KBWY vs. XMMO

Last updated Jun 24, 2026

KBWY (Invesco KBW Premium Yield Equity REIT ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, KBWY returned 1.46%/yr vs 20.13%/yr for XMMO. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

KBWY vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Invesco S&P MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KBWY having a 22.56% return and XMMO slightly higher at 22.90%. Over the past 10 years, KBWY has underperformed XMMO with an annualized return of 1.46%, while XMMO has yielded a comparatively higher 20.13% 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%

XMMO

• 1D: -2.42%
• 1M: 3.07%
• YTD: 22.90%
• 6M: 20.25%
• 1Y: 35.75%
• 3Y*: 31.04%
• 5Y*: 15.91%
• 10Y*: 20.13%

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

KBWY vs. XMMO - 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%
XMMO Invesco S&P MidCap Momentum ETF	22.90%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between KBWY and XMMO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.54

The correlation between KBWY and XMMO shifts across timeframes, from 0.36 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KBWY vs. XMMO — Risk / Return Rank

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

KBWY

KBWY Risk / Return Rank: 46
KBWY Sharpe Ratio Rank: 45
KBWY Sortino Ratio Rank: 45
KBWY Omega Ratio Rank: 40
KBWY Calmar Ratio Rank: 58
KBWY Martin Ratio Rank: 42

XMMO

XMMO Risk / Return Rank: 66
XMMO Sharpe Ratio Rank: 55
XMMO Sortino Ratio Rank: 53
XMMO Omega Ratio Rank: 53
XMMO Calmar Ratio Rank: 83
XMMO Martin Ratio Rank: 85

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.

KBWY vs. XMMO - 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 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.

	KBWY	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.80	-0.30
Sortino ratio: Return per unit of downside risk	2.17	2.50	-0.33
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	2.72	4.31	-1.58
Martin ratio: Return relative to average drawdown	6.48	17.07	-10.59

KBWY vs. XMMO - Sharpe Ratio Comparison

The current KBWY Sharpe Ratio is 1.50, which is comparable to the XMMO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of KBWY and XMMO, 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

KBWY vs. XMMO - Drawdown Comparison

The maximum KBWY drawdown since its inception was -57.68%, roughly equal to the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for KBWY and XMMO.

Drawdown Indicators

	KBWY	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-57.68%	-55.37%	-2.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.34%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-29.93%	-24.93%	-5.00%
Max Drawdown (5Y) Largest decline over 5 years	-32.29%	-27.91%	-4.38%
Max Drawdown (10Y) Largest decline over 10 years	-57.68%	-36.74%	-20.94%
Current Drawdown Current decline from peak	-6.64%	-2.42%	-4.22%
Average Drawdown Average peak-to-trough decline	-14.15%	-9.43%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	2.10%	+1.78%

Volatility

KBWY vs. XMMO - Volatility Comparison

The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 4.85%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 8.50%. This indicates that KBWY experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWY	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	8.50%	-3.65%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	16.79%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	19.94%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.61%	21.65%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	22.33%	+4.75%

KBWY vs. XMMO - Expense Ratio Comparison

Both KBWY and XMMO have an expense ratio of 0.35%.

Dividends

KBWY vs. XMMO - Dividend Comparison

KBWY's dividend yield for the trailing twelve months is around 8.28%, more than XMMO's 0.57% 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%
XMMO Invesco S&P MidCap Momentum ETF	0.57%	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

Can I hold both KBWY and XMMO in my portfolio?

KBWY and XMMO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWY or XMMO?

XMMO has higher volatility (8.50%) compared to KBWY (4.85%). In terms of maximum drawdown, KBWY dropped -57.68% vs XMMO's -55.37%.

Which ETF is better, KBWY or XMMO?

On 10-year performance, XMMO leads with 20.13% vs 1.46% for KBWY. Both ETFs have the same 0.35% expense ratio. 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.

Which ETF has performed better, KBWY or XMMO?

Over the 10-year period, XMMO has performed better with a 20.13% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWY or XMMO?

KBWY and XMMO have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, KBWY or XMMO?

KBWY has the higher dividend yield at 8.28%, compared with 0.57% for XMMO.

What is the main difference between KBWY and XMMO?

KBWY is categorized as REIT, while XMMO is Momentum. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while XMMO tracks S&P MidCap 400 Momentum Index.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.80 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.