PDP vs. XMMO

Last updated Aug 2, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both Momentum funds from Invesco - PDP tracks the Dorsey Wright Technical Leaders Index while XMMO tracks the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, PDP returned 12.35%/yr vs 18.04%/yr for XMMO. Their correlation of 0.89 means they have usually moved in the same direction. PDP charges 0.62%/yr vs 0.35%/yr for XMMO.

Performance

PDP vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and Invesco S&P MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDP achieves a 14.75% return, which is significantly higher than XMMO's 11.79% return. Over the past 10 years, PDP has underperformed XMMO with an annualized return of 12.35%, while XMMO has yielded a comparatively higher 18.04% annualized return.

PDP

• 1D: 0.32%
• 1M: -5.52%
• 6M: 9.33%
• YTD: 14.75%
• 1Y: 20.18%
• 3Y*: 18.14%
• 5Y*: 8.11%
• 10Y*: 12.35%
• ALL TIME*: 9.66%

XMMO

• 1D: 0.22%
• 1M: -5.42%
• 6M: 10.34%
• YTD: 11.79%
• 1Y: 20.56%
• 3Y*: 23.81%
• 5Y*: 13.41%
• 10Y*: 18.04%
• ALL TIME*: 12.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PDP Invesco Dorsey Wright Momentum ETF	$3.96M	$3.45M	$3.85M
XMMO Invesco S&P MidCap Momentum ETF	$60.32M	$71.93M	$66.65M

PDP vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDP Invesco Dorsey Wright Momentum ETF	14.75%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	23.30%
XMMO Invesco S&P MidCap Momentum ETF	11.79%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between PDP and XMMO is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	0.89

The correlation between PDP and XMMO has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

PDP vs. XMMO - Sectors Allocation Comparison

Sectors	PDP	XMMO
Technology	42.9%	12.9%
Industrials	25.3%	37.0%
Healthcare	8.4%	8.1%
Financial Services	6.0%	2.9%
Energy	4.9%	8.4%
Basic Materials	4.7%	10.2%
Consumer Cyclical	2.5%	5.0%
Consumer Defensive	1.3%	0.5%
Communication Services	1.1%	1.7%
Real Estate	0.7%	7.2%
Utilities	0.5%	6.0%

Return for Risk

PDP vs. XMMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PDP

PDP Risk / Return Rank: 31
PDP Sharpe Ratio Rank: 29
PDP Sortino Ratio Rank: 29
PDP Omega Ratio Rank: 29
PDP Calmar Ratio Rank: 31
PDP Martin Ratio Rank: 38

XMMO

XMMO Risk / Return Rank: 39
XMMO Sharpe Ratio Rank: 36
XMMO Sortino Ratio Rank: 36
XMMO Omega Ratio Rank: 35
XMMO Calmar Ratio Rank: 39
XMMO Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PDP vs. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and Invesco S&P MidCap Momentum ETF (XMMO). 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.

	PDP	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	0.89	-0.19
Sortino ratio: Return per unit of downside risk	1.10	1.35	-0.25
Omega ratio: Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio: Return relative to maximum drawdown	1.03	1.38	-0.35
Martin ratio: Return relative to average drawdown	4.02	5.81	-1.79

PDP vs. XMMO - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is comparable to the XMMO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of PDP and XMMO, 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

PDP vs. XMMO - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PDP and XMMO.

Drawdown Indicators

	PDP	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-55.37%	-3.97%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-13.91%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-24.93%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-27.91%	-6.00%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-36.74%	+2.04%
Current Drawdown Current decline from peak	-12.80%	-11.24%	-1.56%
Average Drawdown Average peak-to-trough decline	-10.57%	-9.42%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	3.29%	+1.22%

Volatility

PDP vs. XMMO - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 7.88%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	7.88%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	18.46%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	21.50%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	21.86%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	22.43%	-0.42%

PDP vs. XMMO - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than XMMO's 0.35% expense ratio.

Dividends

PDP vs. XMMO - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than XMMO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDP Invesco Dorsey Wright Momentum ETF	0.08%	0.17%	0.15%	0.42%	0.45%	0.00%	0.11%	0.25%	0.18%	0.28%	0.81%	0.39%
XMMO Invesco S&P MidCap Momentum ETF	0.63%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both PDP and XMMO in my portfolio?

With a correlation of 0.91, PDP and XMMO 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, PDP or XMMO?

PDP has higher volatility (11.41%) compared to XMMO (7.88%). In terms of maximum drawdown, PDP dropped -59.34% vs XMMO's -55.37%.

Which ETF is better, PDP or XMMO?

On 10-year performance, XMMO leads with 18.04% vs 12.35% for PDP. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or XMMO?

Over the 10-year period, XMMO has performed better with a 18.04% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or XMMO?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.62% for PDP.

Which ETF pays a higher dividend yield, PDP or XMMO?

XMMO has the higher dividend yield at 0.63%, compared with 0.08% for PDP.

What is the main difference between PDP and XMMO?

PDP tracks Dorsey Wright Technical Leaders Index, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.62% for PDP and 0.35% for XMMO.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (0.89 vs 0.70), 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.