MMTM vs. XMMO

Last updated Jun 4, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both Momentum funds - MMTM tracks the S&P 1500 Positive Momentum Tilt Index while XMMO tracks the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, MMTM returned 15.00%/yr vs 19.73%/yr for XMMO. A 0.69 correlation means they provide meaningful diversification when combined. MMTM charges 0.12%/yr vs 0.35%/yr for XMMO.

Performance

MMTM vs. XMMO - 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 S&P MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMTM achieves a 9.16% return, which is significantly lower than XMMO's 23.73% return. Over the past 10 years, MMTM has underperformed XMMO with an annualized return of 15.00%, while XMMO has yielded a comparatively higher 19.73% annualized return.

MMTM

• 1D: -1.07%
• 1M: 2.46%
• YTD: 9.16%
• 6M: 9.58%
• 1Y: 24.27%
• 3Y*: 22.46%
• 5Y*: 13.50%
• 10Y*: 15.00%

XMMO

• 1D: 0.62%
• 1M: 6.87%
• YTD: 23.73%
• 6M: 25.73%
• 1Y: 36.97%
• 3Y*: 32.10%
• 5Y*: 16.69%
• 10Y*: 19.73%

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

MMTM vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM SPDR S&P 1500 Momentum Tilt ETF	9.16%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
XMMO Invesco S&P MidCap Momentum ETF	23.73%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between MMTM and XMMO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.69

The correlation between MMTM and XMMO shifts across timeframes, from 0.69 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

MMTM vs. XMMO - Sectors Allocation Comparison

Sectors	MMTM	XMMO
Technology	29.5%	16.7%
Financial Services	16.0%	2.4%
Consumer Cyclical	12.4%	4.6%
Healthcare	10.8%	6.3%
Communication Services	7.7%	1.6%
Industrials	7.6%	41.1%
Consumer Defensive	6.7%	0.5%
Real Estate	3.1%	6.1%
Utilities	2.6%	5.8%
Basic Materials	2.0%	7.2%
Energy	1.7%	7.7%

Return for Risk

MMTM vs. XMMO — 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: 48
MMTM Omega Ratio Rank: 49
MMTM Calmar Ratio Rank: 49
MMTM Martin Ratio Rank: 62

XMMO

XMMO Risk / Return Rank: 67
XMMO Sharpe Ratio Rank: 57
XMMO Sortino Ratio Rank: 57
XMMO Omega Ratio Rank: 55
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.

MMTM vs. XMMO - 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 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.

	MMTM	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.99	-0.27
Sortino ratio: Return per unit of downside risk	2.40	2.77	-0.38
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	2.46	4.45	-1.99
Martin ratio: Return relative to average drawdown	11.15	18.21	-7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMTM vs. XMMO - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.72, which is comparable to the XMMO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MMTM 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.

Sharpe Ratios by Period

	MMTM	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.99	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.78	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.89	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.58	+0.27

Drawdowns

MMTM vs. XMMO - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for MMTM and XMMO.

Drawdown Indicators

	MMTM	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-55.37%	+21.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-8.34%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-24.93%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-27.91%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-36.74%	+2.89%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-4.20%	-9.45%	+5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.04%	+0.14%

Volatility

MMTM vs. XMMO - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 2.35%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.82%. This indicates that MMTM 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

	MMTM	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	7.82%	-5.47%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	15.54%	-4.81%
Volatility (1Y) Calculated over the trailing 1-year period	14.19%	18.71%	-4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	21.45%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	22.27%	-3.62%

MMTM vs. XMMO - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than XMMO's 0.35% expense ratio.

Dividends

MMTM vs. XMMO - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.78%, more than XMMO's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.78%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
XMMO Invesco S&P MidCap Momentum ETF	0.60%	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 MMTM and XMMO in my portfolio?

MMTM and XMMO have a correlation of 0.69, 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 XMMO?

XMMO has higher volatility (7.82%) compared to MMTM (2.35%). In terms of maximum drawdown, MMTM dropped -33.85% vs XMMO's -55.37%.

Which ETF is better, MMTM or XMMO?

On 10-year performance, XMMO leads with 19.73% vs 15.00% for MMTM. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or XMMO?

Over the 10-year period, XMMO has performed better with a 19.73% return vs 15.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or XMMO?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.35% for XMMO.

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

MMTM has the higher dividend yield at 0.78%, compared with 0.60% for XMMO.

What is the main difference between MMTM and XMMO?

MMTM tracks S&P 1500 Positive Momentum Tilt Index, while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for MMTM and 0.35% for XMMO.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.99 vs 1.72), 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.