XMHQ vs. JSMD

Last updated Jun 24, 2026

XMHQ (Invesco S&P MidCap Quality ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Quality Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, XMHQ returned 12.91%/yr vs 13.87%/yr for JSMD. Their correlation of 0.81 suggests significant overlap in exposure. XMHQ charges 0.25%/yr vs 0.30%/yr for JSMD.

Performance

XMHQ vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Quality ETF (XMHQ) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMHQ achieves a 7.73% return, which is significantly lower than JSMD's 19.16% return. Over the past 10 years, XMHQ has underperformed JSMD with an annualized return of 12.91%, while JSMD has yielded a comparatively higher 13.87% annualized return.

XMHQ

• 1D: -1.05%
• 1M: 1.58%
• YTD: 7.73%
• 6M: 5.47%
• 1Y: 14.55%
• 3Y*: 14.98%
• 5Y*: 9.36%
• 10Y*: 12.91%

JSMD

• 1D: -1.55%
• 1M: 4.18%
• YTD: 19.16%
• 6M: 15.79%
• 1Y: 28.16%
• 3Y*: 18.47%
• 5Y*: 8.05%
• 10Y*: 13.87%

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

XMHQ vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMHQ Invesco S&P MidCap Quality ETF	7.73%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.16%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between XMHQ and JSMD is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.81

The correlation between XMHQ and JSMD has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

XMHQ vs. JSMD - Sectors Allocation Comparison

Sectors	XMHQ	JSMD
Industrials	25.9%	23.3%
Healthcare	20.4%	18.7%
Financial Services	14.3%	8.9%
Technology	13.5%	28.1%
Consumer Cyclical	9.4%	8.7%
Energy	5.9%	1.1%
Basic Materials	5.0%	3.0%
Consumer Defensive	3.4%	2.5%
Communication Services	2.7%	2.9%
Utilities	2.2%	-
Real Estate	-	2.8%

Return for Risk

XMHQ vs. JSMD — Risk / Return Rank

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

XMHQ

XMHQ Risk / Return Rank: 29
XMHQ Sharpe Ratio Rank: 27
XMHQ Sortino Ratio Rank: 28
XMHQ Omega Ratio Rank: 24
XMHQ Calmar Ratio Rank: 34
XMHQ Martin Ratio Rank: 34

JSMD

JSMD Risk / Return Rank: 39
JSMD Sharpe Ratio Rank: 39
JSMD Sortino Ratio Rank: 38
JSMD Omega Ratio Rank: 36
JSMD Calmar Ratio Rank: 40
JSMD Martin Ratio Rank: 42

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. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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.

	XMHQ	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.30	-0.37
Sortino ratio: Return per unit of downside risk	1.45	1.87	-0.42
Omega ratio: Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio: Return relative to maximum drawdown	1.65	1.90	-0.25
Martin ratio: Return relative to average drawdown	4.82	6.44	-1.62

XMHQ vs. JSMD - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 0.93, which is comparable to the JSMD Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of XMHQ and JSMD, 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

XMHQ vs. JSMD - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, which is greater than JSMD's maximum drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for XMHQ and JSMD.

Drawdown Indicators

	XMHQ	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-58.19%	-38.98%	-19.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-14.86%	+6.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	-24.01%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-32.18%	+6.71%
Max Drawdown (10Y) Largest decline over 10 years	-36.90%	-38.98%	+2.08%
Current Drawdown Current decline from peak	-2.30%	-1.55%	-0.75%
Average Drawdown Average peak-to-trough decline	-9.27%	-7.45%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.39%	-1.36%

Volatility

XMHQ vs. JSMD - Volatility Comparison

The current volatility for Invesco S&P MidCap Quality ETF (XMHQ) is 4.52%, while Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) has a volatility of 7.47%. This indicates that XMHQ experiences smaller price fluctuations and is considered to be less risky than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMHQ	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.47%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	17.05%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	21.80%	-6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	23.01%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	22.83%	-2.15%

XMHQ vs. JSMD - Expense Ratio Comparison

XMHQ has a 0.25% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

XMHQ vs. JSMD - Dividend Comparison

XMHQ's dividend yield for the trailing twelve months is around 0.59%, more than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.46%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	0.00%
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 XMHQ and JSMD in my portfolio?

XMHQ and JSMD have a correlation of 0.84, 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 JSMD?

JSMD has higher volatility (7.47%) compared to XMHQ (4.52%). In terms of maximum drawdown, XMHQ dropped -58.19% vs JSMD's -38.98%.

Which ETF is better, XMHQ or JSMD?

On 10-year performance, JSMD leads with 13.87% vs 12.91% for XMHQ. On fees, XMHQ is cheaper at 0.25% per year. On volatility, XMHQ has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMHQ or JSMD?

Over the 10-year period, JSMD has performed better with a 13.87% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMHQ or JSMD?

XMHQ is cheaper with a 0.25% expense ratio, compared with 0.30% for JSMD.

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

XMHQ has the higher dividend yield at 0.59%, compared with 0.46% for JSMD.

What is the main difference between XMHQ and JSMD?

XMHQ is categorized as Mid Cap Blend Equities, while JSMD is Mid Cap Growth Equities. XMHQ tracks S&P MidCap 400 Quality Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.25% for XMHQ and 0.30% for JSMD.

Which has better risk-adjusted returns?

JSMD currently has the higher Sharpe Ratio (1.30 vs 0.93), 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.