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XMHQ vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMHQ vs. QUAL

Last updated Aug 4, 2026
Documentation

XMHQ (Invesco S&P MidCap Quality ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both Quality Factor funds - XMHQ tracks the S&P MidCap 400 Quality Index while QUAL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, XMHQ returned 12.81%/yr vs 14.16%/yr for QUAL. Their 0.75 correlation means they have sometimes moved together and sometimes differently. XMHQ charges 0.25%/yr vs 0.15%/yr for QUAL.

Performance

XMHQ vs. QUAL - 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 Factor ETF (QUAL). 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 higher than QUAL's 12.08% return. Over the past 10 years, XMHQ has underperformed QUAL with an annualized return of 12.81%, while QUAL has yielded a comparatively higher 14.16% annualized 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%

QUAL

1D
1.10%
1M
1.52%
6M
9.27%
YTD
12.08%
1Y
22.77%
3Y*
18.73%
5Y*
11.26%
10Y*
14.16%
ALL TIME*
13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QUAL

iShares MSCI USA Quality Factor ETF
$217.13M$238.90M$384.89M

XMHQ

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

XMHQ vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMHQ
Invesco S&P MidCap Quality ETF		13.81%4.71%16.79%29.51%-12.42%20.98%26.61%27.18%-9.08%15.64%
QUAL
iShares MSCI USA Quality Factor ETF		12.08%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between XMHQ and QUAL is 0.77, 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.

0.77

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

0.79

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

0.82

Correlation (10Y)
Provides a long-term view across more market conditions.

0.78

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.75

The correlation between XMHQ and QUAL has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

XMHQ vs. QUAL - Sectors Allocation Comparison

Sectors
XMHQ
QUAL

Industrials

30.2%
7.4%

Technology

18.5%
40.2%

Healthcare

16.0%
9.2%

Financial Services

15.1%
10.9%

Consumer Cyclical

9.4%
9.0%

Energy

6.9%
2.9%

Utilities

2.2%
2.1%

Basic Materials

1.5%
1.9%

Communication Services

1.4%
10.3%

Consumer Defensive

1.1%
4.3%

Real Estate

-

1.7%

Industrials

XMHQ
30.2%
QUAL
7.4%

Technology

XMHQ
18.5%
QUAL
40.2%

Healthcare

XMHQ
16.0%
QUAL
9.2%

Financial Services

XMHQ
15.1%
QUAL
10.9%

Consumer Cyclical

XMHQ
9.4%
QUAL
9.0%

Energy

XMHQ
6.9%
QUAL
2.9%

Utilities

XMHQ
2.2%
QUAL
2.1%

Basic Materials

XMHQ
1.5%
QUAL
1.9%

Communication Services

XMHQ
1.4%
QUAL
10.3%

Consumer Defensive

XMHQ
1.1%
QUAL
4.3%

Real Estate

XMHQ

-

QUAL
1.7%

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 Factor ETF

Often compared with XMHQ:
XMHQ vs. XMMOXMHQ vs. IMCGXMHQ vs. MDYXMHQ vs. RFVXMHQ vs. RWKXMHQ vs. GRPMXMHQ vs. FLQM
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

XMHQ vs. QUAL — 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
QUAL
QUAL Risk / Return Rank: 7878
Overall Rank
QUAL Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 8080
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7878
Omega Ratio Rank
QUAL Calmar Ratio Rank: 7171
Calmar Ratio Rank
QUAL Martin Ratio Rank: 8383
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. QUAL - 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 Factor ETF (QUAL). 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.

XMHQQUALDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.86

-0.70

Sortino ratioReturn per unit of downside risk
1.76
2.63

-0.87

Omega ratioGain probability vs. loss probability

1.20

1.33

-0.13

Calmar ratioReturn relative to maximum drawdown

1.98

2.53

-0.55

Martin ratioReturn relative to average drawdown

5.90

11.33

-5.43

XMHQ vs. QUAL - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 1.16, which is lower than the QUAL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XMHQ and QUAL, 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. QUAL - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for XMHQ and QUAL.

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Drawdown Indicators

XMHQQUALDifference

Max Drawdown

Largest peak-to-trough decline

-58.19%

-34.06%

-24.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.85%

-9.03%

+0.18%

Max Drawdown (3Y)

Largest decline over 3 years

-24.56%

-18.00%

-6.56%

Max Drawdown (5Y)

Largest decline over 5 years

-25.47%

-28.23%

+2.76%

Max Drawdown (10Y)

Largest decline over 10 years

-36.90%

-34.06%

-2.84%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-9.22%

-4.07%

-5.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

2.01%

+0.96%

Volatility

XMHQ vs. QUAL - Volatility Comparison

Invesco S&P MidCap Quality ETF (XMHQ) has a higher volatility of 3.28% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.07%. This indicates that XMHQ's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMHQQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

3.07%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

11.03%

9.70%

+1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

15.18%

12.33%

+2.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.58%

17.39%

+3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.64%

18.10%

+2.54%

XMHQ vs. QUAL - Expense Ratio Comparison

XMHQ has a 0.25% expense ratio, which is higher than QUAL'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. QUAL - Dividend Comparison

XMHQ's dividend yield for the trailing twelve months is around 0.56%, less than QUAL's 0.85% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.85%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
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 QUAL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMHQ has higher volatility (3.28%) compared to QUAL (3.07%). In terms of maximum drawdown, XMHQ dropped -58.19% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.16% vs 12.81% for XMHQ. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.16% return vs 12.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

QUAL has the higher dividend yield at 0.85%, compared with 0.56% for XMHQ.

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

QUAL currently has the higher Sharpe Ratio (1.86 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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