IVV vs SMLV
iShares Core S&P 500 ETF vs State Street SPDR US Small Cap Low Volatility Index ETF
Which is better, IVV or SMLV?
Large Cap Blend against Small Cap Blend.
IVV has a lower expense ratio. IVV led over 3Y, 5Y and the full window, SMLV over 1Y. SMLV is less concentrated, with 5.8% of the fund in its ten largest positions against 37.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | SMLV |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.12% |
| AUM | $886.7B | $258M |
| Dividend Yield | 1.10% | 2.21% |
| Holdings | 508 | 401 |
| YTD Return | +12.70% | +21.25%Best |
| 1Y Return | +19.36% | +21.01%Best |
| 3Y Return (annualized) | +21.16%Best | +18.68% |
| 5Y Return (annualized) | +12.75%Best | +9.49% |
| Volatility (annualized) | 14.3%Best | 17.5% |
| Max Drawdown | -33.9%Best | -42.9% |
| $10,000 over 5 years | $18,221Best | $15,735 |
| Top 10 Weight | 37.9% | 5.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Small Cap Blend |
| Inception | May 15, 2000 | Feb 20, 2013 |
Volatility and max drawdown are measured over the window both funds cover: Feb 21, 2013 to Sep 8, 2026 (13.5 years).
IVV vs SMLV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 13.5 years both funds cover.
IVV vs SMLV Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and State Street SPDR US Small Cap Low Volatility Index ETF (SMLV) is an ETF from State Street Investment Management. Over the past year IVV returned +19.36% while SMLV returned +21.01%. Year to date, IVV is up 12.70% versus a gain of 21.25% for SMLV.
Over three years, IVV compounded at +21.16% per year against +18.68% for SMLV; over five years the annualized figures are +12.75% and +9.49% respectively. Across the full 14-year window we track, IVV has the edge at +13.40% annualized vs +8.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMLV has been the more volatile fund, with annualized monthly volatility of 17.5% compared with 14.3% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.9% for IVV and -42.9% for SMLV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while SMLV charges 0.12%. On a $10,000 position that is $3 vs $12 annually, a gap of $9 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 2.21% for SMLV.
Holdings Overlap
0.1% of IVV's money is in holdings SMLV also owns. 0.1% of SMLV's money is in holdings IVV also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 504 positions we hold weights for in IVV and 396 in SMLV, against full books of 508 and 401.
What only one of them owns
Our book lists 380 positions for SMLV that do not appear in our book for IVV (96.7% of the fund), and 492 for IVV that do not appear in SMLV (99.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in SMLV | Difference |
|---|---|---|---|
| CNCCentene Corp | 0.05% | 0.14% | 0.09% |
You are not choosing between two funds in isolation.
Whichever of IVV and SMLV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or SMLV?
IVV has an expense ratio of 0.03% while SMLV charges 0.12%. IVV is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, IVV or SMLV?
Over the past year IVV returned +19.36% vs +21.01% for SMLV, so SMLV leads on 1-year performance. Over the longest common window we track (14 years), IVV annualized +13.40% vs +8.57% for SMLV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or SMLV?
SMLV has been the more volatile fund at 17.5% annualized versus 14.3% for IVV. Worst drawdown: IVV -33.9% vs SMLV -42.9%.
Should I hold both IVV and SMLV?
IVV and SMLV have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or SMLV?
IVV yields 1.10% while SMLV yields 2.21%, so SMLV currently pays the higher dividend yield.
Is SMLV better than IVV?
IVV has a lower expense ratio. IVV led over 3Y, 5Y and the full window, SMLV over 1Y. SMLV is less concentrated, with 5.8% of the fund in its ten largest positions against 37.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.