XSLV vs. VIOO

Last updated Jun 4, 2026

XSLV (Invesco S&P SmallCap Low Volatility ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both exchange-traded funds - XSLV is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility Index, while VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, XSLV returned 5.44%/yr vs 10.67%/yr for VIOO. Their correlation of 0.90 suggests significant overlap in exposure. XSLV charges 0.25%/yr vs 0.10%/yr for VIOO.

Performance

XSLV vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Low Volatility ETF (XSLV) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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 VIOO's 15.34% return. Over the past 10 years, XSLV has underperformed VIOO with an annualized return of 5.44%, while VIOO has yielded a comparatively higher 10.67% annualized 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%

VIOO

• 1D: -0.88%
• 1M: 1.64%
• YTD: 15.34%
• 6M: 14.20%
• 1Y: 31.68%
• 3Y*: 14.40%
• 5Y*: 5.66%
• 10Y*: 10.67%

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

XSLV vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSLV Invesco S&P SmallCap Low Volatility ETF	6.15%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	8.57%
VIOO Vanguard S&P Small-Cap 600 ETF	15.34%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between XSLV and VIOO is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 19, 2013	0.90

The correlation between XSLV and VIOO shifts across timeframes, from 0.78 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

XSLV vs. VIOO - Sectors Allocation Comparison

Sectors	XSLV	VIOO
Financial Services	37.1%	16.9%
Real Estate	27.5%	7.7%
Utilities	10.6%	2.0%
Industrials	8.3%	15.5%
Consumer Defensive	4.2%	3.5%
Healthcare	3.7%	11.0%
Technology	3.1%	15.5%
Basic Materials	2.3%	5.1%
Consumer Cyclical	1.3%	13.4%
Communication Services	1.1%	3.6%
Energy	0.7%	5.9%

Return for Risk

XSLV vs. VIOO — 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

VIOO

VIOO Risk / Return Rank: 58
VIOO Sharpe Ratio Rank: 52
VIOO Sortino Ratio Rank: 54
VIOO Omega Ratio Rank: 49
VIOO Calmar Ratio Rank: 72
VIOO Martin Ratio Rank: 65

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. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Low Volatility ETF (XSLV) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.82	-1.05
Sortino ratio: Return per unit of downside risk	1.21	2.64	-1.44
Omega ratio: Gain probability vs. loss probability	1.13	1.31	-0.18
Calmar ratio: Return relative to maximum drawdown	1.34	3.63	-2.29
Martin ratio: Return relative to average drawdown	3.80	12.14	-8.34
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. VIOO - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 0.76, which is lower than the VIOO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of XSLV and VIOO, 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	VIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.82	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.27	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.47	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.57	-0.16

Drawdowns

XSLV vs. VIOO - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for XSLV and VIOO.

Drawdown Indicators

	XSLV	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-44.15%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-8.77%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-27.93%	+9.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-27.93%	+3.21%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	-44.15%	-0.19%
Current Drawdown Current decline from peak	-2.77%	-0.89%	-1.88%
Average Drawdown Average peak-to-trough decline	-7.29%	-7.33%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.62%	+0.01%

Volatility

XSLV vs. VIOO - Volatility Comparison

The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 3.92%, while Vanguard S&P Small-Cap 600 ETF (VIOO) has a volatility of 4.40%. This indicates that XSLV experiences smaller price fluctuations and is considered to be less risky than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSLV	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	4.40%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	11.71%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	17.59%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	21.40%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	22.99%	-3.06%

XSLV vs. VIOO - Expense Ratio Comparison

XSLV has a 0.25% expense ratio, which is higher than VIOO's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XSLV vs. VIOO - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.61%, more than VIOO's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOO Vanguard S&P Small-Cap 600 ETF	1.18%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%
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 VIOO in my portfolio?

XSLV and VIOO have a correlation of 0.78, 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 VIOO?

VIOO has higher volatility (4.40%) compared to XSLV (3.92%). In terms of maximum drawdown, XSLV dropped -44.34% vs VIOO's -44.15%.

Which ETF is better, XSLV or VIOO?

On 10-year performance, VIOO leads with 10.67% vs 5.44% for XSLV. On fees, VIOO is cheaper at 0.10% 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 VIOO?

Over the 10-year period, VIOO has performed better with a 10.67% return vs 5.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSLV or VIOO?

VIOO is cheaper with a 0.10% expense ratio, compared with 0.25% for XSLV.

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

XSLV has the higher dividend yield at 2.61%, compared with 1.18% for VIOO.

What is the main difference between XSLV and VIOO?

XSLV is categorized as Volatility Hedged Equity, while VIOO is Small Cap Blend Equities. XSLV tracks S&P SmallCap 600 Low Volatility Index, while VIOO tracks S&P SmallCap 600 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.25% for XSLV and 0.10% for VIOO.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (1.82 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.