UPGD vs. VFQY

Last updated Jun 5, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and VFQY (Vanguard U.S. Quality Factor ETF) are both Mid Cap Blend Equities funds. UPGD is passively managed, while VFQY is actively managed. Over the past 5 years, UPGD returned 7.21%/yr vs 8.54%/yr for VFQY. Their correlation of 0.92 suggests significant overlap in exposure. UPGD charges 0.40%/yr vs 0.13%/yr for VFQY.

Performance

UPGD vs. VFQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Vanguard U.S. Quality Factor ETF (VFQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGD achieves a 11.28% return, which is significantly higher than VFQY's 8.53% return.

UPGD

• 1D: 0.28%
• 1M: 6.09%
• YTD: 11.28%
• 6M: 11.94%
• 1Y: 18.15%
• 3Y*: 15.88%
• 5Y*: 7.21%
• 10Y*: 10.20%

VFQY

• 1D: 0.80%
• 1M: 3.49%
• YTD: 8.53%
• 6M: 8.67%
• 1Y: 20.07%
• 3Y*: 16.73%
• 5Y*: 8.54%
• 10Y*: —

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

UPGD vs. VFQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	11.28%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-15.56%
VFQY Vanguard U.S. Quality Factor ETF	8.53%	10.24%	12.93%	22.48%	-15.74%	27.96%	16.97%	25.75%	-7.85%

Correlation

The correlation between UPGD and VFQY is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.92

The correlation between UPGD and VFQY has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

UPGD vs. VFQY - Sectors Allocation Comparison

Sectors	UPGD	VFQY
Industrials	32.2%	16.8%
Technology	22.5%	25.8%
Consumer Cyclical	19.2%	13.3%
Consumer Defensive	14.0%	9.2%
Utilities	6.3%	-
Healthcare	5.9%	8.9%
Communication Services	2.2%	2.8%
Financial Services	0.0%	18.9%
Basic Materials	-	2.2%
Energy	-	2.2%
Real Estate	-	-

Return for Risk

UPGD vs. VFQY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPGD

UPGD Risk / Return Rank: 38
UPGD Sharpe Ratio Rank: 38
UPGD Sortino Ratio Rank: 41
UPGD Omega Ratio Rank: 35
UPGD Calmar Ratio Rank: 38
UPGD Martin Ratio Rank: 40

VFQY

VFQY Risk / Return Rank: 45
VFQY Sharpe Ratio Rank: 44
VFQY Sortino Ratio Rank: 44
VFQY Omega Ratio Rank: 40
VFQY Calmar Ratio Rank: 46
VFQY Martin Ratio Rank: 50

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.

UPGD vs. VFQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Vanguard U.S. Quality Factor ETF (VFQY). 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.

	UPGD	VFQY	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.50	-0.16
Sortino ratio: Return per unit of downside risk	2.05	2.18	-0.13
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	1.82	2.21	-0.39
Martin ratio: Return relative to average drawdown	6.24	8.19	-1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPGD vs. VFQY - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.34, which is comparable to the VFQY Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of UPGD and VFQY, 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

	UPGD	VFQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	1.50	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.47	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.54	-0.20

Drawdowns

UPGD vs. VFQY - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than VFQY's maximum drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for UPGD and VFQY.

Drawdown Indicators

	UPGD	VFQY	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-37.41%	-23.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-9.12%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-20.67%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-25.93%	+1.62%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.26%	-6.69%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.46%	+0.46%

Volatility

UPGD vs. VFQY - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) has a higher volatility of 4.00% compared to Vanguard U.S. Quality Factor ETF (VFQY) at 2.60%. This indicates that UPGD's price experiences larger fluctuations and is considered to be riskier than VFQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	VFQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	2.60%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	9.51%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	13.49%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	18.33%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	20.87%	+0.77%

UPGD vs. VFQY - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than VFQY's 0.13% expense ratio.

Dividends

UPGD vs. VFQY - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than VFQY's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%
VFQY Vanguard U.S. Quality Factor ETF	1.09%	1.17%	1.34%	1.38%	1.43%	0.98%	1.22%	1.34%	1.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPGD and VFQY in my portfolio?

UPGD and VFQY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or VFQY?

UPGD has higher volatility (4.00%) compared to VFQY (2.60%). In terms of maximum drawdown, UPGD dropped -60.74% vs VFQY's -37.41%.

Which ETF is better, UPGD or VFQY?

On 5-year performance, VFQY leads with 8.54% vs 7.21% for UPGD. On fees, VFQY is cheaper at 0.13% per year. On volatility, VFQY has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or VFQY?

Over the 5-year period, VFQY has performed better with a 8.54% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or VFQY?

VFQY is cheaper with a 0.13% expense ratio, compared with 0.40% for UPGD.

Which ETF pays a higher dividend yield, UPGD or VFQY?

UPGD has the higher dividend yield at 1.57%, compared with 1.09% for VFQY.

What is the main difference between UPGD and VFQY?

They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for UPGD and 0.13% for VFQY.

Which has better risk-adjusted returns?

VFQY currently has the higher Sharpe Ratio (1.50 vs 1.34), 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.