XSHD vs. VBK

Last updated Jun 9, 2026

XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) and VBK (Vanguard Small-Cap Growth ETF) are both exchange-traded funds - XSHD is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index, while VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index. Both are passively managed. Over the past 5 years, XSHD returned -5.48%/yr vs 4.73%/yr for VBK. A 0.67 correlation means they provide meaningful diversification when combined. XSHD charges 0.30%/yr vs 0.05%/yr for VBK.

Performance

XSHD vs. VBK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) and Vanguard Small-Cap Growth ETF (VBK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSHD achieves a 8.35% return, which is significantly lower than VBK's 14.03% return.

XSHD

• 1D: -0.07%
• 1M: -0.38%
• YTD: 8.35%
• 6M: 9.38%
• 1Y: 7.68%
• 3Y*: 1.27%
• 5Y*: -5.48%
• 10Y*: —

VBK

• 1D: 0.58%
• 1M: 0.15%
• YTD: 14.03%
• 6M: 12.70%
• 1Y: 27.37%
• 3Y*: 16.31%
• 5Y*: 4.73%
• 10Y*: 11.47%

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

XSHD vs. VBK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	8.35%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-13.55%	17.91%	-7.86%	1.52%
VBK Vanguard Small-Cap Growth ETF	14.03%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%

Correlation

The correlation between XSHD and VBK is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 2, 2016	0.67

The correlation between XSHD and VBK shifts across timeframes, from 0.54 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

XSHD vs. VBK - Sectors Allocation Comparison

Sectors	XSHD	VBK
Real Estate	45.1%	3.9%
Utilities	10.7%	1.2%
Industrials	10.4%	24.7%
Consumer Defensive	9.6%	2.4%
Energy	7.6%	4.8%
Consumer Cyclical	6.8%	9.6%
Basic Materials	5.4%	3.2%
Healthcare	2.7%	15.3%
Financial Services	2.2%	5.6%
Communication Services	1.9%	3.5%
Technology	-	25.9%

Return for Risk

XSHD vs. VBK — Risk / Return Rank

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

XSHD

XSHD Risk / Return Rank: 19
XSHD Sharpe Ratio Rank: 18
XSHD Sortino Ratio Rank: 19
XSHD Omega Ratio Rank: 17
XSHD Calmar Ratio Rank: 19
XSHD Martin Ratio Rank: 19

VBK

VBK Risk / Return Rank: 48
VBK Sharpe Ratio Rank: 44
VBK Sortino Ratio Rank: 43
VBK Omega Ratio Rank: 40
VBK Calmar Ratio Rank: 53
VBK Martin Ratio Rank: 57

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.

XSHD vs. VBK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) and Vanguard Small-Cap Growth ETF (VBK). 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.

	XSHD	VBK	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.40	-0.88
Sortino ratio: Return per unit of downside risk	0.87	1.96	-1.09
Omega ratio: Gain probability vs. loss probability	1.10	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.73	2.40	-1.67
Martin ratio: Return relative to average drawdown	1.98	9.10	-7.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSHD vs. VBK - Sharpe Ratio Comparison

The current XSHD Sharpe Ratio is 0.52, which is lower than the VBK Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of XSHD and VBK, 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

	XSHD	VBK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	1.40	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.20	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.42	-0.45

Drawdowns

XSHD vs. VBK - Drawdown Comparison

The maximum XSHD drawdown since its inception was -49.53%, smaller than the maximum VBK drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for XSHD and VBK.

Drawdown Indicators

	XSHD	VBK	Difference
Max Drawdown Largest peak-to-trough decline	-49.53%	-58.68%	+9.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-11.44%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-27.54%	+6.77%
Max Drawdown (5Y) Largest decline over 5 years	-36.48%	-38.39%	+1.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.70%	—
Current Drawdown Current decline from peak	-24.54%	-3.91%	-20.63%
Average Drawdown Average peak-to-trough decline	-16.37%	-10.15%	-6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.02%	+0.87%

Volatility

XSHD vs. VBK - Volatility Comparison

The current volatility for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) is 3.44%, while Vanguard Small-Cap Growth ETF (VBK) has a volatility of 6.43%. This indicates that XSHD experiences smaller price fluctuations and is considered to be less risky than VBK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSHD	VBK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	6.43%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	15.18%	-5.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.77%	19.65%	-4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	23.54%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.23%	22.90%	-0.67%

XSHD vs. VBK - Expense Ratio Comparison

XSHD has a 0.30% expense ratio, which is higher than VBK's 0.05% expense ratio.

Dividends

XSHD vs. VBK - Dividend Comparison

XSHD's dividend yield for the trailing twelve months is around 5.34%, more than VBK's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBK Vanguard Small-Cap Growth ETF	0.46%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	5.34%	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 XSHD and VBK in my portfolio?

XSHD and VBK have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSHD or VBK?

VBK has higher volatility (6.43%) compared to XSHD (3.44%). In terms of maximum drawdown, XSHD dropped -49.53% vs VBK's -58.68%.

Which ETF is better, XSHD or VBK?

On 5-year performance, VBK leads with 4.73% vs -5.48% for XSHD. On fees, VBK is cheaper at 0.05% per year. On volatility, XSHD has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSHD or VBK?

Over the 5-year period, VBK has performed better with a 4.73% return vs -5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSHD or VBK?

VBK is cheaper with a 0.05% expense ratio, compared with 0.30% for XSHD.

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

XSHD has the higher dividend yield at 5.34%, compared with 0.46% for VBK.

What is the main difference between XSHD and VBK?

XSHD is categorized as Volatility Hedged Equity, while VBK is Small Cap Growth Equities. XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index, while VBK tracks CRSP US Small Cap Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.30% for XSHD and 0.05% for VBK.

Which has better risk-adjusted returns?

VBK currently has the higher Sharpe Ratio (1.40 vs 0.52), 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.