DES vs. QVMS

Last updated Jun 3, 2026

DES (WisdomTree U.S. SmallCap Dividend Fund) and QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) are both exchange-traded funds - DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR), while QVMS is a Multi-factor fund tracking the S&P Small Cap 600. Both are passively managed. Over the past 3 years, DES returned 14.65%/yr vs 15.26%/yr for QVMS. With a 0.96 correlation, they move nearly in lockstep. DES charges 0.38%/yr vs 0.15%/yr for QVMS.

Performance

DES vs. QVMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. SmallCap Dividend Fund (DES) and Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DES having a 16.63% return and QVMS slightly higher at 16.84%.

DES

• 1D: 0.99%
• 1M: 0.53%
• YTD: 16.63%
• 6M: 17.07%
• 1Y: 28.87%
• 3Y*: 14.65%
• 5Y*: 6.21%
• 10Y*: 8.17%

QVMS

• 1D: 1.26%
• 1M: 2.06%
• YTD: 16.84%
• 6M: 16.99%
• 1Y: 34.90%
• 3Y*: 15.26%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DES vs. QVMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DES WisdomTree U.S. SmallCap Dividend Fund	16.63%	0.25%	9.93%	16.50%	-10.96%	4.87%
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	16.84%	5.56%	9.50%	16.89%	-14.61%	4.45%

Correlation

The correlation between DES and QVMS is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.96

The correlation between DES and QVMS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

DES vs. QVMS - Sectors Allocation Comparison

Sectors	DES	QVMS
Financial Services	23.7%	18.3%
Consumer Cyclical	14.8%	13.2%
Industrials	13.3%	16.7%
Energy	10.7%	7.5%
Real Estate	9.6%	7.1%
Basic Materials	6.0%	4.5%
Technology	5.5%	15.5%
Utilities	4.6%	2.1%
Consumer Defensive	4.3%	2.6%
Communication Services	2.8%	1.7%
Healthcare	1.7%	10.8%

Return for Risk

DES vs. QVMS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DES

DES Risk / Return Rank: 57
DES Sharpe Ratio Rank: 51
DES Sortino Ratio Rank: 54
DES Omega Ratio Rank: 49
DES Calmar Ratio Rank: 72
DES Martin Ratio Rank: 59

QVMS

QVMS Risk / Return Rank: 64
QVMS Sharpe Ratio Rank: 58
QVMS Sortino Ratio Rank: 61
QVMS Omega Ratio Rank: 55
QVMS Calmar Ratio Rank: 75
QVMS Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DES vs. QVMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. SmallCap Dividend Fund (DES) and Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DES	QVMS	Difference
Sharpe ratio Return per unit of total volatility	1.77	1.99	-0.22
Sortino ratio Return per unit of downside risk	2.64	2.90	-0.26
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio Return relative to maximum drawdown	3.67	3.87	-0.20
Martin ratio Return relative to average drawdown	10.48	13.10	-2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DES vs. QVMS - Sharpe Ratio Comparison

The current DES Sharpe Ratio is 1.77, which is comparable to the QVMS Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DES and QVMS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DES	QVMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.99	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.34	-0.02

Drawdowns

DES vs. QVMS - Drawdown Comparison

The maximum DES drawdown since its inception was -65.48%, which is greater than QVMS's maximum drawdown of -28.05%. Use the drawdown chart below to compare losses from any high point for DES and QVMS.

Drawdown Indicators

	DES	QVMS	Difference
Max Drawdown Largest peak-to-trough decline	-65.48%	-28.05%	-37.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-8.78%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-28.05%	+2.89%
Max Drawdown (5Y) Largest decline over 5 years	-25.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.65%	—	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-9.68%	-9.11%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.60%	+0.08%

Volatility

DES vs. QVMS - Volatility Comparison

The current volatility for WisdomTree U.S. SmallCap Dividend Fund (DES) is 4.24%, while Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) has a volatility of 4.84%. This indicates that DES experiences smaller price fluctuations and is considered to be less risky than QVMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DES	QVMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.84%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	12.04%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.42%	17.62%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	21.26%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	21.26%	+0.71%

DES vs. QVMS - Expense Ratio Comparison

DES has a 0.38% expense ratio, which is higher than QVMS's 0.15% expense ratio.

Dividends

DES vs. QVMS - Dividend Comparison

DES's dividend yield for the trailing twelve months is around 2.37%, more than QVMS's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.37%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	1.12%	1.10%	1.53%	1.51%	1.58%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DES and QVMS in my portfolio?

With a correlation of 0.94, DES and QVMS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DES or QVMS?

QVMS has higher volatility (4.84%) compared to DES (4.24%). In terms of maximum drawdown, DES dropped -65.48% vs QVMS's -28.05%.

Which ETF is better, DES or QVMS?

On 3-year performance, QVMS leads with 15.26% vs 14.65% for DES. On fees, QVMS is cheaper at 0.15% per year. On volatility, DES has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DES or QVMS?

Over the 3-year period, QVMS has performed better with a 15.26% return vs 14.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DES or QVMS?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.38% for DES.

Which ETF pays a higher dividend yield, DES or QVMS?

DES has the higher dividend yield at 2.37%, compared with 1.12% for QVMS.

What is the main difference between DES and QVMS?

DES is categorized as Small Cap Blend Equities, while QVMS is Multi-factor. DES tracks WisdomTree SmallCap Dividend (TR), while QVMS tracks S&P Small Cap 600. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.38% for DES and 0.15% for QVMS.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.99 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.