PKSFX vs. XMHQ

Last updated Jun 25, 2026

PKSFX (Virtus KAR Small-Cap Core Fund) and XMHQ (Invesco S&P MidCap Quality ETF) are both funds - PKSFX is a Mid Cap Growth Equities fund managed by Virtus, while XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Quality Index. Over the past 10 years, PKSFX returned 15.31%/yr vs 12.98%/yr for XMHQ. A 0.79 correlation means they provide meaningful diversification when combined. PKSFX charges 1.00%/yr vs 0.25%/yr for XMHQ.

Performance

PKSFX vs. XMHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Small-Cap Core Fund (PKSFX) and Invesco S&P MidCap Quality ETF (XMHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PKSFX achieves a 5.88% return, which is significantly lower than XMHQ's 8.43% return. Over the past 10 years, PKSFX has outperformed XMHQ with an annualized return of 15.31%, while XMHQ has yielded a comparatively lower 12.98% annualized return.

PKSFX

• 1D: -0.19%
• 1M: 2.86%
• YTD: 5.88%
• 6M: 3.70%
• 1Y: 5.71%
• 3Y*: 11.31%
• 5Y*: 8.34%
• 10Y*: 15.31%

XMHQ

• 1D: 0.65%
• 1M: 2.24%
• YTD: 8.43%
• 6M: 5.99%
• 1Y: 14.21%
• 3Y*: 15.23%
• 5Y*: 9.22%
• 10Y*: 12.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PKSFX vs. XMHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PKSFX Virtus KAR Small-Cap Core Fund	5.88%	-2.58%	13.67%	32.32%	-10.77%	19.03%	21.38%	40.21%	-1.99%	34.98%
XMHQ Invesco S&P MidCap Quality ETF	8.43%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%

Correlation

The correlation between PKSFX and XMHQ is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 1, 2006	0.79

The correlation between PKSFX and XMHQ has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

PKSFX vs. XMHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PKSFX

PKSFX Risk / Return Rank: 6
PKSFX Sharpe Ratio Rank: 6
PKSFX Sortino Ratio Rank: 7
PKSFX Omega Ratio Rank: 6
PKSFX Calmar Ratio Rank: 7
PKSFX Martin Ratio Rank: 6

XMHQ

XMHQ Risk / Return Rank: 30
XMHQ Sharpe Ratio Rank: 27
XMHQ Sortino Ratio Rank: 28
XMHQ Omega Ratio Rank: 25
XMHQ Calmar Ratio Rank: 35
XMHQ Martin Ratio Rank: 34

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.

PKSFX vs. XMHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Cap Core Fund (PKSFX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PKSFX	XMHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.91	-0.47
Sortino ratio: Return per unit of downside risk	0.77	1.42	-0.65
Omega ratio: Gain probability vs. loss probability	1.08	1.16	-0.08
Calmar ratio: Return relative to maximum drawdown	0.60	1.61	-1.02
Martin ratio: Return relative to average drawdown	1.20	4.71	-3.50

PKSFX vs. XMHQ - Sharpe Ratio Comparison

The current PKSFX Sharpe Ratio is 0.43, which is lower than the XMHQ Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of PKSFX 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.

Drawdowns

PKSFX vs. XMHQ - Drawdown Comparison

The maximum PKSFX drawdown since its inception was -54.46%, smaller than the maximum XMHQ drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for PKSFX and XMHQ.

Drawdown Indicators

	PKSFX	XMHQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-58.19%	+3.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-8.85%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-24.56%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-22.02%	-25.47%	+3.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.45%	-36.90%	+3.45%
Current Drawdown Current decline from peak	-5.55%	-1.66%	-3.89%
Average Drawdown Average peak-to-trough decline	-7.17%	-9.26%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	3.03%	+2.52%

Volatility

PKSFX vs. XMHQ - Volatility Comparison

The current volatility for Virtus KAR Small-Cap Core Fund (PKSFX) is 4.12%, while Invesco S&P MidCap Quality ETF (XMHQ) has a volatility of 4.49%. This indicates that PKSFX 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.

Volatility by Period

	PKSFX	XMHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.49%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	11.47%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	15.77%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	20.74%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	20.68%	-1.87%

PKSFX vs. XMHQ - Expense Ratio Comparison

PKSFX has a 1.00% expense ratio, which is higher than XMHQ's 0.25% expense ratio.

Dividends

PKSFX vs. XMHQ - Dividend Comparison

PKSFX's dividend yield for the trailing twelve months is around 13.51%, more than XMHQ's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKSFX Virtus KAR Small-Cap Core Fund	13.51%	14.30%	4.07%	4.12%	6.65%	12.05%	7.45%	4.03%	4.33%	0.17%	5.69%	19.83%
XMHQ Invesco S&P MidCap Quality ETF	0.59%	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

Can I hold both PKSFX and XMHQ in my portfolio?

PKSFX and XMHQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PKSFX or XMHQ?

XMHQ has higher volatility (4.49%) compared to PKSFX (4.12%). In terms of maximum drawdown, PKSFX dropped -54.46% vs XMHQ's -58.19%.

Which has better risk-adjusted returns?

XMHQ currently has the higher Sharpe Ratio (0.91 vs 0.43), 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.