MMTM vs. VAMO

Last updated Jun 24, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and VAMO (Cambria Value and Momentum ETF) are both Momentum funds. MMTM is passively managed, while VAMO is actively managed. Over the past 10 years, MMTM returned 14.83%/yr vs 5.87%/yr for VAMO. At a 0.41 correlation, their price movements are largely independent. MMTM charges 0.12%/yr vs 0.65%/yr for VAMO.

Performance

MMTM vs. VAMO - Performance Comparison

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

Returns By Period

In the year-to-date period, MMTM achieves a 5.27% return, which is significantly higher than VAMO's 4.39% return. Over the past 10 years, MMTM has outperformed VAMO with an annualized return of 14.83%, while VAMO has yielded a comparatively lower 5.87% annualized return.

MMTM

• 1D: -2.31%
• 1M: -3.83%
• YTD: 5.27%
• 6M: 3.94%
• 1Y: 18.98%
• 3Y*: 20.33%
• 5Y*: 12.49%
• 10Y*: 14.83%

VAMO

• 1D: -0.39%
• 1M: 1.34%
• YTD: 4.39%
• 6M: 3.05%
• 1Y: 19.78%
• 3Y*: 13.95%
• 5Y*: 9.24%
• 10Y*: 5.87%

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

MMTM vs. VAMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM SPDR S&P 1500 Momentum Tilt ETF	5.27%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
VAMO Cambria Value and Momentum ETF	4.39%	16.51%	6.11%	5.58%	8.55%	32.16%	-4.92%	-4.63%	-11.43%	3.82%

Correlation

The correlation between MMTM and VAMO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015	0.41

Return for Risk

MMTM vs. VAMO — Risk / Return Rank

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

MMTM

MMTM Risk / Return Rank: 41
MMTM Sharpe Ratio Rank: 38
MMTM Sortino Ratio Rank: 37
MMTM Omega Ratio Rank: 37
MMTM Calmar Ratio Rank: 40
MMTM Martin Ratio Rank: 51

VAMO

VAMO Risk / Return Rank: 60
VAMO Sharpe Ratio Rank: 56
VAMO Sortino Ratio Rank: 58
VAMO Omega Ratio Rank: 52
VAMO Calmar Ratio Rank: 75
VAMO Martin Ratio Rank: 61

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. VAMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Cambria Value and Momentum ETF (VAMO). 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	VAMO	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.77	-0.46
Sortino ratio: Return per unit of downside risk	1.85	2.59	-0.75
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.93	3.58	-1.65
Martin ratio: Return relative to average drawdown	8.42	10.28	-1.86

MMTM vs. VAMO - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.31, which is comparable to the VAMO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of MMTM and VAMO, 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. VAMO - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum VAMO drawdown of -41.84%. Use the drawdown chart below to compare losses from any high point for MMTM and VAMO.

Drawdown Indicators

	MMTM	VAMO	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-41.84%	+7.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-5.55%	-4.34%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-11.61%	-10.47%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-17.25%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-41.84%	+7.99%
Current Drawdown Current decline from peak	-4.99%	-1.59%	-3.40%
Average Drawdown Average peak-to-trough decline	-4.19%	-9.94%	+5.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.93%	+0.33%

Volatility

MMTM vs. VAMO - Volatility Comparison

SPDR S&P 1500 Momentum Tilt ETF (MMTM) has a higher volatility of 4.15% compared to Cambria Value and Momentum ETF (VAMO) at 2.70%. This indicates that MMTM's price experiences larger fluctuations and is considered to be riskier than VAMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	VAMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	2.70%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	7.65%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	11.23%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	17.18%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	18.10%	+0.56%

MMTM vs. VAMO - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than VAMO's 0.65% expense ratio.

Dividends

MMTM vs. VAMO - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.88%, more than VAMO's 0.62% 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%
VAMO Cambria Value and Momentum ETF	0.62%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both MMTM and VAMO in my portfolio?

MMTM and VAMO have a correlation of 0.38, 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 VAMO?

MMTM has higher volatility (4.15%) compared to VAMO (2.70%). In terms of maximum drawdown, MMTM dropped -33.85% vs VAMO's -41.84%.

Which ETF is better, MMTM or VAMO?

On 10-year performance, MMTM leads with 14.83% vs 5.87% for VAMO. On fees, MMTM is cheaper at 0.12% per year. On volatility, VAMO has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or VAMO?

Over the 10-year period, MMTM has performed better with a 14.83% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or VAMO?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.65% for VAMO.

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

MMTM has the higher dividend yield at 0.88%, compared with 0.62% for VAMO.

What is the main difference between MMTM and VAMO?

They also come from different issuers: State Street and Cambria. Their fees differ too: 0.12% for MMTM and 0.65% for VAMO.

Which has better risk-adjusted returns?

VAMO currently has the higher Sharpe Ratio (1.77 vs 1.31), 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.