XMLV vs. QQQ

Last updated Jun 24, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - XMLV is a Volatility Hedged Equity fund tracking the S&P MidCap 400 Low Volatility Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XMLV returned 8.05%/yr vs 22.07%/yr for QQQ. A 0.53 correlation means they provide meaningful diversification when combined. XMLV charges 0.25%/yr vs 0.18%/yr for QQQ.

Performance

XMLV vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMLV achieves a 6.54% return, which is significantly lower than QQQ's 16.45% return. Over the past 10 years, XMLV has underperformed QQQ with an annualized return of 8.05%, while QQQ has yielded a comparatively higher 22.07% annualized return.

XMLV

• 1D: 1.16%
• 1M: 0.71%
• YTD: 6.54%
• 6M: 5.89%
• 1Y: 8.99%
• 3Y*: 12.11%
• 5Y*: 6.73%
• 10Y*: 8.05%

QQQ

• 1D: -3.29%
• 1M: -0.43%
• YTD: 16.45%
• 6M: 14.99%
• 1Y: 34.88%
• 3Y*: 26.05%
• 5Y*: 16.01%
• 10Y*: 22.07%

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

XMLV vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	6.54%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	13.72%
QQQ Invesco QQQ ETF	16.45%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between XMLV and QQQ is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 15, 2013	0.53

Over the past year, the correlation between XMLV and QQQ has dropped to 0.10 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

XMLV vs. QQQ - Sectors Allocation Comparison

Sectors	XMLV	QQQ
Real Estate	33.7%	0.1%
Financial Services	24.2%	0.2%
Utilities	18.5%	1.2%
Industrials	9.8%	2.6%
Consumer Cyclical	4.4%	11.4%
Energy	3.7%	0.5%
Consumer Defensive	2.5%	6.4%
Healthcare	2.1%	3.7%
Basic Materials	1.1%	1.0%
Communication Services	1.0%	14.3%
Technology	1.0%	58.7%

Return for Risk

XMLV vs. QQQ — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 26
XMLV Sharpe Ratio Rank: 25
XMLV Sortino Ratio Rank: 24
XMLV Omega Ratio Rank: 22
XMLV Calmar Ratio Rank: 27
XMLV Martin Ratio Rank: 31

QQQ

QQQ Risk / Return Rank: 59
QQQ Sharpe Ratio Rank: 61
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 58
QQQ Calmar Ratio Rank: 61
QQQ Martin Ratio Rank: 62

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.

XMLV vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) and Invesco QQQ ETF (QQQ). 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.

	XMLV	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.95	-1.10
Sortino ratio: Return per unit of downside risk	1.26	2.57	-1.30
Omega ratio: Gain probability vs. loss probability	1.14	1.35	-0.20
Calmar ratio: Return relative to maximum drawdown	1.28	2.93	-1.65
Martin ratio: Return relative to average drawdown	4.18	10.86	-6.69

XMLV vs. QQQ - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.85, which is lower than the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XMLV and QQQ, 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

XMLV vs. QQQ - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for XMLV and QQQ.

Drawdown Indicators

	XMLV	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-82.97%	+43.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-11.96%	+4.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-22.77%	+8.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-35.12%	+18.59%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	-35.12%	-4.74%
Current Drawdown Current decline from peak	-1.18%	-4.25%	+3.07%
Average Drawdown Average peak-to-trough decline	-4.25%	-32.73%	+28.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	3.22%	-1.06%

Volatility

XMLV vs. QQQ - Volatility Comparison

The current volatility for Invesco S&P MidCap Low Volatility ETF (XMLV) is 4.09%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that XMLV experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMLV	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	9.17%	-5.08%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	14.57%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	17.96%	-7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	22.69%	-8.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	22.42%	-5.45%

XMLV vs. QQQ - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is higher than QQQ's 0.18% 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

XMLV vs. QQQ - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.98%, more than QQQ's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
XMLV Invesco S&P MidCap Low Volatility ETF	2.98%	2.87%	2.23%	2.34%	2.05%	1.14%	1.93%	2.02%	2.13%	1.74%	1.72%	1.85%

Frequently Asked Questions

Can I hold both XMLV and QQQ in my portfolio?

XMLV and QQQ have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMLV or QQQ?

QQQ has higher volatility (9.17%) compared to XMLV (4.09%). In terms of maximum drawdown, XMLV dropped -39.86% vs QQQ's -82.97%.

Which ETF is better, XMLV or QQQ?

On 10-year performance, QQQ leads with 22.07% vs 8.05% for XMLV. On fees, QQQ is cheaper at 0.18% per year. On volatility, XMLV has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or QQQ?

Over the 10-year period, QQQ has performed better with a 22.07% return vs 8.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for XMLV.

Which ETF pays a higher dividend yield, XMLV or QQQ?

XMLV has the higher dividend yield at 2.98%, compared with 0.43% for QQQ.

What is the main difference between XMLV and QQQ?

XMLV is categorized as Volatility Hedged Equity, while QQQ is Nasdaq-100. XMLV tracks S&P MidCap 400 Low Volatility Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.25% for XMLV and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.95 vs 0.85), 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.