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FQAL vs XMHQ

Fidelity Quality Factor ETF

FQALANYSE Arca

Invesco S&P MidCap Quality ETF

XMHQBNYSE Arca

Overlap

Expense ratio

FQAL −0.10pt a year

FQAL0.15%XMHQ0.25%

Avg volume · 30D

XMHQ 3.0×the volume

FQAL58.6KXMHQ177K

10Y return · a year

FQAL +1.0pt

FQAL+14.4%XMHQ+13.4%

FQAL vs XMHQ Performance

Oct 29, 2021 – Oct 30, 2026

+67.7%FQAL+61.7%XMHQ

Oct 29, 2021 to Oct 30, 2026. FQAL +67.7%. XMHQ +61.7%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
FQAL 0.15%, better
XMHQ 0.25%
Fund size
FQAL $1.41B
XMHQ $5.68B
1Y total return
FQAL +12.2%
XMHQ +15.4%, better
Yield (12M)
FQAL 1.16%, better
XMHQ 0.56%
Holdings
FQAL 138
XMHQ 82
Avg volume (30D)
FQAL 58.6K sh
XMHQ 177K sh, better
NAV per share
FQAL $83.39
XMHQ $117.81
52W range

ETF.net Grade

FQAL: Cost 84, Risk 70, Mission 89, Tradability 54, Holdings 52, Durability 76. XMHQ: Cost 62, Risk 37, Mission 84, Tradability 79, Holdings 64, Durability 83.
Pillar letters and Scores for FQAL, XMHQ, with each pillar’s weight
PillarFQALXMHQ
Cost30% weightA84HigherB62
Mission25% weightA89HigherA84
Risk15% weightA70HigherD37
Tradability15% weightC54A79Higher
Holdings10% weightC52B64Higher
Durability5% weightA76A83Higher

Rank among US Quality Index funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FQAL and XMHQ are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds
See all 26 ›

FQAL ranks 3rd and XMHQ 6th of 26 funds in the US Quality Index Category.

  1. Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
  2. Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
  3. Rank 3AFQALFidelity Quality Factor ETFScore 75
  4. Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74
  5. Rank 5AVFQYVanguard U.S. Quality Factor ETFScore 70
  6. Rank 6BXMHQInvesco S&P MidCap Quality ETFScore 67
  7. Rank 7BSEIQSEI QiM U.S. Large Cap Quality Active ETFScore 65

Our read on each fund

ETF.net Research

FQALAFidelity Quality Factor ETF

XMHQBInvesco S&P MidCap Quality ETF

In short

FQAL Fidelity's own quality screen, boxed into an ETF: roughly 130 U.S. companies picked for profitability, steady cash flow and clean balance sheets, at 0.15% a year, well under the typical fee in the quality-factor group.

XMHQ Most quality ETFs hunt pristine balance sheets among mega caps. XMHQ runs the same screen one size down, ranking the S&P MidCap 400 on profitability and balance-sheet strength and keeping roughly 80 names.

Stated mandate

FQAL The fund prioritizes U.S. companies exhibiting higher profitability, stable cash flows, and strong balance sheets.

XMHQ The Fund tracks the S&P MidCap 400 Quality Index and invests at least 90% of its total assets in securities connected to that index.

Why people hold it

  • FQAL Costs 0.15% a year, roughly half the typical fee among quality-factor ETFs. That puts it in the cheapest tier of the group, alongside JQUA, VFQY and QUAL.
  • The rulebook is Fidelity's own: the Fidelity U.S. Quality Factor Index, tracked tightly. One of the closer index implementations in its peer group.
  • Live since 2016 and now a multi-billion-dollar fund, so this is a settled product rather than a launch still finding its footing.
  • The screen is explicit about what it wants: higher profitability, stable cash flows, strong balance sheets. No vague 'quality' hand-waving.
  • XMHQ The screen is specific: return on equity, accruals ratio and financial leverage ratio, with scores refreshed at the June and December rebalances. Roughly 80 mid caps make the cut.spglobal.comspglobal.com 2
  • 0.25% net of a waiver through August 31, 2028 (0.30% gross), below the median fee among the 26 quality funds in its category.
  • Live since 2006, now a multi-billion-dollar fund, and it has tracked its index tightly. One of the stronger implementations in the quality peer group.invesco.com

Worth knowing

  • FQAL Roughly 130 stocks, not the whole market. A narrower bench means individual names and sector tilts carry more weight than in a total-market fund.
  • Trading volume is light next to the category's biggest quality funds, which can show up as wider bid-ask spreads.
  • Distributions come quarterly, but the screen hunts profitability and balance-sheet strength, not yield.
  • XMHQ Mid caps plus a narrow 80-stock slice means a bumpier ride than most funds in the quality group.
  • Cheap for the category, not the cheapest: JQUA charges 0.12%, QUAL 0.15%, and the large-cap sibling SPHQ runs 0.15% net of a waiver through August 31, 2028.
  • Distributions land quarterly, and it trades moderately rather than at the volume of the biggest large-cap quality names.

Full FQAL profile⁠

Full XMHQ profile⁠

FQAL vs XMHQ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FQAL vs XMHQ Cost

Overpaying XMHQ vs FQAL

$2,022

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FQAL 0.15%

    $3,137

  • XMHQ 0.25%

    $5,159

$10,000
30 years

Cost over time

  • FQAL 0.15%
  • XMHQ 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530XMHQ $5,159FQAL $3,137

Year by year

YearFQALXMHQOverpaying
10$274$455$181
20$1,071$1,769$698
30$3,137$5,159$2,022

Expense ratio

  • 0.15%FQAL, cheaper
  • 0.25%XMHQ
  • Middle half of US Quality Index funds
  • Median 0.39%

FQAL 3rd cheapest of 26 funds

XMHQ 10th cheapest of 26 funds

FQAL vs XMHQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FQAL 1.16%, better
XMHQ 0.56%
Payout (12M)
FQAL $0.97
XMHQ $0.66
Last payment
FQAL $0.24
XMHQ $0.15
Ex-dividend
FQAL Sep 18, 2026
XMHQ Sep 21, 2026
Paid on
FQAL Sep 22, 2026
XMHQ Sep 25, 2026
Frequency
FQAL Quarterly
XMHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FQALQuarterly · 39 paymentsAll FQAL payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.08; Jun 16, 2017 $0.13; Sep 15, 2017 $0.15; Dec 15, 2017 $0.12; Mar 16, 2018 $0.13; Jun 15, 2018 $0.15; Sep 21, 2018 $0.11; Dec 21, 2018 $0.13; Mar 15, 2019 $0.14; Jun 21, 2019 $0.15; Sep 20, 2019 $0.15; Dec 20, 2019 $0.14; Mar 20, 2020 $0.17; Jun 19, 2020 $0.15; Sep 18, 2020 $0.15; Dec 18, 2020 $0.16; Mar 19, 2021 $0.17; Jun 18, 2021 $0.15; Sep 17, 2021 $0.19; Dec 17, 2021 $0.15; Mar 18, 2022 $0.18; Jun 17, 2022 $0.18; Sep 16, 2022 $0.18; Dec 16, 2022 $0.13; Mar 17, 2023 $0.20; Jun 16, 2023 $0.18; Sep 15, 2023 $0.18; Dec 15, 2023 $0.18; Mar 15, 2024 $0.16; Jun 21, 2024 $0.18; Sep 20, 2024 $0.20; Dec 20, 2024 $0.24; Mar 21, 2025 $0.20; Jun 20, 2025 $0.21; Sep 19, 2025 $0.22; Dec 19, 2025 $0.22; Mar 20, 2026 $0.26; Jun 18, 2026 $0.25; Sep 18, 2026 $0.24. Use the arrow keys to read each point.$0$52017202020232026YTD
XMHQQuarterly · 38 paymentsAll XMHQ payments⁠
One bar per payment. 38 payments from 2017 to 2026 YTD. Jun 16, 2017 $0.14; Sep 18, 2017 $0.17; Dec 18, 2017 $0.19; Mar 19, 2018 $0.07; Jun 18, 2018 $0.27; Sep 24, 2018 $0.13; Dec 24, 2018 $0.21; Mar 18, 2019 $0.06; Jun 24, 2019 $0.20; Sep 23, 2019 $0.18; Dec 23, 2019 $0.22; Mar 23, 2020 $0.16; Jun 22, 2020 $0.11; Sep 21, 2020 $0.16; Dec 21, 2020 $0.31; Mar 22, 2021 $0.13; Jun 21, 2021 $0.18; Sep 20, 2021 $0.29; Dec 20, 2021 $0.19; Mar 21, 2022 $0.29; Jun 21, 2022 $0.30; Sep 19, 2022 $0.25; Dec 19, 2022 $0.35; Mar 20, 2023 $0.21; Jun 20, 2023 $0.13; Sep 18, 2023 $0.14; Dec 18, 2023 $0.16; Mar 18, 2024 $0.20; Jun 24, 2024 $4.58; Sep 23, 2024 $0.15; Dec 23, 2024 $0.19; Mar 24, 2025 $0.19; Jun 23, 2025 $0.13; Sep 22, 2025 $0.15; Dec 22, 2025 $0.19; Mar 23, 2026 $0.15; Jun 22, 2026 $0.16; Sep 21, 2026 $0.15. Use the arrow keys to read each point.$0$52017202020232026YTD

FQAL vs XMHQ Risk

Fall from peak · 5 years

  • FQAL
  • XMHQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: FQAL −25.5% · Oct 2022. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FQAL 11.0%, betterXMHQ 16.4%
Return per unit of riskSharpe ratio, 3 years
FQAL 1.45, betterXMHQ 0.82
Worst fallMax drawdown, 5 years
FQAL −25.5%XMHQ −25.5%Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
FQAL 0.95XMHQ 0.98

FQAL and XMHQ in the news

All news⁠

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