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AnalysisETFsPassive & IndexingOpinion

QVML is a cheap S&P 500 tilt wearing an all-weather label

A multi-factor fund that moves with the index at 0.97 is a defensible fee trade. The all-weather label promises protection the correlation never supplied.

At a glance

  1. At that distance from the index, an 11-basis-point fee buys a tilt rather than shelter.
  2. QVML normally invests at least 90% of its assets in stocks that make up the index, scoring the S&P 500 on quality, value and momentum and cutting the bottom decile—roughly 50 names—where some pure-style Invesco funds narrow to 100 stocks, and both the fund and the index rebalance quarterly, in March, June, September and December.
  3. The performance is real and the fee is low: QVML was up 13.49% year to date through September 18 with $1.82 billion in assets, according to VettaFi data cited in the profile, and September itself has been softer.

The case an ETF Trends profile makes for the Invesco S&P 500 QVM Multi-factor ETF is that it spares investors the growth-versus-value guessing game, but the figure that cuts against that framing is 0.97 to 0.98, the fund's typical three-year correlation with the S&P 500. At that distance from the index, an 11-basis-point fee buys a tilt rather than shelter.

QVML normally invests at least 90% of its assets in stocks that make up the index, scoring the S&P 500 on quality, value and momentum and cutting the bottom decile—roughly 50 names—where some pure-style Invesco funds narrow to 100 stocks, and both the fund and the index rebalance quarterly, in March, June, September and December. The ten largest positions come to about 45% of the portfolio, led by Nvidia at 9.2%, Apple at 8.7% and Microsoft at 6.9%, with Alphabet, Amazon and Broadcom also among the biggest holdings—a screen that ends with 45% of the money in ten names has re-ranked the index's concentration.

The performance is real and the fee is low: QVML was up 13.49% year to date through September 18 with $1.82 billion in assets, according to VettaFi data cited in the profile, and September itself has been softer. Shares closed September 18 at $45.35, down from $46.38 intraday on September 3, a move the profile measures as a decline of 1% to 2% and attributes to the mega-cap and AI forces driving the S&P 500 rather than to the factor screens.

Over five years the record is smaller than the label: QVML has returned 14.03% a year against the index's 13.8%, a 23-basis-point annual edge on a fund charging 11 basis points. That is a defensible reason to prefer QVML to a plain S&P 500 tracker—the screens have added a little, and the fee leaves room for it. An all-weather core promises something else, protection when the concentration that produced those returns unwinds, and a 0.97 correlation does not supply it.

Where the money went this year, as this publication has reported, was momentum rather than structure—RIAs rebuilt their ETF lineups around what was working, and a fund that ranks the S&P 500 on quality, value and momentum is built to catch that habit. The same division of labor showed up in the small-cap screen in XSVM, where momentum picked the names and value set the sizes. What separates QVML from a style bet is the discipline of the composite score, not diversification, and the December rebalance is the next read: watch whether the top-ten weight moves off 45% or the screens simply re-sort the largest names.

QVML's three biggest positions and the rest of its top ten

  • Remaining seven of top ten20.2 % of portfolio
  • Nvidia9.2 % of portfolio
  • Apple8.7 % of portfolio
  • Microsoft6.9 % of portfolio
Source: ETF Trends profile, VettaFi data · Sept 2026
Show as table
ItemValue (% of portfolio)
Nvidia9.2 % of portfolio
Apple8.7 % of portfolio
Microsoft6.9 % of portfolio
Remaining seven of top ten20.2 % of portfolio

Reported by the Passive & Indexing desk from ETF Trends and VettaFi (data cited within the ETF Trends profile). Published . Corrections

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