QVML vs. PALC

Last updated Jun 23, 2026

QVML (Invesco S&P 500 QVM Multi-factor ETF) and PALC (Pacer Lunt Large Cap Multi-Factor Alternator 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 PALC is a Large Cap Growth Equities fund tracking the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index. Both are passively managed. Over the past 3 years, QVML returned 21.69%/yr vs 17.52%/yr for PALC. Their correlation of 0.87 suggests significant overlap in exposure. QVML charges 0.11%/yr vs 0.60%/yr for PALC.

Performance

QVML vs. PALC - 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 Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVML achieves a 10.25% return, which is significantly lower than PALC's 13.47% return.

QVML

• 1D: -0.53%
• 1M: 0.26%
• YTD: 10.25%
• 6M: 9.91%
• 1Y: 26.77%
• 3Y*: 21.69%
• 5Y*: —
• 10Y*: —

PALC

• 1D: 0.52%
• 1M: 5.11%
• YTD: 13.47%
• 6M: 12.68%
• 1Y: 25.40%
• 3Y*: 17.52%
• 5Y*: 10.15%
• 10Y*: —

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

QVML vs. PALC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVML Invesco S&P 500 QVM Multi-factor ETF	10.25%	17.74%	25.87%	22.19%	-16.25%	12.72%
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF	13.47%	7.28%	21.24%	17.52%	-14.74%	8.87%

Correlation

The correlation between QVML and PALC is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.87

The correlation between QVML and PALC shifts across timeframes, from 0.76 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

QVML vs. PALC - Sectors Allocation Comparison

Sectors	QVML	PALC
Technology	39.1%	21.3%
Financial Services	12.0%	8.4%
Communication Services	11.3%	1.7%
Healthcare	8.5%	27.1%
Industrials	8.2%	15.8%
Consumer Cyclical	7.0%	4.4%
Consumer Defensive	5.1%	12.5%
Energy	3.2%	3.5%
Utilities	2.2%	2.3%
Basic Materials	1.8%	2.4%
Real Estate	1.5%	0.3%

Return for Risk

QVML vs. PALC — Risk / Return Rank

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

QVML

QVML Risk / Return Rank: 70
QVML Sharpe Ratio Rank: 72
QVML Sortino Ratio Rank: 70
QVML Omega Ratio Rank: 70
QVML Calmar Ratio Rank: 64
QVML Martin Ratio Rank: 76

PALC

PALC Risk / Return Rank: 59
PALC Sharpe Ratio Rank: 60
PALC Sortino Ratio Rank: 59
PALC Omega Ratio Rank: 58
PALC Calmar Ratio Rank: 59
PALC Martin Ratio Rank: 60

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. PALC - 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 Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC). 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	PALC	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.96	+0.27
Sortino ratio: Return per unit of downside risk	3.05	2.71	+0.34
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	3.08	2.85	+0.23
Martin ratio: Return relative to average drawdown	14.02	10.38	+3.64

QVML vs. PALC - Sharpe Ratio Comparison

The current QVML Sharpe Ratio is 2.22, which is comparable to the PALC Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of QVML and PALC, 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. PALC - Drawdown Comparison

The maximum QVML drawdown since its inception was -23.52%, roughly equal to the maximum PALC drawdown of -24.45%. Use the drawdown chart below to compare losses from any high point for QVML and PALC.

Drawdown Indicators

	QVML	PALC	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-24.45%	+0.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-8.94%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-17.39%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.45%	—
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.37%	-6.29%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.45%	-0.54%

Volatility

QVML vs. PALC - Volatility Comparison

The current volatility for Invesco S&P 500 QVM Multi-factor ETF (QVML) is 4.32%, while Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC) has a volatility of 6.69%. This indicates that QVML experiences smaller price fluctuations and is considered to be less risky than PALC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVML	PALC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	6.69%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	10.45%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	13.08%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.60%	16.42%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	17.19%	-0.59%

QVML vs. PALC - Expense Ratio Comparison

QVML has a 0.11% expense ratio, which is lower than PALC's 0.60% expense ratio.

Dividends

QVML vs. PALC - Dividend Comparison

QVML's dividend yield for the trailing twelve months is around 1.25%, more than PALC's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PALC Pacer Lunt Large Cap Multi-Factor Alternator ETF	1.03%	1.08%	0.93%	0.74%	1.69%	0.64%	0.72%
QVML Invesco S&P 500 QVM Multi-factor ETF	1.25%	1.10%	1.15%	1.43%	1.72%	0.62%	0.00%

Frequently Asked Questions

Can I hold both QVML and PALC in my portfolio?

QVML and PALC have a correlation of 0.76, 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 PALC?

PALC has higher volatility (6.69%) compared to QVML (4.32%). In terms of maximum drawdown, QVML dropped -23.52% vs PALC's -24.45%.

Which ETF is better, QVML or PALC?

On 3-year performance, QVML leads with 21.69% vs 17.52% for PALC. On fees, QVML is cheaper at 0.11% per year. On volatility, QVML has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVML or PALC?

Over the 3-year period, QVML has performed better with a 21.69% return vs 17.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVML or PALC?

QVML is cheaper with a 0.11% expense ratio, compared with 0.60% for PALC.

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

QVML has the higher dividend yield at 1.25%, compared with 1.03% for PALC.

What is the main difference between QVML and PALC?

QVML is categorized as Multi-factor, while PALC is Large Cap Growth Equities. QVML tracks S&P 500 Quality, Value &Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while PALC tracks Lunt Capital U.S. Large Cap Multi-Factor Rotation Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.11% for QVML and 0.60% for PALC.

Which has better risk-adjusted returns?

QVML currently has the higher Sharpe Ratio (2.22 vs 1.96), 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.