XSLV vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P SmallCap Low Volatility ETF (XSLV) and S&P 500 Index (^GSPC).

XSLV is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Low Volatility Index. It was launched on Feb 15, 2013.

Performance

XSLV vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Low Volatility ETF (XSLV) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

XSLV vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSLV Invesco S&P SmallCap Low Volatility ETF	2.92%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	8.57%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, XSLV achieves a 2.92% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, XSLV has underperformed ^GSPC with an annualized return of 5.51%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

XSLV

• 1D: 0.45%
• 1M: -3.94%
• YTD: 2.92%
• 6M: 3.66%
• 1Y: 5.06%
• 3Y*: 6.31%
• 5Y*: 2.78%
• 10Y*: 5.51%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

XSLV vs. ^GSPC — Risk / Return Rank

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

XSLV

XSLV Risk / Return Rank: 21
XSLV Sharpe Ratio Rank: 20
XSLV Sortino Ratio Rank: 20
XSLV Omega Ratio Rank: 19
XSLV Calmar Ratio Rank: 22
XSLV Martin Ratio Rank: 23

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

XSLV vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) and S&P 500 Index (^GSPC). 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.

	XSLV	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.92	-0.60
Sortino ratio Return per unit of downside risk	0.58	1.41	-0.83
Omega ratio Gain probability vs. loss probability	1.07	1.21	-0.15
Calmar ratio Return relative to maximum drawdown	0.49	1.41	-0.92
Martin ratio Return relative to average drawdown	1.70	6.61	-4.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSLV vs. ^GSPC - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 0.32, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of XSLV and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XSLV	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.92	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.61	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.68	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.46	-0.06

Correlation

The correlation between XSLV and ^GSPC is 0.70, 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.

Drawdowns

XSLV vs. ^GSPC - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for XSLV and ^GSPC.

Drawdown Indicators

	XSLV	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-56.78%	+12.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-12.14%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-25.43%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	-33.92%	-10.42%
Current Drawdown Current decline from peak	-4.82%	-5.78%	+0.96%
Average Drawdown Average peak-to-trough decline	-7.37%	-10.75%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.60%	+0.66%

Volatility

XSLV vs. ^GSPC - Volatility Comparison

The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 3.58%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that XSLV experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSLV	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	5.37%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	9.55%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	18.33%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	16.90%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	18.05%	+1.88%