QVMS vs. USMF

Last updated Jun 5, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and USMF (WisdomTree US Multifactor Fund) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while USMF is a Mid Cap Blend Equities fund tracking the WisdomTree US Multifactor Index. Both are passively managed. Over the past 3 years, QVMS returned 16.26%/yr vs 14.35%/yr for USMF. Their correlation of 0.85 suggests significant overlap in exposure. QVMS charges 0.15%/yr vs 0.28%/yr for USMF.

Performance

QVMS vs. USMF - 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 US Multifactor Fund (USMF). 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 USMF's 4.43% return.

QVMS

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

USMF

• 1D: 0.08%
• 1M: 3.17%
• YTD: 4.43%
• 6M: 4.58%
• 1Y: 6.68%
• 3Y*: 14.35%
• 5Y*: 7.68%
• 10Y*: —

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

QVMS vs. USMF - 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%
USMF WisdomTree US Multifactor Fund	4.43%	4.60%	19.65%	13.47%	-8.82%	7.64%

Correlation

The correlation between QVMS and USMF is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.85

The correlation between QVMS and USMF shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

QVMS vs. USMF - Sectors Allocation Comparison

Sectors	QVMS	USMF
Financial Services	18.3%	11.8%
Industrials	16.7%	7.8%
Technology	15.5%	35.6%
Consumer Cyclical	13.2%	11.1%
Healthcare	10.8%	9.3%
Energy	7.5%	4.1%
Real Estate	7.1%	2.0%
Basic Materials	4.5%	0.9%
Consumer Defensive	2.6%	5.2%
Utilities	2.1%	2.0%
Communication Services	1.7%	10.3%

Return for Risk

QVMS vs. USMF — 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

USMF

USMF Risk / Return Rank: 21
USMF Sharpe Ratio Rank: 20
USMF Sortino Ratio Rank: 19
USMF Omega Ratio Rank: 18
USMF Calmar Ratio Rank: 23
USMF Martin Ratio Rank: 24

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. USMF - 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 US Multifactor Fund (USMF). 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	USMF	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.62	+1.31
Sortino ratio: Return per unit of downside risk	2.82	0.94	+1.88
Omega ratio: Gain probability vs. loss probability	1.33	1.11	+0.22
Calmar ratio: Return relative to maximum drawdown	3.88	1.04	+2.84
Martin ratio: Return relative to average drawdown	13.08	3.11	+9.96
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. USMF - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.94, which is higher than the USMF Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of QVMS and USMF, 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	USMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	0.62	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.63	-0.28

Drawdowns

QVMS vs. USMF - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum USMF drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for QVMS and USMF.

Drawdown Indicators

	QVMS	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-36.24%	+8.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-6.47%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-15.39%	-12.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.10%	—
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-9.10%	-4.16%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.15%	+0.45%

Volatility

QVMS vs. USMF - Volatility Comparison

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) has a higher volatility of 4.68% compared to WisdomTree US Multifactor Fund (USMF) at 2.25%. This indicates that QVMS's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVMS	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	2.25%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	7.42%	+4.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	10.79%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	14.26%	+6.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	16.96%	+4.29%

QVMS vs. USMF - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than USMF's 0.28% expense ratio.

Dividends

QVMS vs. USMF - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.12%, less than USMF's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USMF WisdomTree US Multifactor Fund	1.31%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%

Frequently Asked Questions

Can I hold both QVMS and USMF in my portfolio?

QVMS and USMF have a correlation of 0.73, 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 USMF?

QVMS has higher volatility (4.68%) compared to USMF (2.25%). In terms of maximum drawdown, QVMS dropped -28.05% vs USMF's -36.24%.

Which ETF is better, QVMS or USMF?

On 3-year performance, QVMS leads with 16.26% vs 14.35% for USMF. On fees, QVMS is cheaper at 0.15% per year. On volatility, USMF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or USMF?

Over the 3-year period, QVMS has performed better with a 16.26% return vs 14.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMS or USMF?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.28% for USMF.

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

USMF has the higher dividend yield at 1.31%, compared with 1.12% for QVMS.

What is the main difference between QVMS and USMF?

QVMS is categorized as Multi-factor, while USMF is Mid Cap Blend Equities. QVMS tracks S&P Small Cap 600, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for QVMS and 0.28% for USMF.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.94 vs 0.62), 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.