QVMS vs SPSM: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMSBNYSE Arca

State Street SPDR Portfolio S&P 600 Small Cap ETF

SPSMANYSE Arca

Overlap

86.1%by weight

Expense ratio

SPSM −0.12pt a year

QVMS0.15%SPSM0.03%

Avg volume · 30D

SPSM 1031.0×the volume

QVMS1.7KSPSM1.75M

5Y return · a year

QVMS +0.9pt

QVMS+6.0%SPSM+5.1%

QVMS vs SPSM Performance

Nov 9, 2021 – Nov 9, 2026

+33.9%QVMS+28.0%SPSM

Expense ratio: QVMS 0.15%; SPSM 0.03%, better
Fund size: QVMS $237M; SPSM $15.7B
1Y total return: QVMS +22.3%, better; SPSM +21.7%
Yield (12M): QVMS 1.25%; SPSM 1.49%, better
Holdings: QVMS 536; SPSM 606
Avg volume (30D): QVMS 1.7K sh; SPSM 1.75M sh, better
NAV per share: QVMS $32.45; SPSM $53.52
52W range

ETF.net Grade

Pillar letters and Scores for QVMS, SPSM, with each pillar’s weight
Pillar	QVMS	SPSM
Cost30% weight	B58	A98Higher
Mission25% weight	A100Higher	A83
Risk15% weight	B56Higher	C51
Tradability15% weight	F18	A93Higher
Holdings10% weight	A77	A87Higher
Durability5% weight	F23	A77Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. QVMS and SPSM 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 ›

SPSM ranks 1st 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 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

QVMSBInvesco S&P SmallCap 600 QVM Multi-factor ETF

SPSMAState Street SPDR Portfolio S&P 600 Small Cap ETF

In short

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.

SPSM The bargain-rack version of a small-cap classic. SPSM tracks the S&P SmallCap 600 for 0.03% a year, one of the thinnest fees in US equities, and holds roughly 600 smaller American companies.

Stated mandate

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.

SPSM The fund seeks to track, before fees and expenses, the total return performance of the S&P SmallCap 600 Index.

Why people hold it

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.

SPSM Three ETFs wrap this same index. SPSM charges 0.03%, IJR 0.06%, VIOO 0.07%. Same basket, thinner fee drag.
Its fee sits far below the typical charge among S&P 600 wrappers, and cost is the one variable an index investor actually controls.
Roughly 600 US small caps in a single line item, held straight to the index. No single name carries the fund.
One of the strongest implementations in its peer group: tight index tracking, active trading, and a multi-billion-dollar asset base behind it.

Worth knowing

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.

SPSM Small-cap prices swing wider than large-cap ones. This fund takes the index as it comes, with no volatility cushion built in.
All US, all stocks. Nothing here diversifies away from the domestic economy.
Income is a byproduct, not the mission: cash goes out quarterly and varies with what the underlying companies pay.

Full QVMS profile⁠

Full SPSM profile⁠

QVMS vs SPSM Holdings

How QVMS and SPSM differ

Overlap by weight

86.1%

Shared holdings make up 97.8% of QVMS and 86.4% of SPSM.

Level by level

Holdings518 in both86.1%
Sector11 Sectors95.0%
Asset classStocks100%
Countryby domicile99.99%

Sector

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

Country, concentration and asset class

Country by domicile

Country weights in QVMS and SPSM, widest gap first
Country	Gap	QVMS	SPSM
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

QVMS5.8%
SPSM5.1%

Securities held

QVMS535
SPSM605

Asset class

QVMS: Stocks
SPSM: Stocks

Holdings

Only in QVMS17
In both518
Only in SPSM87

Only in QVMS

17 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%
Hornbeck Offshore Services Inc0.05%
Metallus Inc0.04%
AGNT Inc0.02%

Only in SPSM

87 securities, 13.6% of SPSM by weight

Match Group Inc0.52%
Etsy Inc0.45%
Builders Firstsource Inc0.39%
Molson Coors Beverage Co B0.38%
Casella Waste Systems Inc A0.36%
Box Inc Class A0.34%
Karman Holdings Inc0.33%
Trade Desk Inc/The Class A0.32%
Ptc Therapeutics Inc0.32%
Supernus Inc0.32%
Radnet Inc0.32%
Msg Knickerbockers Corp0.31%
Ringcentral Inc Class A0.31%
Impinj Inc0.29%
Herc Holdings Inc0.27%
Tenable Holdings Inc0.27%
Badger Meter Inc0.27%
Csw Industrials Inc0.26%
Mirion Technologies Inc0.26%
Delek Us Holdings Inc0.23%
Stepstone Group Inc Class A0.23%
LIFE360 Inc0.23%
Solaris Energy Infrastructur0.22%
Lumen Technologies Inc0.22%
Construction Partners Inc A0.22%
Workiva Inc0.22%
Waystar Holding Corp0.20%
Willscot Holdings Corp0.20%
Hawkins Inc0.18%
Kinetik Holdings Inc0.18%
Mcgrath Rentcorp0.18%
Atricure Inc0.17%
Sps Commerce Inc0.17%
Shake Shack Inc Class A0.17%
Arcutis Biotherapeutics Inc0.17%
Freshworks Inc Class A0.16%
Loar Holdings Inc0.16%
Callaway Golf Company0.15%
Avepoint Inc0.15%
Axt Inc0.15%
Huron Consulting Group Inc0.14%
Mara Holdings Inc0.14%
Northern Oil and Gas Inc0.14%
Howard Hughes Holdings Inc0.14%
Peloton Interactive Inc A0.14%
Capri Holdings Ltd0.14%
Olin Corp0.12%
Kemper Corp0.12%
Wiley (John) & Sons Class A0.12%
Chemours Co/The0.11%

Weight gaps

The 100 widest of 518 Holdings in both funds.

Holding weights in QVMS and SPSM, widest gap first
Holding	Gap	QVMS	SPSM
Paycom Software IncPAYC	QVMS +0.18 points	0.72%	0.54%
Victoria's Secret & CoVSXY	QVMS +0.14 points	0.64%	0.50%
Lamb Weston Holdings IncLW	QVMS +0.12 points	0.57%	0.45%
Lyft IncLYFT	QVMS +0.10 points	0.48%	0.38%
Jackson Financial IncJXN	QVMS +0.10 points	0.58%	0.48%
Teleflex IncTFX	QVMS +0.09 points	0.46%	0.37%
Ryman Hospitality Properties IncRHP	QVMS +0.08 points	0.61%	0.53%
Installed Building Products IncIBP	QVMS +0.08 points	0.37%	0.29%
Eastman Chemical CoEMN	QVMS +0.08 points	0.51%	0.43%
Conagra Brands IncCAG	QVMS +0.08 points	0.51%	0.43%
EPAM Systems IncEPAM	QVMS +0.08 points	0.56%	0.48%
Robert Half IncRHI	QVMS +0.07 points	0.32%	0.25%
ADT IncADT	QVMS +0.07 points	0.38%	0.31%
Armstrong World Industries IncAWI	QVMS +0.07 points	0.49%	0.42%
Versant Media Group IncVSNT	QVMS +0.07 points	0.34%	0.27%
Alkermes PLCALKS	QVMS +0.07 points	0.52%	0.45%
Lazard IncLAZ	QVMS +0.06 points	0.28%	0.22%
Bancorp Inc/TheTBBK	QVMS +0.06 points	0.17%	0.11%
Champion Homes IncSKY	QVMS +0.07 points	0.36%	0.29%
Celanese CorpCE	QVMS +0.06 points	0.34%	0.28%
Meritage Homes CorpMTH	QVMS +0.06 points	0.32%	0.26%
Mobility Global IncMBGL	QVMS +0.06 points	0.40%	0.34%
Macerich Co/TheMAC	QVMS +0.06 points	0.47%	0.41%
Campbell's Company/TheCPB	QVMS +0.06 points	0.32%	0.26%
Q2 Holdings IncQTWO	QVMS +0.06 points	0.33%	0.27%
CarMax IncKMX	QVMS +0.06 points	0.49%	0.43%
JBT Marel CorpJBTM	QVMS +0.06 points	0.45%	0.39%
Mohawk Industries IncMHK	QVMS +0.06 points	0.51%	0.45%
Kontoor Brands IncKTB	QVMS +0.06 points	0.29%	0.23%
Balchem CorpBCPC	QVMS +0.05 points	0.38%	0.33%
Zurn Elkay Water Solutions CorpZWS	QVMS +0.05 points	0.43%	0.38%
Frontdoor IncFTDR	QVMS +0.06 points	0.45%	0.39%
ACI Worldwide IncACIW	QVMS +0.05 points	0.41%	0.36%
Bright Horizons Family Solutions IncBFAM	QVMS +0.06 points	0.21%	0.15%
Central Garden & Pet CoCENTA	QVMS +0.06 points	0.18%	0.12%
Cheesecake Factory Inc/TheCAKE	QVMS +0.05 points	0.34%	0.29%
VSE CorpVSEC	QVMS +0.06 points	0.34%	0.28%
Under Armour IncUAA	QVMS +0.05 points	0.11%	0.06%
ICU Medical IncICUI	QVMS +0.05 points	0.30%	0.25%
Axos Financial IncAX	QVMS +0.05 points	0.36%	0.31%
LKQ CorpLKQ	QVMS +0.05 points	0.35%	0.30%
Warrior Met Coal IncHCC	QVMS +0.05 points	0.30%	0.25%
RXO IncRXO	QVMS +0.05 points	0.32%	0.27%
Merit Medical Systems IncMMSI	QVMS +0.05 points	0.35%	0.31%
Cavco Industries IncCVCO	QVMS +0.05 points	0.34%	0.29%
Granite Construction IncGVA	QVMS +0.05 points	0.36%	0.31%
Essential Properties Realty Trust IncEPRT	QVMS +0.05 points	0.40%	0.35%
Atlantic Union Bankshares CorpAUB	QVMS +0.05 points	0.38%	0.33%
Element Solutions IncESI	QVMS +0.05 points	0.47%	0.42%
Life Time Group Holdings IncLTH	SPSM +0.04 points	0.48%	0.52%
Federal Signal CorpFSS	QVMS +0.04 points	0.45%	0.41%
Terreno Realty CorpTRNO	QVMS +0.05 points	0.47%	0.42%
Xencor IncXNCR	QVMS +0.05 points	0.19%	0.14%
HA Sustainable Infrastructure Capital IncHASI	QVMS +0.05 points	0.34%	0.29%
OneSpaWorld Holdings LtdOSW	QVMS +0.05 points	0.23%	0.18%
Matson IncMATX	QVMS +0.05 points	0.42%	0.37%
Korn FerryKFY	QVMS +0.04 points	0.27%	0.23%
ESCO Technologies IncESE	QVMS +0.04 points	0.39%	0.35%
Sonos IncSONO	QVMS +0.05 points	0.14%	0.09%
Insight Enterprises IncNSIT	QVMS +0.05 points	0.32%	0.27%
Laureate Education IncLAUR	QVMS +0.04 points	0.29%	0.25%
MarketAxess Holdings IncMKTX	QVMS +0.04 points	0.38%	0.34%
Caesars Entertainment IncCZR	QVMS +0.04 points	0.39%	0.35%
Boot Barn Holdings IncBOOT	QVMS +0.04 points	0.27%	0.23%
Moelis & CoMC	QVMS +0.04 points	0.29%	0.25%
Credit Acceptance CorpCACC	QVMS +0.04 points	0.20%	0.16%
SL Green Realty CorpSLG	QVMS +0.04 points	0.25%	0.21%
Rithm Capital CorpRITM	QVMS +0.04 points	0.34%	0.30%
Crescent Energy CoCRGY	SPSM +0.04 points	0.17%	0.21%
Enovis CorpENOV	QVMS +0.04 points	0.13%	0.09%
Sensient Technologies CorpSXT	QVMS +0.04 points	0.34%	0.30%
Tanger IncSKT	QVMS +0.04 points	0.30%	0.26%
Eastern Bankshares IncEBC	QVMS +0.04 points	0.32%	0.28%
Itron IncITRI	QVMS +0.04 points	0.29%	0.25%
Argan IncAGX	QVMS +0.04 points	0.27%	0.23%
Agilysys IncAGYS	QVMS +0.04 points	0.22%	0.18%
Rush Enterprises IncRUSHA	QVMS +0.04 points	0.28%	0.24%
Stride IncLRN	QVMS +0.04 points	0.22%	0.18%
Ligand Pharmaceuticals IncLGND	QVMS +0.04 points	0.40%	0.36%
Oceaneering International IncOII	QVMS +0.04 points	0.24%	0.20%
Core Natural Resources IncCNR	QVMS +0.04 points	0.27%	0.23%
Covista IncCVSA	QVMS +0.04 points	0.26%	0.22%
Five9 IncFIVN	QVMS +0.04 points	0.16%	0.12%
Victory Capital Holdings IncVCTR	QVMS +0.04 points	0.38%	0.34%
Ameris BancorpABCB	QVMS +0.04 points	0.34%	0.30%
AAR CorpAIR	QVMS +0.04 points	0.29%	0.25%
Virtu Financial IncVIRT	QVMS +0.03 points	0.30%	0.27%
Cargurus IncCARG	QVMS +0.03 points	0.18%	0.15%
Apple Hospitality REIT IncAPLE	QVMS +0.04 points	0.28%	0.24%
Cal-Maine Foods IncCALM	QVMS +0.03 points	0.20%	0.17%
M/I Homes IncMHO	QVMS +0.03 points	0.23%	0.20%
Freshpet IncFRPT	QVMS +0.04 points	0.22%	0.18%
WD-40 CoWDFC	QVMS +0.04 points	0.21%	0.17%
Alarm.com Holdings IncALRM	QVMS +0.03 points	0.22%	0.19%
Staar Surgical CoSTAA	QVMS +0.04 points	0.08%	0.04%
Noble Corp PLCNE	QVMS +0.03 points	0.34%	0.31%
Mercury Systems IncMRCY	QVMS +0.04 points	0.28%	0.24%
MYR Group IncMYRG	QVMS +0.03 points	0.27%	0.24%
Brady CorpBRC	QVMS +0.03 points	0.23%	0.20%
ServisFirst Bancshares IncSFBS	QVMS +0.04 points	0.28%	0.24%

All 535 QVMS holdings⁠All 607 SPSM 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.

QVMS vs SPSM Cost

Overpaying QVMS vs SPSM

$2,499

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

QVMS 0.15%
$3,137
SPSM 0.03%
$638

Amount$10,000

Years30 years

Cost over time

QVMS 0.15%
SPSM 0.03%
Overpaying

Year by year

Year	QVMS	SPSM	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%QVMS
0.03%SPSM, cheaper

SPSM0.03%QVMS0.15%

0.03%0.59%

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

SPSM cheapest of 13 funds

QVMS 5th cheapest of 13 funds

QVMS vs SPSM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QVMS 1.25%; SPSM 1.49%, better
Payout (12M): QVMS $0.42; SPSM $0.82
Last payment: QVMS $0.13; SPSM $0.22
Ex-dividend: QVMS Sep 21, 2026; SPSM Sep 21, 2026
Paid on: QVMS Sep 25, 2026; SPSM Sep 23, 2026
Frequency: QVMS Quarterly; SPSM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QVMSQuarterly · 21 paymentsAll QVMS payments⁠

SPSMQuarterly · 40 paymentsAll SPSM payments⁠

QVMS vs SPSM Risk

Fall from peak · 5 years

QVMS
SPSM

Risk facts

VolatilityStd dev, 3 years: QVMS 18.7%SPSM 18.7%
Return per unit of riskSharpe ratio, 3 years: QVMS 0.76SPSM 0.76
Worst fallMax drawdown, 5 years: QVMS −28.0%SPSM −27.9%, better
Market sensitivityBeta, 5 years: QVMS 1.06SPSM 1.05; Market = 1

QVMS and SPSM in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026SPSM
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SPSM

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QVMS vs SPSM

In short

Stated mandate

Why people hold it

Worth knowing

How QVMS and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVMS

Only in SPSM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How QVMS and SPSM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QVMS

Only in SPSM

Weight gaps