QVMT vs. SPHQ

Last updated Aug 2, 2026

QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and SPHQ (Invesco S&P 500 Quality 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 SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, QVMT returned 12.55%/yr vs 14.60%/yr for SPHQ. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QVMT charges 0.13%/yr vs 0.15%/yr for SPHQ.

Performance

QVMT vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QVMT achieves a 14.62% return, which is significantly higher than SPHQ's 13.51% return. Over the past 10 years, QVMT has underperformed SPHQ with an annualized return of 12.55%, while SPHQ has yielded a comparatively higher 14.60% 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%

SPHQ

• 1D: -0.47%
• 1M: -3.64%
• 6M: 10.07%
• YTD: 13.51%
• 1Y: 21.02%
• 3Y*: 18.91%
• 5Y*: 12.73%
• 10Y*: 14.60%
• ALL TIME*: 10.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QVMT Invesco S&P S&P 500 Concentrated QVM ETF	$936.15K	$987.45K	$703.91K
SPHQ Invesco S&P 500 Quality ETF	$119.48M	$136.23M	$143.26M

QVMT vs. SPHQ - 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%
SPHQ Invesco S&P 500 Quality ETF	13.51%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between QVMT and SPHQ is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015	0.65

The correlation between QVMT and SPHQ shifts across timeframes, from 0.64 (3 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QVMT vs. SPHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QVMT

QVMT Risk / Return Rank: 85
QVMT Sharpe Ratio Rank: 86
QVMT Sortino Ratio Rank: 85
QVMT Omega Ratio Rank: 83
QVMT Calmar Ratio Rank: 85
QVMT Martin Ratio Rank: 88

SPHQ

SPHQ Risk / Return Rank: 62
SPHQ Sharpe Ratio Rank: 59
SPHQ Sortino Ratio Rank: 61
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 66
SPHQ Martin Ratio Rank: 67

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.

QVMT vs. SPHQ - 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 Invesco S&P 500 Quality ETF (SPHQ). 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	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.39	+0.65
Sortino ratio: Return per unit of downside risk	2.84	2.02	+0.82
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	3.27	2.26	+1.01
Martin ratio: Return relative to average drawdown	13.45	8.07	+5.38

QVMT vs. SPHQ - Sharpe Ratio Comparison

The current QVMT Sharpe Ratio is 2.04, which is higher than the SPHQ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of QVMT and SPHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QVMT vs. SPHQ - Drawdown Comparison

The maximum QVMT drawdown since its inception was -48.05%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for QVMT and SPHQ.

Drawdown Indicators

	QVMT	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-57.83%	+9.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.23%	-8.90%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-16.57%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-25.04%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	-48.05%	-31.60%	-16.45%
Current Drawdown Current decline from peak	-7.15%	-6.03%	-1.12%
Average Drawdown Average peak-to-trough decline	-6.29%	-10.64%	+4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.49%	-0.24%

Volatility

QVMT vs. SPHQ - Volatility Comparison

Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a higher volatility of 6.32% compared to Invesco S&P 500 Quality ETF (SPHQ) at 4.84%. This indicates that QVMT's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVMT	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	4.84%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	12.44%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	14.53%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	16.74%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	17.97%	+3.25%

QVMT vs. SPHQ - Expense Ratio Comparison

QVMT has a 0.13% expense ratio, which is lower than SPHQ's 0.15% 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. SPHQ - Dividend Comparison

QVMT's dividend yield for the trailing twelve months is around 1.90%, more than SPHQ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both QVMT and SPHQ in my portfolio?

QVMT and SPHQ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVMT or SPHQ?

QVMT has higher volatility (6.32%) compared to SPHQ (4.84%). In terms of maximum drawdown, QVMT dropped -48.05% vs SPHQ's -57.83%.

Which ETF is better, QVMT or SPHQ?

On 10-year performance, SPHQ leads with 14.60% vs 12.55% for QVMT. On fees, QVMT is cheaper at 0.13% per year. On volatility, SPHQ has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVMT or SPHQ?

Over the 10-year period, SPHQ has performed better with a 14.60% return vs 12.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVMT or SPHQ?

QVMT is cheaper with a 0.13% expense ratio, compared with 0.15% for SPHQ.

Which ETF pays a higher dividend yield, QVMT or SPHQ?

QVMT has the higher dividend yield at 1.90%, compared with 1.10% for SPHQ.

What is the main difference between QVMT and SPHQ?

QVMT is categorized as S&P 500, while SPHQ is Quality Factor. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.13% for QVMT and 0.15% for SPHQ.

Which has better risk-adjusted returns?

QVMT currently has the higher Sharpe Ratio (2.04 vs 1.39), 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.