With the S&P 500 and the Nasdaq Composite each down nearly 2.3 percent at time of writing, some investors may be wondering it low volatility exchange traded funds are worth turning amid the recent bout of equity market calamity.

Superlatives aside, what investors need to know is whether or not these ETFs are making good on the low volatility promise. These days, that means performing less badly than standard broad market equity funds.

The answer is yes.

30 Days

Over the past month, SPLV and USMV are off an average of 3.2 percent, but the S&P 500 is down nearly 7 percent in that span.

“While the S&P 500 Index is down 4.3% this year through August 21, August has been much worse with a 6.3% decline. However, pain has been even greater in the S&P 500 High Beta Index, which has fallen 8.3% in August and 13% year to date. In contrast, the S&P 500 Low Volatility index is down only 3.1% in August and is down only 2.5 for the year,” said S&P Capital IQ in a note out Monday.

The S&P 500 Low Volatility Index serves as the underlying benchmark for SPLV. The rival USMV tracks the MSCI USA Minimum Volatility (USD) Index. Focusing on USMV for a moment, the fund deserves some credit. Until recently, the ETF had managed to notch new highs even on days when broader U.S. equity indexes endured significant punishment. USMV is just days removed from its most recent high and trades 7.2 percent below that level, which is around $42.70.

SPLV's combined healthcare and tech exposure is just 14.9 percent. Interestingly, the ETF has also shed the perception that is a utilities fund in disguise as that sector is less than 4.8 percent of the fund's weight, making utilities SPLV fourth-smallest sector allocation.

Financial services and consumer staples combine for over 56 percent of SPLV's weight, but the fund's advantage as it pertains to the current state of affairs in the U.S. equity markets is what it lacks. That meaning SPLV does not hold any energy stocks and that is the worst-performing sector in the S&P 500 this year.