XMHQ vs. FDVV

Last updated Jun 9, 2026

XMHQ (Invesco S&P MidCap Quality ETF) and FDVV (Fidelity High Dividend ETF) are both exchange-traded funds - XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. Both are passively managed. Over the past 5 years, XMHQ returned 9.12%/yr vs 13.25%/yr for FDVV. A 0.79 correlation means they provide meaningful diversification when combined. XMHQ charges 0.25%/yr vs 0.29%/yr for FDVV.

Performance

XMHQ vs. FDVV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with XMHQ having a 7.58% return and FDVV slightly higher at 7.59%.

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%

FDVV

• 1D: -0.21%
• 1M: 1.68%
• YTD: 7.59%
• 6M: 7.85%
• 1Y: 22.32%
• 3Y*: 19.56%
• 5Y*: 13.25%
• 10Y*: —

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

XMHQ vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FDVV Fidelity High Dividend ETF	7.59%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%

Correlation

The correlation between XMHQ and FDVV is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.79

The correlation between XMHQ and FDVV shifts across timeframes, from 0.70 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

XMHQ vs. FDVV - Sectors Allocation Comparison

Sectors	XMHQ	FDVV
Industrials	25.8%	3.4%
Healthcare	19.7%	3.1%
Financial Services	15.1%	17.0%
Technology	12.1%	29.1%
Consumer Cyclical	9.7%	13.6%
Energy	6.7%	-
Basic Materials	4.8%	-
Consumer Defensive	3.9%	11.0%
Communication Services	2.7%	3.7%
Utilities	2.2%	8.7%
Real Estate	-	10.1%

Return for Risk

XMHQ vs. FDVV — Risk / Return Rank

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

XMHQ

XMHQ Risk / Return Rank: 27
XMHQ Sharpe Ratio Rank: 25
XMHQ Sortino Ratio Rank: 25
XMHQ Omega Ratio Rank: 23
XMHQ Calmar Ratio Rank: 32
XMHQ Martin Ratio Rank: 31

FDVV

FDVV Risk / Return Rank: 69
FDVV Sharpe Ratio Rank: 77
FDVV Sortino Ratio Rank: 78
FDVV Omega Ratio Rank: 77
FDVV Calmar Ratio Rank: 54
FDVV Martin Ratio Rank: 61

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.

XMHQ vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and Fidelity High Dividend ETF (FDVV). 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.

	XMHQ	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.23	-1.42
Sortino ratio: Return per unit of downside risk	1.29	3.12	-1.83
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.27
Calmar ratio: Return relative to maximum drawdown	1.43	2.41	-0.98
Martin ratio: Return relative to average drawdown	4.17	10.00	-5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMHQ vs. FDVV - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 0.81, which is lower than the FDVV Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XMHQ and FDVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XMHQ	FDVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	2.23	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.90	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.79	-0.34

Drawdowns

XMHQ vs. FDVV - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, which is greater than FDVV's maximum drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for XMHQ and FDVV.

Drawdown Indicators

	XMHQ	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-58.19%	-40.25%	-17.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-9.30%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	-15.90%	-8.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-20.18%	-5.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.90%	—	—
Current Drawdown Current decline from peak	-2.44%	-1.85%	-0.59%
Average Drawdown Average peak-to-trough decline	-9.28%	-3.80%	-5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.24%	+0.78%

Volatility

XMHQ vs. FDVV - Volatility Comparison

Invesco S&P MidCap Quality ETF (XMHQ) has a higher volatility of 4.06% compared to Fidelity High Dividend ETF (FDVV) at 2.96%. This indicates that XMHQ's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMHQ	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	2.96%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	8.08%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	10.07%	+5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	14.75%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.72%	16.99%	+3.73%

XMHQ vs. FDVV - Expense Ratio Comparison

XMHQ has a 0.25% expense ratio, which is lower than FDVV's 0.29% expense ratio.

Dividends

XMHQ vs. FDVV - Dividend Comparison

XMHQ's dividend yield for the trailing twelve months is around 0.56%, less than FDVV's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDVV Fidelity High Dividend ETF	2.74%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%
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

Can I hold both XMHQ and FDVV in my portfolio?

XMHQ and FDVV have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMHQ or FDVV?

XMHQ has higher volatility (4.06%) compared to FDVV (2.96%). In terms of maximum drawdown, XMHQ dropped -58.19% vs FDVV's -40.25%.

Which ETF is better, XMHQ or FDVV?

On 5-year performance, FDVV leads with 13.25% vs 9.12% for XMHQ. On fees, XMHQ is cheaper at 0.25% per year. On volatility, FDVV has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMHQ or FDVV?

Over the 5-year period, FDVV has performed better with a 13.25% return vs 9.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMHQ or FDVV?

XMHQ is cheaper with a 0.25% expense ratio, compared with 0.29% for FDVV.

Which ETF pays a higher dividend yield, XMHQ or FDVV?

FDVV has the higher dividend yield at 2.74%, compared with 0.56% for XMHQ.

What is the main difference between XMHQ and FDVV?

XMHQ is categorized as Mid Cap Blend Equities, while FDVV is Large Cap Blend Equities. XMHQ tracks S&P MidCap 400 Index, while FDVV tracks Fidelity Core Dividend Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.25% for XMHQ and 0.29% for FDVV.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.23 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.