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XSVM vs. QVMS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSVM vs. QVMS

Last updated Aug 4, 2026
Documentation

XSVM (Invesco S&P SmallCap Value with Momentum ETF) and QVMS (Invesco S&P SmallCap 600 QVM Multi-factor ETF) are both exchange-traded funds - XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index, while QVMS is a Multi-factor fund tracking the S&P Small Cap 600. Both are passively managed. Over the past 5 years, XSVM returned 10.26%/yr vs 9.14%/yr for QVMS. Their correlation of 0.94 means they have usually moved in the same direction. XSVM charges 0.37%/yr vs 0.15%/yr for QVMS.

Performance

XSVM vs. QVMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Value with Momentum ETF (XSVM) and Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSVM achieves a 27.31% return, which is significantly higher than QVMS's 24.00% return.

XSVM

1D
1.19%
1M
3.59%
6M
17.18%
YTD
27.31%
1Y
43.31%
3Y*
15.08%
5Y*
10.26%
10Y*
13.04%
ALL TIME*
9.38%

QVMS

1D
1.66%
1M
0.84%
6M
16.16%
YTD
24.00%
1Y
37.75%
3Y*
15.04%
5Y*
9.14%
10Y*
—
ALL TIME*
8.28%
*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
$15.20K$71.85K$64.18K

XSVM

Invesco S&P SmallCap Value with Momentum ETF
$2.64M$2.37M$2.08M

XSVM vs. QVMS - Yearly Performance Comparison

2026 (YTD)20252024202320222021
XSVM
Invesco S&P SmallCap Value with Momentum ETF		27.31%7.47%2.30%20.20%-13.63%7.77%
QVMS
Invesco S&P SmallCap 600 QVM Multi-factor ETF		24.00%5.56%9.50%16.89%-14.61%4.82%

Correlation

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

XSVM vs. QVMS - Sectors Allocation Comparison

Sectors
XSVM
QVMS

Financial Services

45.1%
18.1%

Consumer Cyclical

18.1%
13.1%

Real Estate

9.7%
7.6%

Energy

5.7%
5.9%

Industrials

5.3%
16.2%

Consumer Defensive

4.1%
3.9%

Basic Materials

3.0%
4.9%

Technology

2.6%
15.2%

Communication Services

2.6%
1.9%

Utilities

2.1%
2.1%

Healthcare

1.7%
10.4%

Financial Services

XSVM
45.1%
QVMS
18.1%

Consumer Cyclical

XSVM
18.1%
QVMS
13.1%

Real Estate

XSVM
9.7%
QVMS
7.6%

Energy

XSVM
5.7%
QVMS
5.9%

Industrials

XSVM
5.3%
QVMS
16.2%

Consumer Defensive

XSVM
4.1%
QVMS
3.9%

Basic Materials

XSVM
3.0%
QVMS
4.9%

Technology

XSVM
2.6%
QVMS
15.2%

Communication Services

XSVM
2.6%
QVMS
1.9%

Utilities

XSVM
2.1%
QVMS
2.1%

Healthcare

XSVM
1.7%
QVMS
10.4%

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 Value with Momentum ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

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

Return for Risk

XSVM vs. QVMS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XSVM
XSVM Risk / Return Rank: 9191
Overall Rank
XSVM Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 9393
Sortino Ratio Rank
XSVM Omega Ratio Rank: 9090
Omega Ratio Rank
XSVM Calmar Ratio Rank: 9292
Calmar Ratio Rank
XSVM Martin Ratio Rank: 8888
Martin Ratio Rank
QVMS
QVMS Risk / Return Rank: 8888
Overall Rank
QVMS Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
QVMS Sortino Ratio Rank: 8989
Sortino Ratio Rank
QVMS Omega Ratio Rank: 8383
Omega Ratio Rank
QVMS Calmar Ratio Rank: 9292
Calmar Ratio Rank
QVMS Martin Ratio Rank: 9090
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.

XSVM vs. QVMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Value with Momentum ETF (XSVM) and Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS). 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.

XSVMQVMSDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.16

+0.28

Sortino ratioReturn per unit of downside risk
3.53
3.17

+0.36

Omega ratioGain probability vs. loss probability

1.43

1.37

+0.06

Calmar ratioReturn relative to maximum drawdown

4.32

4.32

0.00

Martin ratioReturn relative to average drawdown

13.79

14.61

-0.82

XSVM vs. QVMS - Sharpe Ratio Comparison

The current XSVM Sharpe Ratio is 2.45, which is comparable to the QVMS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XSVM and QVMS, 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

XSVM vs. QVMS - Drawdown Comparison

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

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Drawdown Indicators

XSVMQVMSDifference

Max Drawdown

Largest peak-to-trough decline

-62.57%

-28.05%

-34.52%

Max Drawdown (1Y)

Largest decline over 1 year

-10.08%

-8.78%

-1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-26.21%

-28.05%

+1.84%

Max Drawdown (5Y)

Largest decline over 5 years

-26.21%

-28.05%

+1.84%

Max Drawdown (10Y)

Largest decline over 10 years

-49.02%

—

—

Current Drawdown

Current decline from peak

-0.28%

-0.80%

+0.52%

Average Drawdown

Average peak-to-trough decline

-11.48%

-8.85%

-2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

2.59%

+0.56%

Volatility

XSVM vs. QVMS - Volatility Comparison

Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a higher volatility of 4.25% compared to Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) at 3.96%. This indicates that XSVM's price experiences larger fluctuations and is considered to be riskier than QVMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSVMQVMSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.25%

3.96%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

11.78%

12.15%

-0.37%

Volatility (1Y)

Calculated over the trailing 1-year period

17.83%

17.58%

+0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

21.08%

+1.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.01%

21.09%

+3.92%

XSVM vs. QVMS - Expense Ratio Comparison

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

Dividends

XSVM vs. QVMS - Dividend Comparison

XSVM's dividend yield for the trailing twelve months is around 1.73%, more than QVMS's 1.13% yield.

PositionTTM20252024202320222021202020192018201720162015
QVMS
Invesco S&P SmallCap 600 QVM Multi-factor ETF		1.13%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		1.73%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

XSVM and QVMS 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 (4.25%) compared to QVMS (3.96%). In terms of maximum drawdown, XSVM dropped -62.57% vs QVMS's -28.05%.

On 5-year performance, XSVM leads with 10.26% vs 9.14% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, QVMS has been the lower-risk option at 3.96%. 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 10.26% return vs 9.14%. 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 1.73%, compared with 1.13% for QVMS.

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

XSVM currently has the higher Sharpe Ratio (2.45 vs 2.16), 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

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