XMHQ vs. IMCB

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P MidCap Quality ETF (XMHQ) and iShares Morningstar Mid-Cap ETF (IMCB).

XMHQ and IMCB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XMHQ is a passively managed fund by Invesco that tracks the performance of the S&P MidCap 400 Index. It was launched on Dec 1, 2006. IMCB is a passively managed fund by iShares that tracks the performance of the IMCB-US - Morningstar U.S. Mid Cap Index. It was launched on Jun 28, 2004. Both XMHQ and IMCB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XMHQ vs. IMCB - Performance Comparison

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

XMHQ vs. IMCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMHQ Invesco S&P MidCap Quality ETF	1.08%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%
IMCB iShares Morningstar Mid-Cap ETF	1.14%	10.25%	15.10%	16.37%	-16.09%	22.81%	13.35%	31.49%	-11.53%	19.70%

Returns By Period

In the year-to-date period, XMHQ achieves a 1.08% return, which is significantly lower than IMCB's 1.14% return. Over the past 10 years, XMHQ has outperformed IMCB with an annualized return of 12.42%, while IMCB has yielded a comparatively lower 10.27% annualized return.

XMHQ

• 1D: 2.79%
• 1M: -4.48%
• YTD: 1.08%
• 6M: -1.19%
• 1Y: 13.62%
• 3Y*: 14.52%
• 5Y*: 8.07%
• 10Y*: 12.42%

IMCB

• 1D: 2.52%
• 1M: -5.47%
• YTD: 1.14%
• 6M: 1.17%
• 1Y: 14.21%
• 3Y*: 12.90%
• 5Y*: 7.16%
• 10Y*: 10.27%

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

XMHQ vs. IMCB - Expense Ratio Comparison

XMHQ has a 0.25% expense ratio, which is higher than IMCB's 0.04% 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%.

XMHQ

Invesco S&P MidCap Quality ETF

IMCB

iShares Morningstar Mid-Cap ETF

Return for Risk

XMHQ vs. IMCB — Risk / Return Rank

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

XMHQ

XMHQ Risk / Return Rank: 42
XMHQ Sharpe Ratio Rank: 39
XMHQ Sortino Ratio Rank: 43
XMHQ Omega Ratio Rank: 38
XMHQ Calmar Ratio Rank: 46
XMHQ Martin Ratio Rank: 44

IMCB

IMCB Risk / Return Rank: 48
IMCB Sharpe Ratio Rank: 45
IMCB Sortino Ratio Rank: 46
IMCB Omega Ratio Rank: 46
IMCB Calmar Ratio Rank: 47
IMCB Martin Ratio Rank: 57

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. IMCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and iShares Morningstar Mid-Cap ETF (IMCB). 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	IMCB	Difference
Sharpe ratio Return per unit of total volatility	0.68	0.79	-0.12
Sortino ratio Return per unit of downside risk	1.14	1.22	-0.08
Omega ratio Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio Return relative to maximum drawdown	1.09	1.16	-0.07
Martin ratio Return relative to average drawdown	3.97	5.35	-1.38
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. IMCB - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 0.68, which is comparable to the IMCB Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of XMHQ and IMCB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XMHQ	IMCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.79	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.41	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.52	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.48	-0.04

Correlation

The correlation between XMHQ and IMCB is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XMHQ vs. IMCB - Dividend Comparison

XMHQ's dividend yield for the trailing twelve months is around 0.60%, less than IMCB's 1.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XMHQ Invesco S&P MidCap Quality ETF	0.60%	0.64%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.63%	1.34%
IMCB iShares Morningstar Mid-Cap ETF	1.38%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%

Drawdowns

XMHQ vs. IMCB - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, roughly equal to the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for XMHQ and IMCB.

Drawdown Indicators

	XMHQ	IMCB	Difference
Max Drawdown Largest peak-to-trough decline	-58.19%	-58.80%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-12.92%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-25.15%	-0.32%
Max Drawdown (10Y) Largest decline over 10 years	-36.90%	-40.99%	+4.09%
Current Drawdown Current decline from peak	-5.36%	-5.73%	+0.37%
Average Drawdown Average peak-to-trough decline	-9.35%	-7.79%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.79%	+0.64%

Volatility

XMHQ vs. IMCB - Volatility Comparison

Invesco S&P MidCap Quality ETF (XMHQ) has a higher volatility of 6.03% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 5.32%. This indicates that XMHQ's price experiences larger fluctuations and is considered to be riskier than IMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMHQ	IMCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	5.32%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	9.96%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	17.98%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	17.57%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	19.63%	+1.06%