PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
QVMM vs. RWK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVMM vs. RWK

Last updated Jun 24, 2026

QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both exchange-traded funds - QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 3 years, QVMM returned 16.66%/yr vs 17.49%/yr for RWK. With a 0.97 correlation, they move nearly in lockstep. QVMM charges 0.15%/yr vs 0.39%/yr for RWK.

Performance

QVMM vs. RWK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) and Invesco S&P MidCap 400 Revenue ETF (RWK). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, QVMM achieves a 15.32% return, which is significantly higher than RWK's 13.93% return.

QVMM

1D
-0.92%
1M
2.93%
YTD
15.32%
6M
13.35%
1Y
26.52%
3Y*
16.66%
5Y*
—
10Y*
—

RWK

1D
-0.34%
1M
3.57%
YTD
13.93%
6M
12.02%
1Y
26.41%
3Y*
17.49%
5Y*
11.36%
10Y*
13.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QVMM vs. RWK - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QVMM
Invesco S&P MidCap 400 QVM Multi-factor ETF		15.32%8.82%13.36%15.43%-13.06%6.20%
RWK
Invesco S&P MidCap 400 Revenue ETF		13.93%10.27%11.94%23.76%-8.19%7.95%

Correlation

The correlation between QVMM and RWK is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2021

0.97

The correlation between QVMM and RWK has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

QVMM vs. RWK - Sectors Allocation Comparison

Sectors
QVMM
RWK

Industrials

26.1%
22.1%

Technology

15.6%
16.1%

Financial Services

14.7%
12.1%

Consumer Cyclical

9.8%
20.4%

Healthcare

9.2%
4.2%

Real Estate

7.4%
2.6%

Energy

4.9%
5.0%

Basic Materials

4.8%
4.9%

Consumer Defensive

3.6%
10.4%

Utilities

3.2%
1.6%

Communication Services

0.8%
0.7%

Industrials

QVMM
26.1%
RWK
22.1%

Technology

QVMM
15.6%
RWK
16.1%

Financial Services

QVMM
14.7%
RWK
12.1%

Consumer Cyclical

QVMM
9.8%
RWK
20.4%

Healthcare

QVMM
9.2%
RWK
4.2%

Real Estate

QVMM
7.4%
RWK
2.6%

Energy

QVMM
4.9%
RWK
5.0%

Basic Materials

QVMM
4.8%
RWK
4.9%

Consumer Defensive

QVMM
3.6%
RWK
10.4%

Utilities

QVMM
3.2%
RWK
1.6%

Communication Services

QVMM
0.8%
RWK
0.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Often compared with QVMM:
QVMM vs. QVMSQVMM vs. PAMCQVMM vs. XMHQQVMM vs. XMMOQVMM vs. SPHQQVMM vs. SPMDQVMM vs. IVOO
Often compared with RWK:
RWK vs. RWJRWK vs. RFVRWK vs. XMHQRWK vs. XMVMRWK vs. PRNRWK vs. ONEYRWK vs. PRFZ

Return for Risk

QVMM vs. RWK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QVMM
QVMM Risk / Return Rank: 5959
Overall Rank
QVMM Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
QVMM Sortino Ratio Rank: 5656
Sortino Ratio Rank
QVMM Omega Ratio Rank: 5151
Omega Ratio Rank
QVMM Calmar Ratio Rank: 6868
Calmar Ratio Rank
QVMM Martin Ratio Rank: 6767
Martin Ratio Rank
RWK
RWK Risk / Return Rank: 4848
Overall Rank
RWK Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 5151
Sortino Ratio Rank
RWK Omega Ratio Rank: 4444
Omega Ratio Rank
RWK Calmar Ratio Rank: 5151
Calmar Ratio Rank
RWK Martin Ratio Rank: 4848
Martin Ratio Rank
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.

QVMM vs. RWK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) and Invesco S&P MidCap 400 Revenue ETF (RWK). 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.

QVMMRWKDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.58

+0.13

Sortino ratioReturn per unit of downside risk
2.50
2.39

+0.11

Omega ratioGain probability vs. loss probability

1.30

1.28

+0.02

Calmar ratioReturn relative to maximum drawdown

3.21

2.38

+0.83

Martin ratioReturn relative to average drawdown

11.53

7.64

+3.89

QVMM vs. RWK - Sharpe Ratio Comparison

The current QVMM Sharpe Ratio is 1.71, which is comparable to the RWK Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of QVMM and RWK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

QVMM vs. RWK - Drawdown Comparison

The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for QVMM and RWK.

Loading charts...

Drawdown Indicators

QVMMRWKDifference

Max Drawdown

Largest peak-to-trough decline

-24.00%

-56.49%

+32.49%

Max Drawdown (1Y)

Largest decline over 1 year

-8.30%

-11.14%

+2.84%

Max Drawdown (3Y)

Largest decline over 3 years

-24.00%

-24.58%

+0.58%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.58%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.20%

—

Current Drawdown

Current decline from peak

-0.92%

-1.79%

+0.87%

Average Drawdown

Average peak-to-trough decline

-7.01%

-7.53%

+0.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

3.46%

-1.15%

Volatility

QVMM vs. RWK - Volatility Comparison

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) has a higher volatility of 4.58% compared to Invesco S&P MidCap 400 Revenue ETF (RWK) at 4.36%. This indicates that QVMM's price experiences larger fluctuations and is considered to be riskier than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

QVMMRWKDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

4.36%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.61%

12.12%

-0.51%

Volatility (1Y)

Calculated over the trailing 1-year period

15.58%

16.82%

-1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.46%

21.09%

-1.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.46%

22.93%

-3.47%

QVMM vs. RWK - Expense Ratio Comparison

QVMM has a 0.15% expense ratio, which is lower than RWK's 0.39% expense ratio.

Dividends

QVMM vs. RWK - Dividend Comparison

QVMM's dividend yield for the trailing twelve months is around 1.15%, more than RWK's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
QVMM
Invesco S&P MidCap 400 QVM Multi-factor ETF		1.15%1.32%1.29%1.42%1.51%0.60%0.00%0.00%0.00%0.00%0.00%0.00%
RWK
Invesco S&P MidCap 400 Revenue ETF		1.04%1.25%1.11%1.05%1.18%0.85%0.96%1.09%1.22%0.99%1.30%0.92%

Frequently Asked Questions

With a correlation of 0.93, QVMM and RWK 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.

QVMM has higher volatility (4.58%) compared to RWK (4.36%). In terms of maximum drawdown, QVMM dropped -24.00% vs RWK's -56.49%.

On 3-year performance, RWK leads with 17.49% vs 16.66% for QVMM. On fees, QVMM is cheaper at 0.15% per year. On volatility, RWK has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, RWK has performed better with a 17.49% return vs 16.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QVMM is cheaper with a 0.15% expense ratio, compared with 0.39% for RWK.

QVMM has the higher dividend yield at 1.15%, compared with 1.04% for RWK.

QVMM is categorized as Multi-factor, while RWK is Small Cap Blend Equities. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while RWK tracks S&P MidCap 400 Revenue-Weighted Index. Their fees differ too: 0.15% for QVMM and 0.39% for RWK.

QVMM currently has the higher Sharpe Ratio (1.71 vs 1.58), 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.

Portfolio Optimizer

Find the right allocation for QVMM and RWK

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer