QVMS vs VIOO: Grades, Fees and Holdings Compared

Invesco S&P SmallCap 600 QVM Multi-factor ETF

QVMSBNYSE Arca

Vanguard S&P Small-Cap 600 ETF

VIOOANYSE Arca

Overlap

82.4%by weight

Expense ratio

VIOO −0.08pt a year

QVMS0.15%VIOO0.07%

Avg volume · 30D

VIOO 47.1×the volume

QVMS1.7KVIOO80.1K

5Y return · a year

QVMS +1.0pt

QVMS+6.0%VIOO+5.0%

QVMS vs VIOO Performance

Nov 9, 2021 – Nov 9, 2026

+33.9%QVMS+27.6%VIOO

Expense ratio: QVMS 0.15%; VIOO 0.07%, better
Fund size: QVMS $237M; VIOO $4B
1Y total return: QVMS +22.3%, better; VIOO +21.8%
Yield (12M): QVMS 1.25%, better; VIOO 1.14%
Holdings: QVMS 536; VIOO 612
Avg volume (30D): QVMS 1.7K sh; VIOO 80.1K sh, better
NAV per share: QVMS $32.45; VIOO $128.10
52W range

ETF.net Grade

Pillar letters and Scores for QVMS, VIOO, with each pillar’s weight
Pillar	QVMS	VIOO
Cost30% weight	B58	A82Higher
Mission25% weight	A100Higher	A83
Risk15% weight	B56Higher	C51
Tradability15% weight	F18	D31Higher
Holdings10% weight	A77	A83Higher
Durability5% weight	F23	B69Higher

Rank among S&P SmallCap 600 funds

How we build Categories ›

Same Category. QVMS and VIOO 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 ›

VIOO ranks 3rd 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 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

VIOOAVanguard S&P Small-Cap 600 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.

VIOO Vanguard's version of the S&P SmallCap 600: it owns all of the index's roughly 600 names at index weight, no sampling shortcuts, for 0.07% a year. That is well under half the typical fee among S&P 600 index funds, and it has been running since 2010.

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.

VIOO The fund is a passively managed, full-replication ETF designed to follow the S&P SmallCap 600 Index, which represents small U.S. companies. It holds the index constituents in the same capitalization weights.

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.

VIOO Charges 0.07% a year against a peer-group median near 0.18% for funds built on the same small-cap index.
Full replication, not sampling: it holds about 600 index constituents at their index weights, and it tracks the S&P SmallCap 600 very closely.
Trading since 2010 and now a multi-billion-dollar fund, it ranks among the stronger implementations in its S&P 600 peer group.

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.

VIOO Two rivals on the identical index undercut it: SPSM at 0.03% and IJR at 0.06%. Thin gaps, but gaps that compound.
Moderately traded rather than the volume leader of the trio, so spreads carry more weight on big or rushed orders.
This is undiluted small-cap equity. The mandate is to mirror that index, bumps included, not to smooth it out.

Full QVMS profile⁠

Full VIOO profile⁠

QVMS vs VIOO Holdings

How QVMS and VIOO differ

Overlap by weight

82.4%

Shared holdings make up 98.3% of QVMS and 85.1% of VIOO.

Level by level

Holdings519 in both82.4%
Sector11 Sectors95.7%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in QVMS and VIOO, widest gap first
Sector	Gap	QVMS	VIOO
Technology	VIOO +2.5 points	13.5%	16.0%
Financials	QVMS +1.4 points	18.5%	17.1%
Consumer Discretionary	QVMS +1.0 points	13.4%	12.4%
Communication	VIOO +0.8 points	2.7%	3.5%
Real Estate	QVMS +0.7 points	8.0%	7.3%
Industrials	VIOO +0.5 points	15.1%	15.6%
Energy	VIOO +0.3 points	6.0%	6.3%
Consumer Staples	QVMS +0.4 points	5.0%	4.6%
Health Care	QVMS +0.3 points	11.2%	10.9%
Utilities	QVMS +0.3 points	2.0%	1.7%
Materials	Same weight	4.6%	4.6%

Country, concentration and asset class

Country by domicile

Country weights in QVMS and VIOO, widest gap first
Country	Gap	QVMS	VIOO
United States	VIOO +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%
VIOO5.3%

Securities held

QVMS535
VIOO605

Asset class

QVMS: Stocks
VIOO: Stocks

Holdings

Only in QVMS16
In both519
Only in VIOO86

Only in QVMS

16 securities, 1.7% of QVMS by weight

CSW Industrials Inc0.31%
Invesco Government & Agency Portfolio0.16%
Callaway Golf Co0.15%
John Wiley & Sons Inc0.14%
MSG Rangers Corp0.14%
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 VIOO

86 securities, 14.6% of VIOO by weight

FormFactor Inc0.67%
Glaukos Corp0.56%
Qorvo Inc0.54%
Match Group Inc0.53%
SLCMT11420.43%
Arcosa Inc0.42%
Builders FirstSource Inc0.35%
Etsy Inc0.35%
Molson Coors Beverage Co0.34%
RingCentral Inc0.32%
PTC Therapeutics Inc0.31%
Lumen Technologies Inc0.31%
Impinj Inc0.30%
Trade Desk Inc/The0.30%
Casella Waste Systems Inc0.29%
AXT Inc0.29%
RadNet Inc0.28%
CSW Industrials Inc0.27%
Solaris Energy Infrastructure Inc0.27%
Box Inc0.27%
MARA Holdings Inc0.25%
Delek US Holdings Inc0.25%
Construction Partners Inc0.25%
Karman Holdings Inc0.23%
Tenable Holdings Inc0.23%
Herc Holdings Inc0.22%
LXP Industrial Trust0.21%
Badger Meter Inc0.21%
StepStone Group Inc0.21%
Mirion Technologies Inc0.20%
Cleanspark Inc0.19%
Life360 Inc0.19%
Kinetik Holdings Inc0.18%
WillScot Holdings Corp0.18%
Waystar Holding Corp0.18%
Arcutis Biotherapeutics Inc0.17%
SPS Commerce Inc0.17%
AtriCure Inc0.17%
Hawkins Inc0.15%
Supernus Pharmaceuticals Inc0.14%
Northern Oil & Gas Inc0.14%
Shake Shack Inc0.14%
LiveRamp Holdings Inc0.13%
Callaway Golf Co0.13%
Peloton Interactive Inc0.12%
Chemours Co/The0.12%
John Wiley & Sons Inc0.11%
Ziff Davis Inc0.10%
Medical Properties Trust Inc0.10%
BioLife Solutions Inc0.10%

Weight gaps

The 100 widest of 519 Holdings in both funds.

Holding weights in QVMS and VIOO, widest gap first
Holding	Gap	QVMS	VIOO
EPAM Systems IncEPAM	QVMS +0.24 points	0.56%	0.32%
Lamb Weston Holdings IncLW	QVMS +0.24 points	0.57%	0.33%
Paycom Software IncPAYC	QVMS +0.23 points	0.72%	0.48%
Victoria's Secret & CoVSXY	QVMS +0.23 points	0.64%	0.41%
MaxLinear IncMXL	VIOO +0.21 points	0.23%	0.44%
ADT IncADT	QVMS +0.19 points	0.38%	0.19%
Alkermes PLCALKS	QVMS +0.18 points	0.52%	0.34%
Frontdoor IncFTDR	QVMS +0.16 points	0.45%	0.29%
Lyft IncLYFT	QVMS +0.15 points	0.48%	0.33%
Teleflex IncTFX	QVMS +0.15 points	0.46%	0.31%
Mohawk Industries IncMHK	QVMS +0.14 points	0.51%	0.37%
Ryman Hospitality Properties IncRHP	QVMS +0.14 points	0.61%	0.47%
Conagra Brands IncCAG	QVMS +0.14 points	0.51%	0.37%
JBT Marel CorpJBTM	QVMS +0.13 points	0.45%	0.32%
Q2 Holdings IncQTWO	QVMS +0.13 points	0.33%	0.20%
Pool CorpPOOL	QVMS +0.13 points	0.47%	0.34%
ACI Worldwide IncACIW	QVMS +0.12 points	0.41%	0.29%
Installed Building Products IncIBP	QVMS +0.12 points	0.37%	0.25%
RXO IncRXO	QVMS +0.12 points	0.32%	0.20%
Jackson Financial IncJXN	QVMS +0.11 points	0.58%	0.47%
Robert Half IncRHI	QVMS +0.11 points	0.32%	0.21%
Clear Secure IncYOU	QVMS +0.11 points	0.34%	0.23%
ACM Research IncACMR	VIOO +0.12 points	0.16%	0.28%
Mobility Global IncMBGL	QVMS +0.11 points	0.40%	0.29%
Macerich Co/TheMAC	QVMS +0.10 points	0.47%	0.37%
Kontoor Brands IncKTB	QVMS +0.10 points	0.29%	0.19%
Ultra Clean Holdings IncUCTT	VIOO +0.10 points	0.11%	0.21%
Campbell's Company/TheCPB	QVMS +0.10 points	0.32%	0.22%
Armstrong World Industries IncAWI	QVMS +0.09 points	0.49%	0.40%
OneSpaWorld Holdings LtdOSW	QVMS +0.10 points	0.23%	0.13%
Everus Construction Group IncECG	VIOO +0.10 points	0.25%	0.35%
Xencor IncXNCR	QVMS +0.09 points	0.19%	0.10%
Versant Media Group IncVSNT	QVMS +0.09 points	0.34%	0.25%
Cohu IncCOHU	VIOO +0.09 points	0.10%	0.19%
Concentra Group Holdings Parent IncCON	QVMS +0.09 points	0.33%	0.24%
Veracyte IncVCYT	VIOO +0.09 points	0.12%	0.21%
Cavco Industries IncCVCO	QVMS +0.09 points	0.34%	0.25%
Materion CorpMTRN	VIOO +0.08 points	0.24%	0.32%
Meritage Homes CorpMTH	QVMS +0.08 points	0.32%	0.24%
Champion Homes IncSKY	QVMS +0.09 points	0.36%	0.27%
Eastman Chemical CoEMN	QVMS +0.08 points	0.51%	0.43%
Palomar Holdings IncPLMR	QVMS +0.08 points	0.27%	0.19%
Lazard IncLAZ	QVMS +0.08 points	0.28%	0.20%
Celanese CorpCE	QVMS +0.08 points	0.34%	0.26%
Balchem CorpBCPC	QVMS +0.08 points	0.38%	0.30%
Essential Properties Realty Trust IncEPRT	QVMS +0.08 points	0.40%	0.32%
Agilysys IncAGYS	QVMS +0.08 points	0.22%	0.14%
Plexus CorpPLXS	VIOO +0.07 points	0.33%	0.40%
Central Garden & Pet CoCENTA	QVMS +0.08 points	0.18%	0.10%
Radian Group IncRDN	QVMS +0.08 points	0.31%	0.23%
Itron IncITRI	QVMS +0.07 points	0.29%	0.22%
Kulicke & Soffa Industries IncKLIC	VIOO +0.07 points	0.21%	0.28%
Axos Financial IncAX	QVMS +0.08 points	0.36%	0.28%
Hayward Holdings IncHAYW	QVMS +0.07 points	0.22%	0.15%
Apple Hospitality REIT IncAPLE	QVMS +0.07 points	0.28%	0.21%
Liquidia CorpLQDA	QVMS +0.07 points	0.20%	0.13%
Tanger IncSKT	QVMS +0.07 points	0.30%	0.23%
Enovis CorpENOV	QVMS +0.07 points	0.13%	0.06%
Atmus Filtration Technologies IncATMU	QVMS +0.08 points	0.28%	0.20%
ICU Medical IncICUI	QVMS +0.07 points	0.30%	0.23%
HA Sustainable Infrastructure Capital IncHASI	QVMS +0.07 points	0.34%	0.27%
Acadia Healthcare Co IncACHC	QVMS +0.07 points	0.22%	0.15%
Ichor Holdings LtdICHR	VIOO +0.06 points	0.07%	0.13%
Vericel CorpVCEL	QVMS +0.07 points	0.19%	0.12%
VSE CorpVSEC	QVMS +0.07 points	0.34%	0.27%
Eastern Bankshares IncEBC	QVMS +0.07 points	0.32%	0.25%
Asbury Automotive Group IncABG	QVMS +0.07 points	0.25%	0.18%
Victory Capital Holdings IncVCTR	QVMS +0.07 points	0.38%	0.31%
Academy Sports & Outdoors IncASO	QVMS +0.07 points	0.24%	0.17%
Alarm.com Holdings IncALRM	QVMS +0.07 points	0.22%	0.15%
DXC Technology CoDXC	QVMS +0.06 points	0.16%	0.10%
Bancorp Inc/TheTBBK	QVMS +0.06 points	0.17%	0.11%
Kodiak Gas Services IncKGS	VIOO +0.06 points	0.25%	0.31%
Granite Construction IncGVA	QVMS +0.07 points	0.36%	0.29%
Boot Barn Holdings IncBOOT	QVMS +0.06 points	0.27%	0.21%
Terreno Realty CorpTRNO	QVMS +0.06 points	0.47%	0.41%
Atlantic Union Bankshares CorpAUB	QVMS +0.07 points	0.38%	0.31%
Clearway Energy IncCWEN	QVMS +0.06 points	0.27%	0.21%
ADMA Biologics IncADMA	QVMS +0.06 points	0.19%	0.13%
Sezzle IncSEZL	QVMS +0.06 points	0.17%	0.11%
Vishay Intertechnology IncVSH	VIOO +0.07 points	0.20%	0.27%
Federal Signal CorpFSS	QVMS +0.06 points	0.45%	0.39%
Amentum Holdings IncAMTM	QVMS +0.06 points	0.22%	0.16%
Under Armour IncUAA	QVMS +0.06 points	0.11%	0.05%
Cheesecake Factory Inc/TheCAKE	QVMS +0.06 points	0.34%	0.28%
Powell Industries IncPOWL	VIOO +0.06 points	0.25%	0.31%
Cushman & Wakefield LtdCWK	QVMS +0.06 points	0.22%	0.16%
AAR CorpAIR	QVMS +0.06 points	0.29%	0.23%
Korn FerryKFY	QVMS +0.06 points	0.27%	0.21%
Adeia IncADEA	VIOO +0.05 points	0.11%	0.16%
Liberty Energy IncLBRT	VIOO +0.06 points	0.11%	0.17%
Merit Medical Systems IncMMSI	QVMS +0.06 points	0.35%	0.30%
Phillips Edison & Co IncPECO	QVMS +0.05 points	0.33%	0.28%
Mueller Water Products IncMWA	QVMS +0.06 points	0.25%	0.19%
United Community Banks Inc/GAUCB	QVMS +0.06 points	0.29%	0.23%
TG Therapeutics IncTGTX	QVMS +0.05 points	0.51%	0.46%
Rithm Capital CorpRITM	QVMS +0.05 points	0.34%	0.29%
Freshpet IncFRPT	QVMS +0.06 points	0.22%	0.16%
Rush Street Interactive IncRSI	VIOO +0.06 points	0.08%	0.14%
Dorman Products IncDORM	QVMS +0.06 points	0.25%	0.19%

All 535 QVMS holdings⁠All 605 VIOO 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 VIOO Cost

Overpaying QVMS vs VIOO

$1,657

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

QVMS 0.15%
$3,137
VIOO 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

QVMS 0.15%
VIOO 0.07%
Overpaying

Year by year

Year	QVMS	VIOO	Overpaying
10	$274	$128	$146
20	$1,071	$503	$568
30	$3,137	$1,480	$1,657

Expense ratio

0.15%QVMS
0.07%VIOO, cheaper

VIOO0.07%QVMS0.15%

0.03%0.59%

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

VIOO 3rd cheapest of 13 funds

QVMS 5th cheapest of 13 funds

QVMS vs VIOO Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QVMS 1.25%, better; VIOO 1.14%
Payout (12M): QVMS $0.42; VIOO $1.51
Last payment: QVMS $0.13; VIOO $1.51
Ex-dividend: QVMS Sep 21, 2026; VIOO Dec 22, 2025
Paid on: QVMS Sep 25, 2026; VIOO Dec 24, 2025
Frequency: QVMS Quarterly; VIOO Annual

Distribution history

Per share, 2017 to 2026, same scale for both

QVMSQuarterly · 21 paymentsAll QVMS payments⁠

VIOOAnnual · 9 paymentsAll VIOO payments⁠

QVMS vs VIOO Risk

Fall from peak · 5 years

QVMS
VIOO

Risk facts

VolatilityStd dev, 3 years: QVMS 18.7%, betterVIOO 18.8%
Return per unit of riskSharpe ratio, 3 years: QVMS 0.76, betterVIOO 0.75
Worst fallMax drawdown, 5 years: QVMS −28.0%VIOO −27.9%, better
Market sensitivityBeta, 5 years: QVMS 1.06VIOO 1.05; Market = 1

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