QVMT vs. BIL
QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - QVMT is a S&P 500 fund tracking the S&P 500 Quality, Value & Momentum Multi-factor Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, QVMT returned 12.55%/yr vs 2.24%/yr for BIL. Their -0.02 correlation means they have often moved in opposite directions in the past. QVMT charges 0.13%/yr vs 0.14%/yr for BIL.
Performance
QVMT vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, QVMT achieves a 14.62% return, which is significantly higher than BIL's 2.08% return. Over the past 10 years, QVMT has outperformed BIL with an annualized return of 12.55%, while BIL has yielded a comparatively lower 2.24% annualized return.
QVMT
- 1D
- -0.50%
- 1M
- -2.65%
- 6M
- 11.45%
- YTD
- 14.62%
- 1Y
- 32.14%
- 3Y*
- 17.87%
- 5Y*
- 12.30%
- 10Y*
- 12.55%
- ALL TIME*
- 11.80%
BIL
- 1D
- 0.03%
- 1M
- 0.26%
- 6M
- 1.78%
- YTD
- 2.08%
- 1Y
- 3.76%
- 3Y*
- 4.56%
- 5Y*
- 3.54%
- 10Y*
- 2.24%
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $778.54M | $838.53M | $900.58M | |
| $936.15K | $987.45K | $703.91K |
QVMT vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QVMT Invesco S&P S&P 500 Concentrated QVM ETF | 14.62% | 19.08% | 14.40% | 11.71% | -5.61% | 35.27% | -9.98% | 28.86% | -9.51% | 18.77% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.08% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between QVMT and BIL is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | -0.02 |
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Return for Risk
QVMT vs. BIL — Risk / Return Rank
QVMT
BIL
QVMT vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| QVMT | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.10 | ||
| Sortino ratioReturn per unit of downside risk | -150.30 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 69.35 | -68.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 349.28 | -346.00 |
| Martin ratioReturn relative to average drawdown | 13.45 | 2,476.90 | -2,463.46 |
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Drawdowns
QVMT vs. BIL - Drawdown Comparison
The maximum QVMT drawdown since its inception was -48.05%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for QVMT and BIL.
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Drawdown Indicators
| QVMT | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.05% | -0.78% | -47.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.23% | -0.01% | -9.22% |
Max Drawdown (3Y)Largest decline over 3 years | -14.42% | -0.01% | -14.41% |
Max Drawdown (5Y)Largest decline over 5 years | -21.95% | -0.08% | -21.87% |
Max Drawdown (10Y)Largest decline over 10 years | -48.05% | -0.21% | -47.84% |
Current DrawdownCurrent decline from peak | -7.15% | 0.00% | -7.15% |
Average DrawdownAverage peak-to-trough decline | -6.29% | -0.26% | -6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 0.00% | +2.25% |
Volatility
QVMT vs. BIL - Volatility Comparison
Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a higher volatility of 6.32% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that QVMT's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QVMT | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.32% | 0.07% | +6.25% |
Volatility (6M)Calculated over the trailing 6-month period | 12.06% | 0.14% | +11.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.90% | 0.20% | +14.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.52% | 0.26% | +17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.22% | 0.26% | +20.96% |
QVMT vs. BIL - Expense Ratio Comparison
QVMT has a 0.13% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
QVMT vs. BIL - Dividend Comparison
QVMT's dividend yield for the trailing twelve months is around 1.90%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.46% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
QVMT Invesco S&P S&P 500 Concentrated QVM ETF | 1.90% | 2.42% | 2.71% | 3.05% | 2.49% | 2.31% | 2.70% | 2.23% | 2.48% | 2.37% | 1.11% | 0.54% |
Frequently Asked Questions
QVMT and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QVMT has higher volatility (6.32%) compared to BIL (0.07%). In terms of maximum drawdown, QVMT dropped -48.05% vs BIL's -0.78%.
On 10-year performance, QVMT leads with 12.55% vs 2.24% for BIL. On fees, QVMT is cheaper at 0.13% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QVMT has performed better with a 12.55% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVMT is cheaper with a 0.13% expense ratio, compared with 0.14% for BIL.
BIL has the higher dividend yield at 3.46%, compared with 1.90% for QVMT.
QVMT is categorized as S&P 500, while BIL is Government Bonds. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.13% for QVMT and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.13 vs 2.04), 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.
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