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FHEQvsQVMLETF Comparison

ETF 1

FHEQ

Fidelity Hedged Equity ETF

This fund is part of

Options Strategies

+0%

Full FHEQ fund page

VS

ETF 2

QVML

Invesco S&P 500 QVM Multi-factor ETF

This fund is part of

US Multi-Factor

+0%

Full QVML fund page

Fidelity Hedged Equity ETF (FHEQ) belongs to the Options Strategies segment. Invesco S&P 500 QVM Multi-factor ETF (QVML) is part of the US Multi-Factor segment. FHEQ's top 3 sector exposures are Technology, Finance and Industrials. In contrast, QVML's top sector exposures are Technology, Finance and Consumer Non-Cyclicals. FHEQ is more expensive with a Total Expense Ratio (TER) of 0.52%, versus 0.11% for QVML. FHEQ is up 11.13% year-to-date (YTD) with +$136M in YTD flows. QVML performs better with 14.42% YTD performance, and -$32M in YTD flows. Run a side-by-side ETF comparison of FHEQ and QVML below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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FHEQ vs QVML performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/04/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FHEQ QVML	-0.39%-0.26%	+1.81%+2.50%	+11.13%+14.42%	+14.67%+20.06%	n/a+79.16%	n/a+85.24%
Flows	FHEQ QVML	+$32M+$130M	+$86M-$28M	+$136M-$32M	+$374M-$2M	-+$155M	-+$197M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FHEQ QVML	+11.08%+13.47%	+9.96%+12.47%	n/a+14.95%	n/a+16.65%
Max drawdown	FHEQ QVML	-3.88%-4.02%	-7.39%-8.73%	n/a-18.54%	n/a-23.56%
Max drawdown duration	FHEQ QVML	57d35d	71d70d	n/a127d	n/a707d

Trading data

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	FHEQ	QVML
Last sale 9/8/2026 at 1:30 PM	$33.99	$45.43
Previous close 09/04/2026	$34.20	$45.70
Consolidated volume 09/04/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 31, 2026

1-year trailing difference

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FHEQ

is actively managed and doesn’t replicate an index

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	FHEQ	QVML
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 9/8/2026 at 1:30 PM

Live

Closed

	FHEQ	QVML
Last price	$33.99	$45.43
1D performance	-0.61%	-0.57%
AuM	$981.98 M	$1.66 B
E/R	0.52%	0.11%

Characteristics

	FHEQ	QVML
Management strategy	Active	Passive
Provider	Fidelity	Invesco
Benchmark	-	S&P 500 Quality, Value & Momentum Top 90% Multi-factor Index
N° of holdings	159	449
Asset class	-	Equities
Trailing 12m distribution yield	Join	Join
Inception date	April 9, 2024	June 30, 2021
ESG	No	No

More FHEQ data on Trackinsight

More QVML data on Trackinsight

Exposure

Countries

FHEQ

USA

98.26%

Other

1.74%

QVML

USA

97.36%

Other

2.64%

Sectors

FHEQ

Technology

47.38%

Finance

14.61%

Industrials

10.37%

Healthcare

9.1%

Consumer Non-Cycl.

8.43%

Other

10.11%

QVML

Technology

47.46%

Finance

14.18%

Consumer Non-Cycl.

9.24%

Healthcare

8.7%

Industrials

7.84%

Other

12.58%

Diversification

FHEQ

Total weight of top 15 holdings out of 15

46.8%

QVML

Total weight of top 15 holdings out of 15

48.62%

Top 15 holdings

Data as of July 31, 2026

FHEQ

Apple, Inc.

8.52%

NVIDIA Corp.

8.07%

Microsoft Corp.

4.50%

Amazon.com, Inc.

3.82%

Alphabet, Inc.

3.40%

Broadcom Inc.

3.05%

Alphabet, Inc.

2.41%

Meta Platforms, Inc.

2.19%

JPMorgan Chase & Co.

2.04%

Berkshire Hathaway, Inc.

2.02%

Eli Lilly & Co.

1.71%

Micron Technology, Inc.

1.57%

Mastercard, Inc.

1.22%

Bank of America Corp.

1.19%

GE Aerospace

1.11%

QVML

Apple, Inc.

8.80%

NVIDIA Corp.

8.05%

Alphabet, Inc.

6.25%

Microsoft Corp.

5.02%

Amazon.com, Inc.

4.17%

Broadcom Inc.

3.49%

Meta Platforms, Inc.

2.35%

Eli Lilly & Co.

1.54%

Berkshire Hathaway, Inc.

1.53%

Micron Technology, Inc.

1.50%

JPMorgan Chase & Co.

1.48%

Advanced Micro Devices, Inc.

1.32%

ExxonMobil Holdings Corp.

1.06%

Visa, Inc.

1.05%

Johnson & Johnson

1.01%

Frequently asked questions about FHEQ and QVML

How have the FHEQ and QVML ETFs performed in 2026?

As of September 4, 2026, FHEQ is up 11.13% year-to-date (YTD), while QVML has returned 14.42%. That puts QVML better performer ahead so far this year.

Which ETF is attracting more investor money: FHEQ or QVML?

Year-to-date, the FHEQ ETF saw +$136M in flows, compared to -$32M for QVML.

Which ETF is more volatile: FHEQ or QVML?

Over the past year, FHEQ had a volatility of 9.96%, while QVML experienced 12.47%.

Which ETF is bigger: FHEQ or QVML?

As of September 4, 2026, FHEQ holds $981.98 M in assets under management (AUM), while QVML manages $1.66 B.

What sectors do the FHEQ and QVML ETFs invest in?

FHEQ leans toward sectors like Technology, Finance and Industrials. Meanwhile, QVML focuses on Technology, Finance and Consumer Non-Cyclicals.

What are the top holdings of the FHEQ ETF and QVML ETF?

FHEQ top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. QVML holds in its top three: Apple, Inc., NVIDIA Corp. and Alphabet, Inc..

Which ETF is more diversified: FHEQ or QVML?

FHEQ holds 160 securities with 46.8% of its assets in the top 15. QVML has 449 securities and a top 15 weight of 48.62%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

February 10, 2026

FHEQ

FHEQvsQVMLETF Comparison

Fidelity Hedged Equity ETF

Invesco S&P 500 QVM Multi-factor ETF

FHEQ vs QVML performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FHEQ and QVML ETFs performed in 2026?

As of September 4, 2026, FHEQ is up 11.13% year-to-date (YTD), while QVML has returned 14.42%. That puts QVML better performer ahead so far this year.

Which ETF is attracting more investor money: FHEQ or QVML?

Year-to-date, the FHEQ ETF saw +$136M in flows, compared to -$32M for QVML.

Which ETF is more volatile: FHEQ or QVML?

Over the past year, FHEQ had a volatility of 9.96%, while QVML experienced 12.47%.

Which ETF is bigger: FHEQ or QVML?

As of September 4, 2026, FHEQ holds $981.98 M in assets under management (AUM), while QVML manages $1.66 B.

What sectors do the FHEQ and QVML ETFs invest in?

FHEQ leans toward sectors like Technology, Finance and Industrials. Meanwhile, QVML focuses on Technology, Finance and Consumer Non-Cyclicals.

What are the top holdings of the FHEQ ETF and QVML ETF?

FHEQ top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. QVML holds in its top three: Apple, Inc., NVIDIA Corp. and Alphabet, Inc..

Which ETF is more diversified: FHEQ or QVML?

FHEQ holds 160 securities with 46.8% of its assets in the top 15. QVML has 449 securities and a top 15 weight of 48.62%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

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