QVML vs SPY
Invesco S&P 500 QVM Multi-factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, QVML or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. QVML led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 43.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | QVML | SPY |
|---|---|---|
| Expense Ratio | 0.11% | 0.09%Best |
| AUM | $1.7B | $811.2B |
| Dividend Yield | 0.99% | 0.98% |
| Holdings | 877 | 1,515 |
| YTD Return | +14.43%Best | +13.54% |
| 1Y Return | +16.92%Best | +16.25% |
| 3Y Return (annualized) | +24.06%Best | +23.72% |
| 5Y Return (annualized) | +14.16%Best | +13.95% |
| Volatility (annualized) | 15.1%Best | 15.4% |
| Max Drawdown | -23.5%Best | -24.5% |
| $10,000 over 5 years | $19,390Best | $19,212 |
| Top 10 Weight | 43.8% | 38.2%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 28, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 30, 2021 to Oct 2, 2026 (5.3 years).
QVML vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.3 years both funds cover.
QVML vs SPY Performance
Invesco S&P 500 QVM Multi-factor ETF (QVML) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QVML returned +16.92% while SPY returned +16.25%. Year to date, QVML is up 14.43% versus a gain of 13.54% for SPY.
Over three years, QVML compounded at +24.06% per year against +23.72% for SPY; over five years the annualized figures are +14.16% and +13.95% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 15.1% for QVML. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -23.5% for QVML and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QVML charges 0.11% per year while SPY charges 0.09%. On a $10,000 position that is $11 vs $9 annually, a gap of $2 per year that compounds over a long holding period. On income, QVML currently yields 0.99% against 0.98% for SPY.
Holdings Overlap
99.3% of QVML's money is in holdings SPY also owns. 88.0% of SPY's money is in holdings QVML also owns.
Most of QVML is already inside SPY. Owning both mostly buys the same companies twice.
432 positions in common, counted across the 436 positions we hold weights for in QVML and 504 in SPY, against full books of 877 and 1,515.
What only one of them owns
Our book lists 69 positions for SPY that do not appear in our book for QVML (11.4% of the fund), and 4 for QVML that do not appear in SPY (0.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in QVML | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.77% | 7.78% | 0.99% |
| AAPLApple, Inc | 8.18% | 7.45% | 0.73% |
| MSFTMicrosoft Corp | 6.56% | 5.71% | 0.85% |
| AMZNAmazon.Com Inc | 4.58% | 3.78% | 0.80% |
| GOOGAlphabet Inc. C | 4.81% | 2.49% | 2.32% |
| AVGOBroadcom Inc | 3.26% | 2.48% | 0.78% |
| METAMeta Platforms Inc | 2.69% | 2.22% | 0.47% |
| MUMicron Technology, Inc. | 1.89% | 1.59% | 0.30% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.49% | 1.44% | 0.05% |
| JPMJpmorgan Chase | 1.48% | 1.43% | 0.05% |
99.3% of QVML is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QVML or SPY?
QVML has an expense ratio of 0.11% while SPY charges 0.09%. SPY is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, QVML or SPY?
Over the past year QVML returned +16.92% vs +16.25% for SPY, so QVML leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QVML or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 15.1% for QVML. Worst drawdown: QVML -23.5% vs SPY -24.5%.
Should I hold both QVML and SPY?
QVML and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QVML and SPY?
99.3% of QVML's money is in holdings SPY also owns. 88.0% of SPY's is in holdings QVML also owns. They hold 432 positions in common, counted across the 436 positions we hold weights for in QVML and 504 in SPY.
Which pays a higher dividend, QVML or SPY?
QVML yields 0.99% while SPY yields 0.98%, so QVML currently pays the higher dividend yield.
Is SPY better than QVML?
SPY has a lower expense ratio. QVML led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 43.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.