NVDI.L vs. SPMO

Last updated Jun 5, 2026

NVDI.L (IncomeShares NVIDIA NVDA Options ETP) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - NVDI.L is a Options Trading fund actively managed by Leverage Shares, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. NVDI.L is actively managed, while SPMO is passively managed. Over the past year, NVDI.L returned 19.99% vs 43.92% for SPMO. At a 0.46 correlation, their price movements are largely independent. NVDI.L charges 0.55%/yr vs 0.13%/yr for SPMO.

Performance

NVDI.L vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IncomeShares NVIDIA NVDA Options ETP (NVDI.L) 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, NVDI.L achieves a -0.43% return, which is significantly lower than SPMO's 28.45% return.

NVDI.L

• 1D: 0.00%
• 1M: 8.35%
• YTD: -0.43%
• 6M: 2.01%
• 1Y: 19.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

NVDI.L vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDI.L IncomeShares NVIDIA NVDA Options ETP	-0.43%	16.65%	-7.10%
SPMO Invesco S&P 500 Momentum ETF	28.45%	26.58%	8.39%

Correlation

The correlation between NVDI.L 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 (All Time) Calculated using the full available price history since Jul 24, 2024	0.46

Return for Risk

NVDI.L vs. SPMO — Risk / Return Rank

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

NVDI.L

NVDI.L Risk / Return Rank: 20
NVDI.L Sharpe Ratio Rank: 20
NVDI.L Sortino Ratio Rank: 20
NVDI.L Omega Ratio Rank: 21
NVDI.L Calmar Ratio Rank: 21
NVDI.L Martin Ratio Rank: 19

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.

NVDI.L vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares NVIDIA NVDA Options ETP (NVDI.L) 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.

	NVDI.L	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.49	-1.88
Sortino ratio: Return per unit of downside risk	0.99	3.38	-2.39
Omega ratio: Gain probability vs. loss probability	1.13	1.44	-0.31
Calmar ratio: Return relative to maximum drawdown	0.92	3.47	-2.55
Martin ratio: Return relative to average drawdown	2.00	13.52	-11.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDI.L vs. SPMO - Sharpe Ratio Comparison

The current NVDI.L Sharpe Ratio is 0.62, which is lower than the SPMO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of NVDI.L 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

	NVDI.L	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.49	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	1.00	-0.90

Drawdowns

NVDI.L vs. SPMO - Drawdown Comparison

The maximum NVDI.L drawdown since its inception was -31.39%, roughly equal to the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for NVDI.L and SPMO.

Drawdown Indicators

	NVDI.L	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-31.39%	-30.95%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-21.59%	-12.70%	-8.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-9.62%	-1.46%	-8.16%
Average Drawdown Average peak-to-trough decline	-10.27%	-4.60%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.98%	3.26%	+6.72%

Volatility

NVDI.L vs. SPMO - Volatility Comparison

IncomeShares NVIDIA NVDA Options ETP (NVDI.L) has a higher volatility of 10.09% compared to Invesco S&P 500 Momentum ETF (SPMO) at 7.39%. This indicates that NVDI.L'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

	NVDI.L	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	7.39%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	20.28%	14.49%	+5.79%
Volatility (1Y) Calculated over the trailing 1-year period	32.34%	17.70%	+14.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.31%	19.30%	+20.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.31%	20.31%	+19.00%

NVDI.L vs. SPMO - Expense Ratio Comparison

NVDI.L has a 0.55% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

NVDI.L vs. SPMO - Dividend Comparison

NVDI.L's dividend yield for the trailing twelve months is around 20.63%, more than SPMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDI.L IncomeShares NVIDIA NVDA Options ETP	20.63%	32.04%	2.59%	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	0.66%	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 NVDI.L and SPMO in my portfolio?

NVDI.L 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 ETF is better, NVDI.L or SPMO?

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVDI.L or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.55% for NVDI.L.

What is the main difference between NVDI.L and SPMO?

NVDI.L is categorized as Options Trading, while SPMO is Momentum. They also come from different issuers: Leverage Shares and Invesco. Their fees differ too: 0.55% for NVDI.L and 0.13% for SPMO.