QVMS vs. XSMO

Last updated Jun 5, 2026

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and XSMO (Invesco S&P SmallCap Momentum ETF) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index. Both are passively managed. Over the past 3 years, QVMS returned 16.26%/yr vs 25.70%/yr for XSMO. Their correlation of 0.94 suggests significant overlap in exposure. QVMS charges 0.15%/yr vs 0.36%/yr for XSMO.

Performance

QVMS vs. XSMO - 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 SmallCap Momentum ETF (XSMO). 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 lower than XSMO's 23.45% return.

QVMS

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

XSMO

• 1D: 1.22%
• 1M: 0.48%
• YTD: 23.45%
• 6M: 21.12%
• 1Y: 35.59%
• 3Y*: 25.70%
• 5Y*: 11.48%
• 10Y*: 14.63%

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

QVMS vs. XSMO - 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%
XSMO Invesco S&P SmallCap Momentum ETF	23.45%	9.80%	17.45%	21.55%	-15.44%	3.30%

Correlation

The correlation between QVMS and XSMO 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	0.94
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.94

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

QVMS vs. XSMO - Sectors Allocation Comparison

Sectors	QVMS	XSMO
Financial Services	18.3%	12.3%
Industrials	16.7%	19.5%
Technology	15.5%	20.9%
Consumer Cyclical	13.2%	9.0%
Healthcare	10.8%	13.9%
Energy	7.5%	3.1%
Real Estate	7.1%	5.0%
Basic Materials	4.5%	5.8%
Consumer Defensive	2.6%	2.4%
Utilities	2.1%	4.0%
Communication Services	1.7%	4.1%

Return for Risk

QVMS vs. XSMO — 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

XSMO

XSMO Risk / Return Rank: 65
XSMO Sharpe Ratio Rank: 57
XSMO Sortino Ratio Rank: 59
XSMO Omega Ratio Rank: 54
XSMO Calmar Ratio Rank: 79
XSMO Martin Ratio Rank: 74

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. XSMO - 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 SmallCap Momentum ETF (XSMO). 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	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.91	+0.03
Sortino ratio: Return per unit of downside risk	2.82	2.73	+0.09
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.88	4.02	-0.15
Martin ratio: Return relative to average drawdown	13.08	13.74	-0.66
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. XSMO - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.94, which is comparable to the XSMO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of QVMS and XSMO, 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	XSMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.91	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.39	-0.05

Drawdowns

QVMS vs. XSMO - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for QVMS and XSMO.

Drawdown Indicators

	QVMS	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-58.06%	+30.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.89%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-24.76%	-3.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-9.10%	-11.13%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.60%	0.00%

Volatility

QVMS vs. XSMO - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) is 4.68%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 6.12%. This indicates that QVMS experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVMS	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	6.12%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	14.15%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	18.76%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	22.68%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.25%	24.12%	-2.87%

QVMS vs. XSMO - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than XSMO's 0.36% expense ratio.

Dividends

QVMS vs. XSMO - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.12%, more than XSMO's 0.52% 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%
XSMO Invesco S&P SmallCap Momentum ETF	0.52%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both QVMS and XSMO in my portfolio?

With a correlation of 0.92, QVMS and XSMO 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 XSMO?

XSMO has higher volatility (6.12%) compared to QVMS (4.68%). In terms of maximum drawdown, QVMS dropped -28.05% vs XSMO's -58.06%.

Which ETF is better, QVMS or XSMO?

On 3-year performance, XSMO leads with 25.70% vs 16.26% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, QVMS has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMS or XSMO?

Over the 3-year period, XSMO has performed better with a 25.70% 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 XSMO?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.36% for XSMO.

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

QVMS has the higher dividend yield at 1.12%, compared with 0.52% for XSMO.

What is the main difference between QVMS and XSMO?

QVMS is categorized as Multi-factor, while XSMO is Momentum. QVMS tracks S&P Small Cap 600, while XSMO tracks S&P SmallCap 600 Momentum Index. Their fees differ too: 0.15% for QVMS and 0.36% for XSMO.

Which has better risk-adjusted returns?

QVMS currently has the higher Sharpe Ratio (1.94 vs 1.91), 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.