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PFI vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFI vs. SPMO

Last updated Jun 24, 2026

PFI (Invesco Dorsey Wright Financial Momentum ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds from Invesco - PFI tracks the Dorsey Wright Financials Technical Leaders Index while SPMO tracks the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, PFI returned 9.22%/yr vs 21.03%/yr for SPMO. A 0.62 correlation means they provide meaningful diversification when combined. PFI charges 0.60%/yr vs 0.13%/yr for SPMO.

Performance

PFI vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFI achieves a 7.04% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, PFI has underperformed SPMO with an annualized return of 9.22%, while SPMO has yielded a comparatively higher 21.03% annualized return.

PFI

1D
0.56%
1M
4.63%
YTD
7.04%
6M
4.43%
1Y
12.22%
3Y*
16.97%
5Y*
5.43%
10Y*
9.22%

SPMO

1D
-4.53%
1M
6.65%
YTD
29.91%
6M
28.13%
1Y
43.55%
3Y*
42.47%
5Y*
22.89%
10Y*
21.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFI vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PFI
Invesco Dorsey Wright Financial Momentum ETF		7.04%1.98%30.58%12.58%-24.09%28.70%13.85%36.54%-17.18%15.00%
SPMO
Invesco S&P 500 Momentum ETF		29.91%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between PFI and SPMO is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.60

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.62

The correlation between PFI and SPMO shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

PFI vs. SPMO - Sectors Allocation Comparison

Sectors
PFI
SPMO

Financial Services

81.2%
5.8%

Real Estate

18.8%
0.9%

Basic Materials

-

1.5%

Communication Services

-

8.0%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

3.8%

Energy

-

2.8%

Healthcare

-

5.9%

Industrials

-

10.9%

Technology

-

56.8%

Utilities

-

2.6%

Financial Services

PFI
81.2%
SPMO
5.8%

Real Estate

PFI
18.8%
SPMO
0.9%

Basic Materials

PFI

-

SPMO
1.5%

Communication Services

PFI

-

SPMO
8.0%

Consumer Cyclical

PFI

-

SPMO
1.1%

Consumer Defensive

PFI

-

SPMO
3.8%

Energy

PFI

-

SPMO
2.8%

Healthcare

PFI

-

SPMO
5.9%

Industrials

PFI

-

SPMO
10.9%

Technology

PFI

-

SPMO
56.8%

Utilities

PFI

-

SPMO
2.6%

Compare stocks, funds, or ETFs

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Invesco Dorsey Wright Financial Momentum ETF

Invesco S&P 500 Momentum ETF

Often compared with PFI:
PFI vs. MBOXPFI vs. VFHPFI vs. KOPFI vs. KMBPFI vs. SMLVPFI vs. VOOPFI vs. FDGRX
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

PFI vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFI
PFI Risk / Return Rank: 2020
Overall Rank
PFI Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PFI Sortino Ratio Rank: 1919
Sortino Ratio Rank
PFI Omega Ratio Rank: 1919
Omega Ratio Rank
PFI Calmar Ratio Rank: 2020
Calmar Ratio Rank
PFI Martin Ratio Rank: 2222
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 6868
Overall Rank
SPMO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 6262
Sortino Ratio Rank
SPMO Omega Ratio Rank: 6969
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7171
Martin Ratio Rank
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.

PFI vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) 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.

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.

PFISPMODifference
Sharpe ratioReturn per unit of total volatility
0.66
2.13

-1.48

Sortino ratioReturn per unit of downside risk
0.99
2.81

-1.82

Omega ratioGain probability vs. loss probability

1.12

1.39

-0.27

Calmar ratioReturn relative to maximum drawdown

0.89

3.45

-2.56

Martin ratioReturn relative to average drawdown

2.65

12.97

-10.32

PFI vs. SPMO - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.66, which is lower than the SPMO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PFI 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.

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Drawdowns

PFI vs. SPMO - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for PFI and SPMO.

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Drawdown Indicators

PFISPMODifference

Max Drawdown

Largest peak-to-trough decline

-59.53%

-30.95%

-28.58%

Max Drawdown (1Y)

Largest decline over 1 year

-13.86%

-12.70%

-1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-24.82%

-20.13%

-4.69%

Max Drawdown (5Y)

Largest decline over 5 years

-35.43%

-22.74%

-12.69%

Max Drawdown (10Y)

Largest decline over 10 years

-43.09%

-30.95%

-12.14%

Current Drawdown

Current decline from peak

-1.04%

-4.53%

+3.49%

Average Drawdown

Average peak-to-trough decline

-14.47%

-4.59%

-9.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.62%

3.37%

+1.25%

Volatility

PFI vs. SPMO - Volatility Comparison

The current volatility for Invesco Dorsey Wright Financial Momentum ETF (PFI) is 4.05%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that PFI 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

PFISPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.05%

11.75%

-7.70%

Volatility (6M)

Calculated over the trailing 6-month period

13.70%

17.78%

-4.08%

Volatility (1Y)

Calculated over the trailing 1-year period

18.77%

20.55%

-1.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.84%

19.88%

+1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.26%

20.60%

+1.66%

PFI vs. SPMO - Expense Ratio Comparison

PFI has a 0.60% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

PFI vs. SPMO - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 1.00%, more than SPMO's 0.68% yield.

PositionTTM20252024202320222021202020192018201720162015
PFI
Invesco Dorsey Wright Financial Momentum ETF		1.00%0.68%2.77%1.85%1.93%1.28%1.56%0.92%1.98%0.35%2.16%1.44%
SPMO
Invesco S&P 500 Momentum ETF		0.68%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

PFI and SPMO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (11.75%) compared to PFI (4.05%). In terms of maximum drawdown, PFI dropped -59.53% vs SPMO's -30.95%.

On 10-year performance, SPMO leads with 21.03% vs 9.22% for PFI. On fees, SPMO is cheaper at 0.13% per year. On volatility, PFI 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 10-year period, SPMO has performed better with a 21.03% return vs 9.22%. 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 0.60% for PFI.

PFI has the higher dividend yield at 1.00%, compared with 0.68% for SPMO.

PFI tracks Dorsey Wright Financials Technical Leaders Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.60% for PFI and 0.13% for SPMO.

SPMO currently has the higher Sharpe Ratio (2.13 vs 0.66), 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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