XMMO vs. XMHQ

Last updated Aug 4, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and XMHQ (Invesco S&P MidCap Quality ETF) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while XMHQ is a Quality Factor fund tracking the S&P MidCap 400 Quality Index. Both are passively managed. Over the past 10 years, XMMO returned 18.17%/yr vs 12.81%/yr for XMHQ. Their correlation of 0.80 means they have usually moved in the same direction. XMMO charges 0.35%/yr vs 0.25%/yr for XMHQ.

Performance

XMMO vs. XMHQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with XMMO having a 13.32% return and XMHQ slightly higher at 13.81%. Over the past 10 years, XMMO has outperformed XMHQ with an annualized return of 18.17%, while XMHQ has yielded a comparatively lower 12.81% annualized return.

XMMO

• 1D: 1.37%
• 1M: -4.13%
• 6M: 10.87%
• YTD: 13.32%
• 1Y: 22.21%
• 3Y*: 24.75%
• 5Y*: 13.53%
• 10Y*: 18.17%
• ALL TIME*: 12.18%

XMHQ

• 1D: 1.13%
• 1M: 2.55%
• 6M: 8.92%
• YTD: 13.81%
• 1Y: 17.48%
• 3Y*: 14.23%
• 5Y*: 10.44%
• 10Y*: 12.81%
• ALL TIME*: 9.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XMHQ Invesco S&P MidCap Quality ETF	$19.09M	$19.28M	$20.51M
XMMO Invesco S&P MidCap Momentum ETF	$60.28M	$71.43M	$67.26M

XMMO vs. XMHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	13.32%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
XMHQ Invesco S&P MidCap Quality ETF	13.81%	4.71%	16.79%	29.51%	-12.42%	20.98%	26.61%	27.18%	-9.08%	15.64%

Correlation

The correlation between XMMO and XMHQ is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Dec 1, 2006	0.80

The correlation between XMMO and XMHQ shifts across timeframes, from 0.75 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

XMMO vs. XMHQ - Sectors Allocation Comparison

Sectors	XMMO	XMHQ
Industrials	37.0%	30.2%
Technology	12.9%	18.5%
Basic Materials	10.2%	1.5%
Energy	8.4%	6.9%
Healthcare	8.1%	16.0%
Real Estate	7.2%	-
Utilities	6.0%	2.2%
Consumer Cyclical	5.0%	9.4%
Financial Services	2.9%	15.1%
Communication Services	1.7%	1.4%
Consumer Defensive	0.5%	1.1%

Return for Risk

XMMO vs. XMHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XMMO

XMMO Risk / Return Rank: 44
XMMO Sharpe Ratio Rank: 41
XMMO Sortino Ratio Rank: 41
XMMO Omega Ratio Rank: 40
XMMO Calmar Ratio Rank: 44
XMMO Martin Ratio Rank: 55

XMHQ

XMHQ Risk / Return Rank: 48
XMHQ Sharpe Ratio Rank: 46
XMHQ Sortino Ratio Rank: 48
XMHQ Omega Ratio Rank: 42
XMHQ Calmar Ratio Rank: 54
XMHQ Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XMMO vs. XMHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) and Invesco S&P MidCap Quality ETF (XMHQ). 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.

	XMMO	XMHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.16	-0.12
Sortino ratio: Return per unit of downside risk	1.53	1.76	-0.23
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.60	1.98	-0.38
Martin ratio: Return relative to average drawdown	6.64	5.90	+0.74

XMMO vs. XMHQ - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.04, which is comparable to the XMHQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of XMMO and XMHQ, 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

XMMO vs. XMHQ - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, roughly equal to the maximum XMHQ drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for XMMO and XMHQ.

Drawdown Indicators

	XMMO	XMHQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-58.19%	+2.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-8.85%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-24.56%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-25.47%	-2.44%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-36.90%	+0.16%
Current Drawdown Current decline from peak	-10.02%	0.00%	-10.02%
Average Drawdown Average peak-to-trough decline	-9.42%	-9.22%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.97%	+0.38%

Volatility

XMMO vs. XMHQ - Volatility Comparison

Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 7.91% compared to Invesco S&P MidCap Quality ETF (XMHQ) at 3.28%. This indicates that XMMO's price experiences larger fluctuations and is considered to be riskier than XMHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	XMHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	3.28%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	18.48%	11.03%	+7.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	15.18%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.87%	20.58%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	20.64%	+1.80%

XMMO vs. XMHQ - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is higher than XMHQ's 0.25% expense ratio.

Dividends

XMMO vs. XMHQ - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.62%, more than XMHQ's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XMHQ Invesco S&P MidCap Quality ETF	0.56%	0.64%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.63%	1.34%
XMMO Invesco S&P MidCap Momentum ETF	0.62%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and XMHQ in my portfolio?

XMMO and XMHQ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or XMHQ?

XMMO has higher volatility (7.91%) compared to XMHQ (3.28%). In terms of maximum drawdown, XMMO dropped -55.37% vs XMHQ's -58.19%.

Which ETF is better, XMMO or XMHQ?

On 10-year performance, XMMO leads with 18.17% vs 12.81% for XMHQ. On fees, XMHQ is cheaper at 0.25% per year. On volatility, XMHQ has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or XMHQ?

Over the 10-year period, XMMO has performed better with a 18.17% return vs 12.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or XMHQ?

XMHQ is cheaper with a 0.25% expense ratio, compared with 0.35% for XMMO.

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

XMMO has the higher dividend yield at 0.62%, compared with 0.56% for XMHQ.

What is the main difference between XMMO and XMHQ?

XMMO is categorized as Momentum, while XMHQ is Quality Factor. XMMO tracks S&P MidCap 400 Momentum Index, while XMHQ tracks S&P MidCap 400 Quality Index. Their fees differ too: 0.35% for XMMO and 0.25% for XMHQ.

Which has better risk-adjusted returns?

XMHQ currently has the higher Sharpe Ratio (1.16 vs 1.04), 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.