QVMS vs SPY
Invesco S&P SmallCap 600 QVM Multi-factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, QVMS or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. QVMS led over 1Y, SPY over 3Y, 5Y and the full window. QVMS is less concentrated, with 6.2% of the fund in its ten largest positions against 37.8%.
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 | QVMS | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $245M | $804.7B |
| Dividend Yield | 1.15% | 0.98% |
| Holdings | 543 | 505 |
| YTD Return | +17.08%Best | +11.97% |
| 1Y Return | +19.80%Best | +16.40% |
| 3Y Return (annualized) | +15.13% | +21.10%Best |
| 5Y Return (annualized) | +8.00% | +12.88%Best |
| Volatility (annualized) | 19.8% | 15.5%Best |
| Max Drawdown | -28.4% | -24.5%Best |
| $10,000 over 5 years | $14,693 | $18,327Best |
| Top 10 Weight | 6.2%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small 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 Sep 14, 2026 (5.2 years).
QVMS 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 5.2 years both funds cover.
QVMS vs SPY Performance
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) 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 QVMS returned +19.80% while SPY returned +16.40%. Year to date, QVMS is up 17.08% versus a gain of 11.97% for SPY.
Over three years, QVMS compounded at +15.13% per year against +21.10% for SPY; over five years the annualized figures are +8.00% and +12.88% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QVMS has been the more volatile fund, with annualized monthly volatility of 19.8% compared with 15.5% for SPY. 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 -28.4% for QVMS 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 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QVMS charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, QVMS currently yields 1.15% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 523 holdings in QVMS and 504 in SPY, totalling 99.4% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 523 positions we hold weights for in QVMS and 504 in SPY, against full books of 543 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for QVMS (99.3% of the fund), and 510 for QVMS that do not appear in SPY (96.8%).
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.
You are not choosing between two funds in isolation.
Whichever of QVMS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QVMS or SPY?
QVMS has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, QVMS or SPY?
Over the past year QVMS returned +19.80% vs +16.40% for SPY, so QVMS leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QVMS or SPY?
QVMS has been the more volatile fund at 19.8% annualized versus 15.5% for SPY. Worst drawdown: QVMS -28.4% vs SPY -24.5%.
Should I hold both QVMS and SPY?
QVMS and SPY have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, QVMS or SPY?
QVMS yields 1.15% while SPY yields 0.98%, so QVMS currently pays the higher dividend yield.
Is SPY better than QVMS?
SPY has a lower expense ratio. QVMS led over 1Y, SPY over 3Y, 5Y and the full window. QVMS is less concentrated, with 6.2% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.