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IEMS.L vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMS.L vs. SPMO

Last updated Jun 5, 2026

IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - IEMS.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, IEMS.L returned 9.32%/yr vs 20.08%/yr for SPMO. At a 0.37 correlation, their price movements are largely independent. IEMS.L charges 0.74%/yr vs 0.13%/yr for SPMO.

Performance

IEMS.L vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) 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, IEMS.L achieves a 15.99% return, which is significantly lower than SPMO's 21.26% return. Over the past 10 years, IEMS.L has underperformed SPMO with an annualized return of 9.32%, while SPMO has yielded a comparatively higher 20.08% annualized return.

IEMS.L

1D
-0.70%
1M
-1.03%
YTD
15.99%
6M
16.76%
1Y
29.31%
3Y*
17.49%
5Y*
7.12%
10Y*
9.32%

SPMO

1D
-5.59%
1M
1.90%
YTD
21.26%
6M
20.02%
1Y
37.63%
3Y*
39.63%
5Y*
22.50%
10Y*
20.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMS.L vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		15.99%19.35%2.60%23.28%-18.98%19.00%18.41%10.59%-19.12%34.91%
SPMO
Invesco S&P 500 Momentum ETF		21.26%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between IEMS.L and SPMO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2015

0.37

IEMS.L vs. SPMO - Sectors Allocation Comparison

Sectors
IEMS.L
SPMO

Technology

22.6%
52.6%

Industrials

18.6%
11.3%

Financial Services

10.9%
5.9%

Consumer Cyclical

9.8%
1.3%

Basic Materials

9.5%
1.6%

Healthcare

9.4%
6.7%

Real Estate

6.0%
1.0%

Consumer Defensive

5.3%
4.3%

Communication Services

2.9%
9.2%

Utilities

2.7%
2.8%

Energy

2.3%
3.4%

Technology

IEMS.L
22.6%
SPMO
52.6%

Industrials

IEMS.L
18.6%
SPMO
11.3%

Financial Services

IEMS.L
10.9%
SPMO
5.9%

Consumer Cyclical

IEMS.L
9.8%
SPMO
1.3%

Basic Materials

IEMS.L
9.5%
SPMO
1.6%

Healthcare

IEMS.L
9.4%
SPMO
6.7%

Real Estate

IEMS.L
6.0%
SPMO
1.0%

Consumer Defensive

IEMS.L
5.3%
SPMO
4.3%

Communication Services

IEMS.L
2.9%
SPMO
9.2%

Utilities

IEMS.L
2.7%
SPMO
2.8%

Energy

IEMS.L
2.3%
SPMO
3.4%

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets Small Cap UCITS ETF

Invesco S&P 500 Momentum ETF

Often compared with IEMS.L:
IEMS.L vs. AVEMIEMS.L vs. IEMGIEMS.L vs. HEEMIEMS.L vs. BKEMIEMS.L vs. EEMSIEMS.L vs. EMSM.LIEMS.L vs. IAAAX
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

IEMS.L vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMS.L
IEMS.L Risk / Return Rank: 5454
Overall Rank
IEMS.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IEMS.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
IEMS.L Omega Ratio Rank: 5151
Omega Ratio Rank
IEMS.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
IEMS.L Martin Ratio Rank: 5959
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 6161
Overall Rank
SPMO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 5757
Sortino Ratio Rank
SPMO Omega Ratio Rank: 6363
Omega Ratio Rank
SPMO Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPMO Martin Ratio Rank: 6464
Martin Ratio Rank
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.

IEMS.L vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) 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.

IEMS.LSPMODifference
Sharpe ratioReturn per unit of total volatility
1.62
2.04

-0.42

Sortino ratioReturn per unit of downside risk
2.34
2.70

-0.36

Omega ratioGain probability vs. loss probability

1.31

1.37

-0.06

Calmar ratioReturn relative to maximum drawdown

3.05

2.98

+0.07

Martin ratioReturn relative to average drawdown

10.31

11.48

-1.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMS.L vs. SPMO - Sharpe Ratio Comparison

The current IEMS.L Sharpe Ratio is 1.62, which is comparable to the SPMO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IEMS.L 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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Sharpe Ratios by Period

IEMS.LSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.04

-0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

1.16

-0.75

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.99

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.97

-0.43

Drawdowns

IEMS.L vs. SPMO - Drawdown Comparison

The maximum IEMS.L drawdown since its inception was -49.94%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for IEMS.L and SPMO.

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Drawdown Indicators

IEMS.LSPMODifference

Max Drawdown

Largest peak-to-trough decline

-49.94%

-30.95%

-18.99%

Max Drawdown (1Y)

Largest decline over 1 year

-9.60%

-12.70%

+3.10%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-20.13%

-0.77%

Max Drawdown (5Y)

Largest decline over 5 years

-27.85%

-22.74%

-5.11%

Max Drawdown (10Y)

Largest decline over 10 years

-49.94%

-30.95%

-18.99%

Current Drawdown

Current decline from peak

-2.19%

-6.97%

+4.78%

Average Drawdown

Average peak-to-trough decline

-11.38%

-4.60%

-6.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

3.29%

-0.44%

Volatility

IEMS.L vs. SPMO - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) is 7.31%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 9.33%. This indicates that IEMS.L 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

IEMS.LSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

9.33%

-2.02%

Volatility (6M)

Calculated over the trailing 6-month period

15.68%

15.67%

+0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

18.10%

18.61%

-0.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.45%

19.46%

-2.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.32%

20.39%

-2.07%

IEMS.L vs. SPMO - Expense Ratio Comparison

IEMS.L has a 0.74% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

IEMS.L vs. SPMO - Dividend Comparison

IEMS.L's dividend yield for the trailing twelve months is around 1.61%, more than SPMO's 0.70% yield.

PositionTTM20252024202320222021202020192018201720162015
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		1.61%1.70%1.81%2.09%2.47%1.29%1.62%2.05%2.19%1.32%2.08%0.87%
SPMO
Invesco S&P 500 Momentum ETF		0.70%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

IEMS.L and SPMO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.74% for IEMS.L.

IEMS.L is categorized as Emerging Markets Equities, while SPMO is Momentum. IEMS.L tracks MSCI Emerging Markets Small Cap, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for IEMS.L and 0.13% for SPMO.

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