KBWY vs. SPMO
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, KBWY returned 1.46%/yr vs 21.03%/yr for SPMO. At a 0.34 correlation, their price movements are largely independent. KBWY charges 0.35%/yr vs 0.13%/yr for SPMO.
Performance
KBWY vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 22.56% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, KBWY has underperformed SPMO with an annualized return of 1.46%, while SPMO has yielded a comparatively higher 21.03% annualized return.
KBWY
- 1D
- 1.25%
- 1M
- 4.73%
- YTD
- 22.56%
- 6M
- 24.93%
- 1Y
- 25.07%
- 3Y*
- 11.98%
- 5Y*
- 3.00%
- 10Y*
- 1.46%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
KBWY vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 22.56% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between KBWY and SPMO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.34 |
The correlation between KBWY and SPMO shifts across timeframes, from 0.17 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
KBWY vs. SPMO — Risk / Return Rank
KBWY
SPMO
KBWY vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.45 | -0.72 |
| Martin ratioReturn relative to average drawdown | 6.48 | 12.97 | -6.49 |
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Drawdowns
KBWY vs. SPMO - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for KBWY and SPMO.
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Drawdown Indicators
| KBWY | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -30.95% | -26.73% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -12.70% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -20.13% | -9.80% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -22.74% | -9.55% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -30.95% | -26.73% |
Current DrawdownCurrent decline from peak | -6.64% | -4.53% | -2.11% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -4.59% | -9.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 3.37% | +0.51% |
Volatility
KBWY vs. SPMO - Volatility Comparison
The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 4.85%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that KBWY 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
| KBWY | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 11.75% | -6.90% |
Volatility (6M)Calculated over the trailing 6-month period | 12.16% | 17.78% | -5.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 20.55% | -3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.61% | 19.88% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.08% | 20.60% | +6.48% |
KBWY vs. SPMO - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
KBWY vs. SPMO - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.28%, more than SPMO's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.28% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 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
KBWY and SPMO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to KBWY (4.85%). In terms of maximum drawdown, KBWY dropped -57.68% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 1.46% for KBWY. On fees, SPMO is cheaper at 0.13% per year. On volatility, KBWY has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 21.03% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.35% for KBWY.
KBWY has the higher dividend yield at 8.28%, compared with 0.68% for SPMO.
KBWY is categorized as REIT, while SPMO is Momentum. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.35% for KBWY and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 vs 1.50), 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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