NGUAX vs. SPMO

Last updated Jun 5, 2026

NGUAX (Neuberger Berman Guardian Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both funds - NGUAX is a Large Cap Growth Equities fund managed by Neuberger Berman, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, NGUAX returned 15.98%/yr vs 20.77%/yr for SPMO. A 0.76 correlation means they provide meaningful diversification when combined. NGUAX charges 0.82%/yr vs 0.13%/yr for SPMO.

Performance

NGUAX vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Guardian Fund (NGUAX) 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, NGUAX achieves a 6.03% return, which is significantly lower than SPMO's 28.45% return. Over the past 10 years, NGUAX has underperformed SPMO with an annualized return of 15.98%, while SPMO has yielded a comparatively higher 20.77% annualized return.

NGUAX

• 1D: -0.91%
• 1M: 3.18%
• YTD: 6.03%
• 6M: 5.21%
• 1Y: 17.45%
• 3Y*: 19.68%
• 5Y*: 12.30%
• 10Y*: 15.98%

SPMO

• 1D: -1.46%
• 1M: 10.84%
• YTD: 28.45%
• 6M: 27.50%
• 1Y: 43.92%
• 3Y*: 42.27%
• 5Y*: 23.92%
• 10Y*: 20.77%

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

NGUAX vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGUAX Neuberger Berman Guardian Fund	6.03%	14.38%	23.80%	35.98%	-24.47%	27.43%	34.56%	36.69%	-7.16%	25.28%
SPMO Invesco S&P 500 Momentum ETF	28.45%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between NGUAX and SPMO is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.76

The correlation between NGUAX and SPMO has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Return for Risk

NGUAX vs. SPMO — Risk / Return Rank

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

NGUAX

NGUAX Risk / Return Rank: 19
NGUAX Sharpe Ratio Rank: 22
NGUAX Sortino Ratio Rank: 21
NGUAX Omega Ratio Rank: 22
NGUAX Calmar Ratio Rank: 14
NGUAX Martin Ratio Rank: 16

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 78
SPMO Sortino Ratio Rank: 76
SPMO Omega Ratio Rank: 75
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.

NGUAX vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Guardian Fund (NGUAX) 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.

	NGUAX	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.49	-1.13
Sortino ratio: Return per unit of downside risk	1.93	3.38	-1.45
Omega ratio: Gain probability vs. loss probability	1.24	1.44	-0.20
Calmar ratio: Return relative to maximum drawdown	1.29	3.47	-2.18
Martin ratio: Return relative to average drawdown	4.44	13.52	-9.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGUAX vs. SPMO - Sharpe Ratio Comparison

The current NGUAX Sharpe Ratio is 1.36, which is lower than the SPMO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of NGUAX 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

	NGUAX	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.49	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	1.25	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	1.03	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.00	-0.96

Drawdowns

NGUAX vs. SPMO - Drawdown Comparison

The maximum NGUAX drawdown since its inception was -78.07%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for NGUAX and SPMO.

Drawdown Indicators

	NGUAX	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-78.07%	-30.95%	-47.12%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-12.70%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.89%	-20.13%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-22.74%	-5.69%
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	-30.95%	-1.04%
Current Drawdown Current decline from peak	-1.35%	-1.46%	+0.11%
Average Drawdown Average peak-to-trough decline	-31.87%	-4.60%	-27.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.26%	+0.84%

Volatility

NGUAX vs. SPMO - Volatility Comparison

The current volatility for Neuberger Berman Guardian Fund (NGUAX) is 3.16%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.39%. This indicates that NGUAX experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGUAX	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	7.39%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	14.49%	-4.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	17.70%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	19.30%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	20.31%	-2.05%

NGUAX vs. SPMO - Expense Ratio Comparison

NGUAX has a 0.82% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

NGUAX vs. SPMO - Dividend Comparison

NGUAX's dividend yield for the trailing twelve months is around 11.72%, more than SPMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGUAX Neuberger Berman Guardian Fund	11.72%	12.43%	6.01%	4.30%	6.62%	10.92%	7.60%	6.21%	11.21%	6.87%	13.11%	12.82%
SPMO Invesco S&P 500 Momentum ETF	0.66%	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 NGUAX and SPMO in my portfolio?

NGUAX and SPMO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGUAX or SPMO?

SPMO has higher volatility (7.39%) compared to NGUAX (3.16%). In terms of maximum drawdown, NGUAX dropped -78.07% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.49 vs 1.36), 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.