MMTM vs. VFMO

Last updated Jun 23, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and VFMO (Vanguard U.S. Momentum Factor ETF) are both Momentum funds. MMTM is passively managed, while VFMO is actively managed. Over the past 5 years, MMTM returned 13.21%/yr vs 14.83%/yr for VFMO. Their correlation of 0.86 suggests significant overlap in exposure. MMTM charges 0.12%/yr vs 0.13%/yr for VFMO.

Performance

MMTM vs. VFMO - Performance Comparison

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

Returns By Period

In the year-to-date period, MMTM achieves a 7.75% return, which is significantly lower than VFMO's 28.82% return.

MMTM

• 1D: -0.01%
• 1M: -1.56%
• YTD: 7.75%
• 6M: 7.09%
• 1Y: 23.38%
• 3Y*: 21.27%
• 5Y*: 13.21%
• 10Y*: 15.09%

VFMO

• 1D: 1.63%
• 1M: 7.16%
• YTD: 28.82%
• 6M: 25.09%
• 1Y: 49.52%
• 3Y*: 28.88%
• 5Y*: 14.83%
• 10Y*: —

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

MMTM vs. VFMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MMTM SPDR S&P 1500 Momentum Tilt ETF	7.75%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-6.57%
VFMO Vanguard U.S. Momentum Factor ETF	28.82%	17.39%	26.14%	16.25%	-12.84%	19.16%	31.36%	28.22%	-11.41%

Correlation

The correlation between MMTM and VFMO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.86

The correlation between MMTM and VFMO shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

MMTM vs. VFMO - Sectors Allocation Comparison

Sectors	MMTM	VFMO
Technology	32.3%	17.5%
Financial Services	15.1%	6.5%
Consumer Cyclical	12.1%	8.7%
Healthcare	10.7%	22.9%
Communication Services	7.4%	3.4%
Industrials	7.3%	24.7%
Consumer Defensive	6.2%	2.5%
Real Estate	3.0%	0.1%
Utilities	2.4%	0.2%
Basic Materials	1.9%	6.4%
Energy	1.6%	7.3%

Return for Risk

MMTM vs. VFMO — Risk / Return Rank

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

MMTM

MMTM Risk / Return Rank: 51
MMTM Sharpe Ratio Rank: 49
MMTM Sortino Ratio Rank: 47
MMTM Omega Ratio Rank: 47
MMTM Calmar Ratio Rank: 49
MMTM Martin Ratio Rank: 60

VFMO

VFMO Risk / Return Rank: 74
VFMO Sharpe Ratio Rank: 72
VFMO Sortino Ratio Rank: 64
VFMO Omega Ratio Rank: 65
VFMO Calmar Ratio Rank: 85
VFMO 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.

MMTM vs. VFMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Vanguard U.S. Momentum Factor ETF (VFMO). 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	VFMO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.24	-0.61
Sortino ratio: Return per unit of downside risk	2.27	2.86	-0.59
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.37	4.53	-2.16
Martin ratio: Return relative to average drawdown	10.47	16.87	-6.40

MMTM vs. VFMO - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.63, which is comparable to the VFMO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of MMTM and VFMO, 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. VFMO - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum VFMO drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for MMTM and VFMO.

Drawdown Indicators

	MMTM	VFMO	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-36.77%	+2.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-10.98%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-24.40%	+2.32%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-25.80%	+2.08%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	—	—
Current Drawdown Current decline from peak	-2.74%	0.00%	-2.74%
Average Drawdown Average peak-to-trough decline	-4.19%	-7.73%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.94%	-0.70%

Volatility

MMTM vs. VFMO - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 3.47%, while Vanguard U.S. Momentum Factor ETF (VFMO) has a volatility of 7.88%. This indicates that MMTM experiences smaller price fluctuations and is considered to be less risky than VFMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	VFMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	7.88%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	17.34%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.40%	22.25%	-7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	21.87%	-3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	23.63%	-4.95%

MMTM vs. VFMO - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than VFMO's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MMTM vs. VFMO - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 1.08%, more than VFMO's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM SPDR S&P 1500 Momentum Tilt ETF	1.08%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
VFMO Vanguard U.S. Momentum Factor ETF	0.38%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMTM and VFMO in my portfolio?

MMTM and VFMO have a correlation of 0.75, 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 VFMO?

VFMO has higher volatility (7.88%) compared to MMTM (3.47%). In terms of maximum drawdown, MMTM dropped -33.85% vs VFMO's -36.77%.

Which ETF is better, MMTM or VFMO?

On 5-year performance, VFMO leads with 14.83% vs 13.21% for MMTM. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or VFMO?

Over the 5-year period, VFMO has performed better with a 14.83% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or VFMO?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.13% for VFMO.

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

MMTM has the higher dividend yield at 1.08%, compared with 0.38% for VFMO.

What is the main difference between MMTM and VFMO?

They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for MMTM and 0.13% for VFMO.

Which has better risk-adjusted returns?

VFMO currently has the higher Sharpe Ratio (2.24 vs 1.63), 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.