IVOO vs. QVMM

Last updated Jun 3, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) are both exchange-traded funds - IVOO is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index, while QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, IVOO returned 16.07%/yr vs 16.61%/yr for QVMM. With a 0.99 correlation, they move nearly in lockstep. IVOO charges 0.10%/yr vs 0.15%/yr for QVMM.

Performance

IVOO vs. QVMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). 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 IVOO having a 14.15% return and QVMM slightly higher at 14.36%.

IVOO

• 1D: 0.86%
• 1M: 3.31%
• YTD: 14.15%
• 6M: 15.23%
• 1Y: 27.06%
• 3Y*: 16.07%
• 5Y*: 8.27%
• 10Y*: 11.22%

QVMM

• 1D: 0.96%
• 1M: 2.63%
• YTD: 14.36%
• 6M: 15.44%
• 1Y: 27.91%
• 3Y*: 16.61%
• 5Y*: —
• 10Y*: —

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

IVOO vs. QVMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IVOO Vanguard S&P Mid-Cap 400 ETF	14.15%	7.47%	13.77%	16.45%	-13.17%	6.04%
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	14.36%	8.82%	13.36%	15.43%	-13.06%	6.04%

Correlation

The correlation between IVOO and QVMM is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.99

The correlation between IVOO and QVMM has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

IVOO vs. QVMM - Sectors Allocation Comparison

Sectors	IVOO	QVMM
Industrials	25.1%	26.5%
Technology	15.7%	13.8%
Financial Services	14.4%	15.2%
Consumer Cyclical	10.7%	10.0%
Healthcare	8.6%	8.7%
Real Estate	7.5%	7.6%
Energy	5.5%	5.5%
Basic Materials	4.8%	4.7%
Consumer Defensive	3.8%	4.0%
Utilities	3.1%	3.3%
Communication Services	1.0%	0.9%

Return for Risk

IVOO vs. QVMM — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 54
IVOO Sharpe Ratio Rank: 50
IVOO Sortino Ratio Rank: 52
IVOO Omega Ratio Rank: 48
IVOO Calmar Ratio Rank: 61
IVOO Martin Ratio Rank: 62

QVMM

QVMM Risk / Return Rank: 58
QVMM Sharpe Ratio Rank: 53
QVMM Sortino Ratio Rank: 55
QVMM Omega Ratio Rank: 51
QVMM Calmar Ratio Rank: 65
QVMM Martin Ratio Rank: 64

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.

IVOO vs. QVMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). 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.

	IVOO	QVMM	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.84	-0.09
Sortino ratio Return per unit of downside risk	2.54	2.67	-0.13
Omega ratio Gain probability vs. loss probability	1.31	1.32	-0.02
Calmar ratio Return relative to maximum drawdown	3.06	3.30	-0.24
Martin ratio Return relative to average drawdown	11.19	11.89	-0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOO vs. QVMM - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.75, which is comparable to the QVMM Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of IVOO and QVMM, 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

	IVOO	QVMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.84	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.44	+0.17

Drawdowns

IVOO vs. QVMM - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, which is greater than QVMM's maximum drawdown of -24.00%. Use the drawdown chart below to compare losses from any high point for IVOO and QVMM.

Drawdown Indicators

	IVOO	QVMM	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-24.00%	-18.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.30%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-24.00%	-0.22%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.27%	-7.09%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.30%	+0.11%

Volatility

IVOO vs. QVMM - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 ETF (IVOO) is 4.46%, while Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) has a volatility of 4.72%. This indicates that IVOO experiences smaller price fluctuations and is considered to be less risky than QVMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOO	QVMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	4.72%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	11.23%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	15.29%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	19.49%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	19.49%	+1.71%

IVOO vs. QVMM - Expense Ratio Comparison

IVOO has a 0.10% expense ratio, which is lower than QVMM's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOO vs. QVMM - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.19%, more than QVMM's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.19%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	1.16%	1.32%	1.29%	1.42%	1.51%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVOO and QVMM in my portfolio?

With a correlation of 0.99, IVOO and QVMM 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, IVOO or QVMM?

QVMM has higher volatility (4.72%) compared to IVOO (4.46%). In terms of maximum drawdown, IVOO dropped -42.33% vs QVMM's -24.00%.

Which ETF is better, IVOO or QVMM?

On 3-year performance, QVMM leads with 16.61% vs 16.07% for IVOO. On fees, IVOO is cheaper at 0.10% per year. On volatility, IVOO has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or QVMM?

Over the 3-year period, QVMM has performed better with a 16.61% return vs 16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or QVMM?

IVOO is cheaper with a 0.10% expense ratio, compared with 0.15% for QVMM.

Which ETF pays a higher dividend yield, IVOO or QVMM?

IVOO has the higher dividend yield at 1.19%, compared with 1.16% for QVMM.

What is the main difference between IVOO and QVMM?

IVOO is categorized as Small Cap Growth Equities, while QVMM is Multi-factor. IVOO tracks S&P MidCap 400 Index, while QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for IVOO and 0.15% for QVMM.

Which has better risk-adjusted returns?

QVMM currently has the higher Sharpe Ratio (1.83 vs 1.75), 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.