SPY vs XMLV
State Street SPDR S&P 500 ETF Trust vs Invesco S&P MidCap Low Volatility ETF
Which is better, SPY or XMLV?
Large Cap Blend against Mid Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. XMLV is less concentrated, with 18.8% of the fund in its ten largest positions against 37.8%.
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 | SPY | XMLV |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.25% |
| AUM | $804.7B | $738M |
| Dividend Yield | 0.98% | 2.90% |
| Holdings | 505 | 82 |
| YTD Return | +12.22%Best | +7.41% |
| 1Y Return | +16.97%Best | +7.39% |
| 3Y Return (annualized) | +21.16%Best | +11.56% |
| 5Y Return (annualized) | +13.00%Best | +6.70% |
| Volatility (annualized) | 14.3% | 13.4%Best |
| Max Drawdown | -34.1%Best | -40.5% |
| $10,000 over 5 years | $18,424Best | $13,830 |
| Top 10 Weight | 37.8% | 18.8%Best |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Feb 12, 2013 |
Volatility and max drawdown are measured over the window both funds cover: Feb 15, 2013 to Sep 17, 2026 (13.6 years).
SPY vs XMLV 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 13.6 years both funds cover.
SPY vs XMLV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Invesco S&P MidCap Low Volatility ETF (XMLV) is an ETF from Invesco (US). Over the past year SPY returned +16.97% while XMLV returned +7.39%. Year to date, SPY is up 12.22% versus a gain of 7.41% for XMLV.
Over three years, SPY compounded at +21.16% per year against +11.56% for XMLV; over five years the annualized figures are +13.00% and +6.70% respectively. Across the full 14-year window we track, SPY has the edge at +13.22% annualized vs +8.29%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 13.4% for XMLV. 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 -34.1% for SPY and -40.5% for XMLV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while XMLV charges 0.25%. On a $10,000 position that is $9 vs $25 annually, a gap of $16 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.90% for XMLV.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 81 in XMLV, totalling 99.9% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 81 in XMLV, against full books of 505 and 82.
What only one of them owns
Our book lists 80 positions for XMLV that do not appear in our book for SPY (98.9% of the fund), and 497 for SPY that do not appear in XMLV (99.3%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and XMLV 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, SPY or XMLV?
SPY has an expense ratio of 0.09% while XMLV charges 0.25%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, SPY or XMLV?
Over the past year SPY returned +16.97% vs +7.39% for XMLV, so SPY leads on 1-year performance. Over the longest common window we track (14 years), SPY annualized +13.22% vs +8.29% for XMLV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XMLV?
SPY has been the more volatile fund at 14.3% annualized versus 13.4% for XMLV. Worst drawdown: SPY -34.1% vs XMLV -40.5%.
Should I hold both SPY and XMLV?
SPY and XMLV have a monthly-return correlation of 0.79, 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, SPY or XMLV?
SPY yields 0.98% while XMLV yields 2.90%, so XMLV currently pays the higher dividend yield.
Is XMLV better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. XMLV is less concentrated, with 18.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.