MMTM vs. VOO

Last updated Aug 2, 2026

MMTM (State Street SPDR S&P 1500 Momentum Tilt ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MMTM returned 13.93%/yr vs 15.14%/yr for VOO. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MMTM charges 0.12%/yr vs 0.03%/yr for VOO.

Performance

MMTM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMTM achieves a 3.09% return, which is significantly lower than VOO's 10.16% return. Over the past 10 years, MMTM has underperformed VOO with an annualized return of 13.93%, while VOO has yielded a comparatively higher 15.14% annualized return.

MMTM

• 1D: 0.32%
• 1M: -1.70%
• 6M: 1.21%
• YTD: 3.09%
• 1Y: 12.72%
• 3Y*: 17.27%
• 5Y*: 11.41%
• 10Y*: 13.93%
• ALL TIME*: 14.00%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	$399.23K	$398.88K	$392.43K
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

MMTM vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	3.09%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between MMTM and VOO is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.78

The correlation between MMTM and VOO shifts across timeframes, from 0.78 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.

MMTM vs. VOO - Sectors Allocation Comparison

Sectors	MMTM	VOO
Technology	42.6%	38.6%
Communication Services	11.4%	9.9%
Industrials	11.0%	8.5%
Financial Services	8.2%	11.4%
Consumer Cyclical	7.6%	9.5%
Healthcare	6.6%	8.9%
Energy	4.5%	3.0%
Consumer Defensive	2.7%	4.5%
Utilities	2.0%	2.2%
Basic Materials	1.8%	1.7%
Real Estate	1.6%	1.8%

Return for Risk

MMTM vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMTM

MMTM Risk / Return Rank: 31
MMTM Sharpe Ratio Rank: 29
MMTM Sortino Ratio Rank: 28
MMTM Omega Ratio Rank: 28
MMTM Calmar Ratio Rank: 33
MMTM Martin Ratio Rank: 37

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMTM vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.53	-0.83
Sortino ratio: Return per unit of downside risk	1.07	2.13	-1.06
Omega ratio: Gain probability vs. loss probability	1.13	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	1.10	2.21	-1.11
Martin ratio: Return relative to average drawdown	3.77	9.44	-5.67

MMTM vs. VOO - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 0.70, which is lower than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MMTM and VOO, 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. VOO - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MMTM and VOO.

Drawdown Indicators

	MMTM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-33.99%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-8.90%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-18.69%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-24.52%	+0.80%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-33.99%	+0.14%
Current Drawdown Current decline from peak	-6.95%	-1.38%	-5.57%
Average Drawdown Average peak-to-trough decline	-4.20%	-3.67%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.08%	+0.81%

Volatility

MMTM vs. VOO - Volatility Comparison

State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) has a higher volatility of 5.26% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that MMTM's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	3.54%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	10.10%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	12.82%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	16.93%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	18.01%	+0.70%

MMTM vs. VOO - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is higher than VOO's 0.03% expense ratio. However, 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. VOO - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.90%, less than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	0.90%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both MMTM and VOO in my portfolio?

With a correlation of 0.91, MMTM and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MMTM or VOO?

MMTM has higher volatility (5.26%) compared to VOO (3.54%). In terms of maximum drawdown, MMTM dropped -33.85% vs VOO's -33.99%.

Which ETF is better, MMTM or VOO?

On 10-year performance, VOO leads with 15.14% vs 13.93% for MMTM. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 13.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.12% for MMTM.

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

VOO has the higher dividend yield at 1.07%, compared with 0.90% for MMTM.

What is the main difference between MMTM and VOO?

MMTM is categorized as Momentum, while VOO is S&P 500. MMTM tracks S&P 1500 Positive Momentum Tilt Index, while VOO tracks S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.12% for MMTM and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 vs 0.70), 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.