SPLV vs VOO
Invesco S&P 500 Low Volatility ETF vs Vanguard S&P 500 ETF
Which is better, SPLV or VOO?
Large Cap Value against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. SPLV is less concentrated, with 12.5% of the fund in its ten largest positions against 37.6%.
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 | SPLV | VOO |
|---|---|---|
| Expense Ratio | 0.25% | 0.03%Best |
| AUM | $7.1B | $997.4B |
| Dividend Yield | 2.18% | 1.04% |
| Holdings | 111 | 509 |
| YTD Return | +3.45% | +12.37%Best |
| 1Y Return | +2.67% | +16.61%Best |
| 3Y Return (annualized) | +8.09% | +21.37%Best |
| 5Y Return (annualized) | +5.36% | +13.49%Best |
| Volatility (annualized) | 11.6%Best | 14.3% |
| Max Drawdown | -36.6% | -34.3%Best |
| $10,000 over 5 years | $12,983 | $18,827Best |
| Top 10 Weight | 12.5%Best | 37.6% |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | May 5, 2011 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: May 5, 2011 to Sep 18, 2026 (15.4 years).
SPLV vs VOO 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 15.4 years both funds cover.
SPLV vs VOO Performance
Invesco S&P 500 Low Volatility ETF (SPLV) is an ETF from Invesco (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year SPLV returned +2.67% while VOO returned +16.61%. Year to date, SPLV is up 3.45% versus a gain of 12.37% for VOO.
Over three years, SPLV compounded at +8.09% per year against +21.37% for VOO; over five years the annualized figures are +5.36% and +13.49% respectively. Across the full 15-year window we track, VOO has the edge at +12.61% annualized vs +8.05%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.3% 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 -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 VOO charges 0.03%. On a $10,000 position that is $25 vs $3 annually, a gap of $22 per year that compounds over a long holding period. On income, SPLV currently yields 2.18% against 1.04% for VOO.
Holdings Overlap
96.9% of SPLV's money is in holdings VOO also owns. 17.7% of VOO's money is in holdings SPLV also owns.
Most of SPLV is already inside VOO. Owning both mostly buys the same companies twice.
97 positions in common, counted across the 101 positions we hold weights for in SPLV and 494 in VOO, against full books of 111 and 509.
What only one of them owns
Our book lists 390 positions for VOO that do not appear in our book for SPLV (81.5% of the fund), and 3 for SPLV that do not appear in VOO (2.1%).
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 SPLV | Weight in VOO | Difference |
|---|---|---|---|
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.32% | 1.46% | 0.14% |
| JPMJpmorgan Chase | 0.99% | 1.46% | 0.47% |
| JNJJohnson & Johnson - Common | 1.24% | 0.96% | 0.28% |
| VVisa Inc Class A | 0.97% | 0.93% | 0.04% |
| KOCoca Cola Co. | 1.23% | 0.53% | 0.70% |
| MAMastercard Inc | 0.98% | 0.72% | 0.26% |
| BACBank of America Corp.: Financials | 1.00% | 0.63% | 0.37% |
| COSTCostco Wholesale Corp. | 0.96% | 0.66% | 0.30% |
| PGProcter & Gamble Company | 1.05% | 0.52% | 0.53% |
| WMTWalmart, Inc. | 0.72% | 0.76% | 0.04% |
96.9% of SPLV is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPLV or VOO?
SPLV has an expense ratio of 0.25% while VOO charges 0.03%. VOO is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, SPLV or VOO?
Over the past year SPLV returned +2.67% vs +16.61% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (15 years), SPLV annualized +8.05% vs +12.61% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPLV or VOO?
VOO has been the more volatile fund at 14.3% annualized versus 11.6% for SPLV. Worst drawdown: SPLV -36.6% vs VOO -34.3%.
Should I hold both SPLV and VOO?
SPLV and VOO have a monthly-return correlation of 0.74, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPLV and VOO?
96.9% of SPLV's money is in holdings VOO also owns. 17.7% of VOO's is in holdings SPLV also owns. They hold 97 positions in common, counted across the 101 positions we hold weights for in SPLV and 494 in VOO.
Which pays a higher dividend, SPLV or VOO?
SPLV yields 2.18% while VOO yields 1.04%, so SPLV currently pays the higher dividend yield.
Is VOO better than SPLV?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. SPLV is less concentrated, with 12.5% of the fund in its ten largest positions against 37.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.