XSHD vs. VOO

Last updated Jun 24, 2026

XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, XSHD returned -4.65%/yr vs 13.13%/yr for VOO. A 0.61 correlation means they provide meaningful diversification when combined. XSHD charges 0.30%/yr vs 0.03%/yr for VOO.

Performance

XSHD vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSHD achieves a 9.24% return, which is significantly higher than VOO's 8.19% return.

XSHD

• 1D: 1.34%
• 1M: 1.12%
• YTD: 9.24%
• 6M: 9.16%
• 1Y: 6.83%
• 3Y*: 2.49%
• 5Y*: -4.65%
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

XSHD vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	9.24%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-13.55%	17.91%	-7.86%	1.52%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between XSHD and VOO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016	0.61

The correlation between XSHD and VOO shifts across timeframes, from 0.42 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

XSHD vs. VOO - Sectors Allocation Comparison

Sectors	XSHD	VOO
Real Estate	45.6%	1.8%
Utilities	10.8%	2.5%
Industrials	10.5%	7.6%
Consumer Defensive	8.9%	4.5%
Energy	7.1%	3.2%
Consumer Cyclical	7.0%	9.8%
Basic Materials	5.6%	1.7%
Healthcare	2.5%	8.3%
Communication Services	2.0%	10.5%
Financial Services	0.1%	10.9%
Technology	-	39.1%

Return for Risk

XSHD vs. VOO — Risk / Return Rank

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

XSHD

XSHD Risk / Return Rank: 16
XSHD Sharpe Ratio Rank: 16
XSHD Sortino Ratio Rank: 15
XSHD Omega Ratio Rank: 14
XSHD Calmar Ratio Rank: 17
XSHD Martin Ratio Rank: 17

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - 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 S&P 500 ETF (VOO). 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.

	XSHD	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.91	-1.45
Sortino ratio: Return per unit of downside risk	0.78	2.60	-1.82
Omega ratio: Gain probability vs. loss probability	1.09	1.35	-0.26
Calmar ratio: Return relative to maximum drawdown	0.65	2.67	-2.02
Martin ratio: Return relative to average drawdown	1.76	11.96	-10.20

XSHD vs. VOO - Sharpe Ratio Comparison

The current XSHD Sharpe Ratio is 0.46, which is lower than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of XSHD and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XSHD vs. VOO - Drawdown Comparison

The maximum XSHD drawdown since its inception was -49.53%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for XSHD and VOO.

Drawdown Indicators

	XSHD	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-49.53%	-33.99%	-15.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-8.90%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-18.69%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-34.70%	-24.52%	-10.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-23.92%	-3.14%	-20.78%
Average Drawdown Average peak-to-trough decline	-16.40%	-3.68%	-12.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	1.99%	+1.90%

Volatility

XSHD vs. VOO - Volatility Comparison

The current volatility for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) is 3.90%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that XSHD experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSHD	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.83%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	9.82%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	12.46%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	16.91%	+1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	18.02%	+4.18%

XSHD vs. VOO - Expense Ratio Comparison

XSHD has a 0.30% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

XSHD vs. VOO - Dividend Comparison

XSHD's dividend yield for the trailing twelve months is around 5.22%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	5.22%	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 VOO in my portfolio?

XSHD and VOO have a correlation of 0.42, 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 VOO?

VOO has higher volatility (4.83%) compared to XSHD (3.90%). In terms of maximum drawdown, XSHD dropped -49.53% vs VOO's -33.99%.

Which ETF is better, XSHD or VOO?

On 5-year performance, VOO leads with 13.13% vs -4.65% for XSHD. On fees, VOO is cheaper at 0.03% per year. On volatility, XSHD has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSHD or VOO?

Over the 5-year period, VOO has performed better with a 13.13% return vs -4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSHD or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.30% for XSHD.

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

XSHD has the higher dividend yield at 5.22%, compared with 1.05% for VOO.

What is the main difference between XSHD and VOO?

XSHD is categorized as Volatility Hedged Equity, while VOO is S&P 500. XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.30% for XSHD and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 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.