QVML vs. QUS

Last updated Jun 24, 2026

QVML (Invesco S&P 500 QVM Multi-factor ETF) and QUS (SPDR MSCI USA StrategicFactors 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 QUS is a Large Cap Growth Equities fund tracking the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 3 years, QVML returned 21.14%/yr vs 16.79%/yr for QUS. Their correlation of 0.94 suggests significant overlap in exposure. QVML charges 0.11%/yr vs 0.15%/yr for QUS.

Performance

QVML vs. QUS - 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 SPDR MSCI USA StrategicFactors ETF (QUS). 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 higher than QUS's 5.81% return.

QVML

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

QUS

• 1D: -0.23%
• 1M: -1.12%
• YTD: 5.81%
• 6M: 5.18%
• 1Y: 16.61%
• 3Y*: 16.79%
• 5Y*: 10.77%
• 10Y*: 13.70%

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

QVML vs. QUS - 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%
QUS SPDR MSCI USA StrategicFactors ETF	5.81%	14.13%	18.99%	21.78%	-14.15%	10.22%

Correlation

The correlation between QVML and QUS is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.94

The correlation between QVML and QUS has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

QVML vs. QUS - Sectors Allocation Comparison

Sectors	QVML	QUS
Technology	39.1%	29.2%
Financial Services	12.0%	14.0%
Communication Services	11.3%	9.9%
Healthcare	8.5%	13.4%
Industrials	8.2%	8.2%
Consumer Cyclical	7.0%	5.5%
Consumer Defensive	5.1%	8.7%
Energy	3.2%	4.2%
Utilities	2.2%	3.4%
Basic Materials	1.8%	2.2%
Real Estate	1.5%	1.3%

Return for Risk

QVML vs. QUS — 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

QUS

QUS Risk / Return Rank: 57
QUS Sharpe Ratio Rank: 57
QUS Sortino Ratio Rank: 57
QUS Omega Ratio Rank: 55
QUS Calmar Ratio Rank: 52
QUS Martin Ratio Rank: 63

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. QUS - 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 SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.81	+0.18
Sortino ratio: Return per unit of downside risk	2.75	2.58	+0.17
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.78	2.43	+0.34
Martin ratio: Return relative to average drawdown	12.59	10.76	+1.83

QVML vs. QUS - Sharpe Ratio Comparison

The current QVML Sharpe Ratio is 1.99, which is comparable to the QUS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of QVML and QUS, 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. QUS - Drawdown Comparison

The maximum QVML drawdown since its inception was -23.52%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for QVML and QUS.

Drawdown Indicators

	QVML	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-33.78%	+10.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.85%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-13.94%	-4.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-2.73%	-1.84%	-0.89%
Average Drawdown Average peak-to-trough decline	-5.36%	-3.69%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.55%	+0.37%

Volatility

QVML vs. QUS - Volatility Comparison

Invesco S&P 500 QVM Multi-factor ETF (QVML) has a higher volatility of 4.54% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 2.84%. This indicates that QVML's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVML	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	2.84%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	6.98%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	9.24%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	14.34%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	16.43%	+0.18%

QVML vs. QUS - Expense Ratio Comparison

QVML has a 0.11% expense ratio, which is lower than QUS'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%.

Dividends

QVML vs. QUS - Dividend Comparison

QVML's dividend yield for the trailing twelve months is around 1.03%, less than QUS's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QUS SPDR MSCI USA StrategicFactors ETF	1.32%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QVML and QUS in my portfolio?

QVML and QUS have a correlation of 0.87, 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 QUS?

QVML has higher volatility (4.54%) compared to QUS (2.84%). In terms of maximum drawdown, QVML dropped -23.52% vs QUS's -33.78%.

Which ETF is better, QVML or QUS?

On 3-year performance, QVML leads with 21.14% vs 16.79% for QUS. On fees, QVML is cheaper at 0.11% per year. On volatility, QUS has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVML or QUS?

Over the 3-year period, QVML has performed better with a 21.14% return vs 16.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVML or QUS?

QVML is cheaper with a 0.11% expense ratio, compared with 0.15% for QUS.

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

QUS has the higher dividend yield at 1.32%, compared with 1.03% for QVML.

What is the main difference between QVML and QUS?

QVML is categorized as Multi-factor, while QUS is Large Cap Growth Equities. QVML tracks S&P 500 Quality, Value &Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.11% for QVML and 0.15% for QUS.

Which has better risk-adjusted returns?

QVML currently has the higher Sharpe Ratio (1.99 vs 1.81), 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.