QVML vs. FNILX

Last updated Jun 24, 2026

QVML (Invesco S&P 500 QVM Multi-factor ETF) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - QVML is a Multi-factor fund tracking the S&P 500 Quality, Value &Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 3 years, QVML returned 21.14%/yr vs 21.66%/yr for FNILX. With a 0.98 correlation, they move nearly in lockstep. QVML charges 0.11%/yr vs 0.00%/yr for FNILX.

Performance

QVML vs. FNILX - 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 Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVML achieves a 8.76% return, which is significantly lower than FNILX's 9.63% return.

QVML

• 1D: -1.35%
• 1M: -1.10%
• YTD: 8.76%
• 6M: 7.73%
• 1Y: 24.15%
• 3Y*: 21.14%
• 5Y*: —
• 10Y*: —

FNILX

• 1D: -0.37%
• 1M: 0.34%
• YTD: 9.63%
• 6M: 8.65%
• 1Y: 25.14%
• 3Y*: 21.66%
• 5Y*: 13.32%
• 10Y*: —

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

QVML vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVML Invesco S&P 500 QVM Multi-factor ETF	8.76%	17.74%	25.87%	22.19%	-16.25%	12.72%
FNILX Fidelity ZERO Large Cap Index Fund	9.63%	17.81%	25.47%	27.45%	-19.37%	10.78%

Correlation

The correlation between QVML and FNILX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.98

The correlation between QVML and FNILX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

QVML vs. FNILX — Risk / Return Rank

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

QVML

QVML Risk / Return Rank: 64
QVML Sharpe Ratio Rank: 64
QVML Sortino Ratio Rank: 63
QVML Omega Ratio Rank: 62
QVML Calmar Ratio Rank: 59
QVML Martin Ratio Rank: 71

FNILX

FNILX Risk / Return Rank: 62
FNILX Sharpe Ratio Rank: 60
FNILX Sortino Ratio Rank: 54
FNILX Omega Ratio Rank: 56
FNILX Calmar Ratio Rank: 64
FNILX Martin Ratio Rank: 73

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. FNILX - 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 Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	QVML	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.10	-0.11
Sortino ratio: Return per unit of downside risk	2.75	2.84	-0.09
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.94	-0.16
Martin ratio: Return relative to average drawdown	12.59	12.99	-0.40

QVML vs. FNILX - Sharpe Ratio Comparison

The current QVML Sharpe Ratio is 1.99, which is comparable to the FNILX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of QVML and FNILX, 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

QVML vs. FNILX - Drawdown Comparison

The maximum QVML drawdown since its inception was -23.52%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for QVML and FNILX.

Drawdown Indicators

	QVML	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-33.76%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-9.01%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-19.08%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-2.73%	-1.73%	-1.00%
Average Drawdown Average peak-to-trough decline	-5.36%	-5.35%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.03%	-0.11%

Volatility

QVML vs. FNILX - Volatility Comparison

The current volatility for Invesco S&P 500 QVM Multi-factor ETF (QVML) is 4.54%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.82%. This indicates that QVML experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVML	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.82%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	9.90%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	12.61%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	17.34%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	20.04%	-3.43%

QVML vs. FNILX - Expense Ratio Comparison

QVML has a 0.11% expense ratio, which is higher than FNILX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QVML vs. FNILX - Dividend Comparison

QVML's dividend yield for the trailing twelve months is around 1.03%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%
QVML Invesco S&P 500 QVM Multi-factor ETF	1.03%	1.10%	1.15%	1.43%	1.72%	0.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QVML and FNILX in my portfolio?

With a correlation of 0.98, QVML and FNILX 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, QVML or FNILX?

FNILX has higher volatility (4.82%) compared to QVML (4.54%). In terms of maximum drawdown, QVML dropped -23.52% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.10 vs 1.99), 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.