SMLV vs XSLV: Grades, Fees and Holdings Compared

State Street SPDR US Small Cap Low Volatility Index ETF

SMLVBNYSE Arca

Invesco S&P SmallCap Low Volatility ETF

XSLVCNYSE Arca

Overlap

16.6%by weight

Expense ratio

SMLV −0.13pt a year

SMLV0.12%XSLV0.25%

Avg volume · 30D

XSLV 2.9×the volume

SMLV3.51KXSLV10.1K

10Y return · a year

SMLV +4.8pt

SMLV+10.3%XSLV+5.5%

SMLV vs XSLV Performance

Oct 29, 2021 – Oct 30, 2026

+52.2%SMLV+16.6%XSLV

Expense ratio: SMLV 0.12%, better; XSLV 0.25%
Fund size: SMLV $260M; XSLV $236M
1Y total return: SMLV +25.8%, better; XSLV +16.0%
Yield (12M): SMLV 2.34%; XSLV 2.41%, better
Holdings: SMLV 393; XSLV 119
Avg volume (30D): SMLV 3.51K sh; XSLV 10.1K sh, better
NAV per share: SMLV $156.67; XSLV $50.85
52W range

ETF.net Grade

Pillar letters and Scores for SMLV, XSLV, with each pillar’s weight
Pillar	SMLV	XSLV
Cost30% weight	A90Higher	D30
Mission25% weight	B69	A73Higher
Risk15% weight	C40Higher	F21
Tradability15% weight	C49Higher	D27
Holdings10% weight	A79Higher	B61
Durability5% weight	C53Higher	C47

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. SMLV and XSLV 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 XSLV 14th 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 13CXMLVInvesco S&P MidCap Low Volatility ETFScore 46
Rank 14CXSLVInvesco S&P SmallCap Low Volatility ETFScore 42
Rank 15CQQLVInvesco QQQ Low Volatility ETFScore 40

Our read on each fund

ETF.net Research

SMLVBState Street SPDR US Small Cap Low Volatility Index ETF

XSLVCInvesco S&P SmallCap 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.

XSLV Low volatility is mostly a large-cap trade. XSLV runs the same screen down in the small-cap weeds, holding about 120 of the calmest names in the S&P SmallCap 600 and giving the steadiest ones the biggest slots.

Stated mandate

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

XSLV The fund seeks to provide US small-cap equity exposure while emphasizing stocks with comparatively low realized volatility. It tracks the S&P SmallCap 600 Low Volatility Index and is intended to offer potential upside participation with risk mitigation.

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.

XSLV A rare small-cap version of a large-cap idea: the rest of the low-vol shelf (USMV, LGLV, QLV, FDLO) screens big companies. This one works the S&P SmallCap 600.
The rulebook is simple and public: rank the 600 on the past year's price swings, keep the roughly 120 calmest, weight by the inverse of that volatility, re-sort quarterly.invesco.com spglobal.com
Live since 2013, so the strategy carries a real record through multiple small-cap drawdowns rather than a backtest. Pays quarterly.

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.

XSLV 0.25% a year sits above the typical low-vol ETF, and large-cap rivals undercut it (QLV 0.09%, LGLV 0.12%). You pay up for the small-cap slice.
A smaller, lightly traded fund next to the household-name low-vol ETFs, so spreads can be wider. Limit orders earn their keep here.
The screen looks only at past price swings, not business quality or sector balance, so the sector mix can sit a long way from a plain small-cap index. Calmer small caps are still small caps.invesco.com

Full SMLV profile⁠

Full XSLV profile⁠

SMLV vs XSLV Holdings

How SMLV and XSLV differ

Overlap by weight

16.6%

Shared holdings make up 42.8% of XSLV and 16.6% of SMLV.

Level by level

Holdings48 in both16.6%
Sector11 Sectors62.7%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in SMLV and XSLV, widest gap first
Sector	More in SMLVMore in XSLV	SMLV	XSLV
Real Estate	XSLV +20.6 points	9.3%	29.9%
Financials	XSLV +10.7 points	35.5%	46.2%
Technology	SMLV +9.2 points	10.2%	1.0%
Industrials	SMLV +8.8 points	14.1%	5.3%
Health Care	SMLV +8.7 points	9.5%	0.8%
Utilities	XSLV +5.9 points	2.8%	8.7%
Consumer Discretionary	SMLV +5.6 points	7.1%	1.5%
Energy	SMLV +1.9 points	1.9%	0.0%
Communication	SMLV +1.5 points	2.4%	0.9%
Materials	SMLV +1.3 points	4.0%	2.6%
Consumer Staples	Same weight	3.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in SMLV and XSLV, widest gap first
Country	More in SMLVMore in XSLV	SMLV	XSLV
United States	XSLV +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%
XSLV11.3%

Securities held

SMLV391
XSLV118

Asset class

SMLV: Equity
XSLV: Equity

Holdings

Only in SMLV343
In both48
Only in XSLV70

Only in SMLV

343 securities, 82.8% of SMLV by weight

Safety Insurance Group Inc0.67%
Northwestern Energy Group In0.66%
Chemed Corp0.57%
Selective Insurance Group0.56%
Atlanta Braves Holdings In C0.55%
Mcgrath Rentcorp0.53%
Msc Industrial Direct Co A0.51%
Tenable Holdings Inc0.50%
Community Trust Bancorp Inc0.48%
Tfs Financial Corp0.47%
Ashland Inc0.47%
Spire Inc0.46%
White Mountains Insurance Gp0.45%
New Jersey Resources Corp0.45%
Bank First Corp0.45%
Nelnet Inc Class A0.44%
Brady Corporation Class A0.44%
First Financial Corp0.44%
Peoples Bancorp Inc0.44%
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%
Kforce Inc0.41%
Science Applications Inte0.41%
Postal Realty Trust Inc A0.41%
Cnb Financial Corp/Pa0.41%
Healthstream Inc0.41%
Mgic Investment Corp0.40%
Great Southern Bancorp Inc0.40%
Cbiz Inc0.40%
Cto Realty Growth Inc0.39%
Essent Group Ltd0.39%
Cass Information Systems Inc0.39%
Landstar System Inc0.39%
Merit Medical Systems Inc0.39%
Cno Financial Group Inc0.39%
Home Bancshares Inc0.38%
Peoples Financial Services0.38%
Huron Consulting Group Inc0.38%
Insight Enterprises Inc0.38%
Bladex Inc0.38%
Towne Bank0.38%
Smartfinancial Inc0.37%
Rli Corp0.37%
First Busey Corp0.37%
Vail Resorts Inc0.37%
Graham Holdings Co Class B0.37%

Only in XSLV

70 securities, 57.1% of XSLV by weight

InvenTrust Properties Corp1.18%
Chesapeake Utilities Corp1.07%
Northwest Natural Holding Co1.03%
Unitil Corp0.99%
Essential Properties Realty Trust Inc0.98%
Curbline Properties Corp0.98%
DiamondRock Hospitality Co0.97%
Ryman Hospitality Properties Inc0.95%
Concentra Group Holdings Parent Inc0.94%
Terreno Realty Corp0.94%
MDU Resources Group Inc0.94%
Enact Holdings Inc0.94%
Otter Tail Corp0.94%
First Commonwealth Financial Corp0.93%
Tanger Inc0.91%
LXP Industrial Trust0.91%
Assured Guaranty Ltd0.91%
MGE Energy Inc0.91%
American Assets Trust Inc0.91%
S&T Bancorp Inc0.89%
WSFS Financial Corp0.87%
PC Connection Inc0.87%
H2O America0.87%
Genworth Financial Inc0.86%
Trustmark Corp0.86%
United Community Banks Inc/GA0.86%
Central Pacific Financial Corp0.85%
Telephone and Data Systems Inc0.85%
Centerspace0.85%
NBT Bancorp Inc0.84%
CVB Financial Corp0.84%
Community Financial System Inc0.84%
Ameris Bancorp0.83%
Independent Bank Corp0.83%
Xenia Hotels & Resorts Inc0.82%
California Water Service Group0.82%
First Financial Bancorp0.80%
Simmons First National Corp0.79%
Mercury General Corp0.79%
Banner Corp0.79%
Fulton Financial Corp0.79%
First BanCorp/Puerto Rico0.78%
JBG SMITH Properties0.77%
Bank of Hawaii Corp0.77%
Provident Financial Services Inc0.76%
Renasant Corp0.76%
First Bancorp/Southern Pines NC0.76%
Tompkins Financial Corp0.75%
Reynolds Consumer Products Inc0.75%
Highwoods Properties Inc0.75%

Weight gaps

All 48 Holdings in both funds, largest gap first.

Holding weights in SMLV and XSLV, widest gap first
Holding	More in SMLVMore in XSLV	SMLV	XSLV
Ltc Properties IncLTC	XSLV +0.78 points	0.49%	1.27%
Westamerica BancorporationWABC	XSLV +0.72 points	0.35%	1.07%
Phillips Edison & Company InPECO	XSLV +0.71 points	0.60%	1.31%
Adt IncADT	XSLV +0.69 points	0.35%	1.04%
Ellington Financial IncEFC	XSLV +0.69 points	0.34%	1.03%
Avista CorpAVA	XSLV +0.68 points	0.40%	1.08%
Balchem CorpBCPC	XSLV +0.66 points	0.29%	0.95%
Easterly Government PropertiDEA	XSLV +0.64 points	0.29%	0.93%
Acadia Realty TrustAKR	XSLV +0.64 points	0.26%	0.90%
Saul Centers IncBFS	XSLV +0.63 points	0.28%	0.91%
Sunstone Hotel Investors IncSHO	XSLV +0.63 points	0.42%	1.05%
Universal Corp/VaUVV	XSLV +0.63 points	0.17%	0.80%
Broadstone Net Lease IncBNL	XSLV +0.62 points	0.30%	0.92%
Natl Health Investors IncNHI	XSLV +0.62 points	0.26%	0.88%
Urban Edge PropertiesUE	XSLV +0.61 points	0.34%	0.95%
Innospec IncIOSP	XSLV +0.60 points	0.37%	0.97%
Four Corners Property TrustFCPT	XSLV +0.60 points	0.44%	1.04%
Netstreit CorpNTST	XSLV +0.59 points	0.31%	0.90%
Southside Bancshares IncSBSI	XSLV +0.59 points	0.29%	0.88%
Rithm Capital CorpRITM	XSLV +0.57 points	0.25%	0.82%
Preferred Bank/Los AngelesPFBC	XSLV +0.56 points	0.31%	0.87%
Hilltop Holdings IncHTH	XSLV +0.55 points	0.30%	0.85%
Apple Hospitality Reit IncAPLE	XSLV +0.54 points	0.58%	1.12%
Getty Realty CorpGTY	XSLV +0.54 points	0.36%	0.90%
Radian Group IncRDN	XSLV +0.54 points	0.33%	0.87%
First Hawaiian IncFHB	XSLV +0.53 points	0.28%	0.81%
Lakeland Financial CorpLKFN	XSLV +0.53 points	0.29%	0.82%
Cathay General BancorpCATY	XSLV +0.52 points	0.35%	0.87%
Mueller Water Products Inc AMWA	XSLV +0.52 points	0.17%	0.69%
Nmi Holdings IncNMIH	XSLV +0.51 points	0.35%	0.86%
Abm Industries IncABM	XSLV +0.50 points	0.35%	0.85%
Blackstone Mortgage Tru Class ABXMT	XSLV +0.49 points	0.18%	0.67%
Bancfirst CorpBANF	XSLV +0.49 points	0.29%	0.78%
Trustco Bank Corp NyTRST	XSLV +0.48 points	0.38%	0.86%
Minerals Technologies IncMTX	XSLV +0.48 points	0.18%	0.66%
Capitol Federal Financial InCFFN	XSLV +0.47 points	0.33%	0.80%
Ofg BancorpOFG	XSLV +0.47 points	0.34%	0.81%
Beacon Financial CorpBBT	XSLV +0.47 points	0.26%	0.73%
Employers Holdings IncEIG	XSLV +0.46 points	0.36%	0.82%
National Bank Hold Class ANBHC	XSLV +0.44 points	0.28%	0.72%
City Holding CoCHCO	XSLV +0.44 points	0.64%	1.08%
Pricesmart IncPSMT	XSLV +0.43 points	0.27%	0.70%
Northwest Bancshares IncNWBI	XSLV +0.43 points	0.45%	0.88%
American States Water CoAWR	XSLV +0.41 points	0.60%	1.01%
Wesbanco IncWSBC	XSLV +0.40 points	0.32%	0.72%
Franklin Electric Co IncFELE	XSLV +0.36 points	0.32%	0.68%
Horace Mann EducatorsHMN	XSLV +0.35 points	0.59%	0.94%
Park National CorpPRK	XSLV +0.35 points	0.35%	0.70%

All 391 SMLV holdings⁠All 118 XSLV 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 XSLV Cost

Overpaying XSLV vs SMLV

$2,639

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

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

Amount$10,000

Years30 years

Cost over time

SMLV 0.12%
XSLV 0.25%
Overpaying

Year by year

Year	SMLV	XSLV	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%XSLV

SMLV0.12%XSLV0.25%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

SMLV 2nd cheapest of 16 funds

XSLV 10th cheapest of 16 funds

SMLV vs XSLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMLV 2.34%; XSLV 2.41%, better
Payout (12M): SMLV $3.63; XSLV $1.22
Last payment: SMLV $0.97; XSLV $0.47
Ex-dividend: SMLV Sep 21, 2026; XSLV Sep 21, 2026
Paid on: SMLV Sep 23, 2026; XSLV Sep 25, 2026
Frequency: SMLV Quarterly; XSLV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMLVQuarterly · 39 paymentsAll SMLV payments⁠

XSLVQuarterly · 39 paymentsAll XSLV payments⁠

SMLV vs XSLV Risk

Fall from peak · 5 years

SMLV
XSLV

Risk facts

VolatilityStd dev, 3 years: SMLV 17.2%XSLV 14.3%, better
Return per unit of riskSharpe ratio, 3 years: SMLV 0.94, betterXSLV 0.59
Worst fallMax drawdown, 5 years: SMLV −20.4%, betterXSLV −24.7%
Market sensitivityBeta, 5 years: SMLV 0.80XSLV 0.59; Market = 1

SMLV and XSLV in the news

All news⁠

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

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