QVMM vs. USMF

Last updated Aug 4, 2026

QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and USMF (WisdomTree US Multifactor Fund) 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 USMF is a Mid Cap Blend Equities fund tracking the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, QVMM returned 8.91%/yr vs 7.47%/yr for USMF. Their correlation of 0.89 means they have usually moved in the same direction. QVMM charges 0.15%/yr vs 0.28%/yr for USMF.

Performance

QVMM vs. USMF - 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 WisdomTree US Multifactor Fund (USMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMM achieves a 16.68% return, which is significantly higher than USMF's 4.49% return.

QVMM

• 1D: 0.98%
• 1M: 0.51%
• 6M: 10.99%
• YTD: 16.68%
• 1Y: 25.71%
• 3Y*: 14.62%
• 5Y*: 8.91%
• 10Y*: —
• ALL TIME*: 8.77%

USMF

• 1D: 0.48%
• 1M: 0.58%
• 6M: 3.78%
• YTD: 4.49%
• 1Y: 7.20%
• 3Y*: 12.30%
• 5Y*: 7.47%
• 10Y*: —
• ALL TIME*: 10.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	$31.16K	$30.58K	$38.08K
USMF WisdomTree US Multifactor Fund	$1.09M	$1.05M	$1.76M

QVMM vs. USMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	16.68%	8.82%	13.36%	15.43%	-13.06%	6.20%
USMF WisdomTree US Multifactor Fund	4.49%	4.60%	19.65%	13.47%	-8.82%	7.83%

Correlation

The correlation between QVMM and USMF is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.89

The correlation between QVMM and USMF shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

QVMM vs. USMF - Sectors Allocation Comparison

Sectors	QVMM	USMF
Industrials	27.1%	9.9%
Technology	16.1%	35.6%
Financial Services	14.6%	11.4%
Consumer Cyclical	10.4%	10.4%
Healthcare	7.8%	9.7%
Real Estate	7.7%	2.0%
Energy	4.9%	2.7%
Basic Materials	4.8%	1.4%
Consumer Defensive	3.2%	4.5%
Utilities	2.6%	2.1%
Communication Services	0.9%	10.3%

Return for Risk

QVMM vs. USMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QVMM

QVMM Risk / Return Rank: 74
QVMM Sharpe Ratio Rank: 69
QVMM Sortino Ratio Rank: 73
QVMM Omega Ratio Rank: 67
QVMM Calmar Ratio Rank: 81
QVMM Martin Ratio Rank: 80

USMF

USMF Risk / Return Rank: 29
USMF Sharpe Ratio Rank: 26
USMF Sortino Ratio Rank: 26
USMF Omega Ratio Rank: 24
USMF Calmar Ratio Rank: 33
USMF Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QVMM vs. USMF - 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 WisdomTree US Multifactor Fund (USMF). 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	USMF	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.62	+1.06
Sortino ratio: Return per unit of downside risk	2.46	0.96	+1.50
Omega ratio: Gain probability vs. loss probability	1.30	1.11	+0.19
Calmar ratio: Return relative to maximum drawdown	3.11	1.12	+1.99
Martin ratio: Return relative to average drawdown	11.12	3.41	+7.71

QVMM vs. USMF - Sharpe Ratio Comparison

The current QVMM Sharpe Ratio is 1.68, which is higher than the USMF Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of QVMM and USMF, 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

QVMM vs. USMF - Drawdown Comparison

The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum USMF drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for QVMM and USMF.

Drawdown Indicators

	QVMM	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-24.00%	-36.24%	+12.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-6.47%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-24.00%	-15.39%	-8.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-18.10%	-5.90%
Current Drawdown Current decline from peak	-0.95%	-2.03%	+1.08%
Average Drawdown Average peak-to-trough decline	-6.89%	-4.12%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.12%	+0.20%

Volatility

QVMM vs. USMF - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is 3.57%, while WisdomTree US Multifactor Fund (USMF) has a volatility of 3.77%. This indicates that QVMM experiences smaller price fluctuations and is considered to be less risky than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVMM	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.77%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	9.26%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	11.68%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	14.40%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	16.95%	+2.37%

QVMM vs. USMF - Expense Ratio Comparison

QVMM has a 0.15% expense ratio, which is lower than USMF's 0.28% expense ratio.

Dividends

QVMM vs. USMF - Dividend Comparison

QVMM's dividend yield for the trailing twelve months is around 1.14%, less than USMF's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	1.14%	1.32%	1.29%	1.42%	1.51%	0.60%	0.00%	0.00%	0.00%	0.00%
USMF WisdomTree US Multifactor Fund	1.31%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%

Frequently Asked Questions

Can I hold both QVMM and USMF in my portfolio?

QVMM and USMF 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, QVMM or USMF?

USMF has higher volatility (3.77%) compared to QVMM (3.57%). In terms of maximum drawdown, QVMM dropped -24.00% vs USMF's -36.24%.

Which ETF is better, QVMM or USMF?

On 5-year performance, QVMM leads with 8.91% vs 7.47% for USMF. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMM or USMF?

Over the 5-year period, QVMM has performed better with a 8.91% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMM or USMF?

QVMM is cheaper with a 0.15% expense ratio, compared with 0.28% for USMF.

Which ETF pays a higher dividend yield, QVMM or USMF?

USMF has the higher dividend yield at 1.31%, compared with 1.14% for QVMM.

What is the main difference between QVMM and USMF?

QVMM is categorized as Multi-factor, while USMF is Mid Cap Blend Equities. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for QVMM and 0.28% for USMF.

Which has better risk-adjusted returns?

QVMM currently has the higher Sharpe Ratio (1.68 vs 0.62), 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.