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QUAL vs XMHQ

iShares MSCI USA Quality Factor ETF

QUALACboe

Invesco S&P MidCap Quality ETF

XMHQBNYSE Arca

Overlap

Expense ratio

QUAL −0.10pt a year

QUAL0.15%XMHQ0.25%

Avg volume · 30D

QUAL 5.8×the volume

QUAL1.03MXMHQ177K

10Y return · a year

QUAL +1.2pt

QUAL+14.6%XMHQ+13.4%

QUAL vs XMHQ Performance

Oct 29, 2021 – Oct 30, 2026

+66.2%QUAL+61.7%XMHQ

Oct 29, 2021 to Oct 30, 2026. QUAL +66.2%. XMHQ +61.7%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
QUAL 0.15%, better
XMHQ 0.25%
Fund size
QUAL $48B
XMHQ $5.68B
1Y total return
QUAL +14.4%
XMHQ +15.4%, better
Yield (12M)
QUAL 0.85%, better
XMHQ 0.56%
Holdings
QUAL 121
XMHQ 82
Avg volume (30D)
QUAL 1.03M sh, better
XMHQ 177K sh
NAV per share
QUAL $222.43
XMHQ $117.81
52W range

ETF.net Grade

QUAL: Cost 84, Risk 64, Mission 94, Tradability 96, Holdings 35, Durability 96. XMHQ: Cost 62, Risk 37, Mission 84, Tradability 79, Holdings 64, Durability 83.
Pillar letters and Scores for QUAL, XMHQ, with each pillar’s weight
PillarQUALXMHQ
Cost30% weightA84HigherB62
Mission25% weightA94HigherA84
Risk15% weightB64HigherD37
Tradability15% weightA96HigherA79
Holdings10% weightD35B64Higher
Durability5% weightA96HigherA83

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. QUAL 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 ›

QUAL ranks 1st 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 5AVFQYVanguard U.S. Quality Factor ETFScore 70
  5. Rank 6BXMHQInvesco S&P MidCap Quality ETFScore 67
  6. Rank 7BSEIQSEI QiM U.S. Large Cap Quality Active ETFScore 65

Our read on each fund

ETF.net Research

QUALAiShares MSCI USA Quality Factor ETF

XMHQBInvesco S&P MidCap Quality ETF

In short

QUAL QUAL screens US large and mid caps for high return on equity, low debt and steady earnings, then does it sector by sector, so the portfolio stays spread across the market instead of piling into whichever sector looks healthiest.

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

QUAL The fund tracks an index of U.S. large- and mid-capitalization stocks selected for quality characteristics, including high return on equity, stable earnings, and low debt.

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

  • QUAL At 0.15%, it undercuts the typical quality-factor fund, where the cohort median sits at 0.29%.
  • Sector neutral by design: companies are ranked on return on equity, leverage and earnings variability against rivals in their own GICS sector.msci.comishares.com
  • Running since 2013, now a $25B-$100B fund that trades actively, with returns that stay close to its index.
  • 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

  • QUAL About 120 large and mid caps, leaning on the same familiar giants as a broad US index fund. This is a tilt on core equity, not new ground.
  • Sector neutrality cuts both ways: it keeps a foot in every sector rather than stepping away from ones with weak fundamentals.msci.com
  • Cheap, not cheapest. JQUA (0.12%) and VFQY (0.13%) shave a basis point or three off the fee.
  • 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 QUAL profile⁠

Full XMHQ profile⁠

QUAL 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.

QUAL vs XMHQ Cost

Overpaying XMHQ vs QUAL

$2,022

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

  • QUAL 0.15%

    $3,137

  • XMHQ 0.25%

    $5,159

$10,000
30 years

Cost over time

  • QUAL 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 $5,159QUAL $3,137

Year by year

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

Expense ratio

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

QUAL 3rd cheapest of 26 funds

XMHQ 10th cheapest of 26 funds

QUAL vs XMHQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QUAL 0.85%, better
XMHQ 0.56%
Payout (12M)
QUAL $1.89
XMHQ $0.66
Last payment
QUAL $0.47
XMHQ $0.15
Ex-dividend
QUAL Sep 15, 2026
XMHQ Sep 21, 2026
Paid on
QUAL Sep 18, 2026
XMHQ Sep 25, 2026
Frequency
QUAL Quarterly
XMHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QUALQuarterly · 40 paymentsAll QUAL payments⁠
One bar per payment. 40 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.35; Jun 27, 2017 $0.39; Sep 26, 2017 $0.34; Dec 21, 2017 $0.38; Mar 22, 2018 $0.38; Jun 26, 2018 $0.38; Sep 26, 2018 $0.37; Dec 17, 2018 $0.41; Mar 20, 2019 $0.35; Jun 17, 2019 $0.45; Sep 24, 2019 $0.37; Dec 16, 2019 $0.44; Mar 25, 2020 $0.41; Jun 15, 2020 $0.36; Sep 23, 2020 $0.44; Dec 14, 2020 $0.41; Mar 25, 2021 $0.54; Jun 10, 2021 $0.38; Sep 24, 2021 $0.42; Dec 13, 2021 $0.41; Mar 24, 2022 $0.38; Jun 9, 2022 $0.42; Sep 26, 2022 $0.53; Dec 13, 2022 $0.48; Mar 23, 2023 $0.37; Jun 7, 2023 $0.38; Sep 26, 2023 $0.51; Dec 20, 2023 $0.45; Dec 28, 2023 $0.10; Mar 21, 2024 $0.37; Jun 11, 2024 $0.35; Sep 25, 2024 $0.54; Dec 17, 2024 $0.55; Mar 18, 2025 $0.39; Jun 16, 2025 $0.39; Sep 16, 2025 $0.47; Dec 16, 2025 $0.61; Mar 17, 2026 $0.42; Jun 15, 2026 $0.39; Sep 15, 2026 $0.47. 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

QUAL vs XMHQ Risk

Fall from peak · 5 years

  • QUAL
  • XMHQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: QUAL −28.2% · Oct 2022. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QUAL 11.7%, betterXMHQ 16.4%
Return per unit of riskSharpe ratio, 3 years
QUAL 1.32, betterXMHQ 0.82
Worst fallMax drawdown, 5 years
QUAL −28.2%XMHQ −25.5%, better
Market sensitivityBeta, 5 years
QUAL 0.90XMHQ 0.98

QUAL and XMHQ in the news

All news⁠

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