XSLV vs. FLLV

Last updated Jun 24, 2026

XSLV (Invesco S&P SmallCap Low Volatility ETF) and FLLV (Franklin Liberty U.S. Low Volatility ETF) are both Volatility Hedged Equity funds. XSLV is passively managed, while FLLV is actively managed. Over the past 5 years, XSLV returned 4.17%/yr vs 10.85%/yr for FLLV. A 0.65 correlation means they provide meaningful diversification when combined. XSLV charges 0.25%/yr vs 0.29%/yr for FLLV.

Performance

XSLV vs. FLLV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with XSLV having a 11.98% return and FLLV slightly higher at 12.00%.

XSLV

• 1D: 1.45%
• 1M: 3.35%
• YTD: 11.98%
• 6M: 11.04%
• 1Y: 15.35%
• 3Y*: 12.03%
• 5Y*: 4.17%
• 10Y*: 6.15%

FLLV

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

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

XSLV vs. FLLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSLV Invesco S&P SmallCap Low Volatility ETF	11.98%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	8.57%
FLLV Franklin Liberty U.S. Low Volatility ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%

Correlation

The correlation between XSLV and FLLV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.65

The correlation between XSLV and FLLV shifts across timeframes, from 0.61 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

XSLV vs. FLLV - Sectors Allocation Comparison

Sectors	XSLV	FLLV
Financial Services	43.2%	13.0%
Real Estate	28.5%	2.5%
Utilities	9.1%	2.6%
Industrials	7.2%	9.6%
Consumer Defensive	3.9%	6.1%
Basic Materials	2.7%	2.7%
Consumer Cyclical	2.3%	11.0%
Healthcare	1.5%	11.6%
Communication Services	1.1%	7.8%
Technology	0.9%	28.8%
Energy	0.8%	4.4%

Return for Risk

XSLV vs. FLLV — Risk / Return Rank

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

XSLV

XSLV Risk / Return Rank: 36
XSLV Sharpe Ratio Rank: 34
XSLV Sortino Ratio Rank: 35
XSLV Omega Ratio Rank: 31
XSLV Calmar Ratio Rank: 43
XSLV Martin Ratio Rank: 39

FLLV

FLLV Risk / Return Rank: 90
FLLV Sharpe Ratio Rank: 90
FLLV Sortino Ratio Rank: 92
FLLV Omega Ratio Rank: 89
FLLV Calmar Ratio Rank: 89
FLLV Martin Ratio Rank: 88

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. FLLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) and Franklin Liberty U.S. Low Volatility ETF (FLLV). 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.

	XSLV	FLLV	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.85	-1.70
Sortino ratio: Return per unit of downside risk	1.75	4.13	-2.38
Omega ratio: Gain probability vs. loss probability	1.20	1.52	-0.32
Calmar ratio: Return relative to maximum drawdown	2.07	4.91	-2.85
Martin ratio: Return relative to average drawdown	5.87	18.21	-12.33

XSLV vs. FLLV - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 1.15, which is lower than the FLLV Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of XSLV and FLLV, 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

XSLV vs. FLLV - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, which is greater than FLLV's maximum drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for XSLV and FLLV.

Drawdown Indicators

	XSLV	FLLV	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-33.95%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-4.90%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-14.01%	-4.34%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-18.40%	-6.32%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	—	—
Current Drawdown Current decline from peak	0.00%	-1.77%	+1.77%
Average Drawdown Average peak-to-trough decline	-7.26%	-3.24%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	1.32%	+1.30%

Volatility

XSLV vs. FLLV - Volatility Comparison

Invesco S&P SmallCap Low Volatility ETF (XSLV) has a higher volatility of 4.59% compared to Franklin Liberty U.S. Low Volatility ETF (FLLV) at 2.76%. This indicates that XSLV's price experiences larger fluctuations and is considered to be riskier than FLLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSLV	FLLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	2.76%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	6.18%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	8.46%	+5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	13.28%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.94%	15.66%	+4.28%

XSLV vs. FLLV - Expense Ratio Comparison

XSLV has a 0.25% expense ratio, which is lower than FLLV's 0.29% expense ratio.

Dividends

XSLV vs. FLLV - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.15%, less than FLLV's 4.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLLV Franklin Liberty U.S. Low Volatility ETF	4.78%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	0.00%
XSLV Invesco S&P SmallCap Low Volatility ETF	2.15%	2.14%	2.55%	2.35%	2.78%	1.05%	2.49%	2.43%	2.75%	1.87%	1.96%	2.20%

Frequently Asked Questions

Can I hold both XSLV and FLLV in my portfolio?

XSLV and FLLV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSLV or FLLV?

XSLV has higher volatility (4.59%) compared to FLLV (2.76%). In terms of maximum drawdown, XSLV dropped -44.34% vs FLLV's -33.95%.

Which ETF is better, XSLV or FLLV?

On 5-year performance, FLLV leads with 10.85% vs 4.17% for XSLV. On fees, XSLV is cheaper at 0.25% per year. On volatility, FLLV has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSLV or FLLV?

Over the 5-year period, FLLV has performed better with a 10.85% return vs 4.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSLV or FLLV?

XSLV is cheaper with a 0.25% expense ratio, compared with 0.29% for FLLV.

Which ETF pays a higher dividend yield, XSLV or FLLV?

FLLV has the higher dividend yield at 4.78%, compared with 2.15% for XSLV.

What is the main difference between XSLV and FLLV?

They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.25% for XSLV and 0.29% for FLLV.

Which has better risk-adjusted returns?

FLLV currently has the higher Sharpe Ratio (2.85 vs 1.15), 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.