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SMLF vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. SPMO

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, SMLF returned 12.36%/yr vs 20.95%/yr for SPMO. A 0.63 correlation means they provide meaningful diversification when combined. SMLF charges 0.30%/yr vs 0.13%/yr for SPMO.

Performance

SMLF vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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, SMLF achieves a 14.46% return, which is significantly lower than SPMO's 30.35% return. Over the past 10 years, SMLF has underperformed SPMO with an annualized return of 12.36%, while SPMO has yielded a comparatively higher 20.95% annualized return.

SMLF

1D
-0.72%
1M
4.07%
YTD
14.46%
6M
14.20%
1Y
30.98%
3Y*
19.85%
5Y*
10.89%
10Y*
12.36%

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

SMLF vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		14.46%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
SPMO
Invesco S&P 500 Momentum ETF		30.35%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between SMLF and SPMO is 0.68, 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

0.68

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

0.67

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

0.73

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

0.65

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2015

0.63

The correlation between SMLF and SPMO has been stable across timeframes, ranging from 0.63 to 0.73 - a consistent structural relationship.

SMLF vs. SPMO - Sectors Allocation Comparison

Sectors
SMLF
SPMO

Industrials

19.8%
11.3%

Technology

16.6%
52.6%

Financial Services

15.0%
5.9%

Healthcare

12.7%
6.7%

Consumer Cyclical

11.8%
1.3%

Real Estate

5.7%
1.0%

Energy

4.8%
3.4%

Basic Materials

4.6%
1.6%

Consumer Defensive

3.7%
4.3%

Communication Services

3.2%
9.2%

Utilities

2.2%
2.8%

Industrials

SMLF
19.8%
SPMO
11.3%

Technology

SMLF
16.6%
SPMO
52.6%

Financial Services

SMLF
15.0%
SPMO
5.9%

Healthcare

SMLF
12.7%
SPMO
6.7%

Consumer Cyclical

SMLF
11.8%
SPMO
1.3%

Real Estate

SMLF
5.7%
SPMO
1.0%

Energy

SMLF
4.8%
SPMO
3.4%

Basic Materials

SMLF
4.6%
SPMO
1.6%

Consumer Defensive

SMLF
3.7%
SPMO
4.3%

Communication Services

SMLF
3.2%
SPMO
9.2%

Utilities

SMLF
2.2%
SPMO
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Small-Cap Multifactor ETF

Invesco S&P 500 Momentum ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPX
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

SMLF vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 5858
Overall Rank
SMLF Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 5252
Sortino Ratio Rank
SMLF Omega Ratio Rank: 4848
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7171
Calmar Ratio Rank
SMLF Martin Ratio Rank: 6666
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7575
Overall Rank
SPMO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7777
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7373
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.

SMLF vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) 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.

SMLFSPMODifference
Sharpe ratioReturn per unit of total volatility
1.81
2.62

-0.81

Sortino ratioReturn per unit of downside risk
2.56
3.54

-0.98

Omega ratioGain probability vs. loss probability

1.31

1.47

-0.16

Calmar ratioReturn relative to maximum drawdown

3.57

3.64

-0.07

Martin ratioReturn relative to average drawdown

12.27

14.17

-1.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLF vs. SPMO - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is lower than the SPMO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of SMLF 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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Sharpe Ratios by Period

SMLFSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.81

2.62

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

1.27

-0.75

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

1.03

-0.47

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

1.01

-0.47

Drawdowns

SMLF vs. SPMO - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SMLF and SPMO.

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Drawdown Indicators

SMLFSPMODifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-30.95%

-10.94%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-12.70%

+3.99%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-20.13%

-6.15%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-22.74%

-3.54%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-30.95%

-10.94%

Current Drawdown

Current decline from peak

-0.72%

0.00%

-0.72%

Average Drawdown

Average peak-to-trough decline

-6.60%

-4.60%

-2.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

3.26%

-0.73%

Volatility

SMLF vs. SPMO - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 4.80%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.35%. This indicates that SMLF 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

SMLFSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.80%

7.35%

-2.55%

Volatility (6M)

Calculated over the trailing 6-month period

12.31%

14.39%

-2.08%

Volatility (1Y)

Calculated over the trailing 1-year period

17.21%

17.64%

-0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.09%

19.30%

+1.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.78%

20.31%

+1.47%

SMLF vs. SPMO - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

SMLF vs. SPMO - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, more than SPMO's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		1.03%1.14%1.33%1.13%1.23%1.07%1.33%1.39%1.17%0.93%0.78%0.79%
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

SMLF and SPMO have a correlation of 0.68, 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 SMLF (4.80%). In terms of maximum drawdown, SMLF dropped -41.89% vs SPMO's -30.95%.

On 10-year performance, SPMO leads with 20.95% vs 12.36% for SMLF. On fees, SPMO is cheaper at 0.13% per year. On volatility, SMLF has been the lower-risk option at 4.80%. 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 20.95% return vs 12.36%. 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 0.30% for SMLF.

SMLF has the higher dividend yield at 1.03%, compared with 0.65% for SPMO.

SMLF is categorized as Small Cap Blend Equities, while SPMO is Momentum. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.30% for SMLF and 0.13% for SPMO.

SPMO currently has the higher Sharpe Ratio (2.62 vs 1.81), 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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