MXL vs. SPMO

Last updated Jun 25, 2026

MXL (MaxLinear, Inc.) is a stock, while SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, MXL returned 16.73%/yr vs 20.99%/yr for SPMO. At a 0.46 correlation, their price movements are largely independent.

Performance

MXL vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MaxLinear, Inc. (MXL) 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, MXL achieves a 387.61% return, which is significantly higher than SPMO's 29.45% return. Over the past 10 years, MXL has underperformed SPMO with an annualized return of 16.73%, while SPMO has yielded a comparatively higher 20.99% annualized return.

MXL

• 1D: -4.59%
• 1M: -14.29%
• YTD: 387.61%
• 6M: 384.55%
• 1Y: 524.93%
• 3Y*: 43.20%
• 5Y*: 15.45%
• 10Y*: 16.73%

SPMO

• 1D: -0.36%
• 1M: 6.27%
• YTD: 29.45%
• 6M: 27.18%
• 1Y: 41.07%
• 3Y*: 42.30%
• 5Y*: 22.83%
• 10Y*: 20.99%

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

MXL vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXL MaxLinear, Inc.	387.61%	-11.88%	-16.79%	-29.99%	-54.97%	97.41%	79.97%	20.57%	-33.38%	21.19%
SPMO Invesco S&P 500 Momentum ETF	29.45%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between MXL and SPMO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.46

The correlation between MXL and SPMO has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.

Return for Risk

MXL vs. SPMO — Risk / Return Rank

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

MXL

MXL Risk / Return Rank: 98
MXL Sharpe Ratio Rank: 99
MXL Sortino Ratio Rank: 98
MXL Omega Ratio Rank: 97
MXL Calmar Ratio Rank: 99
MXL Martin Ratio Rank: 99

SPMO

SPMO Risk / Return Rank: 70
SPMO Sharpe Ratio Rank: 70
SPMO Sortino Ratio Rank: 65
SPMO Omega Ratio Rank: 70
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 73

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.

MXL vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MaxLinear, Inc. (MXL) 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.

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.

	MXL	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	4.85	2.02	+2.84
Sortino ratio: Return per unit of downside risk	5.10	2.68	+2.42
Omega ratio: Gain probability vs. loss probability	1.65	1.37	+0.28
Calmar ratio: Return relative to maximum drawdown	17.86	3.25	+14.61
Martin ratio: Return relative to average drawdown	48.86	12.18	+36.68

MXL vs. SPMO - Sharpe Ratio Comparison

The current MXL Sharpe Ratio is 4.85, which is higher than the SPMO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MXL 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.

Drawdowns

MXL vs. SPMO - Drawdown Comparison

The maximum MXL drawdown since its inception was -88.13%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for MXL and SPMO.

Drawdown Indicators

	MXL	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-88.13%	-30.95%	-57.18%
Max Drawdown (1Y) Largest decline over 1 year	-29.65%	-12.70%	-16.95%
Max Drawdown (3Y) Largest decline over 3 years	-73.61%	-20.13%	-53.48%
Max Drawdown (5Y) Largest decline over 5 years	-88.13%	-22.74%	-65.39%
Max Drawdown (10Y) Largest decline over 10 years	-88.13%	-30.95%	-57.18%
Current Drawdown Current decline from peak	-16.90%	-4.87%	-12.03%
Average Drawdown Average peak-to-trough decline	-44.96%	-4.59%	-40.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.82%	3.38%	+7.44%

Volatility

MXL vs. SPMO - Volatility Comparison

MaxLinear, Inc. (MXL) has a higher volatility of 30.23% compared to Invesco S&P 500 Momentum ETF (SPMO) at 11.77%. This indicates that MXL'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

	MXL	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.23%	11.77%	+18.46%
Volatility (6M) Calculated over the trailing 6-month period	84.46%	17.74%	+66.72%
Volatility (1Y) Calculated over the trailing 1-year period	109.18%	20.51%	+88.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.40%	19.87%	+57.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.01%	20.60%	+45.41%

Dividends

MXL vs. SPMO - Dividend Comparison

MXL has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXL MaxLinear, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.68%	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 MXL and SPMO in my portfolio?

MXL and SPMO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXL or SPMO?

MXL has higher volatility (30.23%) compared to SPMO (11.77%). In terms of maximum drawdown, MXL dropped -88.13% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

MXL currently has the higher Sharpe Ratio (4.85 vs 2.02), 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.