CPIEX vs. MMTM

Last updated Jun 24, 2026

CPIEX (Counterpoint Tactical Equity Fund) and MMTM (SPDR S&P 1500 Momentum Tilt ETF) are both funds - CPIEX is a Long-Short fund managed by Counterpoint Mutual Funds, while MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt Index. Over the past 10 years, CPIEX returned 9.42%/yr vs 14.83%/yr for MMTM. At a 0.42 correlation, their price movements are largely independent. CPIEX charges 1.75%/yr vs 0.12%/yr for MMTM.

Performance

CPIEX vs. MMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Counterpoint Tactical Equity Fund (CPIEX) and SPDR S&P 1500 Momentum Tilt ETF (MMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPIEX achieves a 12.41% return, which is significantly higher than MMTM's 5.27% return. Over the past 10 years, CPIEX has underperformed MMTM with an annualized return of 9.42%, while MMTM has yielded a comparatively higher 14.83% annualized return.

CPIEX

• 1D: 0.31%
• 1M: 3.31%
• YTD: 12.41%
• 6M: 11.68%
• 1Y: 19.87%
• 3Y*: 21.65%
• 5Y*: 24.40%
• 10Y*: 9.42%

MMTM

• 1D: -2.31%
• 1M: -3.83%
• YTD: 5.27%
• 6M: 3.94%
• 1Y: 18.98%
• 3Y*: 20.33%
• 5Y*: 12.49%
• 10Y*: 14.83%

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

CPIEX vs. MMTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPIEX Counterpoint Tactical Equity Fund	12.41%	10.21%	37.75%	6.18%	12.15%	54.08%	-29.20%	-7.69%	-3.17%	14.15%
MMTM SPDR S&P 1500 Momentum Tilt ETF	5.27%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%

Correlation

The correlation between CPIEX and MMTM is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.42

Over the past year, CPIEX and MMTM have become more correlated (0.75) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

CPIEX vs. MMTM — Risk / Return Rank

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

CPIEX

CPIEX Risk / Return Rank: 48
CPIEX Sharpe Ratio Rank: 43
CPIEX Sortino Ratio Rank: 39
CPIEX Omega Ratio Rank: 40
CPIEX Calmar Ratio Rank: 66
CPIEX Martin Ratio Rank: 53

MMTM

MMTM Risk / Return Rank: 41
MMTM Sharpe Ratio Rank: 38
MMTM Sortino Ratio Rank: 37
MMTM Omega Ratio Rank: 37
MMTM Calmar Ratio Rank: 40
MMTM Martin Ratio Rank: 51

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.

CPIEX vs. MMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Counterpoint Tactical Equity Fund (CPIEX) and SPDR S&P 1500 Momentum Tilt ETF (MMTM). 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.

	CPIEX	MMTM	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.31	+0.45
Sortino ratio: Return per unit of downside risk	2.41	1.85	+0.57
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.98	1.93	+1.05
Martin ratio: Return relative to average drawdown	10.18	8.42	+1.77

CPIEX vs. MMTM - Sharpe Ratio Comparison

The current CPIEX Sharpe Ratio is 1.77, which is higher than the MMTM Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of CPIEX and MMTM, 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

CPIEX vs. MMTM - Drawdown Comparison

The maximum CPIEX drawdown since its inception was -48.20%, which is greater than MMTM's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for CPIEX and MMTM.

Drawdown Indicators

	CPIEX	MMTM	Difference
Max Drawdown Largest peak-to-trough decline	-48.20%	-33.85%	-14.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-9.89%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	-7.30%	-22.08%	+14.78%
Max Drawdown (5Y) Largest decline over 5 years	-9.76%	-23.72%	+13.96%
Max Drawdown (10Y) Largest decline over 10 years	-48.20%	-33.85%	-14.35%
Current Drawdown Current decline from peak	-0.65%	-4.99%	+4.34%
Average Drawdown Average peak-to-trough decline	-9.83%	-4.19%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.26%	-0.17%

Volatility

CPIEX vs. MMTM - Volatility Comparison

Counterpoint Tactical Equity Fund (CPIEX) has a higher volatility of 4.86% compared to SPDR S&P 1500 Momentum Tilt ETF (MMTM) at 4.15%. This indicates that CPIEX's price experiences larger fluctuations and is considered to be riskier than MMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPIEX	MMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.15%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	10.97%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.06%	14.57%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	18.26%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	18.66%	-5.87%

CPIEX vs. MMTM - Expense Ratio Comparison

CPIEX has a 1.75% expense ratio, which is higher than MMTM's 0.12% expense ratio.

Dividends

CPIEX vs. MMTM - Dividend Comparison

CPIEX's dividend yield for the trailing twelve months is around 4.95%, more than MMTM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPIEX Counterpoint Tactical Equity Fund	4.95%	5.56%	2.16%	2.44%	3.05%	0.00%	0.00%	0.00%	3.40%	5.93%	0.00%	0.00%
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.88%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%

Frequently Asked Questions

Can I hold both CPIEX and MMTM in my portfolio?

CPIEX and MMTM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPIEX or MMTM?

CPIEX has higher volatility (4.86%) compared to MMTM (4.15%). In terms of maximum drawdown, CPIEX dropped -48.20% vs MMTM's -33.85%.

Which has better risk-adjusted returns?

CPIEX currently has the higher Sharpe Ratio (1.77 vs 1.31), 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.