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SPMO vs. CVD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. CVD.TO

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) and CVD.TO (iShares Convertible Bond Index ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index. Both are passively managed. Over the past 10 years, SPMO returned 20.38%/yr vs 3.56%/yr for CVD.TO. At a 0.10 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.49%/yr for CVD.TO.

Performance

SPMO vs. CVD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and iShares Convertible Bond Index ETF (CVD.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPMO is traded in USD, while CVD.TO is traded in CAD. To make them comparable, the CVD.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPMO achieves a 24.29% return, which is significantly higher than CVD.TO's 1.49% return. Over the past 10 years, SPMO has outperformed CVD.TO with an annualized return of 20.38%, while CVD.TO has yielded a comparatively lower 3.56% annualized return.

SPMO

1D
2.50%
1M
2.83%
YTD
24.29%
6M
22.86%
1Y
39.53%
3Y*
40.28%
5Y*
23.06%
10Y*
20.38%

CVD.TO

1D
-0.55%
1M
-1.44%
YTD
1.49%
6M
0.09%
1Y
5.70%
3Y*
6.76%
5Y*
1.51%
10Y*
3.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMO vs. CVD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		24.29%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
CVD.TO
iShares Convertible Bond Index ETF		1.49%12.22%3.88%6.17%-10.31%5.38%6.19%15.02%-10.23%11.62%

Correlation

The correlation between SPMO and CVD.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.01

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

0.11

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

0.12

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

0.10

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

0.10

The correlation between SPMO and CVD.TO shifts across timeframes, from -0.01 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

SPMO vs. CVD.TO - Sectors Allocation Comparison

Sectors
SPMO
CVD.TO

Technology

54.8%

-

Industrials

10.9%

-

Communication Services

8.7%

-

Healthcare

6.2%

-

Financial Services

5.7%

-

Consumer Defensive

4.0%

-

Energy

3.1%

-

Utilities

2.5%

-

Basic Materials

1.6%

-

Consumer Cyclical

1.3%

-

Real Estate

0.9%
100.0%

Technology

SPMO
54.8%
CVD.TO

-

Industrials

SPMO
10.9%
CVD.TO

-

Communication Services

SPMO
8.7%
CVD.TO

-

Healthcare

SPMO
6.2%
CVD.TO

-

Financial Services

SPMO
5.7%
CVD.TO

-

Consumer Defensive

SPMO
4.0%
CVD.TO

-

Energy

SPMO
3.1%
CVD.TO

-

Utilities

SPMO
2.5%
CVD.TO

-

Basic Materials

SPMO
1.6%
CVD.TO

-

Consumer Cyclical

SPMO
1.3%
CVD.TO

-

Real Estate

SPMO
0.9%
CVD.TO
100.0%

Compare stocks, funds, or ETFs

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

Invesco S&P 500 Momentum ETF

iShares Convertible Bond Index ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with CVD.TO:
CVD.TO vs. ZWC.TOCVD.TO vs. ICVTCVD.TO vs. XHY.TOCVD.TO vs. CGHY.TOCVD.TO vs. XHB.TOCVD.TO vs. XEQT.TOCVD.TO vs. XSB.TO

Return for Risk

SPMO vs. CVD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMO
SPMO Risk / Return Rank: 7171
Overall Rank
SPMO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 6868
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7373
Omega Ratio Rank
SPMO Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7171
Martin Ratio Rank
CVD.TO
CVD.TO Risk / Return Rank: 3737
Overall Rank
CVD.TO Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
CVD.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
CVD.TO Omega Ratio Rank: 3737
Omega Ratio Rank
CVD.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
CVD.TO Martin Ratio Rank: 3939
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.

SPMO vs. CVD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and iShares Convertible Bond Index ETF (CVD.TO). 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.

SPMOCVD.TODifference
Sharpe ratioReturn per unit of total volatility
2.13
0.67

+1.46

Sortino ratioReturn per unit of downside risk
2.81
0.95

+1.86

Omega ratioGain probability vs. loss probability

1.39

1.13

+0.26

Calmar ratioReturn relative to maximum drawdown

3.13

1.51

+1.61

Martin ratioReturn relative to average drawdown

12.02

3.12

+8.90

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

SPMO vs. CVD.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is higher than the CVD.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of SPMO and CVD.TO, 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

SPMOCVD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.13

0.67

+1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

0.13

+1.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.00

0.30

+0.70

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.15

+0.83

Drawdowns

SPMO vs. CVD.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum CVD.TO drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for SPMO and CVD.TO.

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Drawdown Indicators

SPMOCVD.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-34.37%

+3.42%

Max Drawdown (1Y)

Largest decline over 1 year

-12.70%

-3.78%

-8.92%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-14.52%

-5.61%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-22.91%

+0.17%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-30.24%

-0.71%

Current Drawdown

Current decline from peak

-4.65%

-3.78%

-0.87%

Average Drawdown

Average peak-to-trough decline

-4.60%

-9.34%

+4.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

1.83%

+1.47%

Volatility

SPMO vs. CVD.TO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 9.44% compared to iShares Convertible Bond Index ETF (CVD.TO) at 1.39%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than CVD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOCVD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.44%

1.39%

+8.05%

Volatility (6M)

Calculated over the trailing 6-month period

15.82%

6.65%

+9.17%

Volatility (1Y)

Calculated over the trailing 1-year period

18.72%

8.61%

+10.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.50%

11.37%

+8.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

11.79%

+8.62%

SPMO vs. CVD.TO - Expense Ratio Comparison

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

Dividends

SPMO vs. CVD.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than CVD.TO's 4.94% yield.

PositionTTM20252024202320222021202020192018201720162015
CVD.TO
iShares Convertible Bond Index ETF		4.94%4.91%5.14%5.33%5.05%4.61%4.48%4.52%4.97%4.65%4.51%4.94%
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

SPMO and CVD.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SPMO is categorized as Momentum, while CVD.TO is High Yield Bonds. SPMO tracks S&P 500 Momentum Index, while CVD.TO tracks FTSE Canada Convertible Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for SPMO and 0.49% for CVD.TO.

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