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QVMS vs. DES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVMS vs. DES

Last updated Jun 24, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 3 years, QVMS returned 16.78%/yr vs 15.80%/yr for DES. With a 0.96 correlation, they move nearly in lockstep. QVMS charges 0.15%/yr vs 0.38%/yr for DES.

Performance

QVMS vs. DES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) and WisdomTree U.S. SmallCap Dividend Fund (DES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with QVMS having a 20.25% return and DES slightly lower at 19.31%.

QVMS

1D
-0.43%
1M
4.69%
YTD
20.25%
6M
17.76%
1Y
35.14%
3Y*
16.78%
5Y*
—
10Y*
—

DES

1D
0.66%
1M
3.24%
YTD
19.31%
6M
18.13%
1Y
28.95%
3Y*
15.80%
5Y*
7.19%
10Y*
8.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QVMS vs. DES - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QVMS
Invesco S&P SmallCap 600 QVM Multi-factor ETF		20.25%5.56%9.50%16.89%-14.61%4.82%
DES
WisdomTree U.S. SmallCap Dividend Fund		19.31%0.25%9.93%16.50%-10.96%5.30%

Correlation

The correlation between QVMS and DES 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

0.95

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

0.96

The correlation between QVMS and DES has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

QVMS vs. DES - Sectors Allocation Comparison

Sectors
QVMS
DES

Financial Services

18.0%
24.8%

Technology

16.7%
6.0%

Industrials

16.3%
13.4%

Consumer Cyclical

13.4%
16.0%

Healthcare

11.1%
2.0%

Real Estate

7.1%
10.1%

Energy

5.6%
10.2%

Basic Materials

5.0%
6.3%

Consumer Defensive

2.8%
4.1%

Utilities

2.1%
4.2%

Communication Services

1.9%
2.8%

Financial Services

QVMS
18.0%
DES
24.8%

Technology

QVMS
16.7%
DES
6.0%

Industrials

QVMS
16.3%
DES
13.4%

Consumer Cyclical

QVMS
13.4%
DES
16.0%

Healthcare

QVMS
11.1%
DES
2.0%

Real Estate

QVMS
7.1%
DES
10.1%

Energy

QVMS
5.6%
DES
10.2%

Basic Materials

QVMS
5.0%
DES
6.3%

Consumer Defensive

QVMS
2.8%
DES
4.1%

Utilities

QVMS
2.1%
DES
4.2%

Communication Services

QVMS
1.9%
DES
2.8%

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 SmallCap 600 QVM Multi-factor ETF

WisdomTree U.S. SmallCap Dividend Fund

Often compared with QVMS:
QVMS vs. QVMLQVMS vs. QVMMQVMS vs. XMHQQVMS vs. RTAIQVMS vs. AVUVQVMS vs. XSVMQVMS vs. OMFS
Often compared with DES:
DES vs. FDVVDES vs. AVUVDES vs. EESDES vs. IWNDES vs. SCHDDES vs. VBRDES vs. VXUS

Return for Risk

QVMS vs. DES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QVMS
QVMS Risk / Return Rank: 7070
Overall Rank
QVMS Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
QVMS Sortino Ratio Rank: 6868
Sortino Ratio Rank
QVMS Omega Ratio Rank: 5959
Omega Ratio Rank
QVMS Calmar Ratio Rank: 8181
Calmar Ratio Rank
QVMS Martin Ratio Rank: 7676
Martin Ratio Rank
DES
DES Risk / Return Rank: 6161
Overall Rank
DES Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
DES Sortino Ratio Rank: 5959
Sortino Ratio Rank
DES Omega Ratio Rank: 5252
Omega Ratio Rank
DES Calmar Ratio Rank: 7777
Calmar Ratio Rank
DES Martin Ratio Rank: 6363
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.

QVMS vs. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

QVMSDESDifference
Sharpe ratioReturn per unit of total volatility
1.98
1.77

+0.21

Sortino ratioReturn per unit of downside risk
2.90
2.64

+0.26

Omega ratioGain probability vs. loss probability

1.34

1.31

+0.03

Calmar ratioReturn relative to maximum drawdown

4.02

3.80

+0.21

Martin ratioReturn relative to average drawdown

13.65

10.90

+2.75

QVMS vs. DES - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.98, which is comparable to the DES Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of QVMS and DES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QVMS vs. DES - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for QVMS and DES.

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Drawdown Indicators

QVMSDESDifference

Max Drawdown

Largest peak-to-trough decline

-28.05%

-65.48%

+37.43%

Max Drawdown (1Y)

Largest decline over 1 year

-8.78%

-7.64%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-28.05%

-25.16%

-2.89%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.16%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.65%

—

Current Drawdown

Current decline from peak

-0.43%

-0.97%

+0.54%

Average Drawdown

Average peak-to-trough decline

-9.01%

-9.66%

+0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

2.66%

-0.08%

Volatility

QVMS vs. DES - Volatility Comparison

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) has a higher volatility of 5.07% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 3.95%. This indicates that QVMS's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QVMSDESDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.07%

3.95%

+1.12%

Volatility (6M)

Calculated over the trailing 6-month period

12.45%

11.12%

+1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

17.83%

16.45%

+1.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.23%

19.52%

+1.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.23%

21.96%

-0.73%

QVMS vs. DES - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than DES's 0.38% expense ratio.

Dividends

QVMS vs. DES - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.17%, less than DES's 2.31% yield.

PositionTTM20252024202320222021202020192018201720162015
DES
WisdomTree U.S. SmallCap Dividend Fund		2.31%2.85%2.81%2.65%2.89%2.31%2.75%2.68%3.65%2.89%2.70%3.09%
QVMS
Invesco S&P SmallCap 600 QVM Multi-factor ETF		1.17%1.10%1.53%1.51%1.58%0.64%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.93, QVMS and DES 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.

QVMS has higher volatility (5.07%) compared to DES (3.95%). In terms of maximum drawdown, QVMS dropped -28.05% vs DES's -65.48%.

On 3-year performance, QVMS leads with 16.78% vs 15.80% for DES. On fees, QVMS is cheaper at 0.15% per year. On volatility, DES has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, QVMS has performed better with a 16.78% return vs 15.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QVMS is cheaper with a 0.15% expense ratio, compared with 0.38% for DES.

DES has the higher dividend yield at 2.31%, compared with 1.17% for QVMS.

QVMS is categorized as Multi-factor, while DES is Small Cap Blend Equities. QVMS tracks S&P Small Cap 600, while DES tracks WisdomTree SmallCap Dividend (TR). They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for QVMS and 0.38% for DES.

QVMS currently has the higher Sharpe Ratio (1.98 vs 1.77), 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

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