IMTM vs. SPD

Last updated Jun 14, 2026

IMTM (iShares MSCI Intl Momentum Factor ETF) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - IMTM is a Momentum fund tracking the MSCI World ex USA Momentum, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. IMTM is passively managed, while SPD is actively managed. Over the past 5 years, IMTM returned 9.19%/yr vs 8.03%/yr for SPD. A 0.68 correlation means they provide meaningful diversification when combined. IMTM charges 0.30%/yr vs 0.53%/yr for SPD.

Performance

IMTM vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Momentum Factor ETF (IMTM) and Simplify US Equity PLUS Downside Convexity ETF (SPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMTM achieves a 11.53% return, which is significantly higher than SPD's 5.42% return.

IMTM

• 1D: 0.72%
• 1M: 3.24%
• YTD: 11.53%
• 6M: 12.83%
• 1Y: 25.06%
• 3Y*: 21.00%
• 5Y*: 9.19%
• 10Y*: 10.44%

SPD

• 1D: 0.40%
• 1M: 0.53%
• YTD: 5.42%
• 6M: 5.44%
• 1Y: 14.06%
• 3Y*: 16.67%
• 5Y*: 8.03%
• 10Y*: —

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

IMTM vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IMTM iShares MSCI Intl Momentum Factor ETF	11.53%	34.50%	12.17%	13.89%	-16.81%	3.50%	12.52%
SPD Simplify US Equity PLUS Downside Convexity ETF	5.42%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.06%

Correlation

The correlation between IMTM and SPD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.68

The correlation between IMTM and SPD has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

IMTM vs. SPD - Sectors Allocation Comparison

Sectors	IMTM	SPD
Financial Services	28.6%	11.0%
Technology	15.6%	38.4%
Industrials	15.5%	7.9%
Energy	10.0%	3.2%
Basic Materials	9.7%	1.7%
Healthcare	8.9%	8.4%
Utilities	5.3%	2.1%
Consumer Defensive	2.1%	4.6%
Consumer Cyclical	1.8%	10.0%
Communication Services	1.5%	10.8%
Real Estate	1.1%	1.8%

Return for Risk

IMTM vs. SPD — Risk / Return Rank

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

IMTM

IMTM Risk / Return Rank: 44
IMTM Sharpe Ratio Rank: 43
IMTM Sortino Ratio Rank: 43
IMTM Omega Ratio Rank: 43
IMTM Calmar Ratio Rank: 42
IMTM Martin Ratio Rank: 49

SPD

SPD Risk / Return Rank: 27
SPD Sharpe Ratio Rank: 29
SPD Sortino Ratio Rank: 28
SPD Omega Ratio Rank: 26
SPD Calmar Ratio Rank: 25
SPD Martin Ratio Rank: 27

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.

IMTM vs. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Momentum Factor ETF (IMTM) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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.

	IMTM	SPD	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.92	+0.41
Sortino ratio: Return per unit of downside risk	1.96	1.37	+0.58
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.08
Calmar ratio: Return relative to maximum drawdown	1.86	1.04	+0.82
Martin ratio: Return relative to average drawdown	7.37	3.23	+4.14

IMTM vs. SPD - Sharpe Ratio Comparison

The current IMTM Sharpe Ratio is 1.33, which is higher than the SPD Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of IMTM and SPD, 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

IMTM vs. SPD - Drawdown Comparison

The maximum IMTM drawdown since its inception was -32.66%, which is greater than SPD's maximum drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for IMTM and SPD.

Drawdown Indicators

	IMTM	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-32.66%	-27.38%	-5.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-11.90%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-15.18%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-32.66%	-27.38%	-5.28%
Max Drawdown (10Y) Largest decline over 10 years	-32.66%	—	—
Current Drawdown Current decline from peak	-0.22%	-1.89%	+1.67%
Average Drawdown Average peak-to-trough decline	-7.43%	-7.70%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.85%	-0.61%

Volatility

IMTM vs. SPD - Volatility Comparison

iShares MSCI Intl Momentum Factor ETF (IMTM) has a higher volatility of 7.20% compared to Simplify US Equity PLUS Downside Convexity ETF (SPD) at 4.24%. This indicates that IMTM's price experiences larger fluctuations and is considered to be riskier than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMTM	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	4.24%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	16.06%	9.14%	+6.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	13.45%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	16.10%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	15.99%	+1.64%

IMTM vs. SPD - Expense Ratio Comparison

IMTM has a 0.30% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

IMTM vs. SPD - Dividend Comparison

IMTM's dividend yield for the trailing twelve months is around 4.22%, more than SPD's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMTM iShares MSCI Intl Momentum Factor ETF	4.22%	4.70%	2.93%	2.29%	2.68%	2.51%	0.97%	2.13%	2.36%	1.92%	2.75%	1.56%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.97%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMTM and SPD in my portfolio?

IMTM and SPD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMTM or SPD?

IMTM has higher volatility (7.20%) compared to SPD (4.24%). In terms of maximum drawdown, IMTM dropped -32.66% vs SPD's -27.38%.

Which ETF is better, IMTM or SPD?

On 5-year performance, IMTM leads with 9.19% vs 8.03% for SPD. On fees, IMTM is cheaper at 0.30% per year. On volatility, SPD has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMTM or SPD?

Over the 5-year period, IMTM has performed better with a 9.19% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMTM or SPD?

IMTM is cheaper with a 0.30% expense ratio, compared with 0.53% for SPD.

Which ETF pays a higher dividend yield, IMTM or SPD?

IMTM has the higher dividend yield at 4.22%, compared with 0.97% for SPD.

What is the main difference between IMTM and SPD?

IMTM is categorized as Momentum, while SPD is Large Cap Blend Equities. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.30% for IMTM and 0.53% for SPD.

Which has better risk-adjusted returns?

IMTM currently has the higher Sharpe Ratio (1.33 vs 0.92), 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.