SAWS vs. XSMO

Last updated Jun 4, 2026

SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) and XSMO (Invesco S&P SmallCap Momentum ETF) are both exchange-traded funds - SAWS is a Small Cap Growth Equities fund actively managed by AAM, while XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index. SAWS is actively managed, while XSMO is passively managed. Over the past year, SAWS returned 19.24% vs 32.93% for XSMO. Their correlation of 0.92 suggests significant overlap in exposure. SAWS charges 0.55%/yr vs 0.36%/yr for XSMO.

Performance

SAWS vs. XSMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and Invesco S&P SmallCap Momentum ETF (XSMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAWS achieves a 11.45% return, which is significantly lower than XSMO's 21.96% return.

SAWS

• 1D: 0.61%
• 1M: 0.03%
• YTD: 11.45%
• 6M: 12.55%
• 1Y: 19.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XSMO

• 1D: -0.56%
• 1M: 1.29%
• YTD: 21.96%
• 6M: 20.33%
• 1Y: 32.93%
• 3Y*: 24.51%
• 5Y*: 11.21%
• 10Y*: 14.62%

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

SAWS vs. XSMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	11.45%	7.26%	3.52%
XSMO Invesco S&P SmallCap Momentum ETF	21.96%	9.80%	-1.09%

Correlation

The correlation between SAWS and XSMO 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 (All Time) Calculated using the full available price history since Aug 1, 2024	0.92

The correlation between SAWS and XSMO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

SAWS vs. XSMO - Sectors Allocation Comparison

Sectors	SAWS	XSMO
Industrials	27.7%	19.5%
Healthcare	18.3%	13.9%
Technology	15.1%	20.9%
Financial Services	14.2%	12.3%
Consumer Cyclical	9.1%	9.0%
Consumer Defensive	7.5%	2.4%
Energy	4.6%	3.1%
Basic Materials	3.6%	5.8%
Communication Services	-	4.1%
Real Estate	-	5.0%
Utilities	-	4.0%

Return for Risk

SAWS vs. XSMO — Risk / Return Rank

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

SAWS

SAWS Risk / Return Rank: 34
SAWS Sharpe Ratio Rank: 30
SAWS Sortino Ratio Rank: 32
SAWS Omega Ratio Rank: 29
SAWS Calmar Ratio Rank: 39
SAWS Martin Ratio Rank: 40

XSMO

XSMO Risk / Return Rank: 58
XSMO Sharpe Ratio Rank: 50
XSMO Sortino Ratio Rank: 52
XSMO Omega Ratio Rank: 47
XSMO Calmar Ratio Rank: 73
XSMO Martin Ratio Rank: 68

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.

SAWS vs. XSMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and Invesco S&P SmallCap Momentum ETF (XSMO). 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.

	SAWS	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.77	-0.70
Sortino ratio: Return per unit of downside risk	1.67	2.56	-0.89
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	3.72	-1.83
Martin ratio: Return relative to average drawdown	6.12	12.71	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAWS vs. XSMO - Sharpe Ratio Comparison

The current SAWS Sharpe Ratio is 1.07, which is lower than the XSMO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SAWS and XSMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SAWS	XSMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.77	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.39	+0.20

Drawdowns

SAWS vs. XSMO - Drawdown Comparison

The maximum SAWS drawdown since its inception was -22.04%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for SAWS and XSMO.

Drawdown Indicators

	SAWS	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-58.06%	+36.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-8.89%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	-2.52%	-1.72%	-0.80%
Average Drawdown Average peak-to-trough decline	-5.61%	-11.13%	+5.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.60%	+0.55%

Volatility

SAWS vs. XSMO - Volatility Comparison

The current volatility for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) is 5.16%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 6.34%. This indicates that SAWS experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAWS	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	6.34%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	14.11%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	18.73%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	22.67%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	24.12%	-3.09%

SAWS vs. XSMO - Expense Ratio Comparison

SAWS has a 0.55% expense ratio, which is higher than XSMO's 0.36% expense ratio.

Dividends

SAWS vs. XSMO - Dividend Comparison

SAWS's dividend yield for the trailing twelve months is around 0.02%, less than XSMO's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	0.02%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.53%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both SAWS and XSMO in my portfolio?

With a correlation of 0.91, SAWS and XSMO 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, SAWS or XSMO?

XSMO has higher volatility (6.34%) compared to SAWS (5.16%). In terms of maximum drawdown, SAWS dropped -22.04% vs XSMO's -58.06%.

Which ETF is better, SAWS or XSMO?

On 1-year performance, XSMO leads with 32.93% vs 19.24% for SAWS. On fees, XSMO is cheaper at 0.36% per year. On volatility, SAWS has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAWS or XSMO?

Over the 1-year period, XSMO has performed better with a 32.93% return vs 19.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAWS or XSMO?

XSMO is cheaper with a 0.36% expense ratio, compared with 0.55% for SAWS.

Which ETF pays a higher dividend yield, SAWS or XSMO?

XSMO has the higher dividend yield at 0.53%, compared with 0.02% for SAWS.

What is the main difference between SAWS and XSMO?

SAWS is categorized as Small Cap Growth Equities, while XSMO is Momentum. They also come from different issuers: AAM and Invesco. Their fees differ too: 0.55% for SAWS and 0.36% for XSMO.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.77 vs 1.07), 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.