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FFRHX vs. XMHQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FFRHX vs. XMHQ

Last updated Jun 9, 2026

FFRHX (Fidelity Floating Rate High Income Fund) and XMHQ (Invesco S&P MidCap Quality ETF) are both funds - FFRHX is a Bank Loan fund actively managed by Fidelity, while XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. FFRHX is actively managed, while XMHQ is passively managed. Over the past 10 years, FFRHX returned 4.91%/yr vs 12.56%/yr for XMHQ. At a 0.27 correlation, their price movements are largely independent. FFRHX charges 0.67%/yr vs 0.25%/yr for XMHQ.

Performance

FFRHX vs. XMHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Floating Rate High Income Fund (FFRHX) and Invesco S&P MidCap Quality ETF (XMHQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FFRHX achieves a 1.82% return, which is significantly lower than XMHQ's 7.58% return. Over the past 10 years, FFRHX has underperformed XMHQ with an annualized return of 4.91%, while XMHQ has yielded a comparatively higher 12.56% annualized return.

FFRHX

1D
-0.11%
1M
0.33%
YTD
1.82%
6M
2.24%
1Y
5.90%
3Y*
7.48%
5Y*
5.42%
10Y*
4.91%

XMHQ

1D
-0.34%
1M
0.12%
YTD
7.58%
6M
8.05%
1Y
12.57%
3Y*
15.37%
5Y*
9.12%
10Y*
12.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FFRHX vs. XMHQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FFRHX
Fidelity Floating Rate High Income Fund		1.82%5.47%7.10%12.63%-1.55%5.01%1.69%8.63%0.10%3.91%
XMHQ
Invesco S&P MidCap Quality ETF		7.58%4.71%16.79%29.51%-12.42%20.98%26.61%27.18%-9.08%15.64%

Correlation

The correlation between FFRHX and XMHQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2006

0.27

The correlation between FFRHX and XMHQ shifts across timeframes, from 0.15 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

FFRHX vs. XMHQ - Sectors Allocation Comparison

Sectors
FFRHX
XMHQ

Energy

92.8%
6.7%

Consumer Cyclical

4.3%
9.7%

Communication Services

3.0%
2.7%

Basic Materials

-

4.8%

Consumer Defensive

-

3.9%

Financial Services

-

15.1%

Healthcare

-

19.7%

Industrials

-

25.8%

Real Estate

-

-

Technology

-

12.1%

Utilities

-

2.2%

Energy

FFRHX
92.8%
XMHQ
6.7%

Consumer Cyclical

FFRHX
4.3%
XMHQ
9.7%

Communication Services

FFRHX
3.0%
XMHQ
2.7%

Basic Materials

FFRHX

-

XMHQ
4.8%

Consumer Defensive

FFRHX

-

XMHQ
3.9%

Financial Services

FFRHX

-

XMHQ
15.1%

Healthcare

FFRHX

-

XMHQ
19.7%

Industrials

FFRHX

-

XMHQ
25.8%

Real Estate

FFRHX

-

XMHQ

-

Technology

FFRHX

-

XMHQ
12.1%

Utilities

FFRHX

-

XMHQ
2.2%

Compare stocks, funds, or ETFs

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Fidelity Floating Rate High Income Fund

Invesco S&P MidCap Quality ETF

Often compared with FFRHX:
FFRHX vs. PRFRXFFRHX vs. FAGIXFFRHX vs. SCHPFFRHX vs. FTBFXFFRHX vs. FADMXFFRHX vs. FFRIXFFRHX vs. FFRAX
Often compared with XMHQ:
XMHQ vs. XMMOXMHQ vs. IMCGXMHQ vs. MDYXMHQ vs. RFVXMHQ vs. GRPMXMHQ vs. RWKXMHQ vs. FLQM

Return for Risk

FFRHX vs. XMHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FFRHX
FFRHX Risk / Return Rank: 9191
Overall Rank
FFRHX Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
FFRHX Sortino Ratio Rank: 9898
Sortino Ratio Rank
FFRHX Omega Ratio Rank: 9797
Omega Ratio Rank
FFRHX Calmar Ratio Rank: 9393
Calmar Ratio Rank
FFRHX Martin Ratio Rank: 9090
Martin Ratio Rank
XMHQ
XMHQ Risk / Return Rank: 2727
Overall Rank
XMHQ Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
XMHQ Sortino Ratio Rank: 2525
Sortino Ratio Rank
XMHQ Omega Ratio Rank: 2323
Omega Ratio Rank
XMHQ Calmar Ratio Rank: 3232
Calmar Ratio Rank
XMHQ Martin Ratio Rank: 3131
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FFRHX vs. XMHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Floating Rate High Income Fund (FFRHX) and Invesco S&P MidCap Quality ETF (XMHQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

FFRHXXMHQDifference
Sharpe ratioReturn per unit of total volatility
2.51
0.81

+1.70

Sortino ratioReturn per unit of downside risk
5.98
1.29

+4.70

Omega ratioGain probability vs. loss probability

1.89

1.15

+0.75

Calmar ratioReturn relative to maximum drawdown

4.97

1.43

+3.54

Martin ratioReturn relative to average drawdown

17.53

4.17

+13.35

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFRHX vs. XMHQ - Sharpe Ratio Comparison

The current FFRHX Sharpe Ratio is 2.51, which is higher than the XMHQ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FFRHX and XMHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FFRHXXMHQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.51

0.81

+1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.89

0.44

+1.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.19

0.61

+0.58

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

0.45

+0.70

Drawdowns

FFRHX vs. XMHQ - Drawdown Comparison

The maximum FFRHX drawdown since its inception was -22.20%, smaller than the maximum XMHQ drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for FFRHX and XMHQ.

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Drawdown Indicators

FFRHXXMHQDifference

Max Drawdown

Largest peak-to-trough decline

-22.20%

-58.19%

+35.99%

Max Drawdown (1Y)

Largest decline over 1 year

-1.19%

-8.85%

+7.66%

Max Drawdown (3Y)

Largest decline over 3 years

-3.29%

-24.56%

+21.27%

Max Drawdown (5Y)

Largest decline over 5 years

-5.90%

-25.47%

+19.57%

Max Drawdown (10Y)

Largest decline over 10 years

-22.20%

-36.90%

+14.70%

Current Drawdown

Current decline from peak

-0.33%

-2.44%

+2.11%

Average Drawdown

Average peak-to-trough decline

-1.15%

-9.28%

+8.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.34%

3.02%

-2.68%

Volatility

FFRHX vs. XMHQ - Volatility Comparison

The current volatility for Fidelity Floating Rate High Income Fund (FFRHX) is 0.63%, while Invesco S&P MidCap Quality ETF (XMHQ) has a volatility of 4.06%. This indicates that FFRHX experiences smaller price fluctuations and is considered to be less risky than XMHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FFRHXXMHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.63%

4.06%

-3.43%

Volatility (6M)

Calculated over the trailing 6-month period

1.63%

11.28%

-9.65%

Volatility (1Y)

Calculated over the trailing 1-year period

2.36%

15.61%

-13.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.88%

20.76%

-17.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.14%

20.72%

-16.58%

FFRHX vs. XMHQ - Expense Ratio Comparison

FFRHX has a 0.67% expense ratio, which is higher than XMHQ's 0.25% expense ratio.

Dividends

FFRHX vs. XMHQ - Dividend Comparison

FFRHX's dividend yield for the trailing twelve months is around 7.09%, more than XMHQ's 0.56% yield.

PositionTTM20252024202320222021202020192018201720162015
FFRHX
Fidelity Floating Rate High Income Fund		7.09%7.41%6.94%8.24%3.81%2.74%3.84%5.15%4.74%4.05%4.44%3.69%
XMHQ
Invesco S&P MidCap Quality ETF		0.56%0.64%5.20%0.73%1.72%1.00%1.12%1.22%1.59%1.06%1.63%1.34%

Frequently Asked Questions

FFRHX and XMHQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMHQ has higher volatility (4.06%) compared to FFRHX (0.63%). In terms of maximum drawdown, FFRHX dropped -22.20% vs XMHQ's -58.19%.

FFRHX currently has the higher Sharpe Ratio (2.51 vs 0.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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