XSVM vs. SPY

Last updated Jun 4, 2026

XSVM (Invesco S&P SmallCap Value with Momentum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XSVM returned 12.72%/yr vs 15.49%/yr for SPY. A 0.76 correlation means they provide meaningful diversification when combined. XSVM charges 0.37%/yr vs 0.09%/yr for SPY.

Performance

XSVM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Value with Momentum ETF (XSVM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSVM achieves a 16.87% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, XSVM has underperformed SPY with an annualized return of 12.72%, while SPY has yielded a comparatively higher 15.49% annualized return.

XSVM

• 1D: -1.47%
• 1M: 1.71%
• YTD: 16.87%
• 6M: 16.68%
• 1Y: 34.73%
• 3Y*: 15.99%
• 5Y*: 6.37%
• 10Y*: 12.72%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

XSVM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSVM Invesco S&P SmallCap Value with Momentum ETF	16.87%	7.47%	2.30%	20.20%	-13.63%	56.36%	5.08%	30.01%	-12.33%	3.62%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between XSVM and SPY 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	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.76

The correlation between XSVM and SPY shifts across timeframes, from 0.61 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

XSVM vs. SPY - Sectors Allocation Comparison

Sectors	XSVM	SPY
Financial Services	38.8%	11.8%
Consumer Cyclical	17.0%	10.3%
Energy	9.9%	3.6%
Technology	7.8%	35.9%
Consumer Defensive	7.3%	4.8%
Industrials	6.7%	7.8%
Real Estate	5.0%	1.9%
Communication Services	2.9%	11.3%
Basic Materials	1.9%	1.8%
Healthcare	1.4%	8.4%
Utilities	1.3%	2.4%

Return for Risk

XSVM vs. SPY — Risk / Return Rank

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

XSVM

XSVM Risk / Return Rank: 58
XSVM Sharpe Ratio Rank: 54
XSVM Sortino Ratio Rank: 56
XSVM Omega Ratio Rank: 53
XSVM Calmar Ratio Rank: 69
XSVM Martin Ratio Rank: 59

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

XSVM vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Value with Momentum ETF (XSVM) and State Street SPDR S&P 500 ETF (SPY). 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.

	XSVM	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.38	-0.50
Sortino ratio: Return per unit of downside risk	2.74	3.24	-0.50
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	3.46	3.16	+0.30
Martin ratio: Return relative to average drawdown	10.66	14.72	-4.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSVM vs. SPY - Sharpe Ratio Comparison

The current XSVM Sharpe Ratio is 1.88, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of XSVM and SPY, 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

	XSVM	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.38	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.82	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.87	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.59	-0.22

Drawdowns

XSVM vs. SPY - Drawdown Comparison

The maximum XSVM drawdown since its inception was -62.57%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XSVM and SPY.

Drawdown Indicators

	XSVM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-62.57%	-55.19%	-7.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-8.88%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-26.21%	-18.76%	-7.45%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-24.50%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	-49.02%	-33.72%	-15.30%
Current Drawdown Current decline from peak	-1.47%	-0.70%	-0.77%
Average Drawdown Average peak-to-trough decline	-11.57%	-9.05%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	1.91%	+1.36%

Volatility

XSVM vs. SPY - Volatility Comparison

Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a higher volatility of 5.24% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that XSVM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSVM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	2.84%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	8.90%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	11.83%	+6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	17.05%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	17.94%	+7.15%

XSVM vs. SPY - Expense Ratio Comparison

XSVM has a 0.37% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XSVM vs. SPY - Dividend Comparison

XSVM's dividend yield for the trailing twelve months is around 1.81%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XSVM Invesco S&P SmallCap Value with Momentum ETF	1.81%	2.29%	1.69%	1.31%	1.79%	1.23%	1.21%	1.22%	2.54%	1.90%	2.29%	2.68%

Frequently Asked Questions

Can I hold both XSVM and SPY in my portfolio?

XSVM and SPY 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, XSVM or SPY?

XSVM has higher volatility (5.24%) compared to SPY (2.84%). In terms of maximum drawdown, XSVM dropped -62.57% vs SPY's -55.19%.

Which ETF is better, XSVM or SPY?

On 10-year performance, SPY leads with 15.49% vs 12.72% for XSVM. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSVM or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSVM or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.37% for XSVM.

Which ETF pays a higher dividend yield, XSVM or SPY?

XSVM has the higher dividend yield at 1.81%, compared with 0.98% for SPY.

What is the main difference between XSVM and SPY?

XSVM is categorized as Momentum, while SPY is S&P 500. XSVM tracks S&P SmallCap 600 High Momentum Value Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.37% for XSVM and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.88), 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.