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QVMS vs. XSVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QVMS vs. XSVM

Last updated Aug 2, 2026
Documentation

QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both exchange-traded funds - QVMS is a Multi-factor fund tracking the S&P Small Cap 600, while XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 5 years, QVMS returned 8.50%/yr vs 9.57%/yr for XSVM. Their correlation of 0.94 means they have usually moved in the same direction. QVMS charges 0.15%/yr vs 0.37%/yr for XSVM.

Performance

QVMS vs. XSVM - 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 Value with Momentum ETF (XSVM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QVMS achieves a 21.97% return, which is significantly lower than XSVM's 25.81% return.

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%

XSVM

1D
-0.35%
1M
2.37%
6M
17.50%
YTD
25.81%
1Y
41.62%
3Y*
14.54%
5Y*
9.57%
10Y*
13.34%
ALL TIME*
9.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QVMS

Invesco S&P SmallCap 600 QVM Multi-factor ETF
$15.87K$74.79K$63.13K

XSVM

Invesco S&P SmallCap Value with Momentum ETF
$2.60M$2.40M$2.07M

QVMS vs. XSVM - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QVMS
Invesco S&P SmallCap 600 QVM Multi-factor ETF		21.97%5.56%9.50%16.89%-14.61%4.82%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		25.81%7.47%2.30%20.20%-13.63%7.77%

Correlation

The correlation between QVMS and XSVM is 0.89, 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.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2021

0.94

The correlation between QVMS and XSVM has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

QVMS vs. XSVM - Sectors Allocation Comparison

Sectors
QVMS
XSVM

Financial Services

18.1%
45.1%

Industrials

16.2%
5.3%

Technology

15.2%
2.6%

Consumer Cyclical

13.1%
18.1%

Healthcare

10.4%
1.7%

Real Estate

7.6%
9.7%

Energy

5.9%
5.7%

Basic Materials

4.9%
3.0%

Consumer Defensive

3.9%
4.1%

Utilities

2.1%
2.1%

Communication Services

1.9%
2.6%

Financial Services

QVMS
18.1%
XSVM
45.1%

Industrials

QVMS
16.2%
XSVM
5.3%

Technology

QVMS
15.2%
XSVM
2.6%

Consumer Cyclical

QVMS
13.1%
XSVM
18.1%

Healthcare

QVMS
10.4%
XSVM
1.7%

Real Estate

QVMS
7.6%
XSVM
9.7%

Energy

QVMS
5.9%
XSVM
5.7%

Basic Materials

QVMS
4.9%
XSVM
3.0%

Consumer Defensive

QVMS
3.9%
XSVM
4.1%

Utilities

QVMS
2.1%
XSVM
2.1%

Communication Services

QVMS
1.9%
XSVM
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap Value with Momentum ETF

Often compared with QVMS:
QVMS vs. QVMLQVMS vs. QVMMQVMS vs. RTAIQVMS vs. AVUVQVMS vs. XMHQQVMS vs. DESQVMS vs. OMFS
Often compared with XSVM:
XSVM vs. XSMOXSVM vs. AVUVXSVM vs. RWJXSVM vs. XSHQXSVM vs. SPHBXSVM vs. DGRSXSVM vs. RYPRX

Return for Risk

QVMS vs. XSVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QVMS
QVMS Risk / Return Rank: 8585
Overall Rank
QVMS Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
QVMS Sortino Ratio Rank: 8686
Sortino Ratio Rank
QVMS Omega Ratio Rank: 8080
Omega Ratio Rank
QVMS Calmar Ratio Rank: 9090
Calmar Ratio Rank
QVMS Martin Ratio Rank: 8888
Martin Ratio Rank
XSVM
XSVM Risk / Return Rank: 8989
Overall Rank
XSVM Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 9191
Sortino Ratio Rank
XSVM Omega Ratio Rank: 8787
Omega Ratio Rank
XSVM Calmar Ratio Rank: 9191
Calmar Ratio Rank
XSVM Martin Ratio Rank: 8787
Martin Ratio Rank
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. XSVM - 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 Value with Momentum ETF (XSVM). 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.

QVMSXSVMDifference
Sharpe ratioReturn per unit of total volatility
1.93
2.21

-0.28

Sortino ratioReturn per unit of downside risk
2.86
3.22

-0.36

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

3.85

3.91

-0.06

Martin ratioReturn relative to average drawdown

13.04

12.49

+0.54

QVMS vs. XSVM - Sharpe Ratio Comparison

The current QVMS Sharpe Ratio is 1.93, which is comparable to the XSVM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of QVMS and XSVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QVMS vs. XSVM - Drawdown Comparison

The maximum QVMS drawdown since its inception was -28.05%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for QVMS and XSVM.

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Drawdown Indicators

QVMSXSVMDifference

Max Drawdown

Largest peak-to-trough decline

-28.05%

-62.57%

+34.52%

Max Drawdown (1Y)

Largest decline over 1 year

-8.78%

-10.08%

+1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-28.05%

-26.21%

-1.84%

Max Drawdown (5Y)

Largest decline over 5 years

-28.05%

-26.21%

-1.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.02%

—

Current Drawdown

Current decline from peak

-2.42%

-1.45%

-0.97%

Average Drawdown

Average peak-to-trough decline

-8.86%

-11.48%

+2.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

3.15%

-0.56%

Volatility

QVMS vs. XSVM - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) is 3.70%, while Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a volatility of 4.18%. This indicates that QVMS experiences smaller price fluctuations and is considered to be less risky than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QVMSXSVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.70%

4.18%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

11.73%

+0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

17.57%

17.89%

-0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.06%

22.33%

-1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.08%

25.00%

-3.92%

QVMS vs. XSVM - Expense Ratio Comparison

QVMS has a 0.15% expense ratio, which is lower than XSVM's 0.37% expense ratio.

Dividends

QVMS vs. XSVM - Dividend Comparison

QVMS's dividend yield for the trailing twelve months is around 1.15%, less than XSVM's 1.75% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		1.75%2.29%1.69%1.31%1.79%1.23%1.21%1.22%2.54%1.90%2.29%2.68%

Frequently Asked Questions

QVMS and XSVM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSVM has higher volatility (4.18%) compared to QVMS (3.70%). In terms of maximum drawdown, QVMS dropped -28.05% vs XSVM's -62.57%.

On 5-year performance, XSVM leads with 9.57% vs 8.50% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, QVMS has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, XSVM has performed better with a 9.57% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QVMS is cheaper with a 0.15% expense ratio, compared with 0.37% for XSVM.

XSVM has the higher dividend yield at 1.75%, compared with 1.15% for QVMS.

QVMS is categorized as Multi-factor, while XSVM is Momentum. QVMS tracks S&P Small Cap 600, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. Their fees differ too: 0.15% for QVMS and 0.37% for XSVM.

XSVM currently has the higher Sharpe Ratio (2.21 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.

Portfolio Optimizer

Find the right allocation for QVMS and XSVM

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