PDBA vs. SPMO
PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. PDBA is actively managed, while SPMO is passively managed. Over the past 3 years, PDBA returned 13.50%/yr vs 43.04%/yr for SPMO. At a 0.12 correlation, their price movements are largely independent. PDBA charges 0.59%/yr vs 0.13%/yr for SPMO.
Performance
PDBA vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, PDBA achieves a 5.38% return, which is significantly lower than SPMO's 30.35% return.
PDBA
- 1D
- -0.89%
- 1M
- -4.99%
- YTD
- 5.38%
- 6M
- 5.65%
- 1Y
- 3.79%
- 3Y*
- 13.50%
- 5Y*
- —
- 10Y*
- —
SPMO
- 1D
- 0.50%
- 1M
- 15.36%
- YTD
- 30.35%
- 6M
- 30.51%
- 1Y
- 46.00%
- 3Y*
- 43.04%
- 5Y*
- 24.29%
- 10Y*
- 20.95%
PDBA vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 5.38% | -0.76% | 34.16% | 7.83% | -1.60% |
SPMO Invesco S&P 500 Momentum ETF | 30.35% | 26.58% | 45.82% | 17.56% | 1.29% |
Correlation
The correlation between PDBA and SPMO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2022 | 0.12 |
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Return for Risk
PDBA vs. SPMO — Risk / Return Rank
PDBA
SPMO
PDBA vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) 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.
| PDBA | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.47 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 3.64 | -3.17 |
| Martin ratioReturn relative to average drawdown | 0.92 | 14.17 | -13.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PDBA | SPMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 2.62 | -2.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.27 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 1.01 | -0.17 |
Drawdowns
PDBA vs. SPMO - Drawdown Comparison
The maximum PDBA drawdown since its inception was -12.45%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for PDBA and SPMO.
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Drawdown Indicators
| PDBA | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.45% | -30.95% | +18.50% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -12.70% | +4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -20.13% | +7.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.95% | — |
Current DrawdownCurrent decline from peak | -6.47% | 0.00% | -6.47% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -4.60% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 3.26% | +0.88% |
Volatility
PDBA vs. SPMO - Volatility Comparison
The current volatility for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) is 4.05%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.35%. This indicates that PDBA 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.
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Volatility by Period
| PDBA | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 7.35% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.51% | 14.39% | -7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 17.64% | -6.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.29% | 19.30% | -6.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 20.31% | -7.02% |
PDBA vs. SPMO - Expense Ratio Comparison
PDBA has a 0.59% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
PDBA vs. SPMO - Dividend Comparison
PDBA's dividend yield for the trailing twelve months is around 3.15%, more than SPMO's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF | 3.15% | 3.32% | 13.01% | 6.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMO Invesco S&P 500 Momentum ETF | 0.65% | 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
PDBA and SPMO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (7.35%) compared to PDBA (4.05%). In terms of maximum drawdown, PDBA dropped -12.45% vs SPMO's -30.95%.
On 3-year performance, SPMO leads with 43.04% vs 13.50% for PDBA. On fees, SPMO is cheaper at 0.13% per year. On volatility, PDBA has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPMO has performed better with a 43.04% return vs 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.59% for PDBA.
PDBA has the higher dividend yield at 3.15%, compared with 0.65% for SPMO.
PDBA is categorized as Agricultural Commodities, while SPMO is Momentum. Their fees differ too: 0.59% for PDBA and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.62 vs 0.35), 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.
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