QVMS vs. RTAI

Last updated Jul 14, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and RTAI (Rareview Tax Advantaged Income ETF) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while RTAI is a Municipal Bonds fund actively managed by Rareview Funds. QVMS is passively managed, while RTAI is actively managed. Over the past 5 years, QVMS returned 8.74%/yr vs -1.06%/yr for RTAI. At a 0.32 correlation, their price movements are largely independent. QVMS charges 0.15%/yr vs 3.78%/yr for RTAI.

Performance

QVMS vs. RTAI - 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 Rareview Tax Advantaged Income ETF (RTAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMS achieves a 21.58% return, which is significantly higher than RTAI's 4.03% return.

QVMS

• 1D: -0.51%
• 1M: 0.78%
• 6M: 15.63%
• YTD: 21.58%
• 1Y: 30.36%
• 3Y*: 14.95%
• 5Y*: 8.74%
• 10Y*: —

RTAI

• 1D: 0.13%
• 1M: 0.96%
• 6M: 2.68%
• YTD: 4.03%
• 1Y: 11.00%
• 3Y*: 6.79%
• 5Y*: -1.06%
• 10Y*: —

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

QVMS vs. RTAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	21.58%	5.56%	9.50%	16.89%	-14.61%	4.82%
RTAI Rareview Tax Advantaged Income ETF	4.03%	5.54%	7.17%	4.33%	-22.55%	1.26%

Correlation

The correlation between QVMS and RTAI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.32

Return for Risk

QVMS vs. RTAI — Risk / Return Rank

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

QVMS

QVMS Risk / Return Rank: 72
QVMS Sharpe Ratio Rank: 67
QVMS Sortino Ratio Rank: 72
QVMS Omega Ratio Rank: 62
QVMS Calmar Ratio Rank: 82
QVMS Martin Ratio Rank: 78

RTAI

RTAI Risk / Return Rank: 61
RTAI Sharpe Ratio Rank: 62
RTAI Sortino Ratio Rank: 74
RTAI Omega Ratio Rank: 71
RTAI Calmar Ratio Rank: 44
RTAI Martin Ratio Rank: 55

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. RTAI - 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 Rareview Tax Advantaged Income ETF (RTAI). 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	RTAI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.64	+0.09
Sortino ratio: Return per unit of downside risk	2.58	2.64	-0.06
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	3.47	1.79	+1.68
Martin ratio: Return relative to average drawdown	11.73	7.48	+4.25

QVMS vs. RTAI - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.72, which is comparable to the RTAI Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of QVMS and RTAI, 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. RTAI - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum RTAI drawdown of -34.32%. Use the drawdown chart below to compare losses from any high point for QVMS and RTAI.

Drawdown Indicators

	QVMS	RTAI	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-34.32%	+6.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-6.18%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-15.71%	-12.34%
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	-34.32%	+6.27%
Current Drawdown Current decline from peak	-2.73%	-6.22%	+3.49%
Average Drawdown Average peak-to-trough decline	-8.93%	-13.69%	+4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.47%	+1.13%

Volatility

QVMS vs. RTAI - Volatility Comparison

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) has a higher volatility of 4.77% compared to Rareview Tax Advantaged Income ETF (RTAI) at 1.59%. This indicates that QVMS's price experiences larger fluctuations and is considered to be riskier than RTAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVMS	RTAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	1.59%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	5.53%	+6.87%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	6.76%	+10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	9.37%	+11.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.16%	9.01%	+12.15%

QVMS vs. RTAI - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than RTAI's 3.78% expense ratio.

Dividends

QVMS vs. RTAI - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.16%, less than RTAI's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	1.16%	1.10%	1.53%	1.51%	1.58%	0.64%	0.00%
RTAI Rareview Tax Advantaged Income ETF	4.94%	5.66%	5.02%	3.07%	3.71%	4.73%	0.48%

Frequently Asked Questions

Can I hold both QVMS and RTAI in my portfolio?

QVMS and RTAI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMS or RTAI?

QVMS has higher volatility (4.77%) compared to RTAI (1.59%). In terms of maximum drawdown, QVMS dropped -28.05% vs RTAI's -34.32%.

Which ETF is better, QVMS or RTAI?

On 5-year performance, QVMS leads with 8.74% vs -1.06% for RTAI. On fees, QVMS is cheaper at 0.15% per year. On volatility, RTAI has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or RTAI?

Over the 5-year period, QVMS has performed better with a 8.74% return vs -1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMS or RTAI?

QVMS is cheaper with a 0.15% expense ratio, compared with 3.78% for RTAI.

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

RTAI has the higher dividend yield at 4.94%, compared with 1.16% for QVMS.

What is the main difference between QVMS and RTAI?

QVMS is categorized as Multi-factor, while RTAI is Municipal Bonds. They also come from different issuers: Invesco and Rareview Funds. Their fees differ too: 0.15% for QVMS and 3.78% for RTAI.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.72 vs 1.64), 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.