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QVMLvsSMAXETF Comparison

ETF 1

QVML

Invesco S&P 500 QVM Multi-factor ETF

This fund is part of

US Multi-Factor

+0.61%

Full QVML fund page

VS

ETF 2

SMAX

iShares Large Cap Max Buffer Sep ETF

This fund is part of

Options Strategies

+0.79%

Full SMAX fund page

Invesco S&P 500 QVM Multi-factor ETF (QVML) belongs to the US Multi-Factor segment. iShares Large Cap Max Buffer Sep ETF (SMAX) is part of the Options Strategies segment. QVML's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. QVML is less expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.53% for SMAX. QVML is up 13.23% year-to-date (YTD) with +$146M in YTD flows. SMAX performs worse with 5.52% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of QVML and SMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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QVML vs SMAX performance and flow charts

Performance

Cumulative Flows

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Data Services

Historic performance and flows

Data as of 09/17/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	QVML SMAX	-1.28%+0.55%	+3.36%+2.19%	+13.23%+5.52%	+17.78%+7.33%	+80.11%n/a	+86.93%n/a
Flows	QVML SMAX	+$284M-$1M	+$311M-$4M	+$146M-$34M	+$177M+$515K	+$333M-	+$364M-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	QVML SMAX	+11.43%+1.99%	+12.60%+2.77%	+14.98%n/a	+16.66%n/a
Max drawdown	QVML SMAX	-3.39%-0.43%	-8.73%-1.93%	-18.54%n/a	-23.56%n/a
Max drawdown duration	QVML SMAX	16d15d	70d44d	127dn/a	707dn/a

Trading data

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	QVML	SMAX
Last sale 9/18/2026 at 1:30 PM	$45.35	$28.39
Previous close 09/17/2026	$45.26	$28.37
Consolidated volume 09/17/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 31, 2026

1-year trailing difference

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SMAX

is actively managed and doesn’t replicate an index

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	QVML	SMAX
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 9/18/2026 at 1:30 PM

Live

Closed

	QVML	SMAX
Last price	$45.35	$28.39
1D performance	+0.20%	+0.07%
AuM	$1.82 B	$88.53 M
E/R	0.11%	0.53%

Characteristics

	QVML	SMAX
Management strategy	Passive	Active
Provider	Invesco	iShares
Benchmark	S&P 500 Quality, Value & Momentum Top 90% Multi-factor Index	-
N° of holdings	449	501
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	June 30, 2021	September 30, 2024
ESG	No	No

More QVML data on Trackinsight

More SMAX data on Trackinsight

Exposure

Countries

QVML

USA

97.36%

Other

2.64%

SMAX

USA

102.01%

Other

-2.01%

Sectors

QVML

Technology

47.46%

Finance

14.18%

Consumer Non-Cycl.

9.24%

Healthcare

8.7%

Industrials

7.84%

Other

12.58%

SMAX

Technology

46.23%

Finance

14.48%

Healthcare

9.28%

Consumer Non-Cycl.

9.23%

Industrials

8.09%

Other

12.68%

Diversification

QVML

Total weight of top 15 holdings out of 15

48.62%

SMAX

Total weight of top 15 holdings out of 15

45.4%

Top 15 holdings

Data as of July 31, 2026

QVML

Apple, Inc.

8.80%

NVIDIA Corp.

8.05%

Alphabet, Inc.

6.25%

Microsoft Corp.

5.02%

Amazon.com, Inc.

4.17%

Broadcom Inc.

3.49%

Meta Platforms, Inc.

2.35%

Eli Lilly & Co.

1.54%

Berkshire Hathaway, Inc.

1.53%

Micron Technology, Inc.

1.50%

JPMorgan Chase & Co.

1.48%

Advanced Micro Devices, Inc.

1.32%

ExxonMobil Holdings Corp.

1.06%

Visa, Inc.

1.05%

Johnson & Johnson

1.01%

SMAX

Apple, Inc.

7.90%

NVIDIA Corp.

7.62%

Microsoft Corp.

5.40%

Amazon.com, Inc.

3.72%

Alphabet, Inc.

3.16%

Broadcom Inc.

2.96%

Alphabet, Inc.

2.54%

Meta Platforms, Inc.

1.91%

Micron Technology, Inc.

1.59%

JPMorgan Chase & Co.

1.52%

Berkshire Hathaway, Inc.

1.51%

Eli Lilly & Co.

1.47%

BlackRock Cash Funds - Treasury

1.42%

Tesla, Inc.

1.40%

Advanced Micro Devices, Inc.

1.28%

Frequently asked questions about QVML and SMAX

QVMLvsSMAXETF Comparison

Invesco S&P 500 QVM Multi-factor ETF

iShares Large Cap Max Buffer Sep ETF

QVML vs SMAX performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the QVML and SMAX ETFs performed in 2026?

As of September 17, 2026, QVML is up 13.23% year-to-date (YTD), while SMAX has returned 5.52%. That puts QVML better performer ahead so far this year.

Which ETF is attracting more investor money: QVML or SMAX?

Year-to-date, the QVML ETF saw +$146M in flows, compared to -$34M for SMAX.

Which ETF is more volatile: QVML or SMAX?

Over the past year, QVML had a volatility of 12.6%, while SMAX experienced 2.77%.

Which ETF is bigger: QVML or SMAX?

As of September 17, 2026, QVML holds $1.82 B in assets under management (AUM), while SMAX manages $88.53 M.

What sectors do the QVML and SMAX ETFs invest in?

QVML leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.

What are the top holdings of the QVML ETF and SMAX ETF?

QVML top holdings include Apple, Inc., NVIDIA Corp. and Alphabet, Inc.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..

Which ETF is more diversified: QVML or SMAX?

QVML holds 449 securities with 48.62% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.

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