SMVSX vs. XMMO

Last updated Jun 5, 2026

SMVSX (Invesco Small Cap Value Fund Class R6) and XMMO (Invesco S&P MidCap Momentum ETF) are both funds - SMVSX is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 5 years, SMVSX returned 19.81%/yr vs 16.79%/yr for XMMO. A 0.76 correlation means they provide meaningful diversification when combined. SMVSX charges 0.72%/yr vs 0.35%/yr for XMMO.

Performance

SMVSX vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund Class R6 (SMVSX) 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, SMVSX achieves a 30.94% return, which is significantly higher than XMMO's 24.24% return.

SMVSX

• 1D: -0.45%
• 1M: 5.50%
• YTD: 30.94%
• 6M: 31.75%
• 1Y: 61.97%
• 3Y*: 33.00%
• 5Y*: 19.81%
• 10Y*: —

XMMO

• 1D: 0.42%
• 1M: 5.53%
• YTD: 24.24%
• 6M: 24.41%
• 1Y: 38.04%
• 3Y*: 32.57%
• 5Y*: 16.79%
• 10Y*: 19.68%

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

SMVSX vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVSX Invesco Small Cap Value Fund Class R6	30.94%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%
XMMO Invesco S&P MidCap Momentum ETF	24.24%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	28.18%

Correlation

The correlation between SMVSX and XMMO is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.76

The correlation between SMVSX and XMMO shifts across timeframes, from 0.76 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMVSX vs. XMMO — Risk / Return Rank

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

SMVSX

SMVSX Risk / Return Rank: 87
SMVSX Sharpe Ratio Rank: 91
SMVSX Sortino Ratio Rank: 80
SMVSX Omega Ratio Rank: 77
SMVSX Calmar Ratio Rank: 94
SMVSX Martin Ratio Rank: 93

XMMO

XMMO Risk / Return Rank: 71
XMMO Sharpe Ratio Rank: 62
XMMO Sortino Ratio Rank: 62
XMMO Omega Ratio Rank: 59
XMMO Calmar Ratio Rank: 85
XMMO Martin Ratio Rank: 87

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.

SMVSX vs. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund Class R6 (SMVSX) 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.

	SMVSX	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.04	+1.00
Sortino ratio: Return per unit of downside risk	3.82	2.84	+0.98
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	5.49	4.58	+0.91
Martin ratio: Return relative to average drawdown	19.50	18.73	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMVSX vs. XMMO - Sharpe Ratio Comparison

The current SMVSX Sharpe Ratio is 3.04, which is higher than the XMMO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SMVSX 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.

Sharpe Ratios by Period

	SMVSX	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	2.04	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.79	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.58	+0.04

Drawdowns

SMVSX vs. XMMO - Drawdown Comparison

The maximum SMVSX drawdown since its inception was -57.41%, roughly equal to the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for SMVSX and XMMO.

Drawdown Indicators

	SMVSX	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-57.41%	-55.37%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-8.34%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-24.93%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	-27.91%	+2.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.74%	—
Current Drawdown Current decline from peak	-0.45%	0.00%	-0.45%
Average Drawdown Average peak-to-trough decline	-8.57%	-9.45%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.04%	+1.16%

Volatility

SMVSX vs. XMMO - Volatility Comparison

The current volatility for Invesco Small Cap Value Fund Class R6 (SMVSX) is 6.34%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.69%. This indicates that SMVSX experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVSX	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	7.69%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	15.51%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.64%	18.70%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	21.44%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.05%	22.26%	+4.79%

SMVSX vs. XMMO - Expense Ratio Comparison

SMVSX has a 0.72% expense ratio, which is higher than XMMO's 0.35% expense ratio.

Dividends

SMVSX vs. XMMO - Dividend Comparison

SMVSX's dividend yield for the trailing twelve months is around 6.52%, more than XMMO's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMVSX Invesco Small Cap Value Fund Class R6	6.52%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%	0.00%	0.00%
XMMO Invesco S&P MidCap Momentum ETF	0.60%	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 SMVSX and XMMO in my portfolio?

SMVSX and XMMO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMVSX or XMMO?

XMMO has higher volatility (7.69%) compared to SMVSX (6.34%). In terms of maximum drawdown, SMVSX dropped -57.41% vs XMMO's -55.37%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.04 vs 2.04), 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.