FSMD vs XMHQ: Differences, Returns & Fees
FSMD and XMHQ hold 12% of their weight in the same names, and FSMD returned +15.8% over the year. Net assets: $2.5bn on Sep 30, 2026 for Fidelity Small-Mid Multifactor ETF, and $5.6bn on Oct 20, 2026 for Invesco S&P MidCap Quality ETF.
FSMD costs 0.10 points a year less; their one-year returns differ by 4.0 points; XMHQ is 2.2 times larger.
| FSMD | XMHQ | |
|---|---|---|
| Expense ratio | 0.15% | 0.25% |
| Net assets, as of Jul 31, 2026 | $2.5bn | $5.4bn |
| Total return, 1 year | +15.8% | +11.8% |
| What it tracks | Fidelity Small-Mid Multifactor Index | S&P MidCap 400 Quality Index |
| Holdings in common | 12% | |
| Top ten holdings, share of the fund | 8.2% | 30.4% |
| Below its high | 6.2%, high on Aug 17, 2026 | 3.0%, high on Aug 14, 2026 |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 19, 2026.
FSMD and XMHQ are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FSMD follows Fidelity Small-Mid Multifactor Index and XMHQ follows S&P MidCap 400 Quality Index.
- Holdings in common. 12% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 19, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 FSMD returned +15.8% and XMHQ +11.8% with distributions reinvested, a gap of 4.0 points.
Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
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What they hold in common
By the books each fund has filed, FSMD and XMHQ hold 12% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 19, 2026.
half
12% in common
On the same fields
FSMD and XMHQ on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About FSMD
FSMD tracks an index. Over the year to Oct 20, 2026 it returned +15.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 586 positions, with the top ten at 8.2%. It sat 6.2% below its high of Aug 17, 2026 on Oct 20, 2026.
About XMHQ
XMHQ tracks an index. Over the year to Oct 20, 2026 it returned +11.8% with distributions reinvested. The prospectus expense ratio is 0.25% a year. By its holdings published by its issuer for Oct 19, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 82 positions, with the top ten at 30.4%. It sat 3.0% below its high of Aug 14, 2026 on Oct 20, 2026.
Questions people ask
- Which returned more over the last year, FSMD or XMHQ?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and XMHQ +11.8%.
- Which is cheaper, FSMD or XMHQ?
- FSMD is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, FSMD against XMHQ, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-xmhq
ETFIQ. (Oct 20, 2026). FSMD against XMHQ. Retrieved from https://etfiq.com/compare/any/fsmd-vs-xmhq
[FSMD against XMHQ (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-xmhq)
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