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XMHQ vs. GARP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMHQ vs. GARP

Last updated Aug 4, 2026
Documentation

XMHQ (Invesco S&P MidCap Quality ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both Quality Factor funds - XMHQ tracks the S&P MidCap 400 Quality Index while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, XMHQ returned 10.44%/yr vs 17.57%/yr for GARP. Their 0.71 correlation means they have sometimes moved together and sometimes differently. XMHQ charges 0.25%/yr vs 0.15%/yr for GARP.

Performance

XMHQ vs. GARP - Performance Comparison

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

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Returns By Period

In the year-to-date period, XMHQ achieves a 13.81% return, which is significantly lower than GARP's 18.78% return.

XMHQ

1D
1.13%
1M
2.55%
6M
8.92%
YTD
13.81%
1Y
17.48%
3Y*
14.23%
5Y*
10.44%
10Y*
12.81%
ALL TIME*
9.54%

GARP

1D
1.62%
1M
0.39%
6M
15.63%
YTD
18.78%
1Y
33.89%
3Y*
30.65%
5Y*
17.57%
10Y*
—
ALL TIME*
20.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GARP

iShares MSCI USA Quality GARP ETF
$26.43M$25.59M$23.01M

XMHQ

Invesco S&P MidCap Quality ETF
$19.09M$19.28M$20.51M

XMHQ vs. GARP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XMHQ
Invesco S&P MidCap Quality ETF		13.81%4.71%16.79%29.51%-12.42%20.98%25.41%
GARP
iShares MSCI USA Quality GARP ETF		18.78%21.49%37.42%42.86%-26.75%27.99%26.51%

Correlation

The correlation between XMHQ and GARP is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.66

Correlation (3Y)
Balances recent behavior with more history.

0.70

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (All Time)
Calculated using the full available price history since Jan 16, 2020

0.71

The correlation between XMHQ and GARP has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.

XMHQ vs. GARP - Sectors Allocation Comparison

Sectors
XMHQ
GARP

Industrials

30.2%
6.4%

Technology

18.5%
54.7%

Healthcare

16.0%
5.4%

Financial Services

15.1%
7.9%

Consumer Cyclical

9.4%
9.1%

Energy

6.9%
3.0%

Utilities

2.2%
1.3%

Basic Materials

1.5%
1.1%

Communication Services

1.4%
11.0%

Consumer Defensive

1.1%

-

Real Estate

-

0.4%

Industrials

XMHQ
30.2%
GARP
6.4%

Technology

XMHQ
18.5%
GARP
54.7%

Healthcare

XMHQ
16.0%
GARP
5.4%

Financial Services

XMHQ
15.1%
GARP
7.9%

Consumer Cyclical

XMHQ
9.4%
GARP
9.1%

Energy

XMHQ
6.9%
GARP
3.0%

Utilities

XMHQ
2.2%
GARP
1.3%

Basic Materials

XMHQ
1.5%
GARP
1.1%

Communication Services

XMHQ
1.4%
GARP
11.0%

Consumer Defensive

XMHQ
1.1%
GARP

-

Real Estate

XMHQ

-

GARP
0.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P MidCap Quality ETF

iShares MSCI USA Quality GARP ETF

Often compared with XMHQ:
XMHQ vs. XMMOXMHQ vs. IMCGXMHQ vs. MDYXMHQ vs. RFVXMHQ vs. RWKXMHQ vs. GRPMXMHQ vs. FLQM
Often compared with GARP:
GARP vs. SPGPGARP vs. SPMOGARP vs. SCHGGARP vs. QUALGARP vs. SPYGARP vs. VUGGARP vs. SPHQ

Return for Risk

XMHQ vs. GARP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XMHQ
XMHQ Risk / Return Rank: 4848
Overall Rank
XMHQ Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
XMHQ Sortino Ratio Rank: 4848
Sortino Ratio Rank
XMHQ Omega Ratio Rank: 4242
Omega Ratio Rank
XMHQ Calmar Ratio Rank: 5454
Calmar Ratio Rank
XMHQ Martin Ratio Rank: 5050
Martin Ratio Rank
GARP
GARP Risk / Return Rank: 7070
Overall Rank
GARP Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
GARP Sortino Ratio Rank: 6969
Sortino Ratio Rank
GARP Omega Ratio Rank: 6767
Omega Ratio Rank
GARP Calmar Ratio Rank: 7070
Calmar Ratio Rank
GARP Martin Ratio Rank: 7272
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XMHQ vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and iShares MSCI USA Quality GARP ETF (GARP). 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.

XMHQGARPDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.70

-0.55

Sortino ratioReturn per unit of downside risk
1.76
2.31

-0.55

Omega ratioGain probability vs. loss probability

1.20

1.29

-0.09

Calmar ratioReturn relative to maximum drawdown

1.98

2.49

-0.50

Martin ratioReturn relative to average drawdown

5.90

9.05

-3.15

XMHQ vs. GARP - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 1.16, which is lower than the GARP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of XMHQ and GARP, 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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Drawdowns

XMHQ vs. GARP - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for XMHQ and GARP.

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Drawdown Indicators

XMHQGARPDifference

Max Drawdown

Largest peak-to-trough decline

-58.19%

-31.34%

-26.85%

Max Drawdown (1Y)

Largest decline over 1 year

-8.85%

-13.69%

+4.84%

Max Drawdown (3Y)

Largest decline over 3 years

-24.56%

-23.73%

-0.83%

Max Drawdown (5Y)

Largest decline over 5 years

-25.47%

-30.61%

+5.14%

Max Drawdown (10Y)

Largest decline over 10 years

-36.90%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.79%

+2.79%

Average Drawdown

Average peak-to-trough decline

-9.22%

-7.27%

-1.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.76%

-0.79%

Volatility

XMHQ vs. GARP - Volatility Comparison

The current volatility for Invesco S&P MidCap Quality ETF (XMHQ) is 3.28%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 5.74%. This indicates that XMHQ experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMHQGARPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

5.74%

-2.46%

Volatility (6M)

Calculated over the trailing 6-month period

11.03%

16.02%

-4.99%

Volatility (1Y)

Calculated over the trailing 1-year period

15.18%

20.01%

-4.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.58%

22.36%

-1.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.64%

23.92%

-3.28%

XMHQ vs. GARP - Expense Ratio Comparison

XMHQ has a 0.25% expense ratio, which is higher than GARP's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XMHQ vs. GARP - Dividend Comparison

XMHQ's dividend yield for the trailing twelve months is around 0.56%, more than GARP's 0.27% yield.

PositionTTM20252024202320222021202020192018201720162015
GARP
iShares MSCI USA Quality GARP ETF		0.27%0.31%0.38%0.75%1.85%0.67%0.75%0.00%0.00%0.00%0.00%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

XMHQ and GARP have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GARP has higher volatility (5.74%) compared to XMHQ (3.28%). In terms of maximum drawdown, XMHQ dropped -58.19% vs GARP's -31.34%.

On 5-year performance, GARP leads with 17.57% vs 10.44% for XMHQ. On fees, GARP is cheaper at 0.15% per year. On volatility, XMHQ has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, GARP has performed better with a 17.57% return vs 10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GARP is cheaper with a 0.15% expense ratio, compared with 0.25% for XMHQ.

XMHQ has the higher dividend yield at 0.56%, compared with 0.27% for GARP.

XMHQ tracks S&P MidCap 400 Quality Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for XMHQ and 0.15% for GARP.

GARP currently has the higher Sharpe Ratio (1.70 vs 1.16), 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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