QVMM vs. SPMD
QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap 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 SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 5 years, QVMM returned 8.56%/yr vs 8.47%/yr for SPMD. Their 0.99 correlation means they have historically moved very closely together. QVMM charges 0.15%/yr vs 0.03%/yr for SPMD.
Performance
QVMM vs. SPMD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QVMM achieves a 15.55% return, which is significantly higher than SPMD's 14.67% return.
QVMM
- 1D
- 0.08%
- 1M
- -0.47%
- 6M
- 10.81%
- YTD
- 15.55%
- 1Y
- 24.49%
- 3Y*
- 13.68%
- 5Y*
- 8.56%
- 10Y*
- —
- ALL TIME*
- 8.57%
SPMD
- 1D
- -0.08%
- 1M
- -1.01%
- 6M
- 10.21%
- YTD
- 14.67%
- 1Y
- 22.87%
- 3Y*
- 13.08%
- 5Y*
- 8.47%
- 10Y*
- 11.15%
- ALL TIME*
- 9.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.54K | $29.74K | $38.31K | |
| $86.63M | $87.95M | $104.48M |
QVMM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 15.55% | 8.82% | 13.36% | 15.43% | -13.06% | 6.20% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.67% | 7.44% | 13.91% | 16.48% | -13.13% | 6.15% |
Correlation
The correlation between QVMM and SPMD is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.99 |
The correlation between QVMM and SPMD has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QVMM vs. SPMD — Risk / Return Rank
QVMM
SPMD
QVMM vs. SPMD - 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 SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.
| QVMM | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.39 | +0.38 |
| Martin ratioReturn relative to average drawdown | 9.91 | 8.71 | +1.20 |
Loading charts...
Drawdowns
QVMM vs. SPMD - Drawdown Comparison
The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for QVMM and SPMD.
Loading charts...
Drawdown Indicators
| QVMM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.00% | -57.62% | +33.62% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -8.86% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -24.00% | -24.08% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -24.00% | -24.08% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -1.91% | -2.34% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -8.07% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.42% | -0.10% |
Volatility
QVMM vs. SPMD - Volatility Comparison
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 3.47% and 3.50%, 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.
Loading charts...
Volatility by Period
| QVMM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 3.50% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 11.67% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 15.79% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.34% | 19.63% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.32% | 21.14% | -1.82% |
QVMM vs. SPMD - Expense Ratio Comparison
QVMM has a 0.15% expense ratio, which is higher than SPMD's 0.03% 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
QVMM vs. SPMD - Dividend Comparison
QVMM's dividend yield for the trailing twelve months is around 1.15%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.99, QVMM and SPMD 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.
SPMD has higher volatility (3.50%) compared to QVMM (3.47%). In terms of maximum drawdown, QVMM dropped -24.00% vs SPMD's -57.62%.
On 5-year performance, QVMM leads with 8.56% vs 8.47% for SPMD. On fees, SPMD is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QVMM has performed better with a 8.56% return vs 8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.15% for QVMM.
SPMD has the higher dividend yield at 1.23%, compared with 1.15% for QVMM.
QVMM is categorized as Multi-factor, while SPMD is Mid Cap Blend Equities. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for QVMM and 0.03% for SPMD.
QVMM currently has the higher Sharpe Ratio (1.49 vs 1.34), 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.
Find the right allocation for QVMM and SPMD
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