XSLV vs. QLVE

Last updated Jun 4, 2026

XSLV (Invesco S&P SmallCap Low Volatility ETF) and QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) are both Volatility Hedged Equity funds - XSLV tracks the S&P SmallCap 600 Low Volatility Index while QLVE tracks the Northern Trust Emerging Markets Quality Low Volatility Index. Both are passively managed. Over the past 5 years, XSLV returned 2.94%/yr vs 7.43%/yr for QLVE. At a 0.45 correlation, their price movements are largely independent. XSLV charges 0.25%/yr vs 0.40%/yr for QLVE.

Performance

XSLV vs. QLVE - Performance Comparison

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

Returns By Period

In the year-to-date period, XSLV achieves a 6.15% return, which is significantly lower than QLVE's 18.06% return.

XSLV

• 1D: -1.47%
• 1M: -1.16%
• YTD: 6.15%
• 6M: 6.31%
• 1Y: 9.97%
• 3Y*: 8.56%
• 5Y*: 2.94%
• 10Y*: 5.44%

QLVE

• 1D: -1.29%
• 1M: 7.29%
• YTD: 18.06%
• 6M: 19.74%
• 1Y: 34.41%
• 3Y*: 18.46%
• 5Y*: 7.43%
• 10Y*: —

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

XSLV vs. QLVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XSLV Invesco S&P SmallCap Low Volatility ETF	6.15%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	7.21%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	18.06%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.98%

Correlation

The correlation between XSLV and QLVE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.45

The correlation between XSLV and QLVE shifts across timeframes, from 0.28 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

XSLV vs. QLVE - Sectors Allocation Comparison

Sectors	XSLV	QLVE
Financial Services	37.1%	38.5%
Real Estate	27.5%	0.1%
Utilities	10.6%	5.4%
Industrials	8.3%	7.1%
Consumer Defensive	4.2%	10.8%
Healthcare	3.7%	7.6%
Technology	3.1%	59.6%
Basic Materials	2.3%	5.5%
Consumer Cyclical	1.3%	10.4%
Communication Services	1.1%	18.4%
Energy	0.7%	7.2%

Return for Risk

XSLV vs. QLVE — Risk / Return Rank

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

XSLV

XSLV Risk / Return Rank: 24
XSLV Sharpe Ratio Rank: 22
XSLV Sortino Ratio Rank: 22
XSLV Omega Ratio Rank: 20
XSLV Calmar Ratio Rank: 28
XSLV Martin Ratio Rank: 27

QLVE

QLVE Risk / Return Rank: 64
QLVE Sharpe Ratio Rank: 62
QLVE Sortino Ratio Rank: 64
QLVE Omega Ratio Rank: 70
QLVE Calmar Ratio Rank: 60
QLVE Martin Ratio Rank: 66

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. QLVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). 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	QLVE	Difference
Sharpe ratio: Return per unit of total volatility	0.76	2.10	-1.34
Sortino ratio: Return per unit of downside risk	1.21	2.99	-1.78
Omega ratio: Gain probability vs. loss probability	1.13	1.42	-0.28
Calmar ratio: Return relative to maximum drawdown	1.34	2.98	-1.64
Martin ratio: Return relative to average drawdown	3.80	11.97	-8.17
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. QLVE - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 0.76, which is lower than the QLVE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of XSLV and QLVE, 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

	XSLV	QLVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	2.10	-1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.55	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.48	-0.07

Drawdowns

XSLV vs. QLVE - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, which is greater than QLVE's maximum drawdown of -29.96%. Use the drawdown chart below to compare losses from any high point for XSLV and QLVE.

Drawdown Indicators

	XSLV	QLVE	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-29.96%	-14.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-11.60%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-13.29%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-23.94%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	—	—
Current Drawdown Current decline from peak	-2.77%	-1.29%	-1.48%
Average Drawdown Average peak-to-trough decline	-7.29%	-8.29%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.88%	-0.25%

Volatility

XSLV vs. QLVE - Volatility Comparison

The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 3.92%, while FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) has a volatility of 6.82%. This indicates that XSLV experiences smaller price fluctuations and is considered to be less risky than QLVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSLV	QLVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	6.82%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	14.82%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	16.46%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	13.48%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	15.79%	+4.14%

XSLV vs. QLVE - Expense Ratio Comparison

XSLV has a 0.25% expense ratio, which is lower than QLVE's 0.40% expense ratio.

Dividends

XSLV vs. QLVE - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.61%, more than QLVE's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.42%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%	0.00%	0.00%	0.00%	0.00%
XSLV Invesco S&P SmallCap Low Volatility ETF	2.61%	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 QLVE in my portfolio?

XSLV and QLVE have a correlation of 0.28, 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 QLVE?

QLVE has higher volatility (6.82%) compared to XSLV (3.92%). In terms of maximum drawdown, XSLV dropped -44.34% vs QLVE's -29.96%.

Which ETF is better, XSLV or QLVE?

On 5-year performance, QLVE leads with 7.43% vs 2.94% for XSLV. On fees, XSLV is cheaper at 0.25% per year. On volatility, XSLV has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSLV or QLVE?

Over the 5-year period, QLVE has performed better with a 7.43% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSLV or QLVE?

XSLV is cheaper with a 0.25% expense ratio, compared with 0.40% for QLVE.

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

XSLV has the higher dividend yield at 2.61%, compared with 2.42% for QLVE.

What is the main difference between XSLV and QLVE?

XSLV tracks S&P SmallCap 600 Low Volatility Index, while QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.25% for XSLV and 0.40% for QLVE.

Which has better risk-adjusted returns?

QLVE currently has the higher Sharpe Ratio (2.10 vs 0.76), 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.