XSVM vs. QVMS

Last updated Jun 4, 2026

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 3 years, XSVM returned 15.99%/yr vs 14.97%/yr for QVMS. Their correlation of 0.95 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, XSVM achieves a 16.87% return, which is significantly higher than QVMS's 15.96% return.

XSVM

• 1D: -1.47%
• 1M: 1.71%
• YTD: 16.87%
• 6M: 16.68%
• 1Y: 34.73%
• 3Y*: 15.99%
• 5Y*: 6.37%
• 10Y*: 12.72%

QVMS

• 1D: -0.75%
• 1M: 2.44%
• YTD: 15.96%
• 6M: 14.49%
• 1Y: 31.77%
• 3Y*: 14.97%
• 5Y*: —
• 10Y*: —

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

XSVM vs. QVMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XSVM Invesco S&P SmallCap Value with Momentum ETF	16.87%	7.47%	2.30%	20.20%	-13.63%	7.14%
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF	15.96%	5.56%	9.50%	16.89%	-14.61%	4.45%

Correlation

The correlation between XSVM and QVMS is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.95

The correlation between XSVM and QVMS has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

XSVM vs. QVMS - Sectors Allocation Comparison

Sectors	XSVM	QVMS
Financial Services	38.8%	18.3%
Consumer Cyclical	17.0%	13.2%
Energy	9.9%	7.5%
Technology	7.8%	15.5%
Consumer Defensive	7.3%	2.6%
Industrials	6.7%	16.7%
Real Estate	5.0%	7.1%
Communication Services	2.9%	1.7%
Basic Materials	1.9%	4.5%
Healthcare	1.4%	10.8%
Utilities	1.3%	2.1%

Return for Risk

XSVM vs. QVMS — Risk / Return Rank

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

XSVM

XSVM Risk / Return Rank: 58
XSVM Sharpe Ratio Rank: 54
XSVM Sortino Ratio Rank: 56
XSVM Omega Ratio Rank: 53
XSVM Calmar Ratio Rank: 69
XSVM Martin Ratio Rank: 59

QVMS

QVMS Risk / Return Rank: 59
QVMS Sharpe Ratio Rank: 53
QVMS Sortino Ratio Rank: 55
QVMS Omega Ratio Rank: 50
QVMS Calmar Ratio Rank: 72
QVMS Martin Ratio Rank: 67

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.

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.

	XSVM	QVMS	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.82	+0.06
Sortino ratio: Return per unit of downside risk	2.74	2.67	+0.06
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	3.46	3.63	-0.17
Martin ratio: Return relative to average drawdown	10.66	12.26	-1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSVM vs. QVMS - Sharpe Ratio Comparison

The current XSVM Sharpe Ratio is 1.88, which is comparable to the QVMS Sharpe Ratio of 1.82. 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.

Sharpe Ratios by Period

	XSVM	QVMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.82	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.33	+0.03

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.

Drawdown Indicators

	XSVM	QVMS	Difference
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%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.02%	—	—
Current Drawdown Current decline from peak	-1.47%	-0.75%	-0.72%
Average Drawdown Average peak-to-trough decline	-11.57%	-9.10%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.60%	+0.67%

Volatility

XSVM vs. QVMS - Volatility Comparison

Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a higher volatility of 5.24% compared to Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) at 4.76%. 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.

Volatility by Period

	XSVM	QVMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.76%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	12.05%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	17.62%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	21.25%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	21.25%	+3.84%

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 1.81%, more than QVMS's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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	1.81%	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

Can I hold both XSVM and QVMS in my portfolio?

With a correlation of 0.92, XSVM and QVMS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XSVM or QVMS?

XSVM has higher volatility (5.24%) compared to QVMS (4.76%). In terms of maximum drawdown, XSVM dropped -62.57% vs QVMS's -28.05%.

Which ETF is better, XSVM or QVMS?

On 3-year performance, XSVM leads with 15.99% vs 14.97% for QVMS. On fees, QVMS is cheaper at 0.15% per year. On volatility, QVMS has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSVM or QVMS?

Over the 3-year period, XSVM has performed better with a 15.99% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSVM or QVMS?

QVMS is cheaper with a 0.15% expense ratio, compared with 0.37% for XSVM.

Which ETF pays a higher dividend yield, XSVM or QVMS?

XSVM has the higher dividend yield at 1.81%, compared with 1.13% for QVMS.

What is the main difference between XSVM and 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.

Which has better risk-adjusted returns?

XSVM currently has the higher Sharpe Ratio (1.88 vs 1.82), 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.