MMTM vs. XMVM

Last updated Aug 2, 2026

MMTM (State Street SPDR S&P 1500 Momentum Tilt ETF) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both Momentum funds - MMTM tracks the S&P 1500 Positive Momentum Tilt Index while XMVM tracks the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, MMTM returned 13.93%/yr vs 12.44%/yr for XMVM. Their 0.57 correlation means they have sometimes moved together and sometimes differently. MMTM charges 0.12%/yr vs 0.39%/yr for XMVM.

Performance

MMTM vs. XMVM - 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 Invesco S&P MidCap Value with Momentum ETF (XMVM). 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 XMVM's 17.44% return. Over the past 10 years, MMTM has outperformed XMVM with an annualized return of 13.93%, while XMVM has yielded a comparatively lower 12.44% 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%

XMVM

• 1D: -0.53%
• 1M: 5.11%
• 6M: 13.72%
• YTD: 17.44%
• 1Y: 38.27%
• 3Y*: 17.47%
• 5Y*: 12.42%
• 10Y*: 12.44%
• ALL TIME*: 9.70%

*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
XMVM Invesco S&P MidCap Value with Momentum ETF	$2.16M	$2.04M	$1.98M

MMTM vs. XMVM - 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	17.44%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%

Correlation

The correlation between MMTM and XMVM is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.57

The correlation between MMTM and XMVM shifts across timeframes, from 0.38 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

MMTM vs. XMVM - Sectors Allocation Comparison

Sectors	MMTM	XMVM
Technology	42.6%	5.1%
Communication Services	11.4%	0.9%
Industrials	11.0%	11.7%
Financial Services	8.2%	37.9%
Consumer Cyclical	7.6%	14.8%
Healthcare	6.6%	2.5%
Energy	4.5%	13.5%
Consumer Defensive	2.7%	1.2%
Utilities	2.0%	8.5%
Basic Materials	1.8%	0.8%
Real Estate	1.6%	4.9%

Return for Risk

MMTM vs. XMVM — 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

XMVM

XMVM Risk / Return Rank: 91
XMVM Sharpe Ratio Rank: 92
XMVM Sortino Ratio Rank: 93
XMVM Omega Ratio Rank: 91
XMVM Calmar Ratio Rank: 90
XMVM Martin Ratio Rank: 87

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. XMVM - 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 Invesco S&P MidCap Value with Momentum ETF (XMVM). 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	XMVM	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.42	-1.72
Sortino ratio: Return per unit of downside risk	1.07	3.49	-2.42
Omega ratio: Gain probability vs. loss probability	1.13	1.43	-0.30
Calmar ratio: Return relative to maximum drawdown	1.10	3.91	-2.81
Martin ratio: Return relative to average drawdown	3.77	12.52	-8.76

MMTM vs. XMVM - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 0.70, which is lower than the XMVM Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MMTM and XMVM, 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. XMVM - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for MMTM and XMVM.

Drawdown Indicators

	MMTM	XMVM	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-62.83%	+28.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-9.18%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-24.12%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-24.12%	+0.40%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-45.07%	+11.22%
Current Drawdown Current decline from peak	-6.95%	-0.71%	-6.24%
Average Drawdown Average peak-to-trough decline	-4.20%	-10.20%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.86%	+0.03%

Volatility

MMTM vs. XMVM - Volatility Comparison

State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) has a higher volatility of 5.26% compared to Invesco S&P MidCap Value with Momentum ETF (XMVM) at 3.29%. This indicates that MMTM's price experiences larger fluctuations and is considered to be riskier than XMVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	XMVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	3.29%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	9.25%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	14.85%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	21.24%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	22.74%	-4.03%

MMTM vs. XMVM - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than XMVM's 0.39% expense ratio.

Dividends

MMTM vs. XMVM - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.90%, less than XMVM's 1.79% 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.79%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both MMTM and XMVM in my portfolio?

MMTM and XMVM 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 XMVM?

MMTM has higher volatility (5.26%) compared to XMVM (3.29%). In terms of maximum drawdown, MMTM dropped -33.85% vs XMVM's -62.83%.

Which ETF is better, MMTM or XMVM?

On 10-year performance, MMTM leads with 13.93% vs 12.44% for XMVM. On fees, MMTM is cheaper at 0.12% per year. On volatility, XMVM has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or XMVM?

Over the 10-year period, MMTM has performed better with a 13.93% return vs 12.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or XMVM?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.39% for XMVM.

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

XMVM has the higher dividend yield at 1.79%, compared with 0.90% for MMTM.

What is the main difference between MMTM and XMVM?

MMTM tracks S&P 1500 Positive Momentum Tilt Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for MMTM and 0.39% for XMVM.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.42 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.