At a glance
XSLV charges 0.25% a year, below the 0.27% average of the 6 funds most like it (the 4th cheapest of 7). It has $250.6M in assets, the 3rd largest of that group; it paid 2.41% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +13.0% a year. At its worst it fell 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low. Its ten largest positions make up 11.0% of the fund, out of 120 in all.
The short version
Invesco S&P SmallCap Low Volatility ETF (XSLV) tracks the S&P SmallCap 600 Low Volatility Index. That index holds about 120 of the least volatile stocks in the S&P SmallCap 600 and gives the steadiest ones the biggest weights. The approach pulls the fund toward real estate and financial stocks, with utilities among its largest holdings. It charges 0.25% a year, slightly below the 0.27% average of similar small-cap funds.
Price history
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XSLV +13.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XSLV official prospectus, to Dec 31, 2024 | — | +9.91% | — | +0.97% | +5.96% | — |
| XSLV price data to Oct 27, 2026 | +11.3% | +13.0% | +13.0% | +3.3% | — | +9.0% |
- Over the year to Oct 27, 2026, XSLV returned +13.0%, 6th of 7 among similar funds.
- Its 5-year annualized return was +3.3%.
- Its worst full calendar year was 2022 (-11.9%); its best was 2021 (+29.4%).
- The deepest fall in its price history was 24.7% (Jan 4, 2022 to Oct 27, 2023), recovered by Nov 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +0.3% | — |
| 2024 | +9.8% | +9.91% |
| 2023 | +1.3% | +1.17% |
| 2022 | -11.9% | -11.79% |
| 2021 | +29.4% | +29.47% |
| 2020 | — | -17.35% |
| 2019 | — | +22.39% |
| 2018 | — | -5.33% |
| 2017 | — | +8.68% |
| 2016 | — | +31.34% |
| 2015 | — | +2.78% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19% over that stretch · deepest drop along the way 20.9%, back to its old high 25.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9100 | |
| 2025 | $0.9900 | -18.2% |
| 2024 | $1.2100 | +16.3% |
| 2023 | $1.0400 | -16.1% |
| 2022 | $1.2400 | +121.4% |
| 2021 | $0.5600 |
What's inside
As of Aug 31, 2026, the fund held 120 securities; the ten largest made up 10.98% of assets. It also reported 11.95% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Phillips Edison & Co., Inc. | 1.26% | |
| InvenTrust Properties Corp. | 1.18% | |
| Ellington Financial Inc. | 1.12% | |
| LTC Properties, Inc. | 1.11% | |
| Four Corners Property Trust, Inc. | 1.11% | |
| Broadstone Net Lease, Inc. | 1.06% | |
| Essential Properties Realty Trust, Inc. | 1.06% | |
| City Holding Co. | 1.03% | |
| Avista Corp. | 1.03% | |
| American States Water Co. | 1.02% | |
| Chesapeake Utilities Corp. | 1.02% | |
| Netstreit Corp. | 1.00% | |
| Getty Realty Corp. | 1.00% | |
| Horace Mann Educators Corp. | 0.99% | |
| Urban Edge Properties | 0.98% |
By country
United States 97.2%Puerto Rico 1.57%Bermuda 0.92%By asset type
Stocks 99.69%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.48%, +2.50%, -2.54%.
How it works
XSLV starts with the S&P SmallCap 600, an index of about 600 small US companies. S&P Dow Jones Indices measures how much each stock's price has swung up and down over the past year. This measure is called volatility. The roughly 120 stocks with the smallest swings make up the S&P SmallCap 600 Low Volatility Index. As of October 31, 2025, those companies were worth between $524.2 million and $8.2 billion in the stock market.
The index weights stocks by the inverse of their volatility, so the calmest stocks get the largest shares. The fund doesn't weight by company size. This produces a fairly even spread: as of August 31, 2026, the 10 largest positions made up just 10.98% of assets. The largest were Phillips Edison & Co. at 1.26%, InvenTrust Properties at 1.18% and Ellington Financial at 1.12%.
The fund uses "full replication," which means it generally owns every stock in the index in the same proportions. It invests at least 90% of its assets in index stocks. The selection looks back over the past year, so the list changes as market conditions shift. Portfolio turnover was 73%. The fund concentrates in an industry only when the index does. As of August 31, 2025, it had significant exposure to the financials and real estate sectors.
What it really costs
- XSLV charges 0.25% a year, versus an average of 0.27% for the similar funds below (4th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XSLV | $26 | $80 | $141 | $318 |
In a retirement portfolio
It adds small-company stocks tilted toward steadier names, but its 2020 and 2022 losses show it is not a true defensive holding.
XSLV could add small-company exposure with milder swings than its category might suggest. Its beta, a measure of how closely it moves with the market, was 0.28 over the year to October 27, 2026. Low volatility did not mean small losses, though. The fund launched in 2013, so it missed 2008. It lost 33.54% in the first quarter of 2020, and 2020 was its worst calendar year at -17.35%. It fell 20.9% in the 2022 bear market. Its deepest drop in price data since June 2020 was 24.7%, bottoming in October 2023 and not recovering until November 6, 2024. Anyone who needed to sell during those stretches would have locked in losses. The yield was 2.41% as of October 27, 2026, paid quarterly, and the fund costs 0.25% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US small-cap stocks but prefer a basket tilted toward steadier names, with a one-year beta of 0.28 as of October 27, 2026.
- People comfortable with heavy exposure to real estate trusts, financials and utilities, such as Phillips Edison, Ellington Financial and Avista.
- Those who want modest quarterly income, with a 2.41% yield as of October 27, 2026, at a 0.25% annual cost.
Look elsewhere if
- Investors seeking the lowest cost: SPDR S&P 600 Small Cap Value ETF charges 0.15% and iShares S&P Small-Cap 600 Value ETF charges 0.18%.
- Anyone expecting low volatility to mean shallow losses: the fund fell 33.54% in early 2020 and 20.9% in 2022.
- Those wanting stronger recent growth: XSLV ranked 6th of 7 similar funds on one- and three-year returns as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XSLV this fund | — | 0.25% | $250.6M | +13.0% | +13.0% |
| PSCF Invesco S&P SmallCap Financials ETF | 51% | 0.29% | $30.3M | +13.5% | +20.6% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 24% | 0.52% | $143.7M | +17.1% | +13.6% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 23% | 0.15% | $4.83B | +18.9% | +19.2% |
| IJS iShares S&P Small-Cap 600 Value ETF | 22% | 0.18% | $8.02B | +18.8% | +19.1% |
| XSHD Invesco S&P SmallCap High Dividend Low Vola… | 21% | 0.3% | $70.8M | +3.1% | +4.6% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 21% | 0.15% | $248.2M | +17.1% | +18.9% |
Questions investors ask
Is XSLV good for retirement income?
XSLV pays some income, but income is not its main goal. Its trailing 12-month yield was 2.41% as of October 27, 2026, or about $1.22 per share, paid quarterly. The fund picks stocks for steady prices, not for high dividends. Many of its holdings are real estate investment trusts and utilities, which tend to pay dividends. Its sibling, Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD), adds a dividend screen and may be worth comparing for income.
What's the difference between XSLV and XSHD?
Both are Invesco small-cap funds that favor low-volatility stocks. XSHD also screens for high dividends. Their holdings overlap by only about 21%. XSLV charges 0.25% a year and XSHD charges 0.30%. As of October 27, 2026, XSLV returned 13% over one year and 13% a year over three years. XSHD returned 3.1% and 4.6% over the same periods. XSLV is also larger, with about $250.6 million in net assets as of August 31, 2026, against about $70.8 million for XSHD.
Does XSLV pay monthly dividends?
No. XSLV pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $1.22 per share, a trailing yield of 2.41%. The payments come from the dividends of its roughly 120 small-company holdings, so they can vary from quarter to quarter. Many of those holdings are real estate investment trusts (REITs). REITs are companies that own property and must pay out most of their taxable income as dividends.
Why does XSLV own so many REITs and utilities?
XSLV holds the 120 S&P SmallCap 600 stocks with the smallest price swings over the past year. Real estate, financial and utility stocks often have steadier prices, so they tend to make the cut. As of August 31, 2026, its largest holdings included Phillips Edison & Co., InvenTrust Properties, LTC Properties and Four Corners Property Trust, alongside utilities Avista and American States Water. This concentration means changes in interest rates or property markets can hit the fund harder than a broad small-cap fund.
Is XSLV less risky than other small-cap ETFs?
XSLV has had milder day-to-day swings, but it has still had deep losses. Its one-year volatility was 13.3% and its beta was 0.28 as of October 27, 2026. However, it lost 33.54% in the first quarter of 2020 and 20.9% during the 2022 bear market. Calmer swings have also meant lagging returns: over three years it returned 13% a year. SPDR S&P 600 Small Cap Value ETF returned 19.2% a year over the same period, though that fund follows a value approach rather than a low-volatility one.