PRBLX vs. SPMO

Last updated Jun 13, 2026

PRBLX (Parnassus Core Equity Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both funds - PRBLX is a Large Cap Blend Equities fund managed by Parnassus, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, PRBLX returned 13.56%/yr vs 20.86%/yr for SPMO. A 0.74 correlation means they provide meaningful diversification when combined. PRBLX charges 0.82%/yr vs 0.13%/yr for SPMO.

Performance

PRBLX vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parnassus Core Equity Fund (PRBLX) 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, PRBLX achieves a 5.58% return, which is significantly lower than SPMO's 28.15% return. Over the past 10 years, PRBLX has underperformed SPMO with an annualized return of 13.56%, while SPMO has yielded a comparatively higher 20.86% annualized return.

PRBLX

• 1D: 1.55%
• 1M: 1.37%
• YTD: 5.58%
• 6M: 6.06%
• 1Y: 13.44%
• 3Y*: 15.85%
• 5Y*: 9.88%
• 10Y*: 13.56%

SPMO

• 1D: 1.26%
• 1M: 6.27%
• YTD: 28.15%
• 6M: 28.70%
• 1Y: 44.90%
• 3Y*: 41.53%
• 5Y*: 23.50%
• 10Y*: 20.86%

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

PRBLX vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRBLX Parnassus Core Equity Fund	5.58%	11.67%	18.58%	24.97%	-18.64%	27.59%	21.21%	30.68%	-0.30%	16.63%
SPMO Invesco S&P 500 Momentum ETF	28.15%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between PRBLX and SPMO is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.74

The correlation between PRBLX and SPMO has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

PRBLX vs. SPMO — Risk / Return Rank

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

PRBLX

PRBLX Risk / Return Rank: 20
PRBLX Sharpe Ratio Rank: 21
PRBLX Sortino Ratio Rank: 20
PRBLX Omega Ratio Rank: 20
PRBLX Calmar Ratio Rank: 16
PRBLX Martin Ratio Rank: 20

SPMO

SPMO Risk / Return Rank: 79
SPMO Sharpe Ratio Rank: 81
SPMO Sortino Ratio Rank: 78
SPMO Omega Ratio Rank: 80
SPMO Calmar Ratio Rank: 77
SPMO Martin Ratio Rank: 78

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.

PRBLX vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parnassus Core Equity Fund (PRBLX) 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.

	PRBLX	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.24	-1.22
Sortino ratio: Return per unit of downside risk	1.48	2.98	-1.50
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.08	3.44	-2.36
Martin ratio: Return relative to average drawdown	4.17	13.01	-8.84

PRBLX vs. SPMO - Sharpe Ratio Comparison

The current PRBLX Sharpe Ratio is 1.02, which is lower than the SPMO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PRBLX 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.

Drawdowns

PRBLX vs. SPMO - Drawdown Comparison

The maximum PRBLX drawdown since its inception was -42.20%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for PRBLX and SPMO.

Drawdown Indicators

	PRBLX	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-42.20%	-30.95%	-11.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-12.70%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.31%	-20.13%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	-22.74%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	-30.95%	+0.86%
Current Drawdown Current decline from peak	-1.55%	-1.68%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.04%	-4.60%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.35%	-0.36%

Volatility

PRBLX vs. SPMO - Volatility Comparison

The current volatility for Parnassus Core Equity Fund (PRBLX) is 4.20%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.29%. This indicates that PRBLX 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.

Volatility by Period

	PRBLX	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	10.29%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	16.73%	-7.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	19.48%	-7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	19.65%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	20.48%	-3.19%

PRBLX vs. SPMO - Expense Ratio Comparison

PRBLX has a 0.82% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

PRBLX vs. SPMO - Dividend Comparison

PRBLX's dividend yield for the trailing twelve months is around 18.03%, more than SPMO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRBLX Parnassus Core Equity Fund	18.03%	19.08%	10.00%	6.01%	10.13%	7.77%	5.87%	8.02%	9.64%	7.16%	3.80%	9.62%
SPMO Invesco S&P 500 Momentum ETF	0.67%	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 PRBLX and SPMO in my portfolio?

PRBLX and SPMO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRBLX or SPMO?

SPMO has higher volatility (10.29%) compared to PRBLX (4.20%). In terms of maximum drawdown, PRBLX dropped -42.20% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.24 vs 1.02), 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.