QVMS vs VIOG: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMSBNYSE Arca

Vanguard S&P Small-Cap 600 Growth ETF

VIOGBNYSE Arca

Overlap

56.8%by weight

Expense ratio

VIOG −0.05pt a year

QVMS0.15%VIOG0.10%

Avg volume · 30D

VIOG 20.8×the volume

QVMS1.7KVIOG35.4K

5Y return · a year

QVMS +1.9pt

QVMS+6.0%VIOG+4.1%

QVMS vs VIOG Performance

Nov 9, 2021 – Nov 9, 2026

+33.9%QVMS+22.2%VIOG

Expense ratio: QVMS 0.15%; VIOG 0.10%, better
Fund size: QVMS $237M; VIOG $1B
1Y total return: QVMS +22.3%, better; VIOG +20.3%
Yield (12M): QVMS 1.25%, better; VIOG 0.76%
Holdings: QVMS 536; VIOG 356
Avg volume (30D): QVMS 1.7K sh; VIOG 35.4K sh, better
NAV per share: QVMS $32.45; VIOG $138.77
52W range

ETF.net Grade

Pillar letters and Scores for QVMS, VIOG, with each pillar’s weight
Pillar	QVMS	VIOG
Cost30% weight	B58	A74Higher
Mission25% weight	A100	A100
Risk15% weight	B56Higher	C44
Tradability15% weight	F18	D25Higher
Holdings10% weight	A77Higher	C53
Durability5% weight	F23	C54Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. QVMS and VIOG 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 ›

VIOG ranks 4th 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 4BVIOGVanguard S&P Small-Cap 600 Growth ETFScore 65
Rank 5BSLYVState Street SPDR S&P 600 Small Cap Value ETFScore 64
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

VIOGBVanguard S&P Small-Cap 600 Growth 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.

VIOG Vanguard's growth slice of the S&P SmallCap 600, running since 2010 at 0.10% a year. Only one other ETF tracks the same index, and it charges more.

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.

VIOG The fund seeks to track the performance of the S&P SmallCap 600 Growth Index, which represents small U.S. growth companies.

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.

VIOG At 0.10%, it undercuts the only other fund on the same index (SLYG at 0.15%) and lands well under its peer group's 0.18% median fee.
One published index, one style slice, no manager discretion. It follows the S&P SmallCap 600 Growth Index closely and stands in the upper half of its S&P 600 peer group.
Live since 2010, with a record across several market cycles, and it spreads across roughly 300 small-cap growth names instead of a short list.
A multi-billion-dollar fund from Vanguard, and it pays out quarterly.

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.

VIOG Thinly traded next to the S&P 600's core giants, so the bid-ask spread is a bigger slice of your real cost than the expense ratio suggests.
Style slicing carries a surcharge: whole-index cousins like SPSM (0.03%) and VIOO (0.07%) cost less than owning just the growth half.
Narrow by design. The growth half of a small-cap index moves more sharply than a broad US stock fund.

Full QVMS profile⁠

Full VIOG profile⁠

QVMS vs VIOG Holdings

How QVMS and VIOG differ

Overlap by weight

56.8%

Shared holdings make up 82.8% of VIOG and 60.2% of QVMS.

Level by level

Holdings294 in both56.8%
Sector11 Sectors87.4%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in QVMS and VIOG, widest gap first
Sector	Gap	QVMS	VIOG
Technology	VIOG +5.0 points	13.5%	18.5%
Health Care	VIOG +4.3 points	11.2%	15.5%
Financials	QVMS +4.2 points	18.5%	14.3%
Industrials	VIOG +3.2 points	15.1%	18.3%
Consumer Discretionary	QVMS +3.2 points	13.4%	10.2%
Materials	QVMS +1.4 points	4.6%	3.2%
Consumer Staples	QVMS +1.5 points	5.0%	3.5%
Real Estate	QVMS +1.1 points	8.0%	6.9%
Energy	QVMS +0.8 points	6.0%	5.2%
Utilities	QVMS +0.4 points	2.0%	1.6%
Communication	VIOG +0.1 points	2.7%	2.8%

Country, concentration and asset class

Country by domicile

Country weights in QVMS and VIOG, widest gap first
Country	Gap	QVMS	VIOG
United States	VIOG +0.1 points	99.9%	100.0%
Singapore	QVMS +0.1 points	0.1%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

QVMS5.8%
VIOG9.8%

Securities held

QVMS535
VIOG351

Asset class

QVMS: Stocks
VIOG: Stocks

Holdings

Only in QVMS241
In both294
Only in VIOG57

Only in QVMS

241 securities, 39.8% of QVMS by weight

Paycom Software Inc0.72%
Victoria's Secret & Co0.64%
Jackson Financial Inc0.58%
Lamb Weston Holdings Inc0.57%
EPAM Systems Inc0.56%
Eastman Chemical Co0.51%
Conagra Brands Inc0.51%
Mohawk Industries Inc0.51%
CarMax Inc0.49%
Pool Corp0.47%
Teleflex Inc0.46%
SM Energy Co0.44%
Lincoln National Corp0.44%
Matson Inc0.42%
Caesars Entertainment Inc0.39%
Atlantic Union Bankshares Corp0.38%
LKQ Corp0.35%
Magnolia Oil & Gas Corp0.35%
Versant Media Group Inc0.34%
Rithm Capital Corp0.34%
Celanese Corp0.34%
Robert Half Inc0.32%
Meritage Homes Corp0.32%
Campbell's Company/The0.32%
Eastern Bankshares Inc0.32%
RXO Inc0.32%
Insight Enterprises Inc0.32%
CSW Industrials Inc0.31%
Fulton Financial Corp0.30%
United Community Banks Inc/GA0.29%
Cathay General Bancorp0.28%
Integer Holdings Corp0.28%
Apple Hospitality REIT Inc0.28%
Rush Enterprises Inc0.28%
Korn Ferry0.27%
Core Natural Resources Inc0.27%
Bread Financial Holdings Inc0.26%
MDU Resources Group Inc0.26%
SL Green Realty Corp0.25%
CVB Financial Corp0.25%
Signet Jewelers Ltd0.25%
Asbury Automotive Group Inc0.25%
Enphase Energy Inc0.24%
WesBanco Inc0.24%
Renasant Corp0.24%
GEO Group Inc/The0.24%
Organon & Co0.24%
Academy Sports & Outdoors Inc0.24%
Diodes Inc0.24%
M/I Homes Inc0.23%

Only in VIOG

57 securities, 17.0% of VIOG by weight

FormFactor Inc1.42%
Glaukos Corp0.81%
Etsy Inc0.74%
Qorvo Inc0.72%
PTC Therapeutics Inc0.66%
Impinj Inc0.63%
Casella Waste Systems Inc0.61%
Solaris Energy Infrastructure Inc0.57%
Arcosa Inc0.56%
Construction Partners Inc0.53%
Karman Holdings Inc0.49%
Badger Meter Inc0.43%
StepStone Group Inc0.43%
Mirion Technologies Inc0.42%
Life360 Inc0.40%
RingCentral Inc0.39%
RadNet Inc0.38%
Waystar Holding Corp0.37%
Arcutis Biotherapeutics Inc0.37%
Box Inc0.37%
AtriCure Inc0.35%
CSW Industrials Inc0.33%
AXT Inc0.33%
Lumen Technologies Inc0.29%
Shake Shack Inc0.29%
LiveRamp Holdings Inc0.28%
Tenable Holdings Inc0.25%
Cleanspark Inc0.23%
LXP Industrial Trust0.23%
SPS Commerce Inc0.22%
Hawkins Inc0.21%
Supernus Pharmaceuticals Inc0.21%
WillScot Holdings Corp0.20%
Kinetik Holdings Inc0.19%
MARA Holdings Inc0.18%
Callaway Golf Co0.17%
Herc Holdings Inc0.15%
BlackLine Inc0.15%
Peloton Interactive Inc0.15%
SLCMT11420.14%
Artivion Inc0.14%
TRS:MARA HOLDINGS INC USD 2027-Jan-290.11%
BioLife Solutions Inc0.10%
Azenta Inc0.10%
Capri Holdings Ltd0.09%
Goosehead Insurance Inc0.09%
Blackbaud Inc0.09%
Tandem Diabetes Care Inc0.08%
ZoomInfo Technologies Inc0.06%
Winmark Corp0.06%

Weight gaps

The 100 widest of 294 Holdings in both funds.

Holding weights in QVMS and VIOG, widest gap first
Holding	Gap	QVMS	VIOG
Viasat IncVSAT	VIOG +0.65 points	0.53%	1.18%
Protagonist Therapeutics IncPTGX	VIOG +0.58 points	0.53%	1.11%
MSG Knickerbockers CorpMSGS	VIOG +0.49 points	0.36%	0.85%
StoneX Group IncSNEX	VIOG +0.48 points	0.37%	0.85%
Everus Construction Group IncECG	VIOG +0.48 points	0.25%	0.73%
TG Therapeutics IncTGTX	VIOG +0.45 points	0.51%	0.96%
ESCO Technologies IncESE	VIOG +0.44 points	0.39%	0.83%
Enpro IncNPO	VIOG +0.44 points	0.35%	0.79%
ACM Research IncACMR	VIOG +0.42 points	0.16%	0.58%
Kodiak Gas Services IncKGS	VIOG +0.40 points	0.25%	0.65%
Zurn Elkay Water Solutions CorpZWS	VIOG +0.40 points	0.43%	0.83%
Powell Industries IncPOWL	VIOG +0.39 points	0.25%	0.64%
Ryman Hospitality Properties IncRHP	VIOG +0.38 points	0.61%	0.99%
Argan IncAGX	VIOG +0.37 points	0.27%	0.64%
Federal Signal CorpFSS	VIOG +0.37 points	0.45%	0.82%
Ligand Pharmaceuticals IncLGND	VIOG +0.36 points	0.40%	0.76%
Archrock IncAROC	VIOG +0.34 points	0.30%	0.64%
Sensient Technologies CorpSXT	VIOG +0.34 points	0.34%	0.68%
Armstrong World Industries IncAWI	VIOG +0.34 points	0.49%	0.83%
Veracyte IncVCYT	VIOG +0.33 points	0.12%	0.45%
International Seaways IncINSW	VIOG +0.31 points	0.25%	0.56%
Alkermes PLCALKS	VIOG +0.31 points	0.52%	0.83%
Supernus IncINDV	VIOG +0.30 points	0.21%	0.51%
Laureate Education IncLAUR	VIOG +0.30 points	0.29%	0.59%
Mercury Systems IncMRCY	VIOG +0.28 points	0.28%	0.56%
MYR Group IncMYRG	VIOG +0.28 points	0.27%	0.55%
Virtu Financial IncVIRT	VIOG +0.26 points	0.30%	0.56%
Primoris Services CorpPRIM	VIOG +0.26 points	0.23%	0.49%
Granite Construction IncGVA	VIOG +0.26 points	0.36%	0.62%
PriceSmart IncPSMT	VIOG +0.26 points	0.27%	0.53%
ADT IncADT	QVMS +0.25 points	0.38%	0.13%
Chefs' Warehouse Inc/TheCHEF	VIOG +0.26 points	0.25%	0.51%
Covista IncCVSA	VIOG +0.25 points	0.26%	0.51%
AZZ IncAZZ	VIOG +0.25 points	0.24%	0.49%
Tidewater IncTDW	VIOG +0.25 points	0.21%	0.46%
Axos Financial IncAX	VIOG +0.24 points	0.36%	0.60%
Adeia IncADEA	VIOG +0.23 points	0.11%	0.34%
Sphere Entertainment CoSPHR	VIOG +0.24 points	0.20%	0.44%
Urban Outfitters IncURBN	VIOG +0.23 points	0.30%	0.53%
WisdomTree IncWT	VIOG +0.23 points	0.16%	0.39%
VSE CorpVSEC	VIOG +0.22 points	0.34%	0.56%
Enova International IncENVA	VIOG +0.23 points	0.28%	0.51%
JBT Marel CorpJBTM	VIOG +0.22 points	0.45%	0.67%
Brady CorpBRC	VIOG +0.21 points	0.23%	0.44%
OPENLANE IncOPLN	VIOG +0.21 points	0.26%	0.47%
Lyft IncLYFT	VIOG +0.21 points	0.48%	0.69%
Standex International CorpSXI	VIOG +0.21 points	0.19%	0.40%
Dave IncDAVE	VIOG +0.20 points	0.19%	0.39%
Rush Street Interactive IncRSI	VIOG +0.21 points	0.08%	0.29%
Centrus Energy CorpLEU	VIOG +0.21 points	0.12%	0.33%
AAR CorpAIR	VIOG +0.20 points	0.29%	0.49%
PJT Partners IncPJT	VIOG +0.18 points	0.26%	0.44%
Cavco Industries IncCVCO	VIOG +0.18 points	0.34%	0.52%
Life Time Group Holdings IncLTH	VIOG +0.18 points	0.48%	0.66%
Digi International IncDGII	VIOG +0.18 points	0.17%	0.35%
National HealthCare CorpNHC	VIOG +0.18 points	0.16%	0.34%
Proto Labs IncPRLB	VIOG +0.18 points	0.10%	0.28%
Mercury General CorpMCY	VIOG +0.17 points	0.15%	0.32%
MaxLinear IncMXL	VIOG +0.17 points	0.23%	0.40%
Boot Barn Holdings IncBOOT	VIOG +0.17 points	0.27%	0.44%
Acadian Asset Management IncAAMI	VIOG +0.17 points	0.16%	0.33%
Curbline Properties CorpCURB	VIOG +0.17 points	0.19%	0.36%
DXP Enterprises Inc/TXDXPE	VIOG +0.16 points	0.12%	0.28%
Clearway Energy IncCWEN	VIOG +0.16 points	0.27%	0.43%
Frontdoor IncFTDR	VIOG +0.16 points	0.45%	0.61%
Cal-Maine Foods IncCALM	VIOG +0.16 points	0.20%	0.36%
Dorman Products IncDORM	VIOG +0.16 points	0.25%	0.41%
OSI Systems IncOSIS	VIOG +0.16 points	0.21%	0.37%
TransMedics Group IncTMDX	VIOG +0.15 points	0.20%	0.35%
Installed Building Products IncIBP	VIOG +0.16 points	0.37%	0.53%
Harmony Biosciences Holdings IncHRMY	VIOG +0.16 points	0.08%	0.24%
NMI Holdings IncNMIH	VIOG +0.15 points	0.19%	0.34%
PDF Solutions IncPDFS	VIOG +0.14 points	0.09%	0.23%
Clear Secure IncYOU	VIOG +0.15 points	0.34%	0.49%
Red Rock Resorts IncRRR	VIOG +0.14 points	0.15%	0.29%
Inspire Medical Systems IncINSP	VIOG +0.14 points	0.10%	0.24%
Vita Coco Co Inc/TheCOCO	VIOG +0.13 points	0.21%	0.34%
Materion CorpMTRN	VIOG +0.14 points	0.24%	0.38%
ARMOUR Residential REIT IncARR	VIOG +0.14 points	0.10%	0.24%
ACADIA Pharmaceuticals IncACAD	VIOG +0.14 points	0.18%	0.32%
Mobility Global IncMBGL	QVMS +0.13 points	0.40%	0.27%
Acushnet Holdings CorpGOLF	VIOG +0.13 points	0.15%	0.28%
Terreno Realty CorpTRNO	VIOG +0.13 points	0.47%	0.60%
Palomar Holdings IncPLMR	VIOG +0.12 points	0.27%	0.39%
Uniti Group IncUNIT	VIOG +0.12 points	0.06%	0.18%
SiriusPoint LtdSPNT	VIOG +0.12 points	0.18%	0.30%
Lazard IncLAZ	QVMS +0.11 points	0.28%	0.17%
St Joe Co/TheJOE	VIOG +0.11 points	0.19%	0.30%
Axcelis Technologies IncACLS	VIOG +0.11 points	0.20%	0.31%
Privia Health Group IncPRVA	VIOG +0.12 points	0.19%	0.31%
UFP Technologies IncUFPT	VIOG +0.12 points	0.16%	0.28%
Calix IncCALX	VIOG +0.11 points	0.13%	0.24%
Broadstone Net Lease IncBNL	QVMS +0.11 points	0.22%	0.11%
EZCORP IncEZPW	VIOG +0.10 points	0.11%	0.21%
Alignment Healthcare IncALHC	VIOG +0.11 points	0.08%	0.18%
Schrodinger Inc/United StatesSDGR	VIOG +0.11 points	0.11%	0.22%
LeMaitre Vascular IncLMAT	VIOG +0.10 points	0.11%	0.21%
HA Sustainable Infrastructure Capital IncHASI	QVMS +0.10 points	0.34%	0.24%
Champion Homes IncSKY	QVMS +0.10 points	0.36%	0.26%
ANI Pharmaceuticals IncANIP	VIOG +0.10 points	0.08%	0.18%

All 535 QVMS holdings⁠All 349 VIOG 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 VIOG Cost

Overpaying QVMS vs VIOG

$1,031

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

QVMS 0.15%
$3,137
VIOG 0.10%
$2,106

Amount$10,000

Years30 years

Cost over time

QVMS 0.15%
VIOG 0.10%
Overpaying

Year by year

Year	QVMS	VIOG	Overpaying
10	$274	$183	$91
20	$1,071	$717	$354
30	$3,137	$2,106	$1,031

Expense ratio

0.15%QVMS
0.10%VIOG, cheaper

VIOG0.10%QVMS0.15%

0.03%0.59%

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

VIOG 4th cheapest of 13 funds

QVMS 5th cheapest of 13 funds

QVMS vs VIOG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QVMS 1.25%, better; VIOG 0.76%
Payout (12M): QVMS $0.42; VIOG $1.09
Last payment: QVMS $0.13; VIOG $0.26
Ex-dividend: QVMS Sep 21, 2026; VIOG Sep 28, 2026
Paid on: QVMS Sep 25, 2026; VIOG Sep 30, 2026
Frequency: QVMS Quarterly; VIOG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QVMSQuarterly · 21 paymentsAll QVMS payments⁠

VIOGQuarterly · 39 paymentsAll VIOG payments⁠

QVMS vs VIOG Risk

Fall from peak · 5 years

QVMS
VIOG

Risk facts

VolatilityStd dev, 3 years: QVMS 18.7%, betterVIOG 19.0%
Return per unit of riskSharpe ratio, 3 years: QVMS 0.76, betterVIOG 0.71
Worst fallMax drawdown, 5 years: QVMS −28.0%, betterVIOG −29.0%
Market sensitivityBeta, 5 years: QVMS 1.06VIOG 1.07; Market = 1

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