SMLV vs XMLV: Grades, Fees and Holdings Compared

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

Invesco S&P MidCap Low Volatility ETF

XMLVCNYSE Arca

Overlap

6.0%by weight

Expense ratio

SMLV −0.13pt a year

SMLV0.12%XMLV0.25%

Avg volume · 30D

XMLV 5.9×the volume

SMLV3.51KXMLV20.6K

10Y return · a year

SMLV +2.3pt

SMLV+10.3%XMLV+8.0%

SMLV vs XMLV Performance

Oct 29, 2021 – Oct 30, 2026

+52.2%SMLV+35.7%XMLV

Expense ratio: SMLV 0.12%, better; XMLV 0.25%
Fund size: SMLV $260M; XMLV $725M
1Y total return: SMLV +25.8%, better; XMLV +10.2%
Yield (12M): SMLV 2.34%; XMLV 3.02%, better
Holdings: SMLV 393; XMLV 82
Avg volume (30D): SMLV 3.51K sh; XMLV 20.6K sh, better
NAV per share: SMLV $156.67; XMLV $66.01
52W range

ETF.net Grade

Pillar letters and Scores for SMLV, XMLV, with each pillar’s weight
Pillar	SMLV	XMLV
Cost30% weight	A90Higher	D30
Mission25% weight	B69	A78Higher
Risk15% weight	C40Higher	D31
Tradability15% weight	C49Higher	C47
Holdings10% weight	A79Higher	D35
Durability5% weight	C53	B64Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. SMLV and XMLV 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 ›

SMLV ranks 4th and XMLV 13th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 3AUSMViShares MSCI USA Min Vol Factor ETFScore 75
Rank 4BSMLVState Street SPDR US Small Cap Low Volatility Index ETFScore 68
Rank 5BONEVState Street SPDR Russell 1000 Low Volatility Focus ETFScore 67
Rank 12CCFOVictoryShares US 500 Enhanced Volatility Wtd ETFScore 47
Rank 13CXMLVInvesco S&P MidCap Low Volatility ETFScore 46
Rank 14CXSLVInvesco S&P SmallCap Low Volatility ETFScore 42

Our read on each fund

ETF.net Research

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

XMLVCInvesco S&P MidCap Low Volatility ETF

In short

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.

XMLV No data

Stated mandate

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

XMLV No data

Why people hold it

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.

XMLV No data

Worth knowing

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.

XMLV No data

Full SMLV profile⁠

Full XMLV profile⁠

SMLV vs XMLV Holdings

How SMLV and XMLV differ

Overlap by weight

6.0%

Shared holdings make up 17.7% of XMLV and 6.0% of SMLV.

Level by level

Holdings15 in both6.0%
Sector11 Sectors59.9%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in SMLV and XMLV, widest gap first
Sector	More in SMLVMore in XMLV	SMLV	XMLV
Real Estate	XMLV +20.5 points	9.3%	29.8%
Utilities	XMLV +17.8 points	2.8%	20.6%
Technology	SMLV +10.2 points	10.2%	0.0%
Industrials	SMLV +8.6 points	14.1%	5.5%
Health Care	SMLV +8.4 points	9.5%	1.1%
Financials	SMLV +3.6 points	35.5%	31.9%
Materials	SMLV +2.9 points	4.0%	1.1%
Communication	SMLV +2.4 points	2.4%	0.0%
Consumer Discretionary	SMLV +2.2 points	7.1%	4.9%
Energy	XMLV +1.9 points	1.9%	3.8%
Consumer Staples	SMLV +1.6 points	3.1%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in SMLV and XMLV, widest gap first
Country	More in SMLVMore in XMLV	SMLV	XMLV
United States	XMLV +1.4 points	98.6%	100.0%
Other countries (7)	SMLV +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

SMLV6.0%
XMLV18.9%

Securities held

SMLV391
XMLV81

Asset class

SMLV: Equity
XMLV: Equity

Holdings

Only in SMLV376
In both15
Only in XMLV66

Only in SMLV

376 securities, 93.4% of SMLV by weight

Safety Insurance Group Inc0.67%
City Holding Co0.64%
Phillips Edison & Company In0.60%
American States Water Co0.60%
Horace Mann Educators0.59%
Apple Hospitality Reit Inc0.58%
Chemed Corp0.57%
Atlanta Braves Holdings In C0.55%
Mcgrath Rentcorp0.53%
Msc Industrial Direct Co A0.51%
Tenable Holdings Inc0.50%
Ltc Properties Inc0.49%
Community Trust Bancorp Inc0.48%
Tfs Financial Corp0.47%
Ashland Inc0.47%
White Mountains Insurance Gp0.45%
Northwest Bancshares Inc0.45%
Bank First Corp0.45%
Nelnet Inc Class A0.44%
Brady Corporation Class A0.44%
First Financial Corp0.44%
Peoples Bancorp Inc0.44%
Four Corners Property Trust0.44%
Capital City Bank Group Inc0.43%
Sensient Technologies Corp0.43%
1ST Source Corp0.43%
Rlj Lodging Trust0.42%
Bar Harbor Bankshares0.42%
German American Bancorp0.42%
Sunstone Hotel Investors Inc0.42%
Kforce Inc0.41%
Science Applications Inte0.41%
Postal Realty Trust Inc A0.41%
Cnb Financial Corp/Pa0.41%
Healthstream Inc0.41%
Avista Corp0.40%
Great Southern Bancorp Inc0.40%
Cbiz Inc0.40%
Cto Realty Growth Inc0.39%
Cass Information Systems Inc0.39%
Landstar System Inc0.39%
Merit Medical Systems Inc0.39%
Peoples Financial Services0.38%
Huron Consulting Group Inc0.38%
Trustco Bank Corp Ny0.38%
Insight Enterprises Inc0.38%
Bladex Inc0.38%
Towne Bank0.38%
Smartfinancial Inc0.37%
First Busey Corp0.37%

Only in XMLV

66 securities, 82.2% of XMLV by weight

TXNM Energy Inc5.39%
OGE Energy Corp1.69%
IDACORP Inc1.56%
Southwest Gas Holdings Inc1.50%
Agree Realty Corp1.49%
American Financial Group Inc/OH1.48%
ONE Gas Inc1.46%
Brixmor Property Group Inc1.44%
WP Carey Inc1.43%
Ingredion Inc1.43%
NNN REIT Inc1.42%
EastGroup Properties Inc1.41%
Equity LifeStyle Properties Inc1.36%
Hanover Insurance Group Inc/The1.36%
Omega Healthcare Investors Inc1.35%
COPT Defense Properties1.35%
National Fuel Gas Co1.33%
STAG Industrial Inc1.32%
Essential Utilities Inc1.32%
Black Hills Corp1.32%
Portland General Electric Co1.32%
UGI Corp1.31%
Gaming and Leisure Properties Inc1.31%
Antero Midstream Corp1.26%
American Homes 4 Rent1.25%
Lamar Advertising Co1.22%
Commerce Bancshares Inc/MO1.21%
Reinsurance Group of America Inc1.21%
Unum Group1.20%
Healthcare Realty Trust Inc1.20%
DT Midstream Inc1.20%
Starwood Property Trust Inc1.19%
RenaissanceRe Holdings Ltd1.18%
Reliance Inc1.17%
Prosperity Bancshares Inc1.17%
CubeSmart1.17%
Toro Co/The1.15%
First Industrial Realty Trust Inc1.15%
SEI Investments Co1.15%
Cullen/Frost Bankers Inc1.14%
Primerica Inc1.13%
GATX Corp1.13%
EPR Properties1.11%
American Healthcare REIT Inc1.10%
Independence Realty Trust Inc1.10%
Graco Inc1.09%
Encompass Health Corp1.08%
Bank OZK1.07%
Annaly Capital Management Inc1.06%
Southstate Bank Corp1.06%

Weight gaps

All 15 Holdings in both funds, largest gap first.

Holding weights in SMLV and XMLV, widest gap first
Holding	More in SMLVMore in XMLV	SMLV	XMLV
Spire IncSR	XMLV +1.01 points	0.46%	1.47%
New Jersey Resources CorpNJR	XMLV +1.00 points	0.45%	1.45%
Kite Realty Group TrustKRG	XMLV +0.95 points	0.36%	1.31%
Cno Financial Group IncCNO	XMLV +0.88 points	0.39%	1.27%
Sabra Health Care Reit IncSBRA	XMLV +0.81 points	0.28%	1.09%
United Bankshares IncUBSI	XMLV +0.81 points	0.36%	1.17%
Home Bancshares IncHOMB	XMLV +0.80 points	0.38%	1.18%
Essent Group LtdESNT	XMLV +0.77 points	0.39%	1.16%
International Bancshares CrpIBOC	XMLV +0.76 points	0.32%	1.08%
Federated Hermes IncFHI	XMLV +0.70 points	0.35%	1.05%
Rli CorpRLI	XMLV +0.69 points	0.37%	1.06%
Mgic Investment CorpMTG	XMLV +0.69 points	0.40%	1.09%
Northwestern Energy Group InNWE	XMLV +0.62 points	0.66%	1.28%
Gentex CorpGNTX	XMLV +0.61 points	0.28%	0.89%
Selective Insurance GroupSIGI	XMLV +0.58 points	0.56%	1.14%

All 391 SMLV holdings⁠All 81 XMLV 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.

SMLV vs XMLV Cost

Overpaying XMLV vs SMLV

$2,639

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

SMLV 0.12%
$2,520
XMLV 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

SMLV 0.12%
XMLV 0.25%
Overpaying

Year by year

Year	SMLV	XMLV	Overpaying
10	$220	$455	$235
20	$859	$1,769	$910
30	$2,520	$5,159	$2,639

Expense ratio

0.12%SMLV, cheaper
0.25%XMLV

SMLV0.12%XMLV0.25%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

SMLV 2nd cheapest of 16 funds

XMLV 10th cheapest of 16 funds

SMLV vs XMLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMLV 2.34%; XMLV 3.02%, better
Payout (12M): SMLV $3.63; XMLV $2.00
Last payment: SMLV $0.97; XMLV $0.50
Ex-dividend: SMLV Sep 21, 2026; XMLV Sep 21, 2026
Paid on: SMLV Sep 23, 2026; XMLV Sep 25, 2026
Frequency: SMLV Quarterly; XMLV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLVQuarterly · 39 paymentsAll SMLV payments⁠

XMLVQuarterly · 38 paymentsAll XMLV payments⁠

SMLV vs XMLV Risk

Fall from peak · 5 years

SMLV
XMLV

Risk facts

VolatilityStd dev, 3 years: SMLV 17.2%XMLV 12.2%, better
Return per unit of riskSharpe ratio, 3 years: SMLV 0.94, betterXMLV 0.78
Worst fallMax drawdown, 5 years: SMLV −20.4%XMLV −16.5%, better
Market sensitivityBeta, 5 years: SMLV 0.80XMLV 0.55; Market = 1

SMLV and XMLV in the news

All news⁠

ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026XMLV

Popular comparisons

SMLVBvsLGLVA
State Street SPDR US Small Cap Low Volatility Index ETF · State Street SPDR US Large Cap Low Volatility Index ETF
Expense ratio
0.12% · 0.12%
Category
XMLVCvsLGLVA
Invesco S&P MidCap Low Volatility ETF · State Street SPDR US Large Cap Low Volatility Index ETF
Expense ratio
0.25% · 0.12%
Category
SMLVBvsQLVA
State Street SPDR US Small Cap Low Volatility Index ETF · Northern Trust US Quality Low Volatility ETF
Expense ratio
0.12% · 0.08%
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XMLVCvsQLVA
Invesco S&P MidCap Low Volatility ETF · Northern Trust US Quality Low Volatility ETF
Expense ratio
0.25% · 0.08%
Category
SMLVBvsUSMVA
State Street SPDR US Small Cap Low Volatility Index ETF · iShares MSCI USA Min Vol Factor ETF
Expense ratio
0.12% · 0.15%
Category
XMLVCvsUSMVA
Invesco S&P MidCap Low Volatility ETF · iShares MSCI USA Min Vol Factor ETF
Expense ratio
0.25% · 0.15%
Category

SMLV vs XMLV

In short

Stated mandate

Why people hold it

Worth knowing

How SMLV and XMLV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SMLV

Only in XMLV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January