SPLV vs SPY
SPLV vs SPY
Invesco S&P 500 Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPLV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $7.2B | $789.1B | |
| Dividend Yield | 2.14% | 1.01% | |
| Holdings | 110 | 505 | |
| YTD Return | +8.41% | +13.79% | |
| 1Y Return | +6.07% | +23.66% | |
| 3Y Return (annualized) | +9.29% | +21.40% | |
| 5Y Return (annualized) | +6.00% | +13.37% | |
| Volatility (annualized) | 11.6% | 15.3% | |
| Max Drawdown | -36.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 5, 2011 | Jan 22, 1993 |
SPLV vs SPY Performance
Invesco S&P 500 Low Volatility ETF (SPLV) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPLV returned +6.07% while SPY returned +23.66%. Year to date, SPLV is up 8.41% versus a gain of 13.79% for SPY.
Over three years, SPLV compounded at +9.29% per year against +21.40% for SPY; over five years the annualized figures are +6.00% and +13.37% respectively. Across the full 15-year window we track, SPY has the edge at +8.85% annualized vs +8.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.6% for SPLV. 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 -36.6% for SPLV and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPLV charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, SPLV currently yields 2.14% against 1.01% for SPY.
Holdings Overlap
SPLV and SPY share 97 holdings out of 508 unique holdings combined, representing a 14.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPLV | Weight in SPY | Difference |
|---|---|---|---|
| JPM:US | 0.92% | 1.40% | 0.48% |
| JNJ | 1.26% | 0.96% | 0.30% |
| V | 0.90% | 0.92% | 0.02% |
| KO | Pro | Pro | Pro |
| COST | Pro | Pro | Pro |
| PG | Pro | Pro | Pro |
| MA | Pro | Pro | Pro |
| LIN:IE | Pro | Pro | Pro |
| WMT | Pro | Pro | Pro |
| DUK | Pro | Pro | Pro |
See all 10 holdings SPLV shares with SPY Exact weights in each fund and the difference, for every overlapping position. X-ray my whole portfolio$99/yr Pro · 7-day refund | |||
Frequently Asked Questions
Which is cheaper, SPLV or SPY?
SPLV has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, SPLV or SPY?
Over the past year SPLV returned +6.07% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SPLV annualized +8.45% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SPLV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.6% for SPLV. Worst drawdown: SPLV -36.6% vs SPY -56.5%.
Should I hold both SPLV and SPY?
SPLV and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPLV and SPY?
SPLV and SPY share 97 common holdings with a 14.8% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, SPLV or SPY?
SPLV yields 2.14% while SPY yields 1.01%, so SPLV currently pays the higher dividend yield.
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