MTUM vs. SPMO

Last updated Jun 6, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while SPMO tracks the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, MTUM returned 16.47%/yr vs 20.08%/yr for SPMO. Their correlation of 0.83 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.13%/yr for SPMO.

Performance

MTUM vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUM achieves a 22.55% return, which is significantly higher than SPMO's 21.26% return. Over the past 10 years, MTUM has underperformed SPMO with an annualized return of 16.47%, while SPMO has yielded a comparatively higher 20.08% annualized return.

MTUM

• 1D: -5.95%
• 1M: 2.44%
• YTD: 22.55%
• 6M: 21.67%
• 1Y: 33.50%
• 3Y*: 31.72%
• 5Y*: 13.56%
• 10Y*: 16.47%

SPMO

• 1D: -5.59%
• 1M: 1.90%
• YTD: 21.26%
• 6M: 20.02%
• 1Y: 37.63%
• 3Y*: 39.63%
• 5Y*: 22.50%
• 10Y*: 20.08%

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

MTUM vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	22.55%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
SPMO Invesco S&P 500 Momentum ETF	21.26%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between MTUM and SPMO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.83

The correlation between MTUM and SPMO shifts across timeframes, from 0.83 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

MTUM vs. SPMO - Sectors Allocation Comparison

Sectors	MTUM	SPMO
Technology	44.4%	52.6%
Industrials	15.6%	11.3%
Financial Services	10.4%	5.9%
Communication Services	7.4%	9.2%
Healthcare	6.9%	6.7%
Consumer Cyclical	3.6%	1.3%
Energy	3.5%	3.4%
Consumer Defensive	3.3%	4.3%
Real Estate	1.8%	1.0%
Basic Materials	1.7%	1.6%
Utilities	1.6%	2.8%

Return for Risk

MTUM vs. SPMO — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 54
MTUM Sharpe Ratio Rank: 50
MTUM Sortino Ratio Rank: 47
MTUM Omega Ratio Rank: 51
MTUM Calmar Ratio Rank: 60
MTUM Martin Ratio Rank: 64

SPMO

SPMO Risk / Return Rank: 61
SPMO Sharpe Ratio Rank: 62
SPMO Sortino Ratio Rank: 57
SPMO Omega Ratio Rank: 63
SPMO Calmar Ratio Rank: 61
SPMO Martin Ratio Rank: 64

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.

MTUM vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P 500 Momentum ETF (SPMO). 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.

	MTUM	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.04	-0.35
Sortino ratio: Return per unit of downside risk	2.26	2.70	-0.44
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.92	2.98	-0.06
Martin ratio: Return relative to average drawdown	11.51	11.48	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTUM vs. SPMO - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.68, which is comparable to the SPMO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of MTUM and SPMO, 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

	MTUM	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.04	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	1.16	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.99	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.97	-0.15

Drawdowns

MTUM vs. SPMO - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for MTUM and SPMO.

Drawdown Indicators

	MTUM	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-30.95%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-12.70%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-20.13%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-22.74%	-9.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-30.95%	-3.13%
Current Drawdown Current decline from peak	-6.99%	-6.97%	-0.02%
Average Drawdown Average peak-to-trough decline	-6.21%	-4.60%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	3.29%	-0.37%

Volatility

MTUM vs. SPMO - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 9.83% compared to Invesco S&P 500 Momentum ETF (SPMO) at 9.33%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.83%	9.33%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	17.69%	15.67%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	18.61%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	19.46%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	20.39%	+0.73%

MTUM vs. SPMO - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than SPMO's 0.13% 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

MTUM vs. SPMO - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.64%, less than SPMO's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.64%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
SPMO Invesco S&P 500 Momentum ETF	0.70%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both MTUM and SPMO in my portfolio?

With a correlation of 0.94, MTUM and SPMO 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, MTUM or SPMO?

MTUM has higher volatility (9.83%) compared to SPMO (9.33%). In terms of maximum drawdown, MTUM dropped -34.08% vs SPMO's -30.95%.

Which ETF is better, MTUM or SPMO?

On 10-year performance, SPMO leads with 20.08% vs 16.47% for MTUM. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 9.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or SPMO?

Over the 10-year period, SPMO has performed better with a 20.08% return vs 16.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.15% for MTUM.

Which ETF pays a higher dividend yield, MTUM or SPMO?

SPMO has the higher dividend yield at 0.70%, compared with 0.64% for MTUM.

What is the main difference between MTUM and SPMO?

MTUM tracks MSCI USA Momentum SR Variant Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.04 vs 1.68), 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.