GOLD.AS vs. SPMO

Last updated Jun 26, 2026

GOLD.AS (Amundi Physical Gold ETC C) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GOLD.AS is a Precious Metals fund tracking the LMBA Gold Price PM USD, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, GOLD.AS returned 17.46%/yr vs 23.75%/yr for SPMO. At a 0.07 correlation, their price movements are largely independent. GOLD.AS charges 0.12%/yr vs 0.13%/yr for SPMO.

Performance

GOLD.AS vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Physical Gold ETC C (GOLD.AS) 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, GOLD.AS achieves a -7.16% return, which is significantly lower than SPMO's 34.38% return.

GOLD.AS

• 1D: 0.00%
• 1M: -11.07%
• YTD: -7.16%
• 6M: -10.84%
• 1Y: 20.41%
• 3Y*: 27.48%
• 5Y*: 17.46%
• 10Y*: —

SPMO

• 1D: 3.80%
• 1M: 6.73%
• YTD: 34.38%
• 6M: 32.02%
• 1Y: 46.41%
• 3Y*: 43.94%
• 5Y*: 23.75%
• 10Y*: 21.44%

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

GOLD.AS vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	-7.16%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
SPMO Invesco S&P 500 Momentum ETF	34.38%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	6.81%

Correlation

The correlation between GOLD.AS and SPMO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.07

The correlation between GOLD.AS and SPMO shifts across timeframes, from 0.05 (5 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GOLD.AS vs. SPMO — Risk / Return Rank

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

GOLD.AS

GOLD.AS Risk / Return Rank: 22
GOLD.AS Sharpe Ratio Rank: 23
GOLD.AS Sortino Ratio Rank: 22
GOLD.AS Omega Ratio Rank: 24
GOLD.AS Calmar Ratio Rank: 20
GOLD.AS Martin Ratio Rank: 21

SPMO

SPMO Risk / Return Rank: 80
SPMO Sharpe Ratio Rank: 81
SPMO Sortino Ratio Rank: 77
SPMO Omega Ratio Rank: 80
SPMO Calmar Ratio Rank: 80
SPMO Martin Ratio Rank: 81

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.

GOLD.AS vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) 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.

	GOLD.AS	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	0.77	2.24	-1.47
Sortino ratio: Return per unit of downside risk	1.14	2.96	-1.82
Omega ratio: Gain probability vs. loss probability	1.16	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	0.83	3.67	-2.84
Martin ratio: Return relative to average drawdown	2.41	13.76	-11.36

GOLD.AS vs. SPMO - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 0.77, which is lower than the SPMO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of GOLD.AS 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

GOLD.AS vs. SPMO - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -24.41%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and SPMO.

Drawdown Indicators

	GOLD.AS	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-30.95%	+6.54%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-12.70%	-11.71%
Max Drawdown (3Y) Largest decline over 3 years	-24.41%	-20.13%	-4.28%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-22.74%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-24.41%	-1.25%	-23.16%
Average Drawdown Average peak-to-trough decline	-6.41%	-4.59%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	3.38%	+5.06%

Volatility

GOLD.AS vs. SPMO - Volatility Comparison

The current volatility for Amundi Physical Gold ETC C (GOLD.AS) is 9.08%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.90%. This indicates that GOLD.AS 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

	GOLD.AS	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	11.90%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	23.34%	18.07%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	26.21%	20.80%	+5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	19.94%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	20.63%	-3.40%

GOLD.AS vs. SPMO - Expense Ratio Comparison

GOLD.AS has a 0.12% expense ratio, which is lower than SPMO's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GOLD.AS vs. SPMO - Dividend Comparison

GOLD.AS has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOLD.AS Amundi Physical Gold ETC C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.66%	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 GOLD.AS and SPMO in my portfolio?

GOLD.AS and SPMO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOLD.AS or SPMO?

On fees, GOLD.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOLD.AS or SPMO?

GOLD.AS is cheaper with a 0.12% expense ratio, compared with 0.13% for SPMO.

What is the main difference between GOLD.AS and SPMO?

GOLD.AS is categorized as Precious Metals, while SPMO is Momentum. GOLD.AS tracks LMBA Gold Price PM USD, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.12% for GOLD.AS and 0.13% for SPMO.