QVMS vs. DES

Last updated Aug 2, 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 5 years, QVMS returned 8.50%/yr vs 8.30%/yr for DES. Their 0.95 correlation means they have historically moved very closely together. 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.

Returns By Period

The year-to-date returns for both investments are quite close, with QVMS having a 21.97% return and DES slightly higher at 22.71%.

QVMS

• 1D: -0.04%
• 1M: -0.81%
• 6M: 15.44%
• YTD: 21.97%
• 1Y: 35.49%
• 3Y*: 13.91%
• 5Y*: 8.50%
• 10Y*: —
• ALL TIME*: 7.95%

DES

• 1D: -0.25%
• 1M: 0.86%
• 6M: 14.79%
• YTD: 22.71%
• 1Y: 33.11%
• 3Y*: 13.09%
• 5Y*: 8.30%
• 10Y*: 8.19%
• ALL TIME*: 7.88%

*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)
DES WisdomTree U.S. SmallCap Dividend Fund	$3.72M	$4.61M	$5.63M
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	$15.87K	$74.79K	$63.13K

QVMS vs. DES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	21.97%	5.56%	9.50%	16.89%	-14.61%	4.82%
DES WisdomTree U.S. SmallCap Dividend Fund	22.71%	0.25%	9.93%	16.50%	-10.96%	5.30%

Correlation

The correlation between QVMS and DES is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.95

The correlation between QVMS and DES has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

QVMS vs. DES - Sectors Allocation Comparison

Sectors	QVMS	DES
Financial Services	18.1%	25.2%
Industrials	16.2%	13.6%
Technology	15.2%	6.2%
Consumer Cyclical	13.1%	16.3%
Healthcare	10.4%	2.1%
Real Estate	7.6%	9.9%
Energy	5.9%	9.5%
Basic Materials	4.9%	6.1%
Consumer Defensive	3.9%	4.1%
Utilities	2.1%	4.1%
Communication Services	1.9%	2.9%

Return for Risk

QVMS vs. DES — Risk / Return Rank

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

QVMS

QVMS Risk / Return Rank: 85
QVMS Sharpe Ratio Rank: 83
QVMS Sortino Ratio Rank: 86
QVMS Omega Ratio Rank: 80
QVMS Calmar Ratio Rank: 90
QVMS Martin Ratio Rank: 88

DES

DES Risk / Return Rank: 86
DES Sharpe Ratio Rank: 84
DES Sortino Ratio Rank: 87
DES Omega Ratio Rank: 83
DES Calmar Ratio Rank: 91
DES Martin Ratio Rank: 86

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.

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.

	QVMS	DES	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.95	-0.02
Sortino ratio: Return per unit of downside risk	2.86	2.93	-0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	3.85	4.03	-0.18
Martin ratio: Return relative to average drawdown	13.04	12.16	+0.88

QVMS vs. DES - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.93, which is comparable to the DES Sharpe Ratio of 1.95. 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.

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.

Drawdown Indicators

	QVMS	DES	Difference
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	-28.05%	-25.16%	-2.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.65%	—
Current Drawdown Current decline from peak	-2.42%	-1.54%	-0.88%
Average Drawdown Average peak-to-trough decline	-8.86%	-9.61%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.53%	+0.06%

Volatility

QVMS vs. DES - Volatility Comparison

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) has a higher volatility of 3.70% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 3.40%. 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.

Volatility by Period

	QVMS	DES	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.40%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	10.18%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	15.82%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	19.38%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	21.92%	-0.84%

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 1.15%, less than DES's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.26%	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	1.15%	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

Can I hold both QVMS and DES in my portfolio?

With a correlation of 0.92, 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.

Which is riskier, QVMS or DES?

QVMS has higher volatility (3.70%) compared to DES (3.40%). In terms of maximum drawdown, QVMS dropped -28.05% vs DES's -65.48%.

Which ETF is better, QVMS or DES?

On 5-year performance, QVMS leads with 8.50% vs 8.30% for DES. On fees, QVMS is cheaper at 0.15% per year. On volatility, DES has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or DES?

Over the 5-year period, QVMS has performed better with a 8.50% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMS or DES?

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

Which ETF pays a higher dividend yield, QVMS or DES?

DES has the higher dividend yield at 2.26%, compared with 1.15% for QVMS.

What is the main difference between QVMS and DES?

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.

Which has better risk-adjusted returns?

DES currently has the higher Sharpe Ratio (1.95 vs 1.93), 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.