QVML vs. FVAL
Compare and contrast key facts about Invesco S&P 500 QVM Multi-factor ETF (QVML) and Fidelity Value Factor ETF (FVAL).
QVML and FVAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QVML is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality, Value &Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. It was launched on Jun 30, 2021. FVAL is a passively managed fund by Fidelity that tracks the performance of the Fidelity U.S. Value Factor Index. It was launched on Sep 12, 2016. Both QVML and FVAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
QVML vs. FVAL - Performance Comparison
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QVML vs. FVAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QVML Invesco S&P 500 QVM Multi-factor ETF | -4.47% | 17.74% | 25.87% | 22.19% | -16.25% | 12.56% |
FVAL Fidelity Value Factor ETF | -3.56% | 19.56% | 18.05% | 23.10% | -14.40% | 9.39% |
Returns By Period
In the year-to-date period, QVML achieves a -4.47% return, which is significantly lower than FVAL's -3.56% return.
QVML
- 1D
- 2.74%
- 1M
- -4.90%
- YTD
- -4.47%
- 6M
- -2.01%
- 1Y
- 15.56%
- 3Y*
- 17.79%
- 5Y*
- —
- 10Y*
- —
FVAL
- 1D
- 2.86%
- 1M
- -4.78%
- YTD
- -3.56%
- 6M
- 1.74%
- 1Y
- 18.50%
- 3Y*
- 16.89%
- 5Y*
- 10.83%
- 10Y*
- —
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QVML vs. FVAL - Expense Ratio Comparison
QVML has a 0.11% expense ratio, which is lower than FVAL'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%.
Return for Risk
QVML vs. FVAL — Risk / Return Rank
QVML
FVAL
QVML vs. FVAL - 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 Value Factor ETF (FVAL). 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 | FVAL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 1.02 | -0.18 |
Sortino ratioReturn per unit of downside risk | 1.32 | 1.58 | -0.26 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.60 | -0.34 |
Martin ratioReturn relative to average drawdown | 6.20 | 7.26 | -1.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QVML | FVAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.02 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.73 | -0.07 |
Correlation
The correlation between QVML and FVAL is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
QVML vs. FVAL - Dividend Comparison
QVML's dividend yield for the trailing twelve months is around 1.15%, less than FVAL's 1.71% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
QVML Invesco S&P 500 QVM Multi-factor ETF | 1.15% | 1.10% | 1.15% | 1.43% | 1.72% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FVAL Fidelity Value Factor ETF | 1.71% | 1.61% | 1.60% | 1.69% | 1.79% | 1.41% | 1.61% | 1.77% | 2.06% | 1.62% | 0.45% |
Drawdowns
QVML vs. FVAL - Drawdown Comparison
The maximum QVML drawdown since its inception was -23.52%, smaller than the maximum FVAL drawdown of -37.26%. Use the drawdown chart below to compare losses from any high point for QVML and FVAL.
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Drawdown Indicators
| QVML | FVAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.52% | -37.26% | +13.74% |
Max Drawdown (1Y)Largest decline over 1 year | -12.97% | -12.00% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.42% | — |
Current DrawdownCurrent decline from peak | -6.23% | -6.32% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -5.57% | -4.65% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.65% | -0.01% |
Volatility
QVML vs. FVAL - Volatility Comparison
Invesco S&P 500 QVM Multi-factor ETF (QVML) and Fidelity Value Factor ETF (FVAL) have volatilities of 5.17% and 5.12%, 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.
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Volatility by Period
| QVML | FVAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 5.12% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.16% | 9.25% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.56% | 18.14% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 16.50% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.74% | 18.21% | -1.47% |