dividends

XMLV vs. XSHD - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.91%, less than XSHD's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	5.40%	6.45%	7.25%	7.62%	6.77%	3.86%	5.55%	4.88%	5.49%	4.11%	0.41%	0.00%

Frequently Asked Questions

Can I hold both XMLV and XSHD in my portfolio?

XMLV and XSHD have a correlation of 0.74, 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 XSHD?

XSHD has higher volatility (3.52%) compared to XMLV (3.06%). In terms of maximum drawdown, XMLV dropped -39.86% vs XSHD's -49.53%.

Which ETF is better, XMLV or XSHD?

On 5-year performance, XMLV leads with 5.52% vs -5.26% for XSHD. On fees, XMLV is cheaper at 0.25% per year. On volatility, XMLV has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or XSHD?

Over the 5-year period, XMLV has performed better with a 5.52% return vs -5.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or XSHD?

XMLV is cheaper with a 0.25% expense ratio, compared with 0.30% for XSHD.

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

XSHD has the higher dividend yield at 5.40%, compared with 2.91% for XMLV.

What is the main difference between XMLV and XSHD?

XMLV tracks S&P MidCap 400 Low Volatility Index, while XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index. Their fees differ too: 0.25% for XMLV and 0.30% for XSHD.

Which has better risk-adjusted returns?

XMLV currently has the higher Sharpe Ratio (0.54 vs 0.46), 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.