QVML vs VONV: Grades, Fees and Holdings Compared

Invesco S&P 500 QVM Multi-factor ETF

QVMLANYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

60.0%by weight

Expense ratio

VONV −0.05pt a year

QVML0.11%VONV0.06%

Avg volume · 30D

VONV 14.1×the volume

QVML54.8KVONV774K

5Y return · a year

QVML +0.6pt

QVML+12.3%VONV+11.7%

QVML vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+78.4%QVML+73.8%VONV

Expense ratio: QVML 0.11%; VONV 0.06%, better
Fund size: QVML $1.7B; VONV $23.3B
1Y total return: QVML +13.3%; VONV +28.5%, better
Yield (12M): QVML 1.00%; VONV 1.53%, better
Holdings: QVML 438; VONV 873
Avg volume (30D): QVML 54.8K sh; VONV 774K sh, better
NAV per share: QVML $44.93; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for QVML, VONV, with each pillar’s weight
Pillar	QVML	VONV
Cost30% weight	A91	A96Higher
Mission25% weight	A91	A100Higher
Risk15% weight	B59	A86Higher
Tradability15% weight	C47	B60Higher
Holdings10% weight	D31	C49Higher
Durability5% weight	B61	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. QVML and VONV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

VONV ranks 1st and QVML 17th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 16AFSMDFidelity Small-Mid Multifactor ETFScore 74
Rank 17AQVMLInvesco S&P 500 QVM Multi-factor ETFScore 72
Rank 18AFLQLFranklin U.S. Large Cap Multifactor Index ETFScore 71

Our read on each fund

ETF.net Research

QVMLAInvesco S&P 500 QVM Multi-factor ETF

VONVAVanguard Russell 1000 Value ETF

In short

QVML Most multifactor funds tear the S&P 500 down and rebuild it. QVML just shaves off the bottom: it holds roughly 400 of the names, screened for quality, value and momentum, and charges 0.11% to do it.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

QVML The fund seeks exposure to a subset of S&P 500 securities selected for quality, value, and momentum characteristics through the S&P 500 Quality, Value & Momentum Top 90% Multi-factor Index.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

QVML 0.11% expense ratio, a fraction of what the typical multifactor large-cap fund charges.
The "Top 90%" index drops the weakest slice rather than rebuilding the market from scratch, leaving roughly 400 large caps on familiar S&P 500 ground.invesco.com
Three tilts in one ticker: quality, value and momentum, applied inside a single S&P 500 universe. No separate factor sleeves to juggle.invesco.com
An Invesco fund running since 2021, now in the multi-billion-dollar range, with quarterly distributions.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

QVML Thinly traded next to the household-name index funds. Spreads are worth a look, and limit orders do more work here.
Cutting only the bottom tenth keeps the portfolio close to the parent index. The factor tilt is deliberately mild, not a sharp break from the S&P 500.
Plain single-style peers go cheaper (VYM at 0.04%, VONV at 0.06%), so the fee buys the multi-factor screen, not the beta.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full QVML profile⁠

Full VONV profile⁠

QVML vs VONV Holdings

How QVML and VONV differ

Overlap by weight

60.0%

Shared holdings make up 82.8% of VONV and 66.6% of QVML.

Level by level

Holdings364 in both60.0%
Sector11 Sectors75.5%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in QVML and VONV, widest gap first
Sector	More in QVMLMore in VONV	QVML	VONV
Technology	QVML +20.8 points	42.7%	21.9%
Financials	VONV +5.5 points	12.3%	17.9%
Health Care	VONV +3.9 points	9.5%	13.4%
Communication	QVML +3.8 points	7.2%	3.4%
Consumer Discretionary	VONV +3.4 points	7.0%	10.4%
Consumer Staples	VONV +2.7 points	4.5%	7.2%
Energy	VONV +2.6 points	3.6%	6.2%
Real Estate	VONV +1.8 points	1.7%	3.5%
Industrials	VONV +1.8 points	7.7%	9.5%
Materials	VONV +1.4 points	1.9%	3.3%
Utilities	VONV +1.4 points	2.0%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in QVML and VONV, widest gap first
Country	More in QVMLMore in VONV	QVML	VONV
United States	VONV +0.5 points	99.5%	100.0%
Other countries (5)	QVML +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

QVML41.1%
VONV29.8%

Securities held

QVML436
VONV871

Asset class

QVML: Equity
VONV: Equity

Holdings

Only in QVML72
In both364
Only in VONV507

Only in QVML

72 securities, 33.3% of QVML by weight

NVIDIA Corp8.46%
Alphabet Inc3.71%
Broadcom Inc2.76%
Eli Lilly & Co1.86%
Micron Technology Inc1.63%
Advanced Micro Devices Inc1.39%
Visa Inc1.22%
Mastercard Inc0.94%
Palo Alto Networks Inc0.60%
General Electric Co0.56%
Applied Materials Inc0.55%
Lam Research Corp0.52%
Caterpillar Inc0.50%
Crowdstrike Holdings Inc0.50%
Netflix Inc0.48%
Texas Instruments Inc0.47%
GE Vernova Inc0.38%
KLA Corp0.35%
Amphenol Corp0.33%
Arista Networks Inc0.33%
Sandisk Corp0.29%
Intuitive Surgical Inc0.29%
Marvell Technology Inc0.29%
Seagate Technology Holdings PLC0.25%
Lockheed Martin Corp0.23%
Western Digital Corp0.22%
Cadence Design Systems Inc0.20%
Fortinet Inc0.17%
Quanta Services Inc0.16%
Elevance Health Inc0.16%
Trane Technologies PLC0.16%
Vertiv Holdings Co0.16%
Howmet Aerospace Inc0.15%
Corning Inc0.15%
Cintas Corp0.14%
Airbnb Inc0.14%
AppLovin Corp0.12%
Simon Property Group Inc0.12%
Cencora Inc0.12%
Autodesk Inc0.12%
NXP Semiconductors NV0.11%
Becton Dickinson & Co0.11%
Targa Resources Corp0.11%
Lumentum Holdings Inc0.11%
TE Connectivity PLC0.10%
Reddit Inc0.10%
Monolithic Power Systems Inc0.10%
Ciena Corp0.10%
Carvana Co0.09%
Comfort Systems USA Inc0.08%

Only in VONV

507 securities, 17.1% of VONV by weight

AbbVie Inc1.17%
Philip Morris International Inc0.82%
Meta Platforms Inc0.80%
Gilead Sciences Inc0.51%
McDonald's Corp0.45%
Lowe's Cos Inc0.28%
Elevance Health Inc0.23%
Synopsys Inc0.22%
Warner Bros Discovery Inc0.20%
O'Reilly Automotive Inc0.19%
Strategy Inc0.15%
Cheniere Energy Inc0.14%
Corteva Inc0.14%
Boeing Co/The0.14%
Becton Dickinson & Co0.14%
KKR & Co Inc0.13%
Starbucks Corp0.13%
Vivmark Residential0.13%
Motorola Solutions Inc0.13%
Veeva Systems Inc0.12%
Illumina Inc0.11%
Coinbase Global Inc0.11%
AutoZone Inc0.11%
Block Inc0.11%
Twilio Inc0.10%
MSCI Inc0.10%
Okta Inc0.10%
Iron Mountain Inc0.09%
TransDigm Group Inc0.08%
Sunbelt Rentals Holdings Inc0.08%
Crown Castle Inc0.08%
American Tower Corp0.07%
Yum! Brands Inc0.07%
SLBBH11420.07%
American Water Works Co Inc0.07%
Otis Worldwide Corp0.07%
Royalty Pharma PLC0.07%
Zoom Communications Inc0.07%
Fiserv Inc0.07%
VeriSign Inc0.06%
United Therapeutics Corp0.06%
Verisk Analytics Inc0.06%
Markel Group Inc0.06%
Tenet Healthcare Corp0.06%
US Foods Holding Corp0.06%
Entegris Inc0.06%
Liberty Media Corp0.06%
Royal Gold Inc0.06%
TD SYNNEX Corp0.05%
Marriott International Inc/MD0.05%

Weight gaps

The 100 widest of 364 Holdings in both funds.

Holding weights in QVML and VONV, widest gap first
Holding	More in QVMLMore in VONV	QVML	VONV
Apple IncAAPL	QVML +2.45 points	8.52%	6.07%
Amazon.com IncAMZN	VONV +1.93 points	4.16%	6.09%
Microsoft CorpMSFT	QVML +1.53 points	6.77%	5.24%
JPMorgan Chase & CoJPM	VONV +0.89 points	1.54%	2.43%
Intel CorpINTC	VONV +0.87 points	0.64%	1.51%
Berkshire Hathaway IncBRK.B	VONV +0.87 points	1.68%	2.55%
Johnson & JohnsonJNJ	VONV +0.64 points	1.11%	1.75%
ExxonMobil Holdings CorpXOM	VONV +0.59 points	1.25%	1.84%
Cisco Systems IncCSCO	VONV +0.45 points	0.72%	1.17%
Merck & Co IncMRK	VONV +0.38 points	0.61%	0.99%
Home Depot Inc/TheHD	QVML +0.39 points	0.59%	0.20%
Bank of America CorpBAC	VONV +0.35 points	0.56%	0.91%
Chevron CorpCVX	VONV +0.33 points	0.71%	1.04%
Amgen IncAMGN	QVML +0.28 points	0.46%	0.18%
UnitedHealth Group IncUNH	VONV +0.27 points	0.64%	0.91%
Walmart IncWMT	VONV +0.26 points	0.89%	1.15%
Wells Fargo & CoWFC	VONV +0.26 points	0.41%	0.67%
Thermo Fisher Scientific IncTMO	VONV +0.24 points	0.45%	0.69%
Procter & Gamble Co/ThePG	VONV +0.24 points	0.69%	0.93%
QUALCOMM IncQCOM	VONV +0.21 points	0.32%	0.53%
RTX CorpRTX	VONV +0.22 points	0.47%	0.69%
Verizon Communications IncVZ	VONV +0.21 points	0.32%	0.53%
Goldman Sachs Group Inc/TheGS	VONV +0.20 points	0.47%	0.67%
Dell Technologies IncDELL	VONV +0.19 points	0.20%	0.39%
AT&T IncT	VONV +0.20 points	0.25%	0.45%
Deere & CoDE	VONV +0.20 points	0.26%	0.46%
Coca-Cola Co/TheKO	VONV +0.19 points	0.62%	0.81%
McKesson CorpMCK	QVML +0.18 points	0.20%	0.02%
Linde PLCLIN	VONV +0.18 points	0.42%	0.60%
International Business Machines CorpIBM	VONV +0.18 points	0.39%	0.57%
Morgan StanleyMS	VONV +0.18 points	0.40%	0.58%
Welltower IncWELL	VONV +0.17 points	0.29%	0.46%
Costco Wholesale CorpCOST	QVML +0.16 points	0.79%	0.63%
Salesforce IncCRM	VONV +0.16 points	0.34%	0.50%
Abbott LaboratoriesABT	VONV +0.15 points	0.32%	0.47%
Citigroup IncC	VONV +0.15 points	0.35%	0.50%
Charles Schwab Corp/TheSCHW	VONV +0.15 points	0.26%	0.41%
Pfizer IncPFE	VONV +0.15 points	0.30%	0.45%
Eaton Corp PLCETN	VONV +0.14 points	0.25%	0.39%
Analog Devices IncADI	VONV +0.14 points	0.35%	0.49%
ConocoPhillipsCOP	VONV +0.14 points	0.28%	0.42%
Danaher CorpDHR	VONV +0.14 points	0.25%	0.39%
Bristol-Myers Squibb CoBMY	VONV +0.13 points	0.22%	0.35%
T-Mobile US IncTMUS	VONV +0.13 points	0.09%	0.22%
Newmont CorpNEM	VONV +0.12 points	0.20%	0.33%
Adobe IncADBE	QVML +0.13 points	0.21%	0.08%
Hewlett Packard Enterprise CoHPE	VONV +0.12 points	0.11%	0.23%
Parker-Hannifin CorpPH	VONV +0.12 points	0.21%	0.33%
Progressive Corp/ThePGR	VONV +0.12 points	0.21%	0.33%
Blackstone IncBX	QVML +0.12 points	0.17%	0.05%
NextEra Energy IncNEE	VONV +0.12 points	0.32%	0.43%
Vertex Pharmaceuticals IncVRTX	VONV +0.12 points	0.25%	0.37%
Walt Disney Co/TheDIS	VONV +0.11 points	0.39%	0.50%
PepsiCo IncPEP	VONV +0.11 points	0.31%	0.42%
Blackrock IncBLK	VONV +0.11 points	0.33%	0.44%
Union Pacific CorpUNP	VONV +0.10 points	0.31%	0.41%
Ross Stores IncROST	QVML +0.10 points	0.13%	0.03%
Altria Group IncMO	VONV +0.10 points	0.21%	0.31%
Prologis IncPLD	VONV +0.10 points	0.24%	0.34%
Freeport-McMoRan IncFCX	VONV +0.11 points	0.17%	0.28%
Honeywell International IncHON	VONV +0.10 points	0.08%	0.18%
CVS Health CorpCVS	VONV +0.10 points	0.20%	0.30%
PNC Financial Services Group Inc/ThePNC	VONV +0.10 points	0.15%	0.25%
Uber Technologies IncUBER	VONV +0.09 points	0.24%	0.33%
Phillips 66PSX	VONV +0.09 points	0.17%	0.26%
Valero Energy CorpVLO	VONV +0.09 points	0.18%	0.27%
Equinix IncEQIX	VONV +0.09 points	0.18%	0.27%
Chubb LtdCB	VONV +0.08 points	0.23%	0.31%
Medtronic PLCMDT	VONV +0.08 points	0.22%	0.30%
IDEXX Laboratories IncIDXX	QVML +0.08 points	0.10%	0.02%
Johnson Controls International plcJCI	VONV +0.08 points	0.15%	0.23%
US BancorpUSB	VONV +0.09 points	0.16%	0.25%
CME Group IncCME	VONV +0.08 points	0.18%	0.26%
Marsh & McLennan Cos IncMRSH	VONV +0.08 points	0.15%	0.23%
S&P Global IncSPGI	VONV +0.08 points	0.24%	0.32%
EOG Resources IncEOG	VONV +0.07 points	0.13%	0.20%
CSX CorpCSX	VONV +0.08 points	0.16%	0.24%
Williams Cos Inc/TheWMB	VONV +0.08 points	0.15%	0.23%
Constellation Energy CorpCEG	VONV +0.08 points	0.13%	0.21%
Target CorpTGT	VONV +0.08 points	0.12%	0.20%
Norfolk Southern CorpNSC	VONV +0.07 points	0.12%	0.19%
eBay IncEBAY	QVML +0.07 points	0.16%	0.09%
Truist Financial CorpTFC	VONV +0.08 points	0.08%	0.16%
Digital Realty Trust IncDLR	VONV +0.07 points	0.11%	0.18%
Intercontinental Exchange IncICE	VONV +0.08 points	0.16%	0.23%
Emerson Electric CoEMR	VONV +0.07 points	0.17%	0.24%
ONEOK IncOKE	VONV +0.07 points	0.08%	0.15%
Regeneron Pharmaceuticals IncREGN	VONV +0.07 points	0.14%	0.21%
Colgate-Palmolive CoCL	QVML +0.06 points	0.17%	0.11%
WW Grainger IncGWW	QVML +0.07 points	0.09%	0.02%
PACCAR IncPCAR	VONV +0.07 points	0.09%	0.16%
Boston Scientific CorpBSX	VONV +0.07 points	0.11%	0.18%
AMETEK IncAME	VONV +0.07 points	0.09%	0.16%
Royal Caribbean Cruises LtdRCL	QVML +0.06 points	0.14%	0.08%
Capital One Financial CorpCOF	VONV +0.06 points	0.26%	0.32%
Aflac IncAFL	VONV +0.06 points	0.08%	0.14%
SLB LtdSLB	VONV +0.06 points	0.14%	0.20%
3M CoMMM	VONV +0.06 points	0.14%	0.20%
Southern Co/TheSO	VONV +0.06 points	0.20%	0.26%
Travelers Cos Inc/TheTRV	VONV +0.06 points	0.14%	0.20%

All 436 QVML holdings⁠All 872 VONV 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.

QVML vs VONV Cost

Overpaying QVML vs VONV

$1,043

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

QVML 0.11%
$2,313
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

QVML 0.11%
VONV 0.06%
Overpaying

Year by year

Year	QVML	VONV	Overpaying
10	$201	$110	$91
20	$788	$432	$356
30	$2,313	$1,270	$1,043

Expense ratio

0.11%QVML
0.06%VONV, cheaper

VONV0.06%QVML0.11%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

QVML 9th cheapest of 99 funds

QVML vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QVML 1.00%; VONV 1.53%, better
Payout (12M): QVML $0.45; VONV $1.74
Last payment: QVML $0.11; VONV $0.42
Ex-dividend: QVML Sep 21, 2026; VONV Sep 23, 2026
Paid on: QVML Sep 25, 2026; VONV Sep 25, 2026
Frequency: QVML Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QVMLQuarterly · 21 paymentsAll QVML payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

QVML vs VONV Risk

Fall from peak · 5 years

QVML
VONV

Risk facts

VolatilityStd dev, 3 years: QVML 12.0%, betterVONV 12.1%
Return per unit of riskSharpe ratio, 3 years: QVML 1.48, betterVONV 1.43
Worst fallMax drawdown, 5 years: QVML −23.5%VONV −18.9%, better
Market sensitivityBeta, 5 years: QVML 0.89VONV 0.85; Market = 1

QVML and VONV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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QVML vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How QVML and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVML

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How QVML and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVML

Only in VONV

Weight gaps