SO vs. SPMO

Last updated Jun 20, 2026

SO (The Southern Company) is a stock, while SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, SO returned 10.75%/yr vs 21.40%/yr for SPMO. At a 0.15 correlation, their price movements are largely independent.

Performance

SO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Southern Company (SO) 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, SO achieves a 8.96% return, which is significantly lower than SPMO's 34.39% return. Over the past 10 years, SO has underperformed SPMO with an annualized return of 10.75%, while SPMO has yielded a comparatively higher 21.40% annualized return.

SO

• 1D: 0.61%
• 1M: -0.79%
• YTD: 8.96%
• 6M: 11.41%
• 1Y: 8.12%
• 3Y*: 13.13%
• 5Y*: 12.85%
• 10Y*: 10.75%

SPMO

• 1D: 2.84%
• 1M: 10.51%
• YTD: 34.39%
• 6M: 34.48%
• 1Y: 50.89%
• 3Y*: 43.78%
• 5Y*: 24.48%
• 10Y*: 21.40%

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

SO vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SO The Southern Company	8.96%	9.47%	21.72%	2.21%	8.24%	16.34%	0.63%	51.65%	-3.75%	2.42%
SPMO Invesco S&P 500 Momentum ETF	34.39%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between SO and SPMO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.15

The correlation between SO and SPMO shifts across timeframes, from -0.15 (1 year) to 0.16 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SO vs. SPMO — Risk / Return Rank

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

SO

SO Risk / Return Rank: 56
SO Sharpe Ratio Rank: 61
SO Sortino Ratio Rank: 53
SO Omega Ratio Rank: 51
SO Calmar Ratio Rank: 56
SO Martin Ratio Rank: 57

SPMO

SPMO Risk / Return Rank: 81
SPMO Sharpe Ratio Rank: 84
SPMO Sortino Ratio Rank: 80
SPMO Omega Ratio Rank: 82
SPMO Calmar Ratio Rank: 81
SPMO Martin Ratio Rank: 81

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.

SO vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Southern Company (SO) 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.

	SO	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	0.55	2.54	-1.99
Sortino ratio: Return per unit of downside risk	0.90	3.34	-2.44
Omega ratio: Gain probability vs. loss probability	1.11	1.46	-0.35
Calmar ratio: Return relative to maximum drawdown	0.60	3.99	-3.40
Martin ratio: Return relative to average drawdown	1.40	15.09	-13.69

SO vs. SPMO - Sharpe Ratio Comparison

The current SO Sharpe Ratio is 0.55, which is lower than the SPMO Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of SO 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

SO vs. SPMO - Drawdown Comparison

The maximum SO drawdown since its inception was -38.43%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SO and SPMO.

Drawdown Indicators

	SO	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-38.43%	-30.95%	-7.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-12.70%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.99%	-20.13%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-23.28%	-22.74%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-38.43%	-30.95%	-7.48%
Current Drawdown Current decline from peak	-4.88%	0.00%	-4.88%
Average Drawdown Average peak-to-trough decline	-6.87%	-4.59%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.41%	3.35%	+3.06%

Volatility

SO vs. SPMO - Volatility Comparison

The current volatility for The Southern Company (SO) is 5.87%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.61%. This indicates that SO 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

	SO	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	10.61%	-4.74%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	17.21%	-4.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.23%	19.99%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	19.76%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	20.54%	+1.43%

Dividends

SO vs. SPMO - Dividend Comparison

SO's dividend yield for the trailing twelve months is around 3.64%, more than SPMO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SO The Southern Company	3.64%	3.37%	3.47%	3.96%	3.78%	3.82%	4.13%	3.86%	5.42%	4.78%	4.52%	4.60%
SPMO Invesco S&P 500 Momentum ETF	0.63%	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 SO and SPMO in my portfolio?

SO and SPMO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SO or SPMO?

SPMO has higher volatility (10.61%) compared to SO (5.87%). In terms of maximum drawdown, SO dropped -38.43% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.54 vs 0.55), 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.