XMHQ vs. SPHD
XMHQ (Invesco S&P MidCap Quality ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - XMHQ is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Quality Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, XMHQ returned 13.41%/yr vs 7.82%/yr for SPHD. A 0.62 correlation means they provide meaningful diversification when combined. XMHQ charges 0.25%/yr vs 0.30%/yr for SPHD.
Performance
XMHQ vs. SPHD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XMHQ having a 8.86% return and SPHD slightly higher at 9.11%. Over the past 10 years, XMHQ has outperformed SPHD with an annualized return of 13.41%, while SPHD has yielded a comparatively lower 7.82% annualized return.
XMHQ
- 1D
- 0.40%
- 1M
- 1.28%
- YTD
- 8.86%
- 6M
- 6.41%
- 1Y
- 15.81%
- 3Y*
- 15.19%
- 5Y*
- 9.31%
- 10Y*
- 13.41%
SPHD
- 1D
- 0.89%
- 1M
- 2.12%
- YTD
- 9.11%
- 6M
- 8.71%
- 1Y
- 14.03%
- 3Y*
- 12.44%
- 5Y*
- 7.09%
- 10Y*
- 7.82%
XMHQ vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMHQ Invesco S&P MidCap Quality ETF | 8.86% | 4.71% | 16.79% | 29.51% | -12.42% | 20.98% | 26.61% | 27.18% | -9.08% | 15.64% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 9.11% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between XMHQ and SPHD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.62 |
Over the past year, the correlation between XMHQ and SPHD has dropped to 0.41 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
XMHQ vs. SPHD — Risk / Return Rank
XMHQ
SPHD
XMHQ vs. SPHD - 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 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 1.92 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.23 | 4.71 | +0.52 |
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Drawdowns
XMHQ vs. SPHD - Drawdown Comparison
The maximum XMHQ drawdown since its inception was -58.19%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for XMHQ and SPHD.
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Drawdown Indicators
| XMHQ | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.19% | -41.39% | -16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -7.33% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.56% | -13.29% | -11.27% |
Max Drawdown (5Y)Largest decline over 5 years | -25.47% | -19.50% | -5.97% |
Max Drawdown (10Y)Largest decline over 10 years | -36.90% | -41.39% | +4.49% |
Current DrawdownCurrent decline from peak | -1.27% | -1.08% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -9.26% | -4.69% | -4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 2.98% | +0.05% |
Volatility
XMHQ vs. SPHD - Volatility Comparison
Invesco S&P MidCap Quality ETF (XMHQ) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 4.31% and 4.28%, 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.
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Volatility by Period
| XMHQ | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 4.28% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 8.14% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.74% | 11.48% | +4.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.73% | 14.16% | +6.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.68% | 17.64% | +3.04% |
XMHQ vs. SPHD - Expense Ratio Comparison
XMHQ has a 0.25% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
XMHQ vs. SPHD - Dividend Comparison
XMHQ's dividend yield for the trailing twelve months is around 0.58%, less than SPHD's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.56% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
XMHQ Invesco S&P MidCap Quality ETF | 0.58% | 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 SPHD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMHQ has higher volatility (4.31%) compared to SPHD (4.28%). In terms of maximum drawdown, XMHQ dropped -58.19% vs SPHD's -41.39%.
On 10-year performance, XMHQ leads with 13.41% vs 7.82% for SPHD. On fees, XMHQ is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMHQ has performed better with a 13.41% return vs 7.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMHQ is cheaper with a 0.25% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.56%, compared with 0.58% for XMHQ.
XMHQ is categorized as Mid Cap Blend Equities, while SPHD is Dividend. XMHQ tracks S&P MidCap 400 Quality Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.25% for XMHQ and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.24 vs 1.01), 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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