SPMO vs. COWZ

Last updated Jul 21, 2026

SPMO (Invesco S&P 500 Momentum ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, SPMO returned 20.52%/yr vs 10.54%/yr for COWZ. A 0.57 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.49%/yr for COWZ.

Performance

SPMO vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 21.65% return, which is significantly higher than COWZ's 8.02% return.

SPMO

• 1D: 0.44%
• 1M: -9.48%
• 6M: 20.96%
• YTD: 21.65%
• 1Y: 28.03%
• 3Y*: 37.58%
• 5Y*: 20.52%
• 10Y*: 20.24%
• ALL TIME*: 19.04%

COWZ

• 1D: -0.34%
• 1M: 4.66%
• 6M: 5.39%
• YTD: 8.02%
• 1Y: 18.38%
• 3Y*: 11.05%
• 5Y*: 10.54%
• 10Y*: —
• ALL TIME*: 12.62%

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

SPMO vs. COWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	21.65%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
COWZ Pacer US Cash Cows 100 ETF	8.02%	8.98%	10.64%	14.73%	0.19%	42.57%	11.65%	23.41%	-10.05%	20.22%

Correlation

The correlation between SPMO and COWZ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 19, 2016	0.57

Over the past year, the correlation between SPMO and COWZ has dropped to 0.14 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

SPMO vs. COWZ - Sectors Allocation Comparison

Sectors	SPMO	COWZ
Technology	54.0%	22.9%
Industrials	12.7%	8.4%
Communication Services	8.2%	8.8%
Healthcare	6.7%	19.9%
Financial Services	6.1%	-
Consumer Defensive	4.0%	10.6%
Energy	3.1%	11.2%
Basic Materials	1.4%	4.0%
Utilities	1.2%	-
Consumer Cyclical	1.2%	14.3%
Real Estate	1.1%	-

Return for Risk

SPMO vs. COWZ — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 51
SPMO Sharpe Ratio Rank: 47
SPMO Sortino Ratio Rank: 44
SPMO Omega Ratio Rank: 48
SPMO Calmar Ratio Rank: 59
SPMO Martin Ratio Rank: 58

COWZ

COWZ Risk / Return Rank: 69
COWZ Sharpe Ratio Rank: 66
COWZ Sortino Ratio Rank: 70
COWZ Omega Ratio Rank: 63
COWZ Calmar Ratio Rank: 80
COWZ Martin Ratio Rank: 66

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.

SPMO vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Pacer US Cash Cows 100 ETF (COWZ). 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.

	SPMO	COWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.61	-0.36
Sortino ratio: Return per unit of downside risk	1.75	2.38	-0.64
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	2.22	3.10	-0.88
Martin ratio: Return relative to average drawdown	7.41	8.70	-1.29

SPMO vs. COWZ - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.25, which is comparable to the COWZ Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPMO and COWZ, 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

SPMO vs. COWZ - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for SPMO and COWZ.

Drawdown Indicators

	SPMO	COWZ	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-38.63%	+7.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-5.95%	-6.75%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-22.00%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-22.00%	-0.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	-10.60%	-1.06%	-9.54%
Average Drawdown Average peak-to-trough decline	-4.60%	-4.78%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.12%	+1.67%

Volatility

SPMO vs. COWZ - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 11.55% compared to Pacer US Cash Cows 100 ETF (COWZ) at 3.90%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	COWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	3.90%	+7.65%
Volatility (6M) Calculated over the trailing 6-month period	20.23%	8.09%	+12.14%
Volatility (1Y) Calculated over the trailing 1-year period	22.65%	11.51%	+11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	17.63%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	19.86%	+0.98%

SPMO vs. COWZ - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than COWZ's 0.49% expense ratio.

Dividends

SPMO vs. COWZ - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.73%, less than COWZ's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWZ Pacer US Cash Cows 100 ETF	1.91%	2.19%	1.82%	1.92%	1.96%	1.48%	2.54%	1.96%	1.67%	1.95%	0.13%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.73%	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 SPMO and COWZ in my portfolio?

SPMO and COWZ have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMO or COWZ?

SPMO has higher volatility (11.55%) compared to COWZ (3.90%). In terms of maximum drawdown, SPMO dropped -30.95% vs COWZ's -38.63%.

Which ETF is better, SPMO or COWZ?

On 5-year performance, SPMO leads with 20.52% vs 10.54% for COWZ. On fees, SPMO is cheaper at 0.13% per year. On volatility, COWZ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or COWZ?

Over the 5-year period, SPMO has performed better with a 20.52% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or COWZ?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.49% for COWZ.

Which ETF pays a higher dividend yield, SPMO or COWZ?

COWZ has the higher dividend yield at 1.91%, compared with 0.73% for SPMO.

What is the main difference between SPMO and COWZ?

SPMO is categorized as Momentum, while COWZ is Mid Cap Value Equities. SPMO tracks S&P 500 Momentum Index, while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.13% for SPMO and 0.49% for COWZ.

Which has better risk-adjusted returns?

COWZ currently has the higher Sharpe Ratio (1.61 vs 1.25), 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.