ANEW vs. SPMO

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares MSCI Transformational Changes ETF (ANEW) and Invesco S&P 500 Momentum ETF (SPMO).

ANEW and SPMO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ANEW is a passively managed fund by ProShares that tracks the performance of the MSCI Global Transformational Changes Index. It was launched on Oct 14, 2020. SPMO is a passively managed fund by Invesco that tracks the performance of the S&P 500 Momentum Index. It was launched on Oct 9, 2015. Both ANEW and SPMO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ANEW vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Transformational Changes ETF (ANEW) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

ANEW vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ANEW ProShares MSCI Transformational Changes ETF	-9.00%	12.01%	19.37%	22.81%	-29.62%	6.95%	5.77%
SPMO Invesco S&P 500 Momentum ETF	-3.77%	26.58%	45.82%	17.56%	-10.45%	22.64%	3.24%

Returns By Period

In the year-to-date period, ANEW achieves a -9.00% return, which is significantly lower than SPMO's -3.77% return.

ANEW

• 1D: 0.63%
• 1M: -6.94%
• YTD: -9.00%
• 6M: -11.62%
• 1Y: 2.04%
• 3Y*: 10.33%
• 5Y*: 1.88%
• 10Y*: —

SPMO

• 1D: 2.13%
• 1M: -4.40%
• YTD: -3.77%
• 6M: -4.53%
• 1Y: 23.97%
• 3Y*: 29.27%
• 5Y*: 17.66%
• 10Y*: 17.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ANEW vs. SPMO - Expense Ratio Comparison

ANEW has a 0.45% expense ratio, which is higher than SPMO's 0.13% expense ratio.

ANEW

ProShares MSCI Transformational Changes ETF

SPMO

Invesco S&P 500 Momentum ETF

Return for Risk

ANEW vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ANEW

ANEW Risk / Return Rank: 14
ANEW Sharpe Ratio Rank: 14
ANEW Sortino Ratio Rank: 14
ANEW Omega Ratio Rank: 14
ANEW Calmar Ratio Rank: 14
ANEW Martin Ratio Rank: 15

SPMO

SPMO Risk / Return Rank: 64
SPMO Sharpe Ratio Rank: 57
SPMO Sortino Ratio Rank: 60
SPMO Omega Ratio Rank: 63
SPMO Calmar Ratio Rank: 73
SPMO Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ANEW vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Transformational Changes ETF (ANEW) and Invesco S&P 500 Momentum ETF (SPMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ANEW	SPMO	Difference
Sharpe ratio Return per unit of total volatility	0.11	1.06	-0.95
Sortino ratio Return per unit of downside risk	0.30	1.60	-1.30
Omega ratio Gain probability vs. loss probability	1.04	1.24	-0.20
Calmar ratio Return relative to maximum drawdown	0.14	1.96	-1.81
Martin ratio Return relative to average drawdown	0.47	6.90	-6.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANEW vs. SPMO - Sharpe Ratio Comparison

The current ANEW Sharpe Ratio is 0.11, which is lower than the SPMO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ANEW and SPMO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ANEW	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	1.06	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.93	-0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.86	-0.69

Correlation

The correlation between ANEW and SPMO is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ANEW vs. SPMO - Dividend Comparison

ANEW's dividend yield for the trailing twelve months is around 0.69%, less than SPMO's 0.89% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANEW ProShares MSCI Transformational Changes ETF	0.69%	0.54%	1.08%	0.87%	1.05%	0.24%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.89%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Drawdowns

ANEW vs. SPMO - Drawdown Comparison

The maximum ANEW drawdown since its inception was -39.87%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for ANEW and SPMO.

Drawdown Indicators

	ANEW	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-30.95%	-8.92%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-12.70%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-22.74%	-17.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-13.44%	-7.31%	-6.13%
Average Drawdown Average peak-to-trough decline	-13.56%	-4.66%	-8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	3.60%	+1.31%

Volatility

ANEW vs. SPMO - Volatility Comparison

The current volatility for ProShares MSCI Transformational Changes ETF (ANEW) is 5.44%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.22%. This indicates that ANEW experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANEW	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	7.22%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	12.80%	-2.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.56%	22.77%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.83%	19.08%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	20.09%	-1.15%