QVMM vs VONV: Grades, Fees and Holdings Compared

Invesco S&P MidCap 400 QVM Multi-factor ETF

QVMMBNYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

5.7%by weight

Expense ratio

VONV −0.09pt a year

QVMM0.15%VONV0.06%

Avg volume · 30D

VONV 273.9×the volume

QVMM2.82KVONV774K

5Y return · a year

VONV +4.5pt

QVMM+7.2%VONV+11.7%

QVMM vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+41.5%QVMM+73.8%VONV

Expense ratio: QVMM 0.15%; VONV 0.06%, better
Fund size: QVMM $419M; VONV $23.3B
1Y total return: QVMM +14.4%; VONV +28.5%, better
Yield (12M): QVMM 1.28%; VONV 1.53%, better
Holdings: QVMM 360; VONV 873
Avg volume (30D): QVMM 2.82K sh; VONV 774K sh, better
NAV per share: QVMM $34.32; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for QVMM, VONV, with each pillar’s weight
Pillar	QVMM	VONV
Cost30% weight	A83	A96Higher
Mission25% weight	Not scored	A100
Risk15% weight	D34	A86Higher
Tradability15% weight	F20	B60Higher
Holdings10% weight	A79Higher	C49
Durability5% weight	C47	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. QVMM 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 QVMM 44th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 44BFLQMFranklin U.S. Mid Cap Multifactor Index ETFScore 57
Rank 44BQVMMInvesco S&P MidCap 400 QVM Multi-factor ETFScore 57
Rank 44BQVMTInvesco S&P 500 Concentrated QVM ETFScore 57

Our read on each fund

ETF.net Research

QVMMBInvesco S&P MidCap 400 QVM Multi-factor ETF

VONVAVanguard Russell 1000 Value ETF

In short

QVMM Most factor funds cut deep and hold a concentrated few. QVMM trims instead: it starts with the S&P MidCap 400 and keeps the names ranking best on quality, value and momentum, for 0.15% a year.

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

QVMM The fund seeks to track the performance of a subset of securities from the S&P MidCap 400 Index selected for quality, value, and momentum characteristics.

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

QVMM Charges 0.15% a year, less than half the typical multi-factor fund's fee.
Three screens at once (quality, value, momentum) across roughly 400 mid-cap names, so no single factor's cold stretch drives the whole portfolio.
Every candidate comes from the S&P MidCap 400, so there's no quiet drift up into the mega-caps a core large-cap fund already owns. Distributions land quarterly.
Stands in the upper half of a crowded multi-factor field, with low cost and broad holdings doing most of the work.

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

QVMM Thinly traded and mid-sized in assets, so spreads can run wider than at category giants like VYM or VONV. Order size and timing matter more here.
Launched in 2021, a shorter history than the decades-old names it sits beside in the multi-factor aisle.
Keeping most of the mid-cap index means the fund moves with that segment. The factor tilt is a nudge, not a sharp break from mid-cap risk.

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 QVMM profile⁠

Full VONV profile⁠

QVMM vs VONV Holdings

How QVMM and VONV differ

Overlap by weight

5.7%

Shared holdings make up 76.4% of QVMM and 5.7% of VONV.

Level by level

Holdings253 in both5.7%
Sector11 Sectors79.7%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in QVMM and VONV, widest gap first
Sector	More in QVMMMore in VONV	QVMM	VONV
Industrials	QVMM +14.0 points	23.5%	9.5%
Technology	VONV +5.0 points	16.9%	21.9%
Real Estate	QVMM +4.4 points	7.9%	3.5%
Consumer Staples	VONV +3.8 points	3.4%	7.2%
Health Care	VONV +3.8 points	9.6%	13.4%
Financials	VONV +3.6 points	14.3%	17.9%
Communication	VONV +2.6 points	0.8%	3.4%
Materials	QVMM +1.8 points	5.1%	3.3%
Utilities	VONV +0.8 points	2.6%	3.4%
Energy	VONV +0.5 points	5.7%	6.2%
Consumer Discretionary	VONV +0.2 points	10.2%	10.4%

Country, concentration and asset class

Country by domicile

Country weights in QVMM and VONV, widest gap first
Country	More in QVMMMore in VONV	QVMM	VONV
United States	VONV +1.8 points	98.2%	100.0%
United Kingdom	QVMM +1.1 points	1.1%	0.0%
Other countries (3)	QVMM +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

QVMM8.0%
VONV29.8%

Securities held

QVMM359
VONV871

Asset class

QVMM: Equity
VONV: Equity

Holdings

Only in QVMM106
In both253
Only in VONV618

Only in QVMM

106 securities, 23.6% of QVMM by weight

ATI Inc0.76%
XPO Inc0.72%
Woodward Inc0.61%
Burlington Stores Inc0.53%
Toast Inc0.50%
Medpace Holdings Inc0.50%
Manhattan Associates Inc0.49%
Halozyme Therapeutics Inc0.49%
Carpenter Technology Corp0.49%
MACOM Technology Solutions Holdings Inc0.49%
Lattice Semiconductor Corp0.45%
Fabrinet0.40%
MasTec Inc0.35%
Sterling Infrastructure Inc0.35%
Semtech Corp0.34%
Moog Inc0.33%
Solstice Advanced Materials Inc0.32%
UMB Financial Corp0.31%
Rambus Inc0.31%
Murphy USA Inc0.29%
BrightSpring Health Services Inc0.29%
HealthEquity Inc0.29%
Qualys Inc0.28%
Krystal Biotech Inc0.28%
American Airlines Group Inc0.28%
Old National Bancorp/IN0.28%
CareTrust REIT Inc0.27%
InterDigital Inc0.27%
CNH Industrial NV0.27%
Autoliv Inc0.26%
Silicon Laboratories Inc0.23%
Viavi Solutions Inc0.23%
Commercial Metals Co0.23%
Abercrombie & Fitch Co0.22%
FirstCash Holdings Inc0.22%
DigitalOcean Holdings Inc0.22%
Valley National Bancorp0.22%
United Bankshares Inc/WV0.22%
Valaris Ltd0.21%
Terex Corp0.21%
Fluor Corp0.21%
EnerSys0.21%
Glacier Bancorp Inc0.20%
GATX Corp0.20%
Essent Group Ltd0.20%
Black Hills Corp0.20%
PBF Energy Inc0.19%
Southwest Gas Holdings Inc0.19%
Selective Insurance Group Inc0.19%
Hancock Whitney Corp0.19%

Only in VONV

618 securities, 94.1% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%

Weight gaps

The 100 widest of 253 Holdings in both funds.

Holding weights in QVMM and VONV, widest gap first
Holding	More in QVMMMore in VONV	QVMM	VONV
Okta IncOKTA	QVMM +1.09 points	1.19%	0.10%
TechnipFMC PLCFTI	QVMM +0.82 points	0.86%	0.04%
United Therapeutics CorpUTHR	QVMM +0.75 points	0.81%	0.06%
US Foods Holding CorpUSFD	QVMM +0.72 points	0.78%	0.06%
Entegris IncENTG	QVMM +0.68 points	0.74%	0.06%
Tenet Healthcare CorpTHC	QVMM +0.68 points	0.74%	0.06%
Reliance IncRS	QVMM +0.65 points	0.70%	0.05%
nVent Electric PLCNVT	QVMM +0.64 points	0.68%	0.04%
Ovintiv IncOVV	QVMM +0.60 points	0.64%	0.04%
Permian Resources CorpPR	QVMM +0.60 points	0.64%	0.04%
Curtiss-Wright CorpCW	QVMM +0.58 points	0.61%	0.03%
Royal Gold IncRGLD	QVMM +0.56 points	0.62%	0.06%
TD SYNNEX CorpSNX	QVMM +0.55 points	0.60%	0.05%
ITT IncITT	QVMM +0.54 points	0.59%	0.05%
API Group CorpAPG	QVMM +0.53 points	0.57%	0.04%
East West Bancorp IncEWBC	QVMM +0.53 points	0.58%	0.05%
Jones Lang LaSalle IncJLL	QVMM +0.52 points	0.56%	0.04%
Reinsurance Group of America IncRGA	QVMM +0.52 points	0.56%	0.04%
RB Global IncRBA	QVMM +0.51 points	0.55%	0.04%
SharkNinja IncSN	QVMM +0.50 points	0.54%	0.04%
WESCO International IncWCC	QVMM +0.50 points	0.55%	0.05%
Docusign IncDOCU	QVMM +0.49 points	0.52%	0.03%
Lincoln Electric Holdings IncLECO	QVMM +0.49 points	0.52%	0.03%
TransUnionTRU	QVMM +0.48 points	0.51%	0.03%
RBC Bearings IncRBC	QVMM +0.47 points	0.51%	0.04%
Performance Food Group CoPFGC	QVMM +0.47 points	0.51%	0.04%
HF Sinclair CorpDINO	QVMM +0.47 points	0.52%	0.04%
Exelixis IncEXEL	QVMM +0.47 points	0.50%	0.03%
Neurocrine Biosciences IncNBIX	QVMM +0.46 points	0.47%	<0.01%
Carlisle Cos IncCSL	QVMM +0.46 points	0.49%	0.03%
Pinnacle Financial Partners IncPNFP	QVMM +0.45 points	0.49%	0.04%
Clean Harbors IncCLH	QVMM +0.45 points	0.49%	0.04%
CACI International IncCACI	QVMM +0.45 points	0.49%	0.04%
RenaissanceRe Holdings LtdRNR	QVMM +0.43 points	0.47%	0.04%
Toll Brothers IncTOL	QVMM +0.44 points	0.47%	0.03%
ARAMARK Holdings CorpARMK	QVMM +0.43 points	0.47%	0.04%
WP Carey IncWPC	QVMM +0.42 points	0.46%	0.04%
Lamar Advertising CoLAMR	QVMM +0.41 points	0.44%	0.03%
Five Below IncFIVE	QVMM +0.41 points	0.43%	0.02%
Coeur Mining IncCDE	QVMM +0.41 points	0.46%	0.05%
BJ's Wholesale Club Holdings IncBJ	QVMM +0.41 points	0.44%	0.03%
Crown Holdings IncCCK	QVMM +0.41 points	0.44%	0.03%
MKS IncMKSI	QVMM +0.41 points	0.45%	0.04%
RPM International IncRPM	QVMM +0.41 points	0.44%	0.03%
Annaly Capital Management IncNLY	QVMM +0.40 points	0.44%	0.04%
Texas Roadhouse IncTXRH	QVMM +0.40 points	0.42%	0.02%
Roivant Sciences LtdROIV	QVMM +0.40 points	0.45%	0.05%
Jazz Pharmaceuticals PLCJAZZ	QVMM +0.39 points	0.43%	0.04%
Unum GroupUNM	QVMM +0.39 points	0.43%	0.04%
Omega Healthcare Investors IncOHI	QVMM +0.39 points	0.43%	0.04%
BWX Technologies IncBWXT	QVMM +0.39 points	0.39%	<0.01%
DT Midstream IncDTM	QVMM +0.39 points	0.42%	0.03%
Encompass Health CorpEHC	QVMM +0.38 points	0.41%	0.03%
Range Resources CorpRRC	QVMM +0.38 points	0.40%	0.02%
Coca-Cola Consolidated IncCOKE	QVMM +0.36 points	0.39%	0.03%
Antero Resources CorpAR	QVMM +0.35 points	0.38%	0.03%
Mueller Industries IncMLI	QVMM +0.35 points	0.39%	0.04%
Essential Utilities IncWTRG	QVMM +0.35 points	0.38%	0.03%
Equity LifeStyle Properties IncELS	QVMM +0.35 points	0.38%	0.03%
Elanco Animal Health IncELAN	QVMM +0.35 points	0.38%	0.03%
Nextpower IncNXT	QVMM +0.35 points	0.38%	0.03%
Evercore IncEVR	QVMM +0.34 points	0.37%	0.03%
Graco IncGGG	QVMM +0.34 points	0.37%	0.03%
New York Times Co/TheNYT	QVMM +0.33 points	0.36%	0.03%
Gaming and Leisure Properties IncGLPI	QVMM +0.33 points	0.36%	0.03%
Ally Financial IncALLY	QVMM +0.33 points	0.36%	0.03%
Avantor IncAVTR	QVMM +0.33 points	0.36%	0.03%
BioMarin Pharmaceutical IncBMRN	QVMM +0.33 points	0.36%	0.03%
First Horizon CorpFHN	QVMM +0.33 points	0.36%	0.03%
Applied Industrial Technologies IncAIT	QVMM +0.33 points	0.36%	0.03%
Ryder System IncR	QVMM +0.33 points	0.35%	0.02%
Affiliated Managers Group IncAMG	QVMM +0.32 points	0.35%	0.03%
Booz Allen Hamilton Holding CorpBAH	QVMM +0.32 points	0.34%	0.02%
Flowserve CorpFLS	QVMM +0.32 points	0.35%	0.03%
Ensign Group Inc/TheENSG	QVMM +0.32 points	0.35%	0.03%
Toro Co/TheTTC	QVMM +0.32 points	0.34%	0.02%
American Financial Group Inc/OHAFG	QVMM +0.32 points	0.34%	0.02%
Regal Rexnord CorpRRX	QVMM +0.32 points	0.35%	0.03%
EastGroup Properties IncEGP	QVMM +0.32 points	0.35%	0.03%
Maplebear IncCART	QVMM +0.32 points	0.33%	<0.01%
Fidelity National Financial IncFNF	QVMM +0.31 points	0.34%	0.03%
Molina Healthcare IncMOH	QVMM +0.31 points	0.34%	0.03%
Arrow Electronics IncARW	QVMM +0.31 points	0.34%	0.03%
Service Corp International/USSCI	QVMM +0.31 points	0.34%	0.03%
Watsco IncWSO	QVMM +0.31 points	0.34%	0.03%
BorgWarner IncBWA	QVMM +0.31 points	0.34%	0.03%
American Healthcare REIT IncAHR	QVMM +0.31 points	0.34%	0.03%
Stifel Financial CorpSF	QVMM +0.31 points	0.34%	0.03%
Wintrust Financial CorpWTFC	QVMM +0.30 points	0.33%	0.03%
Onto Innovation IncONTO	QVMM +0.31 points	0.34%	0.03%
Globus Medical IncGMED	QVMM +0.31 points	0.33%	0.02%
Southstate Bank CorpSSB	QVMM +0.30 points	0.33%	0.03%
American Homes 4 RentAMH	QVMM +0.30 points	0.33%	0.03%
Alcoa CorpAA	QVMM +0.30 points	0.33%	0.03%
Acuity IncAYI	QVMM +0.30 points	0.33%	0.03%
Tetra Tech IncTTEK	QVMM +0.30 points	0.32%	0.02%
Advanced Drainage Systems IncWMS	QVMM +0.30 points	0.32%	0.02%
Donaldson Co IncDCI	QVMM +0.29 points	0.32%	0.03%
OGE Energy CorpOGE	QVMM +0.29 points	0.32%	0.03%
Cullen/Frost Bankers IncCFR	QVMM +0.30 points	0.32%	0.02%

All 359 QVMM 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.

QVMM vs VONV Cost

Overpaying QVMM vs VONV

$1,867

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

QVMM 0.15%
$3,137
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

QVMM 0.15%
VONV 0.06%
Overpaying

Year by year

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

Expense ratio

0.15%QVMM
0.06%VONV, cheaper

VONV0.06%QVMM0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

QVMM 13th cheapest of 99 funds

QVMM vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QVMM 1.28%; VONV 1.53%, better
Payout (12M): QVMM $0.43; VONV $1.74
Last payment: QVMM $0.12; VONV $0.42
Ex-dividend: QVMM Sep 21, 2026; VONV Sep 23, 2026
Paid on: QVMM Sep 25, 2026; VONV Sep 25, 2026
Frequency: QVMM Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QVMMQuarterly · 21 paymentsAll QVMM payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

QVMM vs VONV Risk

Fall from peak · 5 years

QVMM
VONV

Risk facts

VolatilityStd dev, 3 years: QVMM 15.1%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: QVMM 0.85VONV 1.43, better
Worst fallMax drawdown, 5 years: QVMM −24.0%VONV −18.9%, better
Market sensitivityBeta, 5 years: QVMM 1.01VONV 0.85; Market = 1

QVMM 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

Popular comparisons

QVMMBvsILCVA
Invesco S&P MidCap 400 QVM Multi-factor ETF · iShares Morningstar Value ETF
Expense ratio
0.15% · 0.04%
Category
VONVAvsILCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Value ETF
Expense ratio
0.06% · 0.04%
Category
QVMMBvsVYMA
Invesco S&P MidCap 400 QVM Multi-factor ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.15% · 0.04%
Category
VONVAvsVYMA
Vanguard Russell 1000 Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category
QVMMBvsIMCVA
Invesco S&P MidCap 400 QVM Multi-factor ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.15% · 0.06%
Category
VONVAvsIMCVA
Vanguard Russell 1000 Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.06% · 0.06%
Category

QVMM vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How QVMM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVMM

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 QVMM and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVMM

Only in VONV

Weight gaps