QVML vs. CPAI

Last updated Jun 4, 2026

QVML (Invesco S&P 500 QVM Multi-factor ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both exchange-traded funds - QVML is a Multi-factor fund tracking the S&P 500 Quality, Value &Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while CPAI is a Mid Cap Blend Equities fund actively managed by Counterpoint Funds. QVML is passively managed, while CPAI is actively managed. Over the past year, QVML returned 27.60% vs 45.47% for CPAI. A 0.74 correlation means they provide meaningful diversification when combined. QVML charges 0.11%/yr vs 0.75%/yr for CPAI.

Performance

QVML vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 QVM Multi-factor ETF (QVML) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVML achieves a 11.17% return, which is significantly lower than CPAI's 27.41% return.

QVML

• 1D: -0.58%
• 1M: 5.12%
• YTD: 11.17%
• 6M: 11.48%
• 1Y: 27.60%
• 3Y*: 22.47%
• 5Y*: —
• 10Y*: —

CPAI

• 1D: -1.84%
• 1M: 8.24%
• YTD: 27.41%
• 6M: 29.49%
• 1Y: 45.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QVML vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QVML Invesco S&P 500 QVM Multi-factor ETF	11.17%	17.74%	25.87%	4.60%
CPAI Counterpoint Quantitative Equity ETF	27.41%	17.79%	28.37%	6.69%

Correlation

The correlation between QVML and CPAI is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.74

The correlation between QVML and CPAI has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

QVML vs. CPAI - Sectors Allocation Comparison

Sectors	QVML	CPAI
Technology	35.5%	45.4%
Financial Services	12.8%	4.3%
Communication Services	11.9%	7.9%
Healthcare	8.7%	16.0%
Industrials	8.7%	5.7%
Consumer Cyclical	7.3%	4.2%
Consumer Defensive	5.5%	9.5%
Energy	3.6%	3.7%
Utilities	2.5%	-
Basic Materials	1.9%	3.3%
Real Estate	1.6%	-

Return for Risk

QVML vs. CPAI — Risk / Return Rank

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

QVML

QVML Risk / Return Rank: 71
QVML Sharpe Ratio Rank: 72
QVML Sortino Ratio Rank: 72
QVML Omega Ratio Rank: 70
QVML Calmar Ratio Rank: 63
QVML Martin Ratio Rank: 77

CPAI

CPAI Risk / Return Rank: 77
CPAI Sharpe Ratio Rank: 78
CPAI Sortino Ratio Rank: 73
CPAI Omega Ratio Rank: 71
CPAI Calmar Ratio Rank: 82
CPAI Martin Ratio Rank: 81

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.

QVML vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM Multi-factor ETF (QVML) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	QVML	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.52	-0.15
Sortino ratio: Return per unit of downside risk	3.29	3.33	-0.03
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	3.18	4.36	-1.18
Martin ratio: Return relative to average drawdown	14.85	15.90	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QVML vs. CPAI - Sharpe Ratio Comparison

The current QVML Sharpe Ratio is 2.38, which is comparable to the CPAI Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of QVML and CPAI, 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

	QVML	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.52	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.78	-0.94

Drawdowns

QVML vs. CPAI - Drawdown Comparison

The maximum QVML drawdown since its inception was -23.52%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for QVML and CPAI.

Drawdown Indicators

	QVML	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-21.46%	-2.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-10.48%	+1.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	—	—
Current Drawdown Current decline from peak	-0.58%	-1.84%	+1.26%
Average Drawdown Average peak-to-trough decline	-5.40%	-2.97%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.87%	-1.01%

Volatility

QVML vs. CPAI - Volatility Comparison

The current volatility for Invesco S&P 500 QVM Multi-factor ETF (QVML) is 2.91%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.35%. This indicates that QVML experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVML	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	5.35%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	14.50%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	18.14%	-6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	19.19%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	19.19%	-2.60%

QVML vs. CPAI - Expense Ratio Comparison

QVML has a 0.11% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

QVML vs. CPAI - Dividend Comparison

QVML's dividend yield for the trailing twelve months is around 0.99%, more than CPAI's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021
CPAI Counterpoint Quantitative Equity ETF	0.70%	0.89%	0.41%	0.06%	0.00%	0.00%
QVML Invesco S&P 500 QVM Multi-factor ETF	0.99%	1.10%	1.15%	1.43%	1.72%	0.62%

Frequently Asked Questions

Can I hold both QVML and CPAI in my portfolio?

QVML and CPAI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVML or CPAI?

CPAI has higher volatility (5.35%) compared to QVML (2.91%). In terms of maximum drawdown, QVML dropped -23.52% vs CPAI's -21.46%.

Which ETF is better, QVML or CPAI?

On 1-year performance, CPAI leads with 45.47% vs 27.60% for QVML. On fees, QVML is cheaper at 0.11% per year. On volatility, QVML has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVML or CPAI?

Over the 1-year period, CPAI has performed better with a 45.47% return vs 27.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVML or CPAI?

QVML is cheaper with a 0.11% expense ratio, compared with 0.75% for CPAI.

Which ETF pays a higher dividend yield, QVML or CPAI?

QVML has the higher dividend yield at 0.99%, compared with 0.70% for CPAI.

What is the main difference between QVML and CPAI?

QVML is categorized as Multi-factor, while CPAI is Mid Cap Blend Equities. They also come from different issuers: Invesco and Counterpoint Funds. Their fees differ too: 0.11% for QVML and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.52 vs 2.38), 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.