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

IWMO.L vs. SPMO

Last updated Jun 5, 2026

IWMO.L (iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds - IWMO.L tracks the MSCI World Momentum Index while SPMO tracks the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, IWMO.L returned 15.58%/yr vs 20.08%/yr for SPMO. A 0.53 correlation means they provide meaningful diversification when combined. IWMO.L charges 0.25%/yr vs 0.13%/yr for SPMO.

Performance

IWMO.L vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc) (IWMO.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

The year-to-date returns for both stocks are quite close, with IWMO.L having a 21.89% return and SPMO slightly lower at 21.26%. Over the past 10 years, IWMO.L has underperformed SPMO with an annualized return of 15.58%, while SPMO has yielded a comparatively higher 20.08% annualized return.

IWMO.L

1D
-0.78%
1M
5.62%
YTD
21.89%
6M
23.45%
1Y
33.45%
3Y*
29.58%
5Y*
13.62%
10Y*
15.58%

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)

IWMO.L vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWMO.L
iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)		21.89%21.04%30.50%11.96%-17.97%14.13%28.58%27.14%-3.85%32.09%
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 IWMO.L and SPMO is 0.69, 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

0.69

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

0.59

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

0.58

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

0.54

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

0.53

The correlation between IWMO.L and SPMO shifts across timeframes, from 0.53 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

IWMO.L vs. SPMO - Sectors Allocation Comparison

Sectors
IWMO.L
SPMO

Technology

26.0%
52.6%

Industrials

18.7%
11.3%

Financial Services

13.1%
5.9%

Healthcare

10.7%
6.7%

Energy

10.6%
3.4%

Communication Services

6.8%
9.2%

Basic Materials

6.0%
1.6%

Utilities

3.7%
2.8%

Consumer Cyclical

1.6%
1.3%

Consumer Defensive

1.5%
4.3%

Real Estate

1.4%
1.0%

Technology

IWMO.L
26.0%
SPMO
52.6%

Industrials

IWMO.L
18.7%
SPMO
11.3%

Financial Services

IWMO.L
13.1%
SPMO
5.9%

Healthcare

IWMO.L
10.7%
SPMO
6.7%

Energy

IWMO.L
10.6%
SPMO
3.4%

Communication Services

IWMO.L
6.8%
SPMO
9.2%

Basic Materials

IWMO.L
6.0%
SPMO
1.6%

Utilities

IWMO.L
3.7%
SPMO
2.8%

Consumer Cyclical

IWMO.L
1.6%
SPMO
1.3%

Consumer Defensive

IWMO.L
1.5%
SPMO
4.3%

Real Estate

IWMO.L
1.4%
SPMO
1.0%

Compare stocks, funds, or ETFs

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iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)

Invesco S&P 500 Momentum ETF

Often compared with IWMO.L:
IWMO.L vs. SPYIWMO.L vs. QMOMIWMO.L vs. VWRA.LIWMO.L vs. JPGL.LIWMO.L vs. IPRV.LIWMO.L vs. IWVL.LIWMO.L vs. AVUV
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

IWMO.L vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWMO.L
IWMO.L Risk / Return Rank: 6060
Overall Rank
IWMO.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IWMO.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
IWMO.L Omega Ratio Rank: 5656
Omega Ratio Rank
IWMO.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
IWMO.L Martin Ratio Rank: 6969
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc) (IWMO.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.

IWMO.LSPMODifference
Sharpe ratioReturn per unit of total volatility
1.85
2.04

-0.19

Sortino ratioReturn per unit of downside risk
2.81
2.70

+0.11

Omega ratioGain probability vs. loss probability

1.34

1.37

-0.03

Calmar ratioReturn relative to maximum drawdown

2.90

2.98

-0.07

Martin ratioReturn relative to average drawdown

12.73

11.48

+1.25

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

IWMO.L vs. SPMO - Sharpe Ratio Comparison

The current IWMO.L Sharpe Ratio is 1.85, which is comparable to the SPMO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IWMO.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

IWMO.LSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

2.04

-0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

1.16

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.99

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.97

-0.17

Drawdowns

IWMO.L vs. SPMO - Drawdown Comparison

The maximum IWMO.L drawdown since its inception was -31.52%, roughly equal to the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for IWMO.L and SPMO.

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Drawdown Indicators

IWMO.LSPMODifference

Max Drawdown

Largest peak-to-trough decline

-31.52%

-30.95%

-0.57%

Max Drawdown (1Y)

Largest decline over 1 year

-11.61%

-12.70%

+1.09%

Max Drawdown (3Y)

Largest decline over 3 years

-19.40%

-20.13%

+0.73%

Max Drawdown (5Y)

Largest decline over 5 years

-29.63%

-22.74%

-6.89%

Max Drawdown (10Y)

Largest decline over 10 years

-31.52%

-30.95%

-0.57%

Current Drawdown

Current decline from peak

-0.78%

-6.97%

+6.19%

Average Drawdown

Average peak-to-trough decline

-6.03%

-4.60%

-1.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

3.29%

-0.64%

Volatility

IWMO.L vs. SPMO - Volatility Comparison

The current volatility for iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc) (IWMO.L) is 6.56%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 9.33%. This indicates that IWMO.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

IWMO.LSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

9.33%

-2.77%

Volatility (6M)

Calculated over the trailing 6-month period

15.84%

15.67%

+0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

18.21%

18.61%

-0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.50%

19.46%

-0.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

20.39%

-2.38%

IWMO.L vs. SPMO - Expense Ratio Comparison

IWMO.L has a 0.25% 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

IWMO.L vs. SPMO - Dividend Comparison

IWMO.L has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.70%.

PositionTTM20252024202320222021202020192018201720162015
IWMO.L
iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)		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		0.70%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

IWMO.L and SPMO have a correlation of 0.69, 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 0.25% for IWMO.L.

IWMO.L tracks MSCI World Momentum Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for IWMO.L and 0.13% for SPMO.

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