IVOO vs. QVMM

Last updated Aug 2, 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 Mid Cap Blend 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 5 years, IVOO returned 8.41%/yr vs 8.56%/yr for QVMM. Their 0.99 correlation means they have historically moved very closely together. IVOO charges 0.07%/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

In the year-to-date period, IVOO achieves a 14.58% return, which is significantly lower than QVMM's 15.55% return.

IVOO

• 1D: -0.08%
• 1M: -1.02%
• 6M: 10.08%
• YTD: 14.58%
• 1Y: 22.85%
• 3Y*: 12.98%
• 5Y*: 8.41%
• 10Y*: 10.98%
• ALL TIME*: 12.19%

QVMM

• 1D: 0.08%
• 1M: -0.47%
• 6M: 10.81%
• YTD: 15.55%
• 1Y: 24.49%
• 3Y*: 13.68%
• 5Y*: 8.56%
• 10Y*: —
• ALL TIME*: 8.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVOO Vanguard S&P Mid-Cap 400 ETF	$9.28M	$9.17M	$9.84M
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	$32.54K	$29.74K	$38.31K

IVOO vs. QVMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IVOO Vanguard S&P Mid-Cap 400 ETF	14.58%	7.47%	13.77%	16.45%	-13.17%	6.10%
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	15.55%	8.82%	13.36%	15.43%	-13.06%	6.20%

Correlation

The correlation between IVOO and QVMM is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (All Time) Calculated using the full available price history since Jun 30, 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	25.4%	27.1%
Technology	17.4%	16.1%
Financial Services	13.8%	14.6%
Consumer Cyclical	10.5%	10.4%
Healthcare	8.9%	7.8%
Real Estate	7.2%	7.7%
Basic Materials	4.8%	4.8%
Energy	4.6%	4.9%
Consumer Defensive	3.2%	3.2%
Utilities	2.8%	2.6%
Communication Services	1.5%	0.9%

Return for Risk

IVOO vs. QVMM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVOO

IVOO Risk / Return Rank: 62
IVOO Sharpe Ratio Rank: 57
IVOO Sortino Ratio Rank: 60
IVOO Omega Ratio Rank: 55
IVOO Calmar Ratio Rank: 70
IVOO Martin Ratio Rank: 71

QVMM

QVMM Risk / Return Rank: 70
QVMM Sharpe Ratio Rank: 64
QVMM Sortino Ratio Rank: 68
QVMM Omega Ratio Rank: 62
QVMM Calmar Ratio Rank: 78
QVMM Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IVOO	QVMM	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.49	-0.15
Sortino ratio: Return per unit of downside risk	2.01	2.21	-0.21
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	2.40	2.77	-0.37
Martin ratio: Return relative to average drawdown	8.72	9.91	-1.19

IVOO vs. QVMM - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.35, which is comparable to the QVMM Sharpe Ratio of 1.49. 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.

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%	-24.00%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-2.33%	-1.91%	-0.42%
Average Drawdown Average peak-to-trough decline	-5.23%	-6.90%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.32%	+0.10%

Volatility

IVOO vs. QVMM - Volatility Comparison

Vanguard S&P Mid-Cap 400 ETF (IVOO) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) have volatilities of 3.43% and 3.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	3.43%	3.47%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	11.53%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	15.47%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	19.34%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	19.32%	+1.83%

IVOO vs. QVMM - Expense Ratio Comparison

IVOO has a 0.07% 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 1.18%, more than QVMM's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.18%	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	1.15%	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 (3.47%) compared to IVOO (3.43%). In terms of maximum drawdown, IVOO dropped -42.33% vs QVMM's -24.00%.

Which ETF is better, IVOO or QVMM?

On 5-year performance, QVMM leads with 8.56% vs 8.41% for IVOO. On fees, IVOO is cheaper at 0.07% per year. Their volatility is very similar. 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 5-year period, QVMM has performed better with a 8.56% return vs 8.41%. 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 0.07% 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 1.18%, compared with 1.15% for QVMM.

What is the main difference between IVOO and QVMM?

IVOO is categorized as Mid Cap Blend 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: 0.07% for IVOO and 0.15% for QVMM.

Which has better risk-adjusted returns?

QVMM currently has the higher Sharpe Ratio (1.49 vs 1.34), 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.