SPMO vs. FBALX

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) and FBALX (Fidelity Balanced Fund) are both funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while FBALX is a Diversified Portfolio fund actively managed by Fidelity. SPMO is passively managed, while FBALX is actively managed. Over the past 10 years, SPMO returned 20.38%/yr vs 11.48%/yr for FBALX. A 0.76 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.46%/yr for FBALX.

Performance

SPMO vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 24.29% return, which is significantly higher than FBALX's 7.96% return. Over the past 10 years, SPMO has outperformed FBALX with an annualized return of 20.38%, while FBALX has yielded a comparatively lower 11.48% 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%

FBALX

• 1D: -2.10%
• 1M: -0.35%
• YTD: 7.96%
• 6M: 8.36%
• 1Y: 21.65%
• 3Y*: 15.93%
• 5Y*: 8.87%
• 10Y*: 11.48%

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

SPMO vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FBALX Fidelity Balanced Fund	7.96%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between SPMO and FBALX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.76

The correlation between SPMO and FBALX has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

Return for Risk

SPMO vs. FBALX — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 71
SPMO Sharpe Ratio Rank: 73
SPMO Sortino Ratio Rank: 68
SPMO Omega Ratio Rank: 73
SPMO Calmar Ratio Rank: 69
SPMO Martin Ratio Rank: 71

FBALX

FBALX Risk / Return Rank: 79
FBALX Sharpe Ratio Rank: 79
FBALX Sortino Ratio Rank: 73
FBALX Omega Ratio Rank: 76
FBALX Calmar Ratio Rank: 79
FBALX Martin Ratio Rank: 88

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. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Fidelity Balanced Fund (FBALX). 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	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.52	-0.40
Sortino ratio: Return per unit of downside risk	2.81	3.48	-0.67
Omega ratio: Gain probability vs. loss probability	1.39	1.48	-0.09
Calmar ratio: Return relative to maximum drawdown	3.13	3.46	-0.33
Martin ratio: Return relative to average drawdown	12.02	16.47	-4.45
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. FBALX - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is comparable to the FBALX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SPMO and FBALX, 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	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.52	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.73	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.90	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.81	+0.17

Drawdowns

SPMO vs. FBALX - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for SPMO and FBALX.

Drawdown Indicators

	SPMO	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-43.57%	+12.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-6.47%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-12.88%	-7.25%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-22.89%	+0.15%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-26.68%	-4.27%
Current Drawdown Current decline from peak	-4.65%	-2.12%	-2.53%
Average Drawdown Average peak-to-trough decline	-4.60%	-4.37%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	1.35%	+1.95%

Volatility

SPMO vs. FBALX - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 9.44% compared to Fidelity Balanced Fund (FBALX) at 3.23%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	3.23%	+6.21%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	7.15%	+8.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	8.87%	+9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	12.21%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	12.79%	+7.62%

SPMO vs. FBALX - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than FBALX's 0.46% expense ratio.

Dividends

SPMO vs. FBALX - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than FBALX's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.25%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
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

Can I hold both SPMO and FBALX in my portfolio?

SPMO and FBALX have a correlation of 0.86, 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 FBALX?

SPMO has higher volatility (9.44%) compared to FBALX (3.23%). In terms of maximum drawdown, SPMO dropped -30.95% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.52 vs 2.13), 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.