QVML vs SPY: Differences, Returns & Fees
QVML and SPY hold 86% of their weight in the same names. Net assets: $1.7bn on Oct 9, 2026 for Invesco S&P 500 QVM Multi-factor ETF, and $817.2bn on Oct 8, 2026 for SPDR S&P 500 ETF Trust.
SPY costs 0.02 points a year less; their one-year returns differ by 0.5 points; SPY is far larger, $817.2bn against $1.7bn.
| QVML | SPY | |
|---|---|---|
| Expense ratio | 0.11% | 0.09% |
| Net assets, as of Oct 8, 2026 | $1.7bn | $817.2bn |
| Total return, 1 year | +17.8% | +17.3% |
| What it tracks | S&P 500 Quality, Value & Momentum Top 90% Multi-Factor Index | S&P 500 Index |
| Holdings in common | 86% | |
| Holdings dated | Oct 10, 2026 | Oct 8, 2026 |
| Top ten holdings, share of the fund | 42.2% | 39.1% |
Holdings in common uses holdings dated Oct 8, 2026 and Oct 9, 2026.
What they hold in common
By the books each fund has filed, QVML and SPY hold 86% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026 and Oct 9, 2026.
half
86% in common
On the same fields
QVML and SPY on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.
About QVML
QVML tracks an index. Over the year to Oct 9, 2026 it returned +17.8% with distributions reinvested. The prospectus expense ratio is 0.11% a year. By its holdings published by its issuer for Oct 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 438 positions, with the top ten at 42.2%.
About SPY
SPY tracks the S&P 500. Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 8, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 39.1%.
Questions people ask
- Which returned more over the last year, QVML or SPY?
- In the year to Oct 9, 2026, with distributions reinvested, QVML returned +17.8% and SPY +17.3%.
- Which is cheaper, QVML or SPY?
- SPY is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, QVML against SPY, data as of Oct 9, 2026. https://etfiq.com/compare/any/qvml-vs-spy
ETFIQ. (Oct 9, 2026). QVML against SPY. Retrieved from https://etfiq.com/compare/any/qvml-vs-spy
[QVML against SPY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/any/qvml-vs-spy)
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