PQVM.L vs. SPEX.L

Last updated Jun 5, 2026

PQVM.L (Invesco S&P 500 QVM UCITS ETF) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds from Invesco - PQVM.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index while SPEX.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, PQVM.L returned 15.45%/yr vs 8.26%/yr for SPEX.L. A 0.77 correlation means they provide meaningful diversification when combined. PQVM.L charges 0.35%/yr vs 0.20%/yr for SPEX.L.

Performance

PQVM.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PQVM.L is traded in USD, while SPEX.L is traded in GBp. To make them comparable, the SPEX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PQVM.L achieves a 16.65% return, which is significantly higher than SPEX.L's 9.35% return.

PQVM.L

• 1D: 0.39%
• 1M: 4.36%
• YTD: 16.65%
• 6M: 17.79%
• 1Y: 22.76%
• 3Y*: 24.37%
• 5Y*: 15.45%
• 10Y*: —

SPEX.L

• 1D: 0.52%
• 1M: 3.88%
• YTD: 9.35%
• 6M: 10.83%
• 1Y: 19.87%
• 3Y*: 15.14%
• 5Y*: 8.26%
• 10Y*: —

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

PQVM.L vs. SPEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PQVM.L Invesco S&P 500 QVM UCITS ETF	16.65%	13.66%	30.17%	6.82%	0.52%	15.50%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	9.35%	11.74%	12.18%	13.32%	-11.74%	26.18%

Correlation

The correlation between PQVM.L and SPEX.L is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.77

The correlation between PQVM.L and SPEX.L has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

PQVM.L vs. SPEX.L - Sectors Allocation Comparison

Sectors	PQVM.L	SPEX.L
Technology	25.6%	20.1%
Financial Services	22.0%	14.2%
Industrials	13.7%	14.1%
Healthcare	9.4%	11.2%
Communication Services	9.1%	3.9%
Energy	5.6%	4.2%
Consumer Defensive	5.5%	6.5%
Consumer Cyclical	4.2%	9.9%
Utilities	2.8%	5.8%
Basic Materials	2.2%	3.9%
Real Estate	-	6.2%

Return for Risk

PQVM.L vs. SPEX.L — Risk / Return Rank

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

PQVM.L

PQVM.L Risk / Return Rank: 73
PQVM.L Sharpe Ratio Rank: 63
PQVM.L Sortino Ratio Rank: 71
PQVM.L Omega Ratio Rank: 62
PQVM.L Calmar Ratio Rank: 86
PQVM.L Martin Ratio Rank: 82

SPEX.L

SPEX.L Risk / Return Rank: 68
SPEX.L Sharpe Ratio Rank: 67
SPEX.L Sortino Ratio Rank: 67
SPEX.L Omega Ratio Rank: 66
SPEX.L Calmar Ratio Rank: 74
SPEX.L Martin Ratio Rank: 66

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.

PQVM.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM UCITS ETF (PQVM.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). 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.

	PQVM.L	SPEX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.92	+0.14
Sortino ratio: Return per unit of downside risk	3.15	2.89	+0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	4.70	2.80	+1.90
Martin ratio: Return relative to average drawdown	16.26	10.17	+6.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQVM.L vs. SPEX.L - Sharpe Ratio Comparison

The current PQVM.L Sharpe Ratio is 2.06, which is comparable to the SPEX.L Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PQVM.L and SPEX.L, 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

	PQVM.L	SPEX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.92	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.53	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.70	+0.18

Drawdowns

PQVM.L vs. SPEX.L - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, which is greater than SPEX.L's maximum drawdown of -21.53%. Use the drawdown chart below to compare losses from any high point for PQVM.L and SPEX.L.

Drawdown Indicators

	PQVM.L	SPEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-21.53%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-7.08%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-18.27%	+2.78%
Max Drawdown (5Y) Largest decline over 5 years	-17.35%	-21.53%	+4.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.90%	-5.20%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.95%	-0.55%

Volatility

PQVM.L vs. SPEX.L - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a higher volatility of 3.15% compared to Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) at 2.13%. This indicates that PQVM.L's price experiences larger fluctuations and is considered to be riskier than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQVM.L	SPEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.13%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	7.11%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	10.30%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	15.62%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	16.11%	+1.02%

PQVM.L vs. SPEX.L - Expense Ratio Comparison

PQVM.L has a 0.35% expense ratio, which is higher than SPEX.L's 0.20% expense ratio.

Dividends

PQVM.L vs. SPEX.L - Dividend Comparison

PQVM.L's dividend yield for the trailing twelve months is around 0.77%, while SPEX.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.77%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQVM.L and SPEX.L in my portfolio?

PQVM.L and SPEX.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PQVM.L or SPEX.L?

On fees, SPEX.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PQVM.L or SPEX.L?

SPEX.L is cheaper with a 0.20% expense ratio, compared with 0.35% for PQVM.L.

What is the main difference between PQVM.L and SPEX.L?

PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index, while SPEX.L tracks S&P 500 Equal Weight Index. Their fees differ too: 0.35% for PQVM.L and 0.20% for SPEX.L.