XMHQ vs. QVMM

Last updated Jun 4, 2026

XMHQ (Invesco S&P MidCap Quality ETF) and QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) are both exchange-traded funds - XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, XMHQ returned 16.56%/yr vs 16.65%/yr for QVMM. With a 0.96 correlation, they move nearly in lockstep. XMHQ charges 0.25%/yr vs 0.15%/yr for QVMM.

Performance

XMHQ vs. QVMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Quality ETF (XMHQ) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMHQ achieves a 9.49% return, which is significantly lower than QVMM's 14.47% return.

XMHQ

• 1D: 0.50%
• 1M: 4.20%
• YTD: 9.49%
• 6M: 9.51%
• 1Y: 14.33%
• 3Y*: 16.56%
• 5Y*: 9.37%
• 10Y*: 12.83%

QVMM

• 1D: 0.09%
• 1M: 3.49%
• YTD: 14.47%
• 6M: 14.87%
• 1Y: 26.39%
• 3Y*: 16.65%
• 5Y*: —
• 10Y*: —

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

XMHQ vs. QVMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XMHQ Invesco S&P MidCap Quality ETF	9.49%	4.71%	16.79%	29.51%	-12.42%	4.40%
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	14.47%	8.82%	13.36%	15.43%	-13.06%	6.04%

Correlation

The correlation between XMHQ and QVMM is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.96

The correlation between XMHQ and QVMM has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

XMHQ vs. QVMM - Sectors Allocation Comparison

Sectors	XMHQ	QVMM
Industrials	25.8%	26.5%
Healthcare	19.7%	8.7%
Financial Services	15.1%	15.2%
Technology	12.1%	13.8%
Consumer Cyclical	9.7%	10.0%
Energy	6.7%	5.5%
Basic Materials	4.8%	4.7%
Consumer Defensive	3.9%	4.0%
Communication Services	2.7%	0.9%
Utilities	2.2%	3.3%
Real Estate	-	7.6%

Return for Risk

XMHQ vs. QVMM — Risk / Return Rank

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

XMHQ

XMHQ Risk / Return Rank: 28
XMHQ Sharpe Ratio Rank: 25
XMHQ Sortino Ratio Rank: 27
XMHQ Omega Ratio Rank: 24
XMHQ Calmar Ratio Rank: 33
XMHQ Martin Ratio Rank: 31

QVMM

QVMM Risk / Return Rank: 56
QVMM Sharpe Ratio Rank: 50
QVMM Sortino Ratio Rank: 52
QVMM Omega Ratio Rank: 49
QVMM Calmar Ratio Rank: 64
QVMM Martin Ratio Rank: 64

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. QVMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). 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	QVMM	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.74	-0.81
Sortino ratio: Return per unit of downside risk	1.47	2.54	-1.07
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.14
Calmar ratio: Return relative to maximum drawdown	1.63	3.19	-1.57
Martin ratio: Return relative to average drawdown	4.76	11.48	-6.72
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. QVMM - Sharpe Ratio Comparison

The current XMHQ Sharpe Ratio is 0.93, which is lower than the QVMM Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of XMHQ and QVMM, 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	QVMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.74	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.44	+0.01

Drawdowns

XMHQ vs. QVMM - Drawdown Comparison

The maximum XMHQ drawdown since its inception was -58.19%, which is greater than QVMM's maximum drawdown of -24.00%. Use the drawdown chart below to compare losses from any high point for XMHQ and QVMM.

Drawdown Indicators

	XMHQ	QVMM	Difference
Max Drawdown Largest peak-to-trough decline	-58.19%	-24.00%	-34.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.30%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	-24.00%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.90%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.29%	-7.09%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.30%	+0.72%

Volatility

XMHQ vs. QVMM - Volatility Comparison

Invesco S&P MidCap Quality ETF (XMHQ) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) have volatilities of 4.67% and 4.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMHQ	QVMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	4.63%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	11.21%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	15.28%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	19.48%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	19.48%	+1.23%

XMHQ vs. QVMM - Expense Ratio Comparison

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

XMHQ's dividend yield for the trailing twelve months is around 0.55%, less than QVMM's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF	1.16%	1.32%	1.29%	1.42%	1.51%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XMHQ Invesco S&P MidCap Quality ETF	0.55%	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 QVMM in my portfolio?

With a correlation of 0.92, XMHQ and QVMM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XMHQ or QVMM?

XMHQ has higher volatility (4.67%) compared to QVMM (4.63%). In terms of maximum drawdown, XMHQ dropped -58.19% vs QVMM's -24.00%.

Which ETF is better, XMHQ or QVMM?

On 3-year performance, QVMM leads with 16.65% vs 16.56% for XMHQ. On fees, QVMM is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMHQ or QVMM?

Over the 3-year period, QVMM has performed better with a 16.65% return vs 16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMHQ or QVMM?

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

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

QVMM has the higher dividend yield at 1.16%, compared with 0.55% for XMHQ.

What is the main difference between XMHQ and QVMM?

XMHQ is categorized as Mid Cap Blend Equities, while QVMM is Multi-factor. XMHQ tracks S&P MidCap 400 Index, while QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. Their fees differ too: 0.25% for XMHQ and 0.15% for QVMM.

Which has better risk-adjusted returns?

QVMM currently has the higher Sharpe Ratio (1.74 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.