QVMM vs. VOO

Last updated Jun 23, 2026

QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, QVMM returned 17.02%/yr vs 21.36%/yr for VOO. Their correlation of 0.83 suggests significant overlap in exposure. QVMM charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

QVMM vs. VOO - 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 Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMM achieves a 16.39% return, which is significantly higher than VOO's 9.75% return.

QVMM

• 1D: 0.43%
• 1M: 3.88%
• YTD: 16.39%
• 6M: 14.05%
• 1Y: 28.74%
• 3Y*: 17.02%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

QVMM vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	16.39%	8.82%	13.36%	15.43%	-13.06%	6.20%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	11.81%

Correlation

The correlation between QVMM and VOO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.83

The correlation between QVMM and VOO has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

QVMM vs. VOO - Sectors Allocation Comparison

Sectors	QVMM	VOO
Industrials	26.1%	7.6%
Technology	15.6%	39.1%
Financial Services	14.7%	10.9%
Consumer Cyclical	9.8%	9.8%
Healthcare	9.2%	8.3%
Real Estate	7.4%	1.8%
Energy	4.9%	3.2%
Basic Materials	4.8%	1.7%
Consumer Defensive	3.6%	4.5%
Utilities	3.2%	2.5%
Communication Services	0.8%	10.5%

Return for Risk

QVMM vs. VOO — Risk / Return Rank

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

QVMM

QVMM Risk / Return Rank: 62
QVMM Sharpe Ratio Rank: 56
QVMM Sortino Ratio Rank: 59
QVMM Omega Ratio Rank: 53
QVMM Calmar Ratio Rank: 71
QVMM Martin Ratio Rank: 69

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.17	-0.32
Sortino ratio: Return per unit of downside risk	2.69	2.93	-0.24
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	3.48	3.02	+0.46
Martin ratio: Return relative to average drawdown	12.50	13.58	-1.09

QVMM vs. VOO - Sharpe Ratio Comparison

The current QVMM Sharpe Ratio is 1.86, which is comparable to the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of QVMM and VOO, 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. VOO - Drawdown Comparison

The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for QVMM and VOO.

Drawdown Indicators

	QVMM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-24.00%	-33.99%	+9.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-8.90%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-24.00%	-18.69%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-7.02%	-3.68%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.98%	+0.33%

Volatility

QVMM vs. VOO - Volatility Comparison

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.43% and 4.60%, 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.

Volatility by Period

	QVMM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.60%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	9.73%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	12.39%	+3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	16.90%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	18.05%	+1.41%

QVMM vs. VOO - Expense Ratio Comparison

QVMM has a 0.15% expense ratio, which is higher than VOO'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. VOO - Dividend Comparison

QVMM's dividend yield for the trailing twelve months is around 1.43%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	1.43%	1.32%	1.29%	1.42%	1.51%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both QVMM and VOO in my portfolio?

QVMM and VOO have a correlation of 0.75, 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 VOO?

VOO has higher volatility (4.60%) compared to QVMM (4.43%). In terms of maximum drawdown, QVMM dropped -24.00% vs VOO's -33.99%.

Which ETF is better, QVMM or VOO?

On 3-year performance, VOO leads with 21.36% vs 17.02% for QVMM. On fees, VOO is cheaper at 0.03% per year. On volatility, QVMM has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMM or VOO?

Over the 3-year period, VOO has performed better with a 21.36% return vs 17.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMM or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for QVMM.

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

QVMM has the higher dividend yield at 1.43%, compared with 1.04% for VOO.

What is the main difference between QVMM and VOO?

QVMM is categorized as Multi-factor, while VOO is S&P 500. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.15% for QVMM and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs 1.86), 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.