SPLV vs VLUE: returns, risk and drawdowns compared
Invesco S&P 500 Low Volatility ETF against iShares MSCI USA Value Factor ETF, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, SPLV returned 8.6% a year and VLUE 19.7% a year on average, so VLUE came out ahead by 11.1% a year. VLUE was the more volatile of the two (19.6% against 13.0% a year), and the deepest falls from a month-end high were 14.4% for SPLV and 23.5% for VLUE.
The correlation of monthly returns was 0.55: they moved together only in part. Over 41 rolling 3-year periods, SPLV did better in 41% and VLUE in 59%.
Side by side
| SPLV | VLUE | |
|---|---|---|
| Annual return (CAGR) | +8.6% | +19.7% |
| Total return | +69% | +213% |
| Annual volatility | 13.0% | 19.6% |
| Maximum drawdown (month-end) | −14.4% | −23.5% |
| Worst month | −8.3% | −11.0% |
| Best month | +9.7% | +18.6% |
| Positive months | 57% | 58% |
| Best year | 2021: +24.1% | 2025: +32.7% |
| Worst year | 2022: −4.9% | 2022: −14.2% |
| 1-year return | +3.7% | +55.9% |
| 5 years, a year | +5.4% | +16.0% |
| 10 years, a year | — | — |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: SPLV vs VLUE
Returns by calendar year
| Year | SPLV | VLUE |
|---|---|---|
| 2025 | +4.1% | +32.7% |
| 2024 | +13.9% | +7.2% |
| 2023 | +0.5% | +14.3% |
| 2022 | −4.9% | −14.2% |
| 2021 | +24.1% | +28.9% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, SPLV or VLUE?
From July 2020 to October 2026, SPLV returned +8.6% a year and VLUE +19.7% a year, with dividends reinvested. Over rolling 3-year periods SPLV did better in 41% of cases. Past returns do not predict future returns.
Which is riskier, SPLV or VLUE?
Over the same months annual volatility was 13.0% for SPLV and 19.6% for VLUE; the deepest fall from a month-end high was 14.4% and 23.5%, and the worst single month −8.3% and −11.0%.
How correlated are SPLV and VLUE?
The correlation of their monthly returns was 0.55: they moved together only in part. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.