QVMLvsSPYETF Comparison
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Invesco S&P 500 QVM Multi-factor ETF (QVML) belongs to the US Multi-Factor segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. QVML's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SPY's top sector exposures are Technology, Finance and Healthcare. QVML is more expensive with a Total Expense Ratio (TER) of 0.11%, versus 0.0945% for SPY. QVML is up 12.82% year-to-date (YTD) with +$34M in YTD flows. SPY performs worse with 11.69% YTD performance, and +$8.58B in YTD flows. Run a side-by-side ETF comparison of QVML and SPY 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 SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | QVML SPY | -0.42%-0.88% | +2.32%+2.17% | +12.82%+11.69% | +13.59%+12.31% | +90.34%+88.51% | +77.84%+75.62% |
| Flows | QVML SPY | +$43M-$5.34B | +$198M-$8.20B | +$34M+$8.58B | +$39M+$29.83B | +$221M+$68.54B | +$260M+$76.15B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | QVML SPY | +10.36%+10.85% | +12.48%+12.79% | +14.85%+14.92% | +16.60%+16.99% |
| Max drawdown | QVML SPY | -3.05%-3.03% | -8.73%-8.89% | -18.54%-18.74% | -23.56%-24.50% |
| Max drawdown duration | QVML SPY | 53d53d | 70d76d | 127d126d | 707d708d |
Trading data
QVML | SPY | |
Last sale 11/2/2026 at 2:30 PM | $44.77 | $752.10 |
| Previous close 10/30/2026 | $44.99 | $755.72 |
| Consolidated volume 10/30/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 30, 2026
1-year trailing difference
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QVML | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 11/2/2026 at 2:30 PM
Live
Closed
QVML | SPY | |
|---|---|---|
| Last price | $44.77 | $752.10 |
| 1D performance | -0.48% | -0.48% |
| AuM | $1.70 B | $796.87 B |
| E/R | 0.11% | 0.0945% |
Characteristics
QVML | SPY | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | S&P 500 Quality, Value & Momentum Top 90% Multi-factor Index | S&P 500 Index |
| N° of holdings | 436 | 496 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 30, 2021 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
QVML
USA
97.36%
Other
2.64%
SPY
USA
96.47%
Other
3.53%
Sectors
QVML
Technology
46.95%
Finance
13.96%
Consumer Non-Cycl.
9.51%
Healthcare
9.42%
Industrials
7.6%
Other
12.55%
SPY
Technology
47.67%
Finance
12.68%
Healthcare
9.09%
Consumer Non-Cycl.
8.6%
Industrials
7.29%
Other
14.66%
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Diversification
QVML
Total weight of top 15 holdings out of 15
47.81%
SPY
Total weight of top 15 holdings out of 15
45.67%
Top 15 holdings
Data as of September 30, 2026
QVML
NVIDIA Corp.
9.13%
Apple, Inc.
8.32%
Microsoft Corp.
6.54%
Alphabet, Inc.
4.54%
Amazon.com, Inc.
4.23%
Broadcom Inc.
2.81%
Micron Technology, Inc.
1.86%
Eli Lilly & Co.
1.62%
Berkshire Hathaway, Inc.
1.57%
JPMorgan Chase & Co.
1.52%
Advanced Micro Devices, Inc.
1.50%
ExxonMobil Holdings Corp.
1.11%
Visa, Inc.
1.10%
Johnson & Johnson
1.10%
Mastercard, Inc.
0.85%
SPY
NVIDIA Corp.
8.38%
Apple, Inc.
7.37%
Microsoft Corp.
5.77%
Amazon.com, Inc.
3.71%
Alphabet, Inc.
3.06%
Broadcom Inc.
2.53%
Alphabet, Inc.
2.46%
Meta Platforms, Inc.
2.42%
Micron Technology, Inc.
1.82%
Tesla, Inc.
1.52%
Advanced Micro Devices, Inc.
1.51%
Berkshire Hathaway, Inc.
1.41%
Eli Lilly & Co.
1.40%
JPMorgan Chase & Co.
1.33%
Johnson & Johnson
0.97%
Frequently asked questions about QVML and SPY
How have the QVML and SPY ETFs performed in 2026?
As of October 30, 2026, QVML is up 12.82% year-to-date (YTD), while SPY has returned 11.69%. That puts QVML better performer ahead so far this year.
Which ETF is attracting more investor money: QVML or SPY?
Year-to-date, the QVML ETF saw +$34M in flows, compared to +$8.58B for SPY.
Which ETF is more volatile: QVML or SPY?
Over the past year, QVML had a volatility of 12.48%, while SPY experienced 12.79%.
Which ETF is bigger: QVML or SPY?
As of October 30, 2026, QVML holds $1.70 B in assets under management (AUM), while SPY manages $796.87 B.
What sectors do the QVML and SPY ETFs invest in?
QVML leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SPY focuses on Technology, Finance and Healthcare.
What are the top holdings of the QVML ETF and SPY ETF?
QVML top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. SPY holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..
Which ETF is more diversified: QVML or SPY?
QVML holds 436 securities with 47.81% of its assets in the top 15. SPY has 500 securities and a top 15 weight of 45.67%.
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Latest news about QVML & SPY
The Weekly ETF Market Monitor (October 26-30, 2026)
October 31, 2026
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The Weekly ETF Market Monitor (October 12-16, 2026)
October 19, 2026
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The Weekly ETF Market Monitor (October 5-9, 2026)
October 12, 2026
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The Weekly ETF Market Monitor (September 21-25, 2026)
September 26, 2026
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The Weekly ETF Market Monitor (September 21-25, 2026)
September 26, 2026
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The Weekly ETF Market Monitor (September 14-18, 2026)
September 19, 2026
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The Weekly ETF Market Monitor (August 24-28, 2026)
August 31, 2026
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