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SPMD vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD vs. SPMO

Last updated Jun 10, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, SPMD returned 11.43%/yr vs 20.35%/yr for SPMO. A 0.62 correlation means they provide meaningful diversification when combined. SPMD charges 0.05%/yr vs 0.13%/yr for SPMO.

Performance

SPMD vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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, SPMD achieves a 13.50% return, which is significantly lower than SPMO's 23.98% return. Over the past 10 years, SPMD has underperformed SPMO with an annualized return of 11.43%, while SPMO has yielded a comparatively higher 20.35% annualized return.

SPMD

1D
0.82%
1M
0.99%
YTD
13.50%
6M
13.79%
1Y
23.67%
3Y*
15.34%
5Y*
8.06%
10Y*
11.43%

SPMO

1D
-0.25%
1M
2.57%
YTD
23.98%
6M
22.84%
1Y
39.21%
3Y*
40.17%
5Y*
22.76%
10Y*
20.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		13.50%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%
SPMO
Invesco S&P 500 Momentum ETF		23.98%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between SPMD and SPMO is 0.62, 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

0.62

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

0.65

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

0.71

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

0.64

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.62

The correlation between SPMD and SPMO has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

SPDR Portfolio S&P 400 Mid Cap ETF

Invesco S&P 500 Momentum ETF

Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

SPMD vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD
SPMD Risk / Return Rank: 5454
Overall Rank
SPMD Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6161
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7171
Overall Rank
SPMO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7474
Omega Ratio Rank
SPMO Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7171
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.

SPMD vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.

SPMDSPMODifference
Sharpe ratioReturn per unit of total volatility
1.52
2.11

-0.59

Sortino ratioReturn per unit of downside risk
2.22
2.79

-0.57

Omega ratioGain probability vs. loss probability

1.27

1.39

-0.12

Calmar ratioReturn relative to maximum drawdown

2.68

3.10

-0.42

Martin ratioReturn relative to average drawdown

9.83

11.87

-2.04

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

SPMD vs. SPMO - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.52, which is comparable to the SPMO Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of SPMD 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

SPMDSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

2.11

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

1.17

-0.76

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

1.00

-0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.98

-0.53

Drawdowns

SPMD vs. SPMO - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SPMD and SPMO.

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Drawdown Indicators

SPMDSPMODifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-30.95%

-26.67%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-12.70%

+3.84%

Max Drawdown (3Y)

Largest decline over 3 years

-24.08%

-20.13%

-3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-24.08%

-22.74%

-1.34%

Max Drawdown (10Y)

Largest decline over 10 years

-41.86%

-30.95%

-10.91%

Current Drawdown

Current decline from peak

-0.91%

-4.89%

+3.98%

Average Drawdown

Average peak-to-trough decline

-8.11%

-4.60%

-3.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

3.31%

-0.90%

Volatility

SPMD vs. SPMO - Volatility Comparison

The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.21%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 8.94%. This indicates that SPMD 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

SPMDSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

8.94%

-4.73%

Volatility (6M)

Calculated over the trailing 6-month period

11.55%

15.83%

-4.28%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

18.68%

-3.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.72%

19.50%

+0.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

20.41%

+0.77%

SPMD vs. SPMO - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is lower than SPMO's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPMD vs. SPMO - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.23%, more than SPMO's 0.69% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.23%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%
SPMO
Invesco S&P 500 Momentum ETF		0.69%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

SPMD and SPMO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (8.94%) compared to SPMD (4.21%). In terms of maximum drawdown, SPMD dropped -57.62% vs SPMO's -30.95%.

On 10-year performance, SPMO leads with 20.35% vs 11.43% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.21%. 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 20.35% return vs 11.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMD is cheaper with a 0.05% expense ratio, compared with 0.13% for SPMO.

SPMD has the higher dividend yield at 1.23%, compared with 0.69% for SPMO.

SPMD is categorized as Mid Cap Blend Equities, while SPMO is Momentum. SPMD tracks S&P MidCap 400 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.05% for SPMD and 0.13% for SPMO.

SPMO currently has the higher Sharpe Ratio (2.11 vs 1.52), 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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