Invesco S&P SmallCap Low Volatility ETF targets low-volatility small-cap stocks, focusing on financials, real estate, and industrials. XSLV has underperformed its parent index, S&P 600 since inception, despite outperforming it between 2013 and 2020. Lower volatility doesn't seem to translate into a lower risk in drawdown, and XSLV has lagged three of its competitors since April 2020.