MMTM vs. PTH

Last updated Jul 14, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and PTH (Invesco DWA Healthcare Momentum ETF) are both Momentum funds - MMTM tracks the S&P 1500 Positive Momentum Tilt Index while PTH tracks the Dorsey Wright Healthcare Technical Leaders Index. Both are passively managed. Over the past 10 years, MMTM returned 14.19%/yr vs 14.68%/yr for PTH. A 0.53 correlation means they provide meaningful diversification when combined. MMTM charges 0.12%/yr vs 0.60%/yr for PTH.

Performance

MMTM vs. PTH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Invesco DWA Healthcare Momentum ETF (PTH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMTM achieves a 5.40% return, which is significantly lower than PTH's 18.11% return. Both investments have delivered pretty close results over the past 10 years, with MMTM having a 14.19% annualized return and PTH not far ahead at 14.68%.

MMTM

• 1D: -1.44%
• 1M: -2.52%
• 6M: 3.08%
• YTD: 5.40%
• 1Y: 15.73%
• 3Y*: 18.92%
• 5Y*: 12.12%
• 10Y*: 14.19%

PTH

• 1D: -2.00%
• 1M: 13.65%
• 6M: 20.08%
• YTD: 18.11%
• 1Y: 59.34%
• 3Y*: 14.43%
• 5Y*: 2.13%
• 10Y*: 14.68%

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

MMTM vs. PTH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM SPDR S&P 1500 Momentum Tilt ETF	5.40%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
PTH Invesco DWA Healthcare Momentum ETF	18.11%	27.91%	2.36%	-4.54%	-20.61%	-3.20%	67.26%	34.45%	-1.23%	50.15%

Correlation

The correlation between MMTM and PTH is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.53

The correlation between MMTM and PTH shifts across timeframes, from 0.41 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

MMTM vs. PTH - Sectors Allocation Comparison

Sectors	MMTM	PTH
Technology	32.3%	-
Financial Services	15.1%	1.2%
Consumer Cyclical	12.1%	-
Healthcare	10.7%	93.6%
Communication Services	7.4%	-
Industrials	7.3%	-
Consumer Defensive	6.2%	-
Real Estate	3.0%	-
Utilities	2.4%	-
Basic Materials	1.9%	-
Energy	1.6%	-

Return for Risk

MMTM vs. PTH — Risk / Return Rank

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

MMTM

MMTM Risk / Return Rank: 39
MMTM Sharpe Ratio Rank: 37
MMTM Sortino Ratio Rank: 35
MMTM Omega Ratio Rank: 35
MMTM Calmar Ratio Rank: 39
MMTM Martin Ratio Rank: 48

PTH

PTH Risk / Return Rank: 88
PTH Sharpe Ratio Rank: 91
PTH Sortino Ratio Rank: 89
PTH Omega Ratio Rank: 84
PTH Calmar Ratio Rank: 93
PTH Martin Ratio Rank: 82

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.

MMTM vs. PTH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Invesco DWA Healthcare Momentum ETF (PTH). 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.

	MMTM	PTH	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.46	-1.40
Sortino ratio: Return per unit of downside risk	1.52	3.26	-1.74
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.20
Calmar ratio: Return relative to maximum drawdown	1.60	4.98	-3.38
Martin ratio: Return relative to average drawdown	6.34	12.59	-6.25

MMTM vs. PTH - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.06, which is lower than the PTH Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of MMTM and PTH, 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

MMTM vs. PTH - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum PTH drawdown of -53.52%. Use the drawdown chart below to compare losses from any high point for MMTM and PTH.

Drawdown Indicators

	MMTM	PTH	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-53.52%	+19.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-11.98%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-27.74%	+5.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-50.07%	+26.35%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-53.52%	+19.67%
Current Drawdown Current decline from peak	-4.87%	-4.82%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.19%	-16.95%	+12.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	4.73%	-2.24%

Volatility

MMTM vs. PTH - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 5.31%, while Invesco DWA Healthcare Momentum ETF (PTH) has a volatility of 7.18%. This indicates that MMTM experiences smaller price fluctuations and is considered to be less risky than PTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	PTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	7.18%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	19.19%	-7.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	24.33%	-9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	25.67%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	27.32%	-8.65%

MMTM vs. PTH - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than PTH's 0.60% expense ratio.

Dividends

MMTM vs. PTH - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.88%, less than PTH's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.88%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
PTH Invesco DWA Healthcare Momentum ETF	2.60%	3.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMTM and PTH in my portfolio?

MMTM and PTH have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMTM or PTH?

PTH has higher volatility (7.18%) compared to MMTM (5.31%). In terms of maximum drawdown, MMTM dropped -33.85% vs PTH's -53.52%.

Which ETF is better, MMTM or PTH?

On 10-year performance, PTH leads with 14.68% vs 14.19% for MMTM. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or PTH?

Over the 10-year period, PTH has performed better with a 14.68% return vs 14.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or PTH?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.60% for PTH.

Which ETF pays a higher dividend yield, MMTM or PTH?

PTH has the higher dividend yield at 2.60%, compared with 0.88% for MMTM.

What is the main difference between MMTM and PTH?

MMTM tracks S&P 1500 Positive Momentum Tilt Index, while PTH tracks Dorsey Wright Healthcare Technical Leaders Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for MMTM and 0.60% for PTH.

Which has better risk-adjusted returns?

PTH currently has the higher Sharpe Ratio (2.46 vs 1.06), 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.