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SPHQ vs XMHQ

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Invesco S&P MidCap Quality ETF

XMHQBNYSE Arca

Overlap

Expense ratio

SPHQ −0.10pt a year

SPHQ0.15%XMHQ0.25%

Avg volume · 30D

SPHQ 7.7×the volume

SPHQ1.35MXMHQ177K

10Y return · a year

SPHQ +1.2pt

SPHQ+14.6%XMHQ+13.4%

SPHQ vs XMHQ Performance

Oct 29, 2021 – Oct 30, 2026

+72.5%SPHQ+61.7%XMHQ

Oct 29, 2021 to Oct 30, 2026. SPHQ +72.5%. XMHQ +61.7%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
SPHQ 0.15%, better
XMHQ 0.25%
Fund size
SPHQ $18.5B
XMHQ $5.68B
1Y total return
SPHQ +13.2%
XMHQ +15.4%, better
Yield (12M)
SPHQ 1.05%, better
XMHQ 0.56%
Holdings
SPHQ 102
XMHQ 82
Avg volume (30D)
SPHQ 1.35M sh, better
XMHQ 177K sh
NAV per share
SPHQ $82.92
XMHQ $117.81
52W range

ETF.net Grade

SPHQ: Cost 84, Risk 62, Mission 69, Tradability 95, Holdings 38, Durability 91. XMHQ: Cost 62, Risk 37, Mission 84, Tradability 79, Holdings 64, Durability 83.
Pillar letters and Scores for SPHQ, XMHQ, with each pillar’s weight
PillarSPHQXMHQ
Cost30% weightA84HigherB62
Mission25% weightB69A84Higher
Risk15% weightB62HigherD37
Tradability15% weightA95HigherA79
Holdings10% weightD38B64Higher
Durability5% weightA91HigherA83

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. SPHQ 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 ›

SPHQ ranks 4th 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

SPHQAInvesco S&P 500 Quality ETF

XMHQBInvesco S&P MidCap Quality ETF

In short

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

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

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

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

  • SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
  • The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
  • Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
  • A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.
  • 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

  • SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
  • The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
  • Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.
  • 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 SPHQ profile⁠

Full XMHQ profile⁠

SPHQ 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.

SPHQ vs XMHQ Cost

Overpaying XMHQ vs SPHQ

$2,022

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

  • SPHQ 0.15%

    $3,137

  • XMHQ 0.25%

    $5,159

$10,000
30 years

Cost over time

  • SPHQ 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 $5,159SPHQ $3,137

Year by year

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

Expense ratio

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

SPHQ 3rd cheapest of 26 funds

XMHQ 10th cheapest of 26 funds

SPHQ vs XMHQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SPHQ 1.05%, better
XMHQ 0.56%
Payout (12M)
SPHQ $0.87
XMHQ $0.66
Last payment
SPHQ $0.15
XMHQ $0.15
Ex-dividend
SPHQ Sep 21, 2026
XMHQ Sep 21, 2026
Paid on
SPHQ Sep 25, 2026
XMHQ Sep 25, 2026
Frequency
SPHQ Quarterly
XMHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPHQQuarterly · 39 paymentsAll SPHQ payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.02; Jun 16, 2017 $0.11; Sep 18, 2017 $0.19; Dec 18, 2017 $0.16; Mar 19, 2018 $0.10; Jun 18, 2018 $0.11; Sep 24, 2018 $0.16; Dec 24, 2018 $0.14; Mar 18, 2019 $0.08; Jun 24, 2019 $0.14; Sep 23, 2019 $0.16; Dec 23, 2019 $0.17; Mar 23, 2020 $0.17; Jun 22, 2020 $0.16; Sep 21, 2020 $0.14; Dec 21, 2020 $0.18; Mar 22, 2021 $0.14; Jun 21, 2021 $0.14; Sep 20, 2021 $0.17; Dec 20, 2021 $0.17; Mar 21, 2022 $0.17; Jun 21, 2022 $0.20; Sep 19, 2022 $0.21; Dec 19, 2022 $0.23; Mar 20, 2023 $0.20; Jun 20, 2023 $0.19; Sep 18, 2023 $0.18; Dec 18, 2023 $0.20; Mar 18, 2024 $0.21; Jun 24, 2024 $0.18; Sep 23, 2024 $0.19; Dec 23, 2024 $0.19; Mar 24, 2025 $0.20; Jun 23, 2025 $0.17; Sep 22, 2025 $0.22; Dec 22, 2025 $0.23; Mar 23, 2026 $0.28; Jun 22, 2026 $0.20; Sep 21, 2026 $0.15. 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

SPHQ vs XMHQ Risk

Fall from peak · 5 years

  • SPHQ
  • XMHQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: XMHQ −25.5% · Jun 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
SPHQ 12.5%, betterXMHQ 16.4%
Return per unit of riskSharpe ratio, 3 years
SPHQ 1.23, betterXMHQ 0.82
Worst fallMax drawdown, 5 years
SPHQ −25.1%, betterXMHQ −25.5%
Market sensitivityBeta, 5 years
SPHQ 0.81XMHQ 0.98

SPHQ and XMHQ in the news

All news⁠

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