IJR vs QVMS: Grades, Fees and Holdings Compared

iShares Core S&P Small-Cap ETF

IJRANYSE Arca

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMSBNYSE Arca

Overlap

84.8%by weight

Expense ratio

IJR −0.09pt a year

IJR0.06%QVMS0.15%

Avg volume · 30D

IJR 1906.2×the volume

IJR3.24MQVMS1.7K

5Y return · a year

QVMS +1.0pt

IJR+5.0%QVMS+6.0%

IJR vs QVMS Performance

Nov 9, 2021 – Nov 9, 2026

+27.7%IJR+33.9%QVMS

Expense ratio: IJR 0.06%, better; QVMS 0.15%
Fund size: IJR $104B; QVMS $237M
1Y total return: IJR +21.7%; QVMS +22.3%, better
Yield (12M): IJR 1.21%; QVMS 1.25%, better
Holdings: IJR 608; QVMS 536
Avg volume (30D): IJR 3.24M sh, better; QVMS 1.7K sh
NAV per share: IJR $137.67; QVMS $32.45
52W range

ETF.net Grade

Pillar letters and Scores for IJR, QVMS, with each pillar’s weight
Pillar	IJR	QVMS
Cost30% weight	A90Higher	B58
Mission25% weight	A83	A100Higher
Risk15% weight	C52	B56Higher
Tradability15% weight	A74Higher	F18
Holdings10% weight	A86Higher	A77
Durability5% weight	A83Higher	F23

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. IJR and QVMS are both graded against the same 13 S&P SmallCap 600 funds, so their Grades compare head to head.

S&P SmallCap 600⁠

Category · 13 funds

See all 13 ›

IJR ranks 2nd and QVMS 7th of 13 funds in the S&P SmallCap 600 Category.

Rank 1ASPSMState Street SPDR Portfolio S&P 600 Small Cap ETFScore 84
Rank 2AIJRiShares Core S&P Small-Cap ETFScore 79
Rank 3AVIOOVanguard S&P Small-Cap 600 ETFScore 69
Rank 7BIJTiShares S&P Small-Cap 600 Growth ETFScore 62
Rank 7BQVMSInvesco S&P SmallCap 600 QVM Multi-factor ETFScore 62
Rank 9BIJSiShares S&P Small-Cap 600 Value ETFScore 59

Our read on each fund

ETF.net Research

IJRAiShares Core S&P Small-Cap ETF

QVMSBInvesco S&P SmallCap 600 QVM Multi-factor ETF

In short

IJR Small caps, but only the ones making money. IJR tracks the S&P SmallCap 600, an index that screens for positive earnings before a stock gets in, and it has been the big, heavily traded way to own that basket since 2000.

QVMS Most factor funds cut an index down to a concentrated bet. QVMS does the reverse: it tracks a version of the S&P SmallCap 600 that keeps the top 90% on quality, value and momentum and leaves the bottom-ranked tenth out.

Stated mandate

IJR The fund seeks to track an index representing small-capitalization U.S. equities.

QVMS The Fund normally invests at least 90% of its assets in common stocks included in the S&P SmallCap 600 Quality, Value & Momentum Top 90% Multi-factor Index.

Why people hold it

IJR The index runs a profitability screen: no positive earnings, no entry. The money-losing tail of the small-cap market never reaches the portfolio.spglobal.com
0.06% a year, against a 0.18% median for funds wrapping this same index. One of the strongest overall implementations in that peer group.
Trading since 2000 and now one of the largest, most actively traded S&P 600 funds available.
Roughly 700 US small-cap positions, cash paid out quarterly.

QVMS Subtraction, not selection: roughly 500 small caps scored on quality, value and momentum, with the weakest decile screened out. Broad exposure, one bad-apple filter.invesco.com
0.15% a year sits below the median fee in its S&P SmallCap 600 peer group, which is lean for a rules-based factor build.
Does what the prospectus says: at least 90% of assets in its stated index's stocks, and it has tracked that index very closely.invesco.com
A plain-vanilla wrapper around the tilt: US-only common stocks, quarterly distributions, no derivatives or leverage in the mandate.

Worth knowing

IJR Cheaper twins exist on the identical index: SPSM charges 0.03%, VIOO 0.07%. On headline fee alone, IJR is not the low bid.
Small-cap stocks move more sharply than large caps, and this is straight index exposure with no hedge or cushion.ishares.com
The earnings screen cuts both ways. When speculative, unprofitable small caps run, this index simply isn't holding them.spglobal.com

QVMS Cutting only the bottom tenth means the portfolio still looks much like the plain S&P SmallCap 600. The factor tilt is mild by design.
It trades thinly next to the category's giants, so bid-ask spreads can matter more to a round trip than the headline fee does.
Launched in 2021 and far smaller than index-only rivals SPSM and IJR, which also charge less for straight S&P 600 beta.

Full IJR profile⁠

Full QVMS profile⁠

IJR vs QVMS Holdings

How IJR and QVMS differ

Overlap by weight

84.8%

Shared holdings make up 97.8% of QVMS and 85.1% of IJR.

Level by level

Holdings517 in both84.8%
Sector11 Sectors95.0%
Asset classStocks100%
Countryby domicile99.99%

Sector

Sector weights in IJR and QVMS, widest gap first
Sector	Gap	IJR	QVMS
Industrials	IJR +2.6 points	17.7%	15.1%
Technology	QVMS +1.7 points	11.8%	13.5%
Real Estate	QVMS +1.2 points	6.8%	8.0%
Communication	IJR +0.9 points	3.6%	2.7%
Consumer Discretionary	IJR +0.9 points	14.3%	13.4%
Consumer Staples	QVMS +0.7 points	4.3%	5.0%
Materials	QVMS +0.5 points	4.1%	4.6%
Health Care	QVMS +0.5 points	10.7%	11.2%
Financials	IJR +0.5 points	19.0%	18.5%
Energy	QVMS +0.4 points	5.6%	6.0%
Utilities	IJR +0.1 points	2.1%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in IJR and QVMS, widest gap first
Country	Gap	IJR	QVMS
United States	Same weight	99.9%	99.9%
Singapore	Same weight	0.1%	0.1%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IJR5.9%
QVMS5.8%

Securities held

IJR602
QVMS535

Asset class

IJR: Stocks
QVMS: Stocks

Holdings

Only in IJR85
In both517
Only in QVMS18

Only in IJR

85 securities, 13.4% of IJR by weight

Match Group Inc0.52%
Etsy0.45%
Builders Firstsource Inc0.39%
Molson Coors Brewing Class B0.38%
Casella Waste Systems Class A0.36%
Box Inc Class A0.34%
Karman Holdings Inc0.33%
Trade Desk Class A0.32%
Ptc Therapeutics0.32%
Supernus0.32%
Msg Knickerbockers Class A0.31%
Ringcentral Class A0.31%
Impinj0.29%
Herc Holdings0.27%
Tenable Holdings Inc0.27%
Badger Meter0.27%
Csw Industrials0.26%
Radnet0.26%
Mirion Technologies Class A0.26%
Delek Us Holdings Inc0.23%
Stepstone Group Class A0.23%
LIFE3600.23%
Solaris Energy Infrastructure Inc0.22%
Lumen Technologies0.22%
Construction Partners Class A0.22%
Workiva Class A0.22%
Waystar Holding0.20%
Willscot Holdings Class A0.20%
Hawkins Inc0.18%
Kinetik Holdings Class A0.18%
Mcgrath Rent0.18%
Atricure0.17%
Sps Commerce0.17%
Arcutis Biotherapeutics0.17%
Shake Shack Inc Class A0.17%
Loar Holdings0.16%
Freshworks Class A0.16%
Callaway Golf Company0.15%
Avepoint Class A0.15%
Axt0.15%
Huron Consulting Group0.14%
Mara Holdings0.14%
Northern Oil and Gas0.14%
Howard Hughes Holdings Inc0.14%
Peloton Interactive Class A0.14%
Capri Holdings Ltd0.14%
John Wiley and Sons Class A0.12%
Olin Corp0.12%
Kemper0.11%
Chemours0.11%

Only in QVMS

18 securities, 2.2% of QVMS by weight

MSG Knickerbockers Corp0.36%
CSW Industrials Inc0.31%
Supernus Inc0.21%
Invesco Government & Agency Portfolio0.16%
Callaway Golf Co0.15%
John Wiley & Sons Inc0.14%
Ziff Davis Inc0.12%
Azenta Inc0.11%
Triumph Financial Inc0.10%
Astrana Health Inc0.10%
NCR Voyix Corp0.09%
Upbound Group Inc0.08%
Medical Properties Trust Inc0.06%
Del Monte Corp0.06%
F&G Annuities & Life Inc0.06%
Hornbeck Offshore Services Inc0.05%
Metallus Inc0.04%
AGNT Inc0.02%

Weight gaps

The 100 widest of 517 Holdings in both funds.

Holding weights in IJR and QVMS, widest gap first
Holding	Gap	IJR	QVMS
Eastern Bankshares IncEBC	QVMS +0.21 points	0.11%	0.32%
Paycom SoftwarePAYC	QVMS +0.19 points	0.53%	0.72%
LazardLAZ	QVMS +0.15 points	0.13%	0.28%
Victoria’s SecretVSXY	QVMS +0.14 points	0.50%	0.64%
Remitly GlobalRELY	QVMS +0.13 points	0.15%	0.28%
Lamb Weston HoldingsLW	QVMS +0.13 points	0.44%	0.57%
Bread Financial HoldingsBFH	QVMS +0.11 points	0.15%	0.26%
Lincoln National CorpLNC	QVMS +0.11 points	0.33%	0.44%
Lyft Class ALYFT	QVMS +0.10 points	0.38%	0.48%
Jackson Financial Class AJXN	QVMS +0.10 points	0.48%	0.58%
Warrior Met Coal IncHCC	QVMS +0.10 points	0.20%	0.30%
Radian GroupRDN	QVMS +0.09 points	0.22%	0.31%
Ryman Hospitality Properties ReitRHP	QVMS +0.08 points	0.53%	0.61%
TeleflexTFX	QVMS +0.09 points	0.37%	0.46%
Installed Building ProductsIBP	QVMS +0.08 points	0.29%	0.37%
Eastman ChemicalEMN	QVMS +0.08 points	0.43%	0.51%
Conagra BrandsCAG	QVMS +0.08 points	0.43%	0.51%
Epam SystemsEPAM	QVMS +0.08 points	0.48%	0.56%
Robert HalfRHI	QVMS +0.07 points	0.25%	0.32%
Adt IncADT	QVMS +0.07 points	0.31%	0.38%
Armstrong World IndustriesAWI	QVMS +0.07 points	0.42%	0.49%
Versant Media Group Inc Class AVSNT	QVMS +0.07 points	0.27%	0.34%
AlkermesALKS	QVMS +0.07 points	0.45%	0.52%
Extreme NetworksEXTR	QVMS +0.07 points	0.15%	0.22%
Champion Homes IncSKY	QVMS +0.07 points	0.29%	0.36%
Celanese CorpCE	QVMS +0.06 points	0.28%	0.34%
Meritage CorpMTH	QVMS +0.06 points	0.26%	0.32%
Mobility Global IncMBGL	QVMS +0.06 points	0.34%	0.40%
Bancorp IncTBBK	QVMS +0.06 points	0.11%	0.17%
Macerich ReitMAC	QVMS +0.06 points	0.41%	0.47%
Campbell SoupCPB	QVMS +0.06 points	0.26%	0.32%
Jbt MarelJBTM	QVMS +0.06 points	0.39%	0.45%
Q2 Holdings IncQTWO	QVMS +0.06 points	0.27%	0.33%
Carmax IncKMX	QVMS +0.06 points	0.43%	0.49%
Mohawk IndustriesMHK	QVMS +0.06 points	0.45%	0.51%
Par Pacific HoldingsPARR	QVMS +0.07 points	0.15%	0.22%
Kontoor BrandsKTB	QVMS +0.06 points	0.23%	0.29%
Zurn Elkay Water Solutions CorpZWS	QVMS +0.06 points	0.37%	0.43%
BalchemBCPC	QVMS +0.06 points	0.32%	0.38%
Frontdoor IncFTDR	QVMS +0.06 points	0.39%	0.45%
Axos FinancialAX	QVMS +0.06 points	0.30%	0.36%
Aci WorldwideACIW	QVMS +0.06 points	0.35%	0.41%
Bright Horizons Family SolutionsBFAM	QVMS +0.06 points	0.15%	0.21%
Central Garden and Pet Class ACENTA	QVMS +0.06 points	0.12%	0.18%
Cheesecake Factory IncCAKE	QVMS +0.05 points	0.29%	0.34%
Atlantic Union BanksharesAUB	QVMS +0.06 points	0.32%	0.38%
Vse CorpVSEC	QVMS +0.06 points	0.28%	0.34%
Icu MedicalICUI	QVMS +0.05 points	0.25%	0.30%
Lkq CorpLKQ	QVMS +0.05 points	0.30%	0.35%
Marketaxess HoldingsMKTX	QVMS +0.05 points	0.33%	0.38%
Merit Medical Systems IncMMSI	QVMS +0.06 points	0.30%	0.35%
Rxo IncRXO	QVMS +0.05 points	0.27%	0.32%
Cavco IndustriesCVCO	QVMS +0.05 points	0.29%	0.34%
Under Armour Inc Class AUAA	QVMS +0.05 points	0.06%	0.11%
Granite ConstructionGVA	QVMS +0.05 points	0.31%	0.36%
SiriuspointSPNT	QVMS +0.05 points	0.13%	0.18%
Essential Properties Realty TrustEPRT	QVMS +0.05 points	0.35%	0.40%
Element Solutions IncESI	QVMS +0.05 points	0.42%	0.47%
Federal Signal CorpFSS	QVMS +0.05 points	0.40%	0.45%
Terreno Realty ReitTRNO	QVMS +0.05 points	0.42%	0.47%
XencorXNCR	QVMS +0.05 points	0.14%	0.19%
Matson IncMATX	QVMS +0.05 points	0.37%	0.42%
Esco TechnologiesESE	QVMS +0.04 points	0.35%	0.39%
Onespaworld Holdings LtdOSW	QVMS +0.05 points	0.18%	0.23%
Ha Sustainable Infrastructure CapiHASI	QVMS +0.05 points	0.29%	0.34%
Korn FerryKFY	QVMS +0.04 points	0.23%	0.27%
Insight Enterprises IncNSIT	QVMS +0.05 points	0.27%	0.32%
Laureate EducationLAUR	QVMS +0.04 points	0.25%	0.29%
Life Time Group HoldingsLTH	IJR +0.04 points	0.52%	0.48%
NetstreitNTST	QVMS +0.04 points	0.08%	0.12%
Caesars Entertainment IncCZR	QVMS +0.04 points	0.35%	0.39%
SonosSONO	QVMS +0.05 points	0.09%	0.14%
TangerSKT	QVMS +0.04 points	0.26%	0.30%
Rithm CapitalRITM	QVMS +0.04 points	0.30%	0.34%
Boot Barn HoldingsBOOT	QVMS +0.04 points	0.23%	0.27%
Moelis Class AMC	QVMS +0.04 points	0.25%	0.29%
Sl Green Realty Reit CorpSLG	QVMS +0.04 points	0.21%	0.25%
Inventrust PropertiesIVT	QVMS +0.04 points	0.12%	0.16%
Crescent Energy Class ACRGY	IJR +0.05 points	0.21%	0.17%
ItronITRI	QVMS +0.04 points	0.25%	0.29%
ArganAGX	QVMS +0.04 points	0.23%	0.27%
Sensient TechnologiesSXT	QVMS +0.04 points	0.30%	0.34%
Agilysys IncAGYS	QVMS +0.04 points	0.18%	0.22%
Enovis CorpENOV	QVMS +0.04 points	0.09%	0.13%
Credit Acceptance CorpCACC	QVMS +0.04 points	0.16%	0.20%
Ligand PharmaceuticalsLGND	QVMS +0.04 points	0.36%	0.40%
Core Natural ResourcesCNR	QVMS +0.04 points	0.23%	0.27%
Oceaneering International IncOII	QVMS +0.04 points	0.20%	0.24%
CovistaCVSA	QVMS +0.04 points	0.22%	0.26%
Victory Capital Holdings Class AVCTR	QVMS +0.04 points	0.34%	0.38%
Rush Enterprises Class ARUSHA	QVMS +0.04 points	0.24%	0.28%
Ameris BancorpABCB	QVMS +0.04 points	0.30%	0.34%
Stride IncLRN	QVMS +0.04 points	0.18%	0.22%
AarAIR	QVMS +0.04 points	0.25%	0.29%
FIVE9FIVN	QVMS +0.04 points	0.12%	0.16%
Virtu Financial Inc Class AVIRT	QVMS +0.04 points	0.26%	0.30%
Pitney BowesPBI	QVMS +0.04 points	0.09%	0.13%
Apple Hospitality Reit IncAPLE	QVMS +0.04 points	0.24%	0.28%
Cal Maine FoodsCALM	QVMS +0.03 points	0.17%	0.20%
M I Homes IncMHO	QVMS +0.04 points	0.19%	0.23%

All 659 IJR holdings⁠All 535 QVMS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IJR vs QVMS Cost

Overpaying QVMS vs IJR

$1,867

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IJR 0.06%
$1,270
QVMS 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

IJR 0.06%
QVMS 0.15%
Overpaying

Year by year

Year	IJR	QVMS	Overpaying
10	$110	$274	$164
20	$432	$1,071	$639
30	$1,270	$3,137	$1,867

Expense ratio

0.06%IJR, cheaper
0.15%QVMS

IJR0.06%QVMS0.15%

0.03%0.59%

Middle half of S&P SmallCap 600 funds
Median 0.15%

IJR 2nd cheapest of 13 funds

QVMS 5th cheapest of 13 funds

IJR vs QVMS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IJR 1.21%; QVMS 1.25%, better
Payout (12M): IJR $1.71; QVMS $0.42
Last payment: IJR $0.51; QVMS $0.13
Ex-dividend: IJR Sep 15, 2026; QVMS Sep 21, 2026
Paid on: IJR Sep 18, 2026; QVMS Sep 25, 2026
Frequency: IJR Quarterly; QVMS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IJRQuarterly · 39 paymentsAll IJR payments⁠

QVMSQuarterly · 21 paymentsAll QVMS payments⁠

IJR vs QVMS Risk

Fall from peak · 5 years

IJR
QVMS

Risk facts

VolatilityStd dev, 3 years: IJR 18.7%QVMS 18.7%
Return per unit of riskSharpe ratio, 3 years: IJR 0.75QVMS 0.76, better
Worst fallMax drawdown, 5 years: IJR −28.0%QVMS −28.0%
Market sensitivityBeta, 5 years: IJR 1.05QVMS 1.06; Market = 1

IJR and QVMS in the news

All news⁠

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Updated Nov 2, 2026IJR
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Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026IJR
News
Independence Realty to take Centerspace in 3.800-share all-stock merger
Sep 9, 2026IJR

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IJR vs QVMS

In short

Stated mandate

Why people hold it