GARP vs. SPMO

Last updated Jun 23, 2026

GARP (iShares MSCI USA Quality GARP ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, GARP returned 19.14%/yr vs 24.25%/yr for SPMO. Their correlation of 0.83 suggests significant overlap in exposure. GARP charges 0.15%/yr vs 0.13%/yr for SPMO.

Performance

GARP vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality GARP ETF (GARP) 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, GARP achieves a 19.46% return, which is significantly lower than SPMO's 36.08% return.

GARP

• 1D: -0.10%
• 1M: 3.81%
• YTD: 19.46%
• 6M: 18.14%
• 1Y: 42.17%
• 3Y*: 32.04%
• 5Y*: 19.14%
• 10Y*: —

SPMO

• 1D: 1.26%
• 1M: 11.71%
• YTD: 36.08%
• 6M: 35.05%
• 1Y: 52.78%
• 3Y*: 44.69%
• 5Y*: 24.25%
• 10Y*: 21.59%

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

GARP vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GARP iShares MSCI USA Quality GARP ETF	19.46%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%
SPMO Invesco S&P 500 Momentum ETF	36.08%	26.58%	45.82%	17.56%	-10.45%	22.64%	24.94%

Correlation

The correlation between GARP and SPMO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.83

The correlation between GARP and SPMO has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

GARP vs. SPMO - Sectors Allocation Comparison

Sectors	GARP	SPMO
Technology	55.8%	56.8%
Communication Services	11.4%	8.0%
Consumer Cyclical	8.5%	1.1%
Financial Services	7.2%	5.8%
Industrials	6.6%	10.9%
Healthcare	5.3%	5.9%
Energy	2.8%	2.8%
Utilities	1.2%	2.6%
Basic Materials	1.1%	1.5%
Real Estate	0.4%	0.9%
Consumer Defensive	-	3.8%

Return for Risk

GARP vs. SPMO — Risk / Return Rank

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

GARP

GARP Risk / Return Rank: 67
GARP Sharpe Ratio Rank: 72
GARP Sortino Ratio Rank: 65
GARP Omega Ratio Rank: 65
GARP Calmar Ratio Rank: 64
GARP Martin Ratio Rank: 67

SPMO

SPMO Risk / Return Rank: 83
SPMO Sharpe Ratio Rank: 85
SPMO Sortino Ratio Rank: 81
SPMO Omega Ratio Rank: 83
SPMO Calmar Ratio Rank: 82
SPMO Martin Ratio Rank: 82

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.

GARP vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) 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.

	GARP	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.65	-0.42
Sortino ratio: Return per unit of downside risk	2.88	3.46	-0.58
Omega ratio: Gain probability vs. loss probability	1.38	1.48	-0.10
Calmar ratio: Return relative to maximum drawdown	3.10	4.18	-1.08
Martin ratio: Return relative to average drawdown	12.06	15.78	-3.72

GARP vs. SPMO - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 2.23, which is comparable to the SPMO Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of GARP 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

GARP vs. SPMO - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, roughly equal to the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for GARP and SPMO.

Drawdown Indicators

	GARP	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-30.95%	-0.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.69%	-12.70%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-20.13%	-3.60%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	-22.74%	-7.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-2.23%	0.00%	-2.23%
Average Drawdown Average peak-to-trough decline	-7.33%	-4.59%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.35%	+0.16%

Volatility

GARP vs. SPMO - Volatility Comparison

The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 8.09%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.55%. This indicates that GARP 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

	GARP	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.09%	10.55%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	17.11%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	19.04%	20.05%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	19.77%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.96%	20.55%	+3.41%

GARP vs. SPMO - Expense Ratio Comparison

GARP has a 0.15% 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

GARP vs. SPMO - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.27%, less than SPMO's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.78%	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 GARP and SPMO in my portfolio?

GARP and SPMO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GARP or SPMO?

SPMO has higher volatility (10.55%) compared to GARP (8.09%). In terms of maximum drawdown, GARP dropped -31.34% vs SPMO's -30.95%.

Which ETF is better, GARP or SPMO?

On 5-year performance, SPMO leads with 24.25% vs 19.14% for GARP. On fees, SPMO is cheaper at 0.13% per year. On volatility, GARP has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GARP or SPMO?

Over the 5-year period, SPMO has performed better with a 24.25% return vs 19.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GARP or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.15% for GARP.

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

SPMO has the higher dividend yield at 0.78%, compared with 0.27% for GARP.

What is the main difference between GARP and SPMO?

GARP is categorized as Large Cap Growth Equities, while SPMO is Momentum. GARP tracks MSCI USA Quality GARP Select Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for GARP and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.65 vs 2.23), 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.