IYW vs. XMMO
IYW (iShares U.S. Technology ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, IYW returned 25.63%/yr vs 19.95%/yr for XMMO. A 0.75 correlation means they provide meaningful diversification when combined. IYW charges 0.38%/yr vs 0.35%/yr for XMMO.
Performance
IYW vs. XMMO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IYW having a 22.66% return and XMMO slightly higher at 22.77%. Over the past 10 years, IYW has outperformed XMMO with an annualized return of 25.63%, while XMMO has yielded a comparatively lower 19.95% annualized return.
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
XMMO
- 1D
- 0.96%
- 1M
- 0.99%
- YTD
- 22.77%
- 6M
- 22.33%
- 1Y
- 36.63%
- 3Y*
- 30.62%
- 5Y*
- 15.91%
- 10Y*
- 19.95%
IYW vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
XMMO Invesco S&P MidCap Momentum ETF | 22.77% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between IYW and XMMO is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.75 |
The correlation between IYW and XMMO shifts across timeframes, from 0.63 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IYW vs. XMMO — Risk / Return Rank
IYW
XMMO
IYW vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) and Invesco S&P MidCap Momentum ETF (XMMO). 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.
| IYW | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.33 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 4.41 | -1.71 |
| Martin ratioReturn relative to average drawdown | 8.68 | 17.54 | -8.86 |
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Drawdowns
IYW vs. XMMO - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for IYW and XMMO.
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Drawdown Indicators
| IYW | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -55.37% | -26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -8.34% | -9.47% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -24.93% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -27.91% | -11.53% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | -36.74% | -2.70% |
Current DrawdownCurrent decline from peak | -5.81% | -1.19% | -4.62% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -9.44% | -25.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 2.09% | +3.45% |
Volatility
IYW vs. XMMO - Volatility Comparison
iShares U.S. Technology ETF (IYW) and Invesco S&P MidCap Momentum ETF (XMMO) have volatilities of 9.41% and 9.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYW | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 9.07% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 16.76% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 19.74% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 21.62% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 22.35% | +2.85% |
IYW vs. XMMO - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
IYW vs. XMMO - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than XMMO's 0.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
XMMO Invesco S&P MidCap Momentum ETF | 0.61% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
IYW and XMMO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.41%) compared to XMMO (9.07%). In terms of maximum drawdown, IYW dropped -81.90% vs XMMO's -55.37%.
On 10-year performance, IYW leads with 25.63% vs 19.95% for XMMO. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 25.63% return vs 19.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.38% for IYW.
XMMO has the higher dividend yield at 0.61%, compared with 0.11% for IYW.
IYW is categorized as Technology Equities, while XMMO is Momentum. IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index, while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.38% for IYW and 0.35% for XMMO.
IYW currently has the higher Sharpe Ratio (2.24 vs 1.86), 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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