XMLV vs. QQQM

Last updated Jun 4, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - XMLV is a Volatility Hedged Equity fund tracking the S&P MidCap 400 Low Volatility Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, XMLV returned 5.52%/yr vs 18.07%/yr for QQQM. At a 0.46 correlation, their price movements are largely independent. XMLV charges 0.25%/yr vs 0.15%/yr for QQQM.

Performance

XMLV vs. QQQM - 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 NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMLV achieves a 2.54% return, which is significantly lower than QQQM's 21.39% return.

XMLV

• 1D: -0.36%
• 1M: -2.36%
• YTD: 2.54%
• 6M: 2.22%
• 1Y: 5.54%
• 3Y*: 10.18%
• 5Y*: 5.52%
• 10Y*: 7.60%

QQQM

• 1D: -0.20%
• 1M: 10.67%
• YTD: 21.39%
• 6M: 19.75%
• 1Y: 41.98%
• 3Y*: 28.89%
• 5Y*: 18.07%
• 10Y*: —

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

XMLV vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XMLV Invesco S&P MidCap Low Volatility ETF	2.54%	5.55%	17.08%	1.86%	-6.55%	23.00%	10.32%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between XMLV and QQQM is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.46

Over the past year, the correlation between XMLV and QQQM has dropped to 0.18 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

XMLV vs. QQQM - Sectors Allocation Comparison

Sectors	XMLV	QQQM
Real Estate	30.8%	0.1%
Financial Services	21.6%	0.2%
Utilities	20.0%	1.4%
Industrials	9.7%	2.8%
Consumer Defensive	4.7%	7.7%
Energy	3.9%	0.6%
Consumer Cyclical	3.3%	12.3%
Healthcare	2.9%	4.2%
Basic Materials	2.1%	1.1%
Communication Services	1.0%	15.8%
Technology	1.0%	53.8%

Return for Risk

XMLV vs. QQQM — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 18
XMLV Sharpe Ratio Rank: 17
XMLV Sortino Ratio Rank: 16
XMLV Omega Ratio Rank: 15
XMLV Calmar Ratio Rank: 19
XMLV Martin Ratio Rank: 21

QQQM

QQQM Risk / Return Rank: 74
QQQM Sharpe Ratio Rank: 80
QQQM Sortino Ratio Rank: 75
QQQM Omega Ratio Rank: 75
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 71

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. QQQM - 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 NASDAQ 100 ETF (QQQM). 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.

	XMLV	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	0.54	2.65	-2.12
Sortino ratio: Return per unit of downside risk	0.83	3.46	-2.63
Omega ratio: Gain probability vs. loss probability	1.09	1.45	-0.36
Calmar ratio: Return relative to maximum drawdown	0.79	3.53	-2.74
Martin ratio: Return relative to average drawdown	2.66	13.52	-10.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMLV vs. QQQM - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 0.54, which is lower than the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of XMLV and QQQM, 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

	XMLV	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	2.65	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.82	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.85	-0.25

Drawdowns

XMLV vs. QQQM - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for XMLV and QQQM.

Drawdown Indicators

	XMLV	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-35.04%	-4.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-11.96%	+4.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-22.70%	+8.90%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-35.04%	+18.51%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	—	—
Current Drawdown Current decline from peak	-4.89%	-0.20%	-4.69%
Average Drawdown Average peak-to-trough decline	-4.26%	-8.25%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	3.11%	-1.02%

Volatility

XMLV vs. QQQM - Volatility Comparison

The current volatility for Invesco S&P MidCap Low Volatility ETF (XMLV) is 3.06%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 4.48%. This indicates that XMLV experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMLV	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	4.48%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	12.05%	-4.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	15.91%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	22.24%	-7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	22.12%	-5.15%

XMLV vs. QQQM - Expense Ratio Comparison

XMLV has a 0.25% expense ratio, which is higher than QQQM'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

XMLV vs. QQQM - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.91%, more than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
XMLV Invesco S&P MidCap Low Volatility ETF	2.91%	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 QQQM in my portfolio?

XMLV and QQQM have a correlation of 0.18, 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 QQQM?

QQQM has higher volatility (4.48%) compared to XMLV (3.06%). In terms of maximum drawdown, XMLV dropped -39.86% vs QQQM's -35.04%.

Which ETF is better, XMLV or QQQM?

On 5-year performance, QQQM leads with 18.07% vs 5.52% for XMLV. On fees, QQQM is cheaper at 0.15% per year. On volatility, XMLV has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or QQQM?

Over the 5-year period, QQQM has performed better with a 18.07% return vs 5.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.25% for XMLV.

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

XMLV has the higher dividend yield at 2.91%, compared with 0.41% for QQQM.

What is the main difference between XMLV and QQQM?

XMLV is categorized as Volatility Hedged Equity, while QQQM is Nasdaq-100. XMLV tracks S&P MidCap 400 Low Volatility Index, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.25% for XMLV and 0.15% for QQQM.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.65 vs 0.54), 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.