CDEI vs. SPMO

Last updated Aug 2, 2026

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - CDEI is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 3 years, CDEI returned 17.59%/yr vs 37.36%/yr for SPMO. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CDEI charges 0.14%/yr vs 0.13%/yr for SPMO.

Performance

CDEI vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDEI achieves a 11.21% return, which is significantly lower than SPMO's 21.07% return.

CDEI

• 1D: 0.33%
• 1M: 0.13%
• 6M: 11.32%
• YTD: 11.21%
• 1Y: 24.16%
• 3Y*: 17.59%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.99%

SPMO

• 1D: 0.29%
• 1M: -4.64%
• 6M: 20.51%
• YTD: 21.07%
• 1Y: 28.09%
• 3Y*: 37.36%
• 5Y*: 20.21%
• 10Y*: 19.57%
• ALL TIME*: 18.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	$669.24K	$332.56K	$157.58K
SPMO Invesco S&P 500 Momentum ETF	$331.54M	$346.70M	$350.59M

CDEI vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	11.21%	16.60%	18.67%	22.82%
SPMO Invesco S&P 500 Momentum ETF	21.07%	26.58%	45.82%	18.10%

Correlation

The correlation between CDEI and SPMO is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.76

The correlation between CDEI and SPMO shifts across timeframes, from 0.68 (1 year) to 0.80 (3 years), reflecting how their relationship changes across market environments.

CDEI vs. SPMO - Sectors Allocation Comparison

Sectors	CDEI	SPMO
Technology	42.5%	53.7%
Financial Services	15.7%	6.0%
Healthcare	12.2%	6.9%
Communication Services	10.4%	7.4%
Industrials	7.4%	11.2%
Consumer Defensive	3.9%	4.2%
Consumer Cyclical	3.4%	1.2%
Real Estate	2.2%	1.1%
Utilities	1.6%	2.7%
Energy	0.4%	3.3%
Basic Materials	0.2%	1.9%

Return for Risk

CDEI vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CDEI

CDEI Risk / Return Rank: 72
CDEI Sharpe Ratio Rank: 75
CDEI Sortino Ratio Rank: 73
CDEI Omega Ratio Rank: 71
CDEI Calmar Ratio Rank: 65
CDEI Martin Ratio Rank: 76

SPMO

SPMO Risk / Return Rank: 46
SPMO Sharpe Ratio Rank: 43
SPMO Sortino Ratio Rank: 43
SPMO Omega Ratio Rank: 45
SPMO Calmar Ratio Rank: 46
SPMO Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CDEI vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CDEI	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.07	+0.65
Sortino ratio: Return per unit of downside risk	2.39	1.56	+0.83
Omega ratio: Gain probability vs. loss probability	1.30	1.21	+0.09
Calmar ratio: Return relative to maximum drawdown	2.27	1.63	+0.64
Martin ratio: Return relative to average drawdown	9.68	5.93	+3.74

CDEI vs. SPMO - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 1.72, which is higher than the SPMO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CDEI and SPMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CDEI vs. SPMO - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for CDEI and SPMO.

Drawdown Indicators

	CDEI	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-30.95%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-15.64%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-20.13%	+0.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-0.51%	-11.03%	+10.52%
Average Drawdown Average peak-to-trough decline	-2.23%	-4.62%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	4.29%	-1.97%

Volatility

CDEI vs. SPMO - Volatility Comparison

The current volatility for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) is 4.75%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.53%. This indicates that CDEI 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

	CDEI	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	10.53%	-5.78%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	21.52%	-11.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	23.90%	-10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	20.60%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	20.92%	-5.85%

CDEI vs. SPMO - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is higher than SPMO's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CDEI vs. SPMO - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.98%, more than SPMO's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	0.98%	1.05%	1.22%	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.73%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both CDEI and SPMO in my portfolio?

CDEI and SPMO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDEI or SPMO?

SPMO has higher volatility (10.53%) compared to CDEI (4.75%). In terms of maximum drawdown, CDEI dropped -19.46% vs SPMO's -30.95%.

Which ETF is better, CDEI or SPMO?

On 3-year performance, SPMO leads with 37.36% vs 17.59% for CDEI. On fees, SPMO is cheaper at 0.13% per year. On volatility, CDEI has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDEI or SPMO?

Over the 3-year period, SPMO has performed better with a 37.36% return vs 17.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDEI or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.14% for CDEI.

Which ETF pays a higher dividend yield, CDEI or SPMO?

CDEI has the higher dividend yield at 0.98%, compared with 0.73% for SPMO.

What is the main difference between CDEI and SPMO?

CDEI is categorized as Large Cap Blend Equities, while SPMO is Momentum. CDEI tracks Russell 1000 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Calvert and Invesco. Their fees differ too: 0.14% for CDEI and 0.13% for SPMO.

Which has better risk-adjusted returns?

CDEI currently has the higher Sharpe Ratio (1.72 vs 1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.