QVMT vs VONV: Grades, Fees and Holdings Compared

Invesco S&P 500 Concentrated QVM ETF

QVMTBNYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

18.1%by weight

Expense ratio

VONV −0.07pt a year

QVMT0.13%VONV0.06%

Avg volume · 30D

VONV 86.4×the volume

QVMT8.95KVONV774K

QVMT vs VONV Performance

Jul 31, 2026 – Oct 30, 2026

−2.9%QVMT+3.1%VONV

Expense ratio: QVMT 0.13%; VONV 0.06%, better
Fund size: QVMT $123M; VONV $23.3B
1Y total return: QVMT No data; VONV +28.5%
Yield (12M): QVMT 1.74%, better; VONV 1.53%
Holdings: QVMT 102; VONV 873
Avg volume (30D): QVMT 8.95K sh; VONV 774K sh, better
NAV per share: QVMT $62.99; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for QVMT, VONV, with each pillar’s weight
Pillar	QVMT	VONV
Cost30% weight	A89	A96Higher
Mission25% weight	B55	A100Higher
Risk15% weight	D31	A86Higher
Tradability15% weight	D39	B60Higher
Holdings10% weight	D34	C49Higher
Durability5% weight	C54	A93Higher

Rank among US Multifactor funds

How we build Categories ›

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

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 44BQVMMInvesco S&P MidCap 400 QVM Multi-factor ETFScore 57
Rank 44BQVMTInvesco S&P 500 Concentrated QVM ETFScore 57
Rank 44BVALQAmerican Century STOXX U.S. Quality Value ETFScore 57

Our read on each fund

ETF.net Research

QVMTBInvesco S&P 500 Concentrated QVM ETF

VONVAVanguard Russell 1000 Value ETF

In short

QVMT Three factor bets in one ticker. QVMT screens the S&P 500 for quality, value and momentum together, then keeps only about 100 names, at a fee well under the typical multi-factor fund.

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

QVMT The fund seeks to track an index applying quality, value, and momentum factors to 100 stocks selected from the S&P 500.

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

QVMT 0.13% a year, well below the typical multi-factor peer. The tilt doesn't start in a fee hole.
Quality, value and momentum are screened in one rules-based index instead of stitched together from three separate funds.
Roughly 100 stocks, all pulled from the S&P 500, so the factor tilts actually show up in the portfolio rather than washing out.
Live since 2015 with a published index behind it and cash paid out quarterly.

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

QVMT Thinly traded and small next to the giants in its group, so the spread you pay at the screen can matter more than the yearly fee.
Concentration cuts both ways: about 100 names moves differently, and sometimes harder, than the full 500.
Broad-market peers like VYM and IUSG charge less and hold more; this is the narrower, more opinionated build.

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 QVMT profile⁠

Full VONV profile⁠

QVMT vs VONV Holdings

How QVMT and VONV differ

Overlap by weight

18.1%

Shared holdings make up 73.0% of QVMT and 18.1% of VONV.

Level by level

Holdings86 in both18.1%
Countryby domicile98.2%
Asset classEquity100%

Sector

No Sector split for QVMT.

Country, concentration and asset class

Country by domicile

Country weights in QVMT and VONV, widest gap first
Country	More in QVMTMore in VONV	QVMT	VONV
United States	VONV +1.8 points	98.2%	100.0%
Switzerland	QVMT +1.8 points	1.8%	0.0%

Concentration

Weight in the 10 largest Holdings

QVMT41.6%
VONV29.8%

Securities held

QVMT101
VONV871

Asset class

QVMT: Equity
VONV: Equity

Holdings

Only in QVMT15
In both86
Only in VONV785

Only in QVMT

15 securities, 27.0% of QVMT by weight

GE Vernova Inc4.60%
Sandisk Corp3.99%
Lam Research Corp3.97%
Caterpillar Inc3.80%
Western Digital Corp3.03%
KLA Corp2.83%
Elevance Health Inc1.17%
AppLovin Corp1.13%
Comfort Systems USA Inc0.71%
Expedia Group Inc0.47%
Jabil Inc0.44%
EMCOR Group Inc0.42%
Tapestry Inc0.36%
Invesco Government & Agency Portfolio0.04%
Securities Lending - Bnym0.00%

Only in VONV

785 securities, 81.7% of VONV by weight

Amazon.com Inc6.09%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie 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%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
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%
Bristol-Myers Squibb Co0.35%
Prologis Inc0.34%
Uber Technologies Inc0.33%
Parker-Hannifin Corp0.33%
S&P Global Inc0.32%

Weight gaps

All 86 Holdings in both funds, largest gap first.

Holding weights in QVMT and VONV, widest gap first
Holding	More in QVMTMore in VONV	QVMT	VONV
ExxonMobil Holdings CorpXOM	QVMT +4.27 points	6.11%	1.84%
Cisco Systems IncCSCO	QVMT +3.42 points	4.59%	1.17%
Newmont CorpNEM	QVMT +2.31 points	2.64%	0.33%
ConocoPhillipsCOP	QVMT +2.18 points	2.60%	0.42%
Valero Energy CorpVLO	QVMT +1.87 points	2.14%	0.27%
Marathon Petroleum CorpMPC	QVMT +1.62 points	1.78%	0.16%
Phillips 66PSX	QVMT +1.48 points	1.74%	0.26%
AT&T IncT	QVMT +1.47 points	1.92%	0.45%
Chubb LtdCB	QVMT +1.47 points	1.78%	0.31%
CVS Health CorpCVS	QVMT +1.34 points	1.64%	0.30%
Johnson Controls International plcJCI	QVMT +1.21 points	1.44%	0.23%
Travelers Cos Inc/TheTRV	QVMT +1.20 points	1.40%	0.20%
Progressive Corp/ThePGR	QVMT +1.19 points	1.52%	0.33%
General Motors CoGM	QVMT +1.11 points	1.30%	0.19%
FedEx CorpFDX	QVMT +1.11 points	1.28%	0.17%
Allstate Corp/TheALL	QVMT +1.03 points	1.19%	0.16%
General Dynamics CorpGD	QVMT +0.97 points	1.20%	0.23%
Ross Stores IncROST	QVMT +0.96 points	0.99%	0.03%
US BancorpUSB	QVMT +0.93 points	1.18%	0.25%
Comcast CorpCMCSA	QVMT +0.91 points	1.12%	0.21%
Cummins IncCMI	QVMT +0.90 points	1.01%	0.11%
Cigna Group/TheCI	QVMT +0.86 points	1.06%	0.20%
Target CorpTGT	QVMT +0.82 points	1.02%	0.20%
Devon Energy CorpDVN	QVMT +0.81 points	0.95%	0.14%
Delta Air Lines IncDAL	QVMT +0.76 points	0.89%	0.13%
Nucor CorpNUE	QVMT +0.72 points	0.86%	0.14%
eBay IncEBAY	QVMT +0.66 points	0.75%	0.09%
Truist Financial CorpTFC	QVMT +0.64 points	0.80%	0.16%
Baker Hughes CoBKR	QVMT +0.62 points	0.77%	0.15%
L3Harris Technologies IncLHX	QVMT +0.62 points	0.74%	0.12%
Ameriprise Financial IncAMP	QVMT +0.58 points	0.69%	0.11%
Archer-Daniels-Midland CoADM	QVMT +0.56 points	0.66%	0.10%
NetApp IncNTAP	QVMT +0.55 points	0.62%	0.07%
Hartford Insurance Group Inc/TheHIG	QVMT +0.51 points	0.60%	0.09%
Arch Capital Group LtdACGL	QVMT +0.51 points	0.59%	0.08%
DR Horton IncDHI	QVMT +0.45 points	0.54%	0.09%
United Airlines Holdings IncUAL	QVMT +0.41 points	0.50%	0.09%
EQT CorpEQT	QVMT +0.41 points	0.49%	0.08%
Biogen IncBIIB	QVMT +0.41 points	0.49%	0.09%
Halliburton CoHAL	QVMT +0.40 points	0.47%	0.07%
Humana IncHUM	QVMT +0.40 points	0.53%	0.13%
Cincinnati Financial CorpCINF	QVMT +0.38 points	0.45%	0.07%
Synchrony FinancialSYF	QVMT +0.37 points	0.43%	0.06%
M&T Bank CorpMTB	QVMT +0.36 points	0.45%	0.09%
Citizens Financial Group IncCFG	QVMT +0.36 points	0.43%	0.07%
ON Semiconductor CorpON	QVMT +0.35 points	0.43%	0.08%
APA CorpAPA	QVMT +0.34 points	0.38%	0.04%
Dollar General CorpDG	QVMT +0.32 points	0.39%	0.07%
DuPont de Nemours IncDD	QVMT +0.32 points	0.37%	0.05%
Expand Energy CorpEXE	QVMT +0.31 points	0.36%	0.05%
Regions Financial CorpRF	QVMT +0.31 points	0.37%	0.06%
Expeditors International of Washington IncEXPD	QVMT +0.29 points	0.36%	0.07%
T Rowe Price Group IncTROW	QVMT +0.28 points	0.34%	0.06%
PulteGroup IncPHM	QVMT +0.28 points	0.34%	0.06%
Lennar CorpLEN	QVMT +0.27 points	0.30%	0.03%
Raymond James Financial IncRJF	QVMT +0.27 points	0.34%	0.07%
CF Industries Holdings IncCF	QVMT +0.26 points	0.31%	0.05%
International Flavors & Fragrances IncIFF	QVMT +0.26 points	0.32%	0.06%
Principal Financial Group IncPFG	QVMT +0.25 points	0.32%	0.07%
Best Buy Co IncBBY	QVMT +0.24 points	0.29%	0.05%
Loews CorpL	QVMT +0.24 points	0.29%	0.05%
Edison InternationalEIX	QVMT +0.23 points	0.29%	0.06%
CH Robinson Worldwide IncCHRW	QVMT +0.24 points	0.24%	<0.01%
Tyson Foods IncTSN	QVMT +0.23 points	0.27%	0.04%
Fortive CorpFTV	QVMT +0.22 points	0.27%	0.05%
KeyCorpKEY	QVMT +0.21 points	0.26%	0.05%
Incyte CorpINCY	QVMT +0.20 points	0.26%	0.06%
Everest Group LtdEG	QVMT +0.21 points	0.25%	0.04%
Ralph Lauren CorpRL	QVMT +0.20 points	0.21%	0.01%
JB Hunt Transport Services IncJBHT	QVMT +0.20 points	0.25%	0.05%
Nordson CorpNDSN	QVMT +0.18 points	0.23%	0.05%
Textron IncTXT	QVMT +0.17 points	0.21%	0.04%
Snap-on IncSNA	QVMT +0.18 points	0.23%	0.05%
Stanley Black & Decker IncSWK	QVMT +0.17 points	0.21%	0.04%
Assurant IncAIZ	QVMT +0.17 points	0.21%	0.04%
Huntington Ingalls Industries IncHII	QVMT +0.17 points	0.20%	0.03%
Host Hotels & Resorts IncHST	QVMT +0.17 points	0.21%	0.04%
Skyworks Solutions IncSWKS	QVMT +0.14 points	0.18%	0.04%
Globe Life IncGL	QVMT +0.14 points	0.18%	0.04%
Solventum CorpSOLV	QVMT +0.14 points	0.18%	0.04%
Fox CorpFOXA	QVMT +0.14 points	0.17%	0.03%
Bunge Global SABG	QVMT +0.13 points	0.17%	0.04%
Universal Health Services IncUHS	QVMT +0.13 points	0.15%	0.02%
Franklin Templeton IncBEN	QVMT +0.12 points	0.14%	0.02%
Aptiv PLCAPTV	QVMT +0.09 points	0.12%	0.03%
Apple IncAAPL	VONV +0.06 points	6.01%	6.07%

All 100 QVMT 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.

QVMT vs VONV Cost

Overpaying QVMT vs VONV

$1,456

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

QVMT 0.13%
$2,726
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

QVMT 0.13%
VONV 0.06%
Overpaying

Year by year

Year	QVMT	VONV	Overpaying
10	$238	$110	$128
20	$930	$432	$498
30	$2,726	$1,270	$1,456

Expense ratio

0.13%QVMT
0.06%VONV, cheaper

VONV0.06%QVMT0.13%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

QVMT 11th cheapest of 99 funds

QVMT vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): QVMT 1.74%, better; VONV 1.53%
Payout (12M): QVMT $1.09; VONV $1.74
Last payment: QVMT $0.22; VONV $0.42
Ex-dividend: QVMT Sep 21, 2026; VONV Sep 23, 2026
Paid on: QVMT Sep 25, 2026; VONV Sep 25, 2026
Frequency: QVMT Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QVMTQuarterly · 39 paymentsAll QVMT payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

QVMT vs VONV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QVMT No dataVONV 12.1%
Return per unit of riskSharpe ratio, 3 years: QVMT No dataVONV 1.43
Worst fallMax drawdown, 5 years: QVMT No dataVONV −18.9%
Market sensitivityBeta, 5 years: QVMT 0.86VONV 0.85; Market = 1

QVMT 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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