QVMS vs. RWK

Last updated Jun 5, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while RWK is a Small Cap Blend Equities fund tracking the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 3 years, QVMS returned 16.26%/yr vs 18.46%/yr for RWK. Their correlation of 0.94 suggests significant overlap in exposure. QVMS charges 0.15%/yr vs 0.39%/yr for RWK.

Performance

QVMS vs. RWK - 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 Invesco S&P MidCap 400 Revenue ETF (RWK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMS achieves a 17.44% return, which is significantly higher than RWK's 13.40% return.

QVMS

• 1D: 1.27%
• 1M: 2.14%
• YTD: 17.44%
• 6M: 16.16%
• 1Y: 33.90%
• 3Y*: 16.26%
• 5Y*: —
• 10Y*: —

RWK

• 1D: -0.06%
• 1M: 2.94%
• YTD: 13.40%
• 6M: 12.74%
• 1Y: 28.60%
• 3Y*: 18.46%
• 5Y*: 10.63%
• 10Y*: 12.65%

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

QVMS vs. RWK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	17.44%	5.56%	9.50%	16.89%	-14.61%	4.45%
RWK Invesco S&P MidCap 400 Revenue ETF	13.40%	10.27%	11.94%	23.76%	-8.19%	7.49%

Correlation

The correlation between QVMS and RWK is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.94

The correlation between QVMS and RWK has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

QVMS vs. RWK - Sectors Allocation Comparison

Sectors	QVMS	RWK
Financial Services	18.3%	13.1%
Industrials	16.7%	21.8%
Technology	15.5%	14.0%
Consumer Cyclical	13.2%	20.7%
Healthcare	10.8%	4.0%
Energy	7.5%	5.3%
Real Estate	7.1%	2.8%
Basic Materials	4.5%	4.7%
Consumer Defensive	2.6%	11.3%
Utilities	2.1%	1.6%
Communication Services	1.7%	0.7%

Return for Risk

QVMS vs. RWK — Risk / Return Rank

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

QVMS

QVMS Risk / Return Rank: 64
QVMS Sharpe Ratio Rank: 58
QVMS Sortino Ratio Rank: 61
QVMS Omega Ratio Rank: 55
QVMS Calmar Ratio Rank: 77
QVMS Martin Ratio Rank: 71

RWK

RWK Risk / Return Rank: 52
RWK Sharpe Ratio Rank: 51
RWK Sortino Ratio Rank: 55
RWK Omega Ratio Rank: 49
RWK Calmar Ratio Rank: 53
RWK Martin Ratio Rank: 51

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. RWK - 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 Invesco S&P MidCap 400 Revenue ETF (RWK). 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.

	QVMS	RWK	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.73	+0.21
Sortino ratio: Return per unit of downside risk	2.82	2.58	+0.24
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	3.88	2.58	+1.30
Martin ratio: Return relative to average drawdown	13.08	8.29	+4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QVMS vs. RWK - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.94, which is comparable to the RWK Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of QVMS and RWK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QVMS	RWK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.73	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.48	-0.13

Drawdowns

QVMS vs. RWK - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for QVMS and RWK.

Drawdown Indicators

	QVMS	RWK	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-56.49%	+28.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-11.14%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-24.58%	-3.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.20%	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-9.10%	-7.55%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.46%	-0.86%

Volatility

QVMS vs. RWK - Volatility Comparison

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) and Invesco S&P MidCap 400 Revenue ETF (RWK) have volatilities of 4.68% and 4.55%, 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

	QVMS	RWK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.55%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	11.86%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	16.65%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	21.13%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	22.95%	-1.70%

QVMS vs. RWK - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than RWK's 0.39% expense ratio.

Dividends

QVMS vs. RWK - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.12%, which matches RWK's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	1.12%	1.10%	1.53%	1.51%	1.58%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWK Invesco S&P MidCap 400 Revenue ETF	1.13%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both QVMS and RWK in my portfolio?

With a correlation of 0.92, QVMS and RWK 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 RWK?

QVMS has higher volatility (4.68%) compared to RWK (4.55%). In terms of maximum drawdown, QVMS dropped -28.05% vs RWK's -56.49%.

Which ETF is better, QVMS or RWK?

On 3-year performance, RWK leads with 18.46% vs 16.26% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, RWK has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or RWK?

Over the 3-year period, RWK has performed better with a 18.46% return vs 16.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMS or RWK?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.39% for RWK.

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

QVMS and RWK have nearly identical dividend yields, around 1.12%.

What is the main difference between QVMS and RWK?

QVMS is categorized as Multi-factor, while RWK is Small Cap Blend Equities. QVMS tracks S&P Small Cap 600, while RWK tracks S&P MidCap 400 Revenue-Weighted Index. Their fees differ too: 0.15% for QVMS and 0.39% for RWK.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.94 vs 1.73), 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.