SPLV Lost $107,460 on $300,000 in the 2020 Crash, More Than VOO’s $102,030

Résumé détaillé

Investors buy low-volatility funds to soften a market crash. In the 2020 selloff, one popular choice did the opposite, and a plain index fund quietly outperformed it. The reason sits in how the fund picks its stocks.

You buy a low-volatility fund so a crash hurts less. In early 2020, it hurt more. From the February 19, 2020 close to the March 23, 2020 close, a hypothetical $300,000 in the Invesco S&P 500 Low Volatility ETF (NYSEARCA:SPLV) lost $107,460. A matching investment in the Vanguard S&P 500 ETF (NYSEARCA:VOO) lost $102,030. The fund sold as the calmer choice cost its holder an extra $5,430.

Over that window, SPLV returned -35.82% with distributions included. VOO returned -34.01%. That leaves the low-volatility fund 1.81 percentage points worse during the exact kind of event its buyers fear most.

Fees add a second layer. VOO charges a net expense ratio of 0.03%, per its fact sheet dated March 25, 2026. That works out to $3 a year per $10,000 invested. SPLV lists its own fee in Invesco's prospectus (0.25%). Every dollar it charges above VOO's $3 comes out of your return each year and compounds against you for as long as you hold.

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SPLV holds the 100 stocks from the S&P 500 with the lowest realized volatility over the trailing 12 months, reweighted quarterly. Realized volatility measures how much a price actually moved. The method ranks stocks on how they behaved over the past year. A sudden shock can hit sectors that have been calm, and those stocks can fall as hard as the market or harder. Past calm offers no protection when conditions flip overnight.

The current portfolio shows where that method leads. As of August 31, 2026, the fund held about $7.09 billion in net assets, with most positions between 0.8% and 1.4%. Utilities, real estate investment trusts, and insurers dominate the list.

Every stock SPLV owns comes from the S&P 500, so every one also is inside VOO.

Taxes add drag…

Début de l'article, extrait de Yahoo Finance. Pour lire la suite, ouvrez l'article chez le média.