XMHQ vs. SPMD
XMHQ (Invesco S&P MidCap Quality ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds tracking the S&P MidCap 400 Index, from Invesco and State Street respectively. Both are passively managed. Over the past 10 years, XMHQ returned 12.83%/yr vs 11.51%/yr for SPMD. Their correlation of 0.84 suggests significant overlap in exposure. XMHQ charges 0.25%/yr vs 0.05%/yr for SPMD.
Performance
XMHQ vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, XMHQ achieves a 9.49% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, XMHQ has outperformed SPMD with an annualized return of 12.83%, while SPMD has yielded a comparatively lower 11.51% annualized 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%
SPMD
- 1D
- -0.08%
- 1M
- 3.86%
- YTD
- 14.16%
- 6M
- 14.41%
- 1Y
- 25.49%
- 3Y*
- 16.15%
- 5Y*
- 8.20%
- 10Y*
- 11.51%
XMHQ vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMHQ Invesco S&P MidCap Quality ETF | 9.49% | 4.71% | 16.79% | 29.51% | -12.42% | 20.98% | 26.61% | 27.18% | -9.08% | 15.64% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between XMHQ and SPMD 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 (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2006 | 0.84 |
The correlation between XMHQ and SPMD shifts across timeframes, from 0.84 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XMHQ vs. SPMD — Risk / Return Rank
XMHQ
SPMD
XMHQ vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Quality ETF (XMHQ) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.29 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 2.89 | -1.26 |
| Martin ratioReturn relative to average drawdown | 4.76 | 10.61 | -5.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XMHQ | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.65 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.42 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.55 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.45 | 0.00 |
Drawdowns
XMHQ vs. SPMD - Drawdown Comparison
The maximum XMHQ drawdown since its inception was -58.19%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for XMHQ and SPMD.
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Drawdown Indicators
| XMHQ | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.19% | -57.62% | -0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -8.86% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.56% | -24.08% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -25.47% | -24.08% | -1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -36.90% | -41.86% | +4.96% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -9.29% | -8.12% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.41% | +0.61% |
Volatility
XMHQ vs. SPMD - Volatility Comparison
Invesco S&P MidCap Quality ETF (XMHQ) has a higher volatility of 4.67% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.38%. This indicates that XMHQ's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMHQ | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.38% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 11.09% | 11.37% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.47% | 15.57% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 19.70% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 21.18% | -0.47% |
XMHQ vs. SPMD - Expense Ratio Comparison
XMHQ has a 0.25% expense ratio, which is higher than SPMD's 0.05% 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. SPMD - Dividend Comparison
XMHQ's dividend yield for the trailing twelve months is around 0.55%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
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
With a correlation of 0.92, XMHQ and SPMD 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.
XMHQ has higher volatility (4.67%) compared to SPMD (4.38%). In terms of maximum drawdown, XMHQ dropped -58.19% vs SPMD's -57.62%.
On 10-year performance, XMHQ leads with 12.83% vs 11.51% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.38%. 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 12.83% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.25% for XMHQ.
SPMD has the higher dividend yield at 1.23%, compared with 0.55% for XMHQ.
Both ETFs track S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for XMHQ and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.65 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.
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