SPMO vs. DVOL

Last updated Jun 4, 2026

SPMO (Invesco S&P 500 Momentum ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds - SPMO tracks the S&P 500 Momentum Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, SPMO returned 24.29%/yr vs 6.82%/yr for DVOL. A 0.69 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.60%/yr for DVOL.

Performance

SPMO vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 30.35% return, which is significantly higher than DVOL's 1.61% return.

SPMO

• 1D: 0.50%
• 1M: 15.36%
• YTD: 30.35%
• 6M: 30.51%
• 1Y: 46.00%
• 3Y*: 43.04%
• 5Y*: 24.29%
• 10Y*: 20.95%

DVOL

• 1D: 0.41%
• 1M: -3.19%
• YTD: 1.61%
• 6M: 2.02%
• 1Y: 0.82%
• 3Y*: 12.78%
• 5Y*: 6.82%
• 10Y*: —

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

SPMO vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPMO Invesco S&P 500 Momentum ETF	30.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-13.90%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.61%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-9.89%

Correlation

The correlation between SPMO and DVOL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 10, 2018	0.69

Over the past year, the correlation between SPMO and DVOL has dropped to 0.44 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

SPMO vs. DVOL - Sectors Allocation Comparison

Sectors	SPMO	DVOL
Technology	52.6%	4.7%
Industrials	11.3%	16.6%
Communication Services	9.2%	3.6%
Healthcare	6.7%	3.7%
Financial Services	5.9%	18.8%
Consumer Defensive	4.3%	8.2%
Energy	3.4%	14.0%
Utilities	2.8%	3.0%
Basic Materials	1.6%	6.0%
Consumer Cyclical	1.3%	9.4%
Real Estate	1.0%	12.1%

Return for Risk

SPMO vs. DVOL — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 79
SPMO Sortino Ratio Rank: 77
SPMO Omega Ratio Rank: 77
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 73

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 9
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 10
DVOL Martin Ratio Rank: 10

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. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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.

	SPMO	DVOL	Difference
Sharpe ratio Return per unit of total volatility	2.62	0.07	+2.55
Sortino ratio Return per unit of downside risk	3.54	0.19	+3.35
Omega ratio Gain probability vs. loss probability	1.47	1.02	+0.45
Calmar ratio Return relative to maximum drawdown	3.64	0.08	+3.55
Martin ratio Return relative to average drawdown	14.17	0.30	+13.87
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. DVOL - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.62, which is higher than the DVOL Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of SPMO and DVOL, 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

	SPMO	DVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	0.07	+2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	0.48	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.50	+0.51

Drawdowns

SPMO vs. DVOL - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum DVOL drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for SPMO and DVOL.

Drawdown Indicators

	SPMO	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-38.26%	+7.31%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-9.82%	-2.88%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-11.66%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-24.65%	+1.91%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	0.00%	-4.85%	+4.85%
Average Drawdown Average peak-to-trough decline	-4.60%	-7.17%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.87%	+0.39%

Volatility

SPMO vs. DVOL - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 7.35% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 2.91%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	2.91%	+4.44%
Volatility (6M) Calculated over the trailing 6-month period	14.39%	9.35%	+5.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	11.79%	+5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	14.40%	+4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	17.72%	+2.59%

SPMO vs. DVOL - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than DVOL's 0.60% expense ratio.

Dividends

SPMO vs. DVOL - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.65%, less than DVOL's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.68%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.65%	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 DVOL in my portfolio?

SPMO and DVOL have a correlation of 0.44, 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 DVOL?

SPMO has higher volatility (7.35%) compared to DVOL (2.91%). In terms of maximum drawdown, SPMO dropped -30.95% vs DVOL's -38.26%.

Which ETF is better, SPMO or DVOL?

On 5-year performance, SPMO leads with 24.29% vs 6.82% for DVOL. On fees, SPMO is cheaper at 0.13% per year. On volatility, DVOL has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or DVOL?

Over the 5-year period, SPMO has performed better with a 24.29% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or DVOL?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.60% for DVOL.

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

DVOL has the higher dividend yield at 0.68%, compared with 0.65% for SPMO.

What is the main difference between SPMO and DVOL?

SPMO tracks S&P 500 Momentum Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.13% for SPMO and 0.60% for DVOL.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.62 vs 0.07), 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.