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GARP vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GARP vs. SPMO

Last updated Aug 2, 2026
Documentation

GARP (iShares MSCI USA Quality GARP ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GARP is a Quality Factor 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 17.48%/yr vs 20.21%/yr for SPMO. Their correlation of 0.83 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, GARP achieves a 16.89% return, which is significantly lower than SPMO's 21.07% return.

GARP

1D
0.66%
1M
-1.22%
6M
14.45%
YTD
16.89%
1Y
31.75%
3Y*
28.85%
5Y*
17.48%
10Y*
—
ALL TIME*
20.07%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GARP

iShares MSCI USA Quality GARP ETF
$25.65M$25.43M$23.00M

SPMO

Invesco S&P 500 Momentum ETF
$331.54M$346.70M$350.59M

GARP vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GARP
iShares MSCI USA Quality GARP ETF		16.89%21.49%37.42%42.86%-26.75%27.99%26.51%
SPMO
Invesco S&P 500 Momentum ETF		21.07%26.58%45.82%17.56%-10.45%22.64%24.94%

Correlation

The correlation between GARP and SPMO is 0.87, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.87

Correlation (3Y)
Balances recent behavior with more history.

0.89

Correlation (5Y)
Shows whether the relationship held over a longer 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 0.89 - a consistent structural relationship.

GARP vs. SPMO - Sectors Allocation Comparison

Sectors
GARP
SPMO

Technology

54.7%
53.7%

Communication Services

11.0%
7.4%

Consumer Cyclical

9.1%
1.2%

Financial Services

7.9%
6.0%

Industrials

6.4%
11.2%

Healthcare

5.4%
6.9%

Energy

3.0%
3.3%

Utilities

1.3%
2.7%

Basic Materials

1.1%
1.9%

Real Estate

0.4%
1.1%

Consumer Defensive

-

4.2%

Technology

GARP
54.7%
SPMO
53.7%

Communication Services

GARP
11.0%
SPMO
7.4%

Consumer Cyclical

GARP
9.1%
SPMO
1.2%

Financial Services

GARP
7.9%
SPMO
6.0%

Industrials

GARP
6.4%
SPMO
11.2%

Healthcare

GARP
5.4%
SPMO
6.9%

Energy

GARP
3.0%
SPMO
3.3%

Utilities

GARP
1.3%
SPMO
2.7%

Basic Materials

GARP
1.1%
SPMO
1.9%

Real Estate

GARP
0.4%
SPMO
1.1%

Consumer Defensive

GARP

-

SPMO
4.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Quality GARP ETF

Invesco S&P 500 Momentum ETF

Often compared with GARP:
GARP vs. SPGPGARP vs. SCHGGARP vs. QUALGARP vs. SPYGARP vs. VUGGARP vs. SPHQGARP vs. QQQ
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

GARP vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
GARP
GARP Risk / Return Rank: 6464
Overall Rank
GARP Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
GARP Sortino Ratio Rank: 6262
Sortino Ratio Rank
GARP Omega Ratio Rank: 6060
Omega Ratio Rank
GARP Calmar Ratio Rank: 6363
Calmar Ratio Rank
GARP Martin Ratio Rank: 6666
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 4646
Overall Rank
SPMO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPMO Omega Ratio Rank: 4545
Omega Ratio Rank
SPMO Calmar Ratio Rank: 4646
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5151
Martin Ratio Rank
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.

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.

GARPSPMODifference
Sharpe ratioReturn per unit of total volatility
1.50
1.07

+0.44

Sortino ratioReturn per unit of downside risk
2.08
1.56

+0.51

Omega ratioGain probability vs. loss probability

1.26

1.21

+0.05

Calmar ratioReturn relative to maximum drawdown

2.19

1.63

+0.57

Martin ratioReturn relative to average drawdown

7.99

5.93

+2.06

GARP vs. SPMO - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.50, which is higher than the SPMO Sharpe Ratio of 1.07. 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.

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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.

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Drawdown Indicators

GARPSPMODifference

Max Drawdown

Largest peak-to-trough decline

-31.34%

-30.95%

-0.39%

Max Drawdown (1Y)

Largest decline over 1 year

-13.69%

-15.64%

+1.95%

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

-4.34%

-11.03%

+6.69%

Average Drawdown

Average peak-to-trough decline

-7.27%

-4.62%

-2.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.75%

4.29%

-0.54%

Volatility

GARP vs. SPMO - Volatility Comparison

The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 5.68%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.53%. 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.

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Volatility by Period

GARPSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.68%

10.53%

-4.85%

Volatility (6M)

Calculated over the trailing 6-month period

16.18%

21.52%

-5.34%

Volatility (1Y)

Calculated over the trailing 1-year period

20.02%

23.90%

-3.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

20.60%

+1.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.92%

20.92%

+3.00%

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 0.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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		0.73%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

GARP and SPMO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (10.53%) compared to GARP (5.68%). In terms of maximum drawdown, GARP dropped -31.34% vs SPMO's -30.95%.

On 5-year performance, SPMO leads with 20.21% vs 17.48% for GARP. On fees, SPMO is cheaper at 0.13% per year. On volatility, GARP has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPMO has performed better with a 20.21% return vs 17.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPMO has the higher dividend yield at 0.73%, compared with 0.27% for GARP.

GARP is categorized as Quality Factor, 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.

GARP currently has the higher Sharpe Ratio (1.50 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.

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