QVMT vs. SPXL
QVMT (Invesco S&P S&P 500 Concentrated QVM ETF) and SPXL (Direxion Daily S&P 500 Bull 3X 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 SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, QVMT returned 13.26%/yr vs 30.05%/yr for SPXL. A 0.65 correlation means they provide meaningful diversification when combined. QVMT charges 0.13%/yr vs 0.84%/yr for SPXL.
Performance
QVMT vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, QVMT achieves a 19.74% return, which is significantly lower than SPXL's 23.87% return. Over the past 10 years, QVMT has underperformed SPXL with an annualized return of 13.26%, while SPXL has yielded a comparatively higher 30.05% annualized return.
QVMT
- 1D
- -0.59%
- 1M
- 4.24%
- YTD
- 19.74%
- 6M
- 20.21%
- 1Y
- 36.49%
- 3Y*
- 21.96%
- 5Y*
- 13.69%
- 10Y*
- 13.26%
SPXL
- 1D
- 2.89%
- 1M
- 4.57%
- YTD
- 23.87%
- 6M
- 27.44%
- 1Y
- 75.46%
- 3Y*
- 46.89%
- 5Y*
- 23.80%
- 10Y*
- 30.05%
QVMT vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QVMT Invesco S&P S&P 500 Concentrated QVM ETF | 19.74% | 19.08% | 14.40% | 11.71% | -5.61% | 35.27% | -9.98% | 28.86% | -9.51% | 18.77% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 23.87% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between QVMT and SPXL is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.65 |
The correlation between QVMT and SPXL shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
QVMT vs. SPXL — Risk / Return Rank
QVMT
SPXL
QVMT vs. SPXL - 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 Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.33 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.86 | 2.83 | +3.03 |
| Martin ratioReturn relative to average drawdown | 20.72 | 11.63 | +9.10 |
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Drawdowns
QVMT vs. SPXL - Drawdown Comparison
The maximum QVMT drawdown since its inception was -48.05%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for QVMT and SPXL.
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Drawdown Indicators
| QVMT | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.05% | -76.86% | +28.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.25% | -26.77% | +20.52% |
Max Drawdown (3Y)Largest decline over 3 years | -14.42% | -48.95% | +34.53% |
Max Drawdown (5Y)Largest decline over 5 years | -21.95% | -63.80% | +41.85% |
Max Drawdown (10Y)Largest decline over 10 years | -48.05% | -76.86% | +28.81% |
Current DrawdownCurrent decline from peak | -0.89% | -5.35% | +4.46% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -16.10% | +9.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 6.51% | -4.74% |
Volatility
QVMT vs. SPXL - Volatility Comparison
The current volatility for Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) is 4.04%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.25%. This indicates that QVMT experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QVMT | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 14.25% | -10.21% |
Volatility (6M)Calculated over the trailing 6-month period | 9.39% | 29.44% | -20.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.79% | 37.13% | -24.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.28% | 50.52% | -33.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 53.55% | -32.48% |
QVMT vs. SPXL - Expense Ratio Comparison
QVMT has a 0.13% expense ratio, which is lower than SPXL's 0.84% expense ratio.
Dividends
QVMT vs. SPXL - Dividend Comparison
QVMT's dividend yield for the trailing twelve months is around 2.01%, more than SPXL's 0.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QVMT Invesco S&P S&P 500 Concentrated QVM ETF | 2.01% | 2.42% | 2.71% | 3.05% | 2.49% | 2.31% | 2.70% | 2.23% | 2.48% | 2.37% | 1.11% | 0.54% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.54% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
Frequently Asked Questions
QVMT and SPXL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (14.25%) compared to QVMT (4.04%). In terms of maximum drawdown, QVMT dropped -48.05% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.05% vs 13.26% for QVMT. On fees, QVMT is cheaper at 0.13% per year. On volatility, QVMT has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.05% return vs 13.26%. 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 0.84% for SPXL.
QVMT has the higher dividend yield at 2.01%, compared with 0.54% for SPXL.
QVMT is categorized as S&P 500, while SPXL is Leveraged Equities. QVMT tracks S&P 500 Quality, Value & Momentum Multi-factor Index, while SPXL tracks S&P 500. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.13% for QVMT and 0.84% for SPXL.
QVMT currently has the higher Sharpe Ratio (2.87 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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