QVMM vs SPY
QVMM vs SPY
Invesco S&P MidCap 400 QVM Multi-factor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. QVMM delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | QVMM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $432M | $789.1B | |
| Dividend Yield | 1.13% | 1.01% | |
| Holdings | 362 | 505 | |
| YTD Return | +16.22% | +13.10% | |
| 1Y Return | +25.46% | +22.80% | |
| 3Y Return (annualized) | +14.47% | +20.98% | |
| 5Y Return (annualized) | +8.78% | +13.20% | |
| Volatility (annualized) | 18.0% | 15.3% | |
| Max Drawdown | -24.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 28, 2021 | Jan 22, 1993 |
QVMM vs SPY Performance
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year QVMM returned +25.46% while SPY returned +22.80%. Year to date, QVMM is up 16.22% versus a gain of 13.10% for SPY.
Over three years, QVMM compounded at +14.47% per year against +20.98% for SPY; over five years the annualized figures are +8.78% and +13.20% respectively. Across the full 5-year window we track, SPY has the edge at +8.83% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QVMM has been the more volatile fund, with annualized monthly volatility of 18.0% compared with 15.3% 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 -24.3% for QVMM and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QVMM 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, QVMM currently yields 1.13% against 1.01% for SPY.
Holdings Overlap
QVMM and SPY share 0 holdings out of 863 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, QVMM or SPY?
QVMM has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, QVMM or SPY?
Over the past year QVMM returned +25.46% vs +22.80% for SPY, so QVMM leads on 1-year performance. Over the longest common window we track (5 years), QVMM annualized +8.82% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, QVMM or SPY?
QVMM has been the more volatile fund at 18.0% annualized versus 15.3% for SPY. Worst drawdown: QVMM -24.3% vs SPY -56.5%.
Should I hold both QVMM and SPY?
QVMM and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QVMM and SPY?
QVMM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 863 unique securities.
Which pays a higher dividend, QVMM or SPY?
QVMM yields 1.13% while SPY yields 1.01%, so QVMM currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.