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QLV vs SMLV

Northern Trust US Quality Low Volatility ETF

QLVANYSE Arca

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

Overlap

Expense ratio

QLV −0.04pt a year

QLV0.08%SMLV0.12%

Avg volume · 30D

QLV 2.5×the volume

QLV8.83KSMLV3.51K

5Y return · a year

QLV +1.5pt

QLV+10.3%SMLV+8.8%

QLV vs SMLV Performance

Oct 29, 2021 – Oct 30, 2026

+63.3%QLV+52.2%SMLV

Oct 29, 2021 to Oct 30, 2026. QLV +63.3%. SMLV +52.2%. Use the arrow keys to read each point.0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
QLV 0.08%, better
SMLV 0.12%
Fund size
QLV $189M
SMLV $260M
1Y total return
QLV +17.0%
SMLV +25.8%, better
Yield (12M)
QLV 1.43%
SMLV 2.34%, better
Holdings
QLV 122
SMLV 393
Avg volume (30D)
QLV 8.83K sh, better
SMLV 3.51K sh
NAV per share
QLV $82.16
SMLV $156.67
52W range

ETF.net Grade

QLV: Cost 100, Risk 86, Mission 76, Tradability 67, Holdings 34, Durability 31. SMLV: Cost 90, Risk 40, Mission 69, Tradability 49, Holdings 79, Durability 53.
Pillar letters and Scores for QLV, SMLV, with each pillar’s weight
PillarQLVSMLV
Cost30% weightA100HigherA90
Mission25% weightA76HigherB69
Risk15% weightA86HigherC40
Tradability15% weightB67HigherC49
Holdings10% weightD34A79Higher
Durability5% weightD31C53Higher

Rank among US Low Volatility Index funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QLV and SMLV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds
See all 16 ›

QLV ranks 2nd and SMLV 4th of 16 funds in the US Low Volatility Index Category.

  1. Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
  2. Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
  3. Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
  4. Rank 4BSMLVState Street SPDR US Small Cap Low Volatility Index ETFScore 68
  5. Rank 5BONEVState Street SPDR Russell 1000 Low Volatility Focus ETFScore 67

Our read on each fund

ETF.net Research

QLVANorthern Trust US Quality Low Volatility ETF

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

In short

QLV Low vol with a quality gate: the index cuts the weakest-scoring fifth of US large and mid caps, then optimizes what's left for calm. Fee is 0.08% net of a waiver through March 1, 2027.

SMLV Low volatility is usually a large-cap game. SMLV runs the same calm-stocks screen down where the swings actually live: US small caps, roughly 400 of them, for 0.12% a year.

Stated mandate

QLV The fund seeks to track the Northern Trust Quality Low Volatility Index and provide exposure to U.S. companies selected for lower overall volatility and quality characteristics.

SMLV The fund's advertised mandate is exposure to U.S. small-capitalization companies selected for low volatility.

Why people hold it

  • QLV The quality screen is the point: stocks are ranked on profitability, management efficiency and cash flow, and the bottom fifth is cut before the volatility work starts.sec.gov
  • 0.08% net of a waiver through March 1, 2027: below the category median, and under USMV at 0.15% and LGLV at 0.12%.
  • Sector, industry and single-stock limits inside the optimization push back on the utilities-and-staples pileup typical of low vol. Roughly 120 holdings.sec.gov
  • Sits in the top quartile of its US low volatility peer group, and pays quarterly.
  • SMLV Costs 0.12% a year, under the 0.20% median for its low-volatility peer group.
  • The low-vol shelf is stacked with large-cap mandates (USMV, LGLV, ONEV). This one applies the screen to US small caps instead.ssga.com
  • Roughly 400 holdings, so no single small cap steers the fund. It has tracked its index through live markets since 2013.
  • Sits in the upper half of its low-volatility cohort on our overall read.

Worth knowing

  • QLV One of the less-traded funds in the category, so the bid-ask spread can matter more at the point of trade than the expense ratio.
  • Assets stay modest next to the category's multi-billion-dollar incumbents.
  • Low volatility here is relative, not absolute: the aim is calmer than the Northern Trust 1250 parent index, not shelter from a broad selloff.sec.gov
  • SMLV Thinly traded next to the giants of the category, so the spread you pay at the point of trade matters more here.
  • Low volatility is relative, not absolute. This is still small-cap equity, and it rides rougher than the large-cap min-vol funds it shares a shelf with.
  • Distributions land quarterly, not monthly.

Full QLV profile⁠

Full SMLV profile⁠

QLV vs SMLV Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

QLV vs SMLV Cost

Overpaying SMLV vs QLV

$831

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • QLV 0.08%

    $1,689

  • SMLV 0.12%

    $2,520

$10,000
30 years

Cost over time

  • QLV 0.08%
  • SMLV 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530SMLV $2,520QLV $1,689

Year by year

YearQLVSMLVOverpaying
10$147$220$73
20$575$859$284
30$1,689$2,520$831

Expense ratio

  • 0.08%QLV, cheaper
  • 0.12%SMLV
  • Middle half of US Low Volatility Index funds
  • Median 0.20%

QLV cheapest of 16 funds

SMLV 2nd cheapest of 16 funds

QLV vs SMLV Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLV 1.43%
SMLV 2.34%, better
Payout (12M)
QLV $1.18
SMLV $3.63
Last payment
QLV $0.28
SMLV $0.97
Ex-dividend
QLV Sep 18, 2026
SMLV Sep 21, 2026
Paid on
QLV Sep 24, 2026
SMLV Sep 23, 2026
Frequency
QLV Quarterly
SMLV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLVQuarterly · 30 paymentsAll QLV payments⁠
One bar per payment. 30 payments from 2017 to 2026 YTD. Sep 20, 2019 $0.08; Dec 20, 2019 $0.16; Mar 20, 2020 $0.12; Jun 19, 2020 $0.12; Sep 18, 2020 $0.13; Dec 18, 2020 $0.20; Mar 19, 2021 $0.11; Jun 18, 2021 $0.14; Sep 17, 2021 $0.13; Dec 17, 2021 $0.16; Mar 18, 2022 $0.15; Jun 17, 2022 $0.18; Sep 16, 2022 $0.22; Dec 16, 2022 $0.33; Mar 17, 2023 $0.14; Jun 16, 2023 $0.24; Sep 15, 2023 $0.19; Dec 15, 2023 $0.30; Dec 22, 2023 $0.02; Mar 15, 2024 $0.17; Jun 21, 2024 $0.30; Sep 20, 2024 $0.25; Dec 20, 2024 $0.35; Mar 21, 2025 $0.23; Jun 20, 2025 $0.28; Sep 19, 2025 $0.29; Dec 19, 2025 $0.36; Mar 20, 2026 $0.23; Jun 18, 2026 $0.31; Sep 18, 2026 $0.28. Use the arrow keys to read each point.$0$52017202020232026YTD
SMLVQuarterly · 39 paymentsAll SMLV payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.36; Jun 16, 2017 $0.47; Sep 15, 2017 $0.56; Dec 15, 2017 $5.85; Mar 16, 2018 $0.42; Jun 15, 2018 $0.60; Sep 21, 2018 $0.70; Dec 21, 2018 $0.89; Mar 15, 2019 $0.43; Jun 21, 2019 $0.75; Sep 20, 2019 $0.63; Dec 20, 2019 $0.80; Mar 20, 2020 $0.45; Jun 19, 2020 $0.59; Sep 18, 2020 $0.24; Dec 18, 2020 $1.08; Mar 19, 2021 $0.45; Jun 18, 2021 $0.70; Sep 17, 2021 $0.59; Dec 17, 2021 $0.81; Mar 18, 2022 $0.47; Jun 17, 2022 $0.65; Sep 16, 2022 $0.59; Dec 16, 2022 $0.88; Mar 17, 2023 $0.84; Jun 16, 2023 $0.64; Sep 15, 2023 $0.66; Dec 15, 2023 $0.87; Mar 15, 2024 $0.56; Jun 21, 2024 $0.90; Sep 20, 2024 $0.89; Dec 20, 2024 $1.07; Mar 24, 2025 $0.85; Jun 23, 2025 $0.83; Sep 22, 2025 $0.87; Dec 22, 2025 $1.04; Mar 23, 2026 $0.71; Jun 22, 2026 $0.91; Sep 21, 2026 $0.97. Use the arrow keys to read each point.$0$52017202020232026YTD

QLV vs SMLV Risk

Fall from peak · 5 years

  • QLV
  • SMLV
Oct 29, 2021 to Oct 30, 2026. Worst fall: SMLV −20.4% · Apr 2025. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QLV 8.6%, betterSMLV 17.2%
Return per unit of riskSharpe ratio, 3 years
QLV 1.56, betterSMLV 0.94
Worst fallMax drawdown, 5 years
QLV −17.9%, betterSMLV −20.4%
Market sensitivityBeta, 5 years
QLV 0.58SMLV 0.80

Popular comparisons

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    Northern Trust US Quality Low Volatility ETF · State Street SPDR US Large Cap Low Volatility Index ETF

    Expense ratio
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    Category
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