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ZMID.TO vs. XMHQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMID.TO vs. XMHQ

Last updated Jul 16, 2026
Documentation

ZMID.TO (BMO S&P US Mid Cap Index ETF) and XMHQ (Invesco S&P MidCap Quality ETF) are both Mid Cap Blend Equities funds. Over the past 5 years, ZMID.TO returned 10.72%/yr vs 13.02%/yr for XMHQ. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

ZMID.TO vs. XMHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Mid Cap Index ETF (ZMID.TO) and Invesco S&P MidCap Quality ETF (XMHQ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZMID.TO is traded in CAD, while XMHQ is traded in USD. To make them comparable, the XMHQ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMID.TO achieves a 17.59% return, which is significantly higher than XMHQ's 13.21% return.

ZMID.TO

1D
-0.33%
1M
-0.27%
6M
10.47%
YTD
17.59%
1Y
23.28%
3Y*
15.31%
5Y*
10.72%
10Y*
—

XMHQ

1D
-1.02%
1M
1.68%
6M
6.47%
YTD
13.21%
1Y
17.97%
3Y*
16.13%
5Y*
13.02%
10Y*
13.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMID.TO vs. XMHQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZMID.TO
BMO S&P US Mid Cap Index ETF		17.59%0.83%23.12%14.42%-8.41%21.96%11.85%
XMHQ
Invesco S&P MidCap Quality ETF		13.21%-0.07%26.68%26.43%-6.87%20.92%19.37%

Correlation

The correlation between ZMID.TO and XMHQ is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.78

Correlation (3Y)
Calculated over the trailing 3-year period

0.72

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2020

0.53

Over the past year, ZMID.TO and XMHQ have become more correlated (0.78) than their long-term average of 0.53, meaning their price movements have been converging.

ZMID.TO vs. XMHQ - Sectors Allocation Comparison

Sectors
ZMID.TO
XMHQ

Industrials

24.7%
25.9%

Technology

17.8%
13.5%

Financial Services

13.8%
14.3%

Consumer Cyclical

10.6%
9.4%

Healthcare

9.0%
20.4%

Real Estate

7.3%

-

Energy

4.9%
5.9%

Basic Materials

4.8%
5.0%

Consumer Defensive

3.3%
3.4%

Utilities

2.9%
2.2%

Communication Services

1.0%
2.7%

Industrials

ZMID.TO
24.7%
XMHQ
25.9%

Technology

ZMID.TO
17.8%
XMHQ
13.5%

Financial Services

ZMID.TO
13.8%
XMHQ
14.3%

Consumer Cyclical

ZMID.TO
10.6%
XMHQ
9.4%

Healthcare

ZMID.TO
9.0%
XMHQ
20.4%

Real Estate

ZMID.TO
7.3%
XMHQ

-

Energy

ZMID.TO
4.9%
XMHQ
5.9%

Basic Materials

ZMID.TO
4.8%
XMHQ
5.0%

Consumer Defensive

ZMID.TO
3.3%
XMHQ
3.4%

Utilities

ZMID.TO
2.9%
XMHQ
2.2%

Communication Services

ZMID.TO
1.0%
XMHQ
2.7%

Compare stocks, funds, or ETFs

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BMO S&P US Mid Cap Index ETF

Invesco S&P MidCap Quality ETF

Often compared with ZMID.TO:
ZMID.TO vs. ZEQT.TOZMID.TO vs. XMMOZMID.TO vs. ZQQ.TOZMID.TO vs. ZDV.TOZMID.TO vs. ZLB.TOZMID.TO vs. ZSP.TOZMID.TO vs. ZAG.TO
Often compared with XMHQ:
XMHQ vs. XMMOXMHQ vs. IMCGXMHQ vs. MDYXMHQ vs. RFVXMHQ vs. GRPMXMHQ vs. RWKXMHQ vs. FLQM

Return for Risk

ZMID.TO vs. XMHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMID.TO
ZMID.TO Risk / Return Rank: 5757
Overall Rank
ZMID.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZMID.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZMID.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZMID.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZMID.TO Martin Ratio Rank: 7171
Martin Ratio Rank
XMHQ
XMHQ Risk / Return Rank: 3535
Overall Rank
XMHQ Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
XMHQ Sortino Ratio Rank: 3434
Sortino Ratio Rank
XMHQ Omega Ratio Rank: 3030
Omega Ratio Rank
XMHQ Calmar Ratio Rank: 4141
Calmar Ratio Rank
XMHQ Martin Ratio Rank: 3939
Martin Ratio Rank
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.

ZMID.TO vs. XMHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Mid Cap Index ETF (ZMID.TO) 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.

ZMID.TOXMHQDifference
Sharpe ratioReturn per unit of total volatility
1.42
1.12

+0.31

Sortino ratioReturn per unit of downside risk
2.09
1.73

+0.36

Omega ratioGain probability vs. loss probability

1.25

1.19

+0.06

Calmar ratioReturn relative to maximum drawdown

2.68

1.98

+0.70

Martin ratioReturn relative to average drawdown

10.34

5.77

+4.58

ZMID.TO vs. XMHQ - Sharpe Ratio Comparison

The current ZMID.TO Sharpe Ratio is 1.42, which is comparable to the XMHQ Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ZMID.TO 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.

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Drawdowns

ZMID.TO vs. XMHQ - Drawdown Comparison

The maximum ZMID.TO drawdown since its inception was -24.51%, smaller than the maximum XMHQ drawdown of -51.23%. Use the drawdown chart below to compare losses from any high point for ZMID.TO and XMHQ.

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Drawdown Indicators

ZMID.TOXMHQDifference

Max Drawdown

Largest peak-to-trough decline

-24.51%

-51.23%

+26.72%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-9.13%

+0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-23.53%

-23.34%

-0.19%

Max Drawdown (5Y)

Largest decline over 5 years

-23.53%

-23.45%

-0.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.16%

—

Current Drawdown

Current decline from peak

-3.05%

-2.80%

-0.25%

Average Drawdown

Average peak-to-trough decline

-5.67%

-9.96%

+4.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

3.12%

-0.86%

Volatility

ZMID.TO vs. XMHQ - Volatility Comparison

BMO S&P US Mid Cap Index ETF (ZMID.TO) has a higher volatility of 4.60% compared to Invesco S&P MidCap Quality ETF (XMHQ) at 3.82%. This indicates that ZMID.TO'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.

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Volatility by Period

ZMID.TOXMHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

3.82%

+0.78%

Volatility (6M)

Calculated over the trailing 6-month period

12.49%

11.82%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

16.53%

16.25%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.12%

21.46%

-3.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.40%

21.49%

-2.09%

Dividends

ZMID.TO vs. XMHQ - Dividend Comparison

ZMID.TO's dividend yield for the trailing twelve months is around 0.91%, more than XMHQ's 0.58% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZMID.TO
BMO S&P US Mid Cap Index ETF		0.91%1.08%1.14%1.67%1.39%1.03%1.24%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZMID.TO and XMHQ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Invesco.

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