ONEO vs. JOET

Last updated Jun 21, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and JOET (Virtus Terranova U.S. Quality Momentum ETF) are both Momentum funds - ONEO tracks the Russell 1000 Momentum Focused Factor Index while JOET tracks the Terranova U.S. Quality Momentum Index. Both are passively managed. Over the past 5 years, ONEO returned 11.28%/yr vs 11.13%/yr for JOET. Their correlation of 0.92 suggests significant overlap in exposure. ONEO charges 0.20%/yr vs 0.29%/yr for JOET.

Performance

ONEO vs. JOET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) and Virtus Terranova U.S. Quality Momentum ETF (JOET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEO achieves a 18.09% return, which is significantly higher than JOET's 8.43% return.

ONEO

• 1D: 0.87%
• 1M: 3.48%
• YTD: 18.09%
• 6M: 17.15%
• 1Y: 28.38%
• 3Y*: 18.04%
• 5Y*: 11.28%
• 10Y*: 12.05%

JOET

• 1D: 1.02%
• 1M: 4.22%
• YTD: 8.43%
• 6M: 7.42%
• 1Y: 16.54%
• 3Y*: 18.11%
• 5Y*: 11.13%
• 10Y*: —

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

ONEO vs. JOET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ONEO SPDR Russell 1000 Momentum Focus ETF	18.09%	10.61%	15.01%	15.64%	-12.01%	26.72%	5.16%
JOET Virtus Terranova U.S. Quality Momentum ETF	8.43%	11.89%	24.01%	16.34%	-18.04%	26.79%	5.06%

Correlation

The correlation between ONEO and JOET is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.92

The correlation between ONEO and JOET has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

ONEO vs. JOET - Sectors Allocation Comparison

Sectors	ONEO	JOET
Technology	25.6%	26.3%
Industrials	17.1%	21.8%
Consumer Cyclical	11.3%	9.8%
Healthcare	9.4%	11.1%
Financial Services	8.8%	14.3%
Energy	6.5%	5.1%
Utilities	5.4%	0.8%
Consumer Defensive	5.0%	1.6%
Basic Materials	4.7%	2.9%
Communication Services	3.5%	4.1%
Real Estate	2.8%	2.2%

Return for Risk

ONEO vs. JOET — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 74
ONEO Sharpe Ratio Rank: 71
ONEO Sortino Ratio Rank: 72
ONEO Omega Ratio Rank: 67
ONEO Calmar Ratio Rank: 79
ONEO Martin Ratio Rank: 81

JOET

JOET Risk / Return Rank: 35
JOET Sharpe Ratio Rank: 35
JOET Sortino Ratio Rank: 34
JOET Omega Ratio Rank: 32
JOET Calmar Ratio Rank: 33
JOET Martin Ratio Rank: 40

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.

ONEO vs. JOET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) and Virtus Terranova U.S. Quality Momentum ETF (JOET). 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.

	ONEO	JOET	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.19	+0.96
Sortino ratio: Return per unit of downside risk	3.06	1.75	+1.31
Omega ratio: Gain probability vs. loss probability	1.38	1.21	+0.17
Calmar ratio: Return relative to maximum drawdown	3.90	1.60	+2.30
Martin ratio: Return relative to average drawdown	15.28	6.12	+9.17

ONEO vs. JOET - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 2.16, which is higher than the JOET Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ONEO and JOET, 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

ONEO vs. JOET - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, which is greater than JOET's maximum drawdown of -26.58%. Use the drawdown chart below to compare losses from any high point for ONEO and JOET.

Drawdown Indicators

	ONEO	JOET	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-26.58%	-14.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-10.42%	+3.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-19.55%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-26.58%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.38%	-0.39%
Average Drawdown Average peak-to-trough decline	-4.98%	-7.13%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.72%	-0.84%

Volatility

ONEO vs. JOET - Volatility Comparison

SPDR Russell 1000 Momentum Focus ETF (ONEO) and Virtus Terranova U.S. Quality Momentum ETF (JOET) have volatilities of 4.90% and 4.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEO	JOET	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	4.88%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	11.08%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	13.96%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	17.79%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	17.55%	+1.15%

ONEO vs. JOET - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is lower than JOET's 0.29% expense ratio.

Dividends

ONEO vs. JOET - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.16%, more than JOET's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JOET Virtus Terranova U.S. Quality Momentum ETF	0.60%	0.65%	0.71%	1.32%	1.25%	0.42%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEO SPDR Russell 1000 Momentum Focus ETF	1.16%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%

Frequently Asked Questions

Can I hold both ONEO and JOET in my portfolio?

With a correlation of 0.91, ONEO and JOET 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, ONEO or JOET?

ONEO has higher volatility (4.90%) compared to JOET (4.88%). In terms of maximum drawdown, ONEO dropped -40.86% vs JOET's -26.58%.

Which ETF is better, ONEO or JOET?

On 5-year performance, ONEO leads with 11.28% vs 11.13% for JOET. On fees, ONEO is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or JOET?

Over the 5-year period, ONEO has performed better with a 11.28% return vs 11.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or JOET?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.29% for JOET.

Which ETF pays a higher dividend yield, ONEO or JOET?

ONEO has the higher dividend yield at 1.16%, compared with 0.60% for JOET.

What is the main difference between ONEO and JOET?

ONEO tracks Russell 1000 Momentum Focused Factor Index, while JOET tracks Terranova U.S. Quality Momentum Index. They also come from different issuers: State Street and Virtus Investment Partners. Their fees differ too: 0.20% for ONEO and 0.29% for JOET.

Which has better risk-adjusted returns?

ONEO currently has the higher Sharpe Ratio (2.16 vs 1.19), 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.