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SPMO vs. FDMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. FDMO

Last updated Aug 5, 2026
Documentation

SPMO (Invesco S&P 500 Momentum ETF) and FDMO (Fidelity Momentum Factor ETF) are both Momentum funds - SPMO tracks the S&P 500 Momentum Index while FDMO tracks the Fidelity U.S. Momentum Factor Index. Both are passively managed. Over the past 5 years, SPMO returned 20.99%/yr vs 14.61%/yr for FDMO. Their correlation of 0.87 means they have usually moved in the same direction. SPMO charges 0.13%/yr vs 0.29%/yr for FDMO.

Performance

SPMO vs. FDMO - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPMO achieves a 27.25% return, which is significantly higher than FDMO's 14.39% return.

SPMO

1D
4.00%
1M
0.23%
6M
27.03%
YTD
27.25%
1Y
32.27%
3Y*
39.98%
5Y*
20.99%
10Y*
20.17%
ALL TIME*
19.45%

FDMO

1D
2.59%
1M
1.06%
6M
12.19%
YTD
14.39%
1Y
23.92%
3Y*
26.57%
5Y*
14.61%
10Y*
—
ALL TIME*
15.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FDMO

Fidelity Momentum Factor ETF
$7.94M$8.17M$6.06M

SPMO

Invesco S&P 500 Momentum ETF
$336.43M$343.89M$352.54M

SPMO vs. FDMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		27.25%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
FDMO
Fidelity Momentum Factor ETF		14.39%21.43%32.78%24.79%-19.32%22.23%21.71%25.29%-4.13%23.93%

Correlation

The correlation between SPMO and FDMO is 0.92, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.92

Correlation (3Y)
Balances recent behavior with more history.

0.92

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.90

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.87

The correlation between SPMO and FDMO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

SPMO vs. FDMO - Sectors Allocation Comparison

Sectors
SPMO
FDMO

Technology

53.7%
39.9%

Industrials

11.2%
9.3%

Communication Services

7.4%
8.4%

Healthcare

6.9%
9.3%

Financial Services

6.0%
11.6%

Consumer Defensive

4.2%
3.8%

Energy

3.3%
2.9%

Utilities

2.7%
2.1%

Basic Materials

1.9%
1.9%

Consumer Cyclical

1.2%
8.9%

Real Estate

1.1%
2.0%

Technology

SPMO
53.7%
FDMO
39.9%

Industrials

SPMO
11.2%
FDMO
9.3%

Communication Services

SPMO
7.4%
FDMO
8.4%

Healthcare

SPMO
6.9%
FDMO
9.3%

Financial Services

SPMO
6.0%
FDMO
11.6%

Consumer Defensive

SPMO
4.2%
FDMO
3.8%

Energy

SPMO
3.3%
FDMO
2.9%

Utilities

SPMO
2.7%
FDMO
2.1%

Basic Materials

SPMO
1.9%
FDMO
1.9%

Consumer Cyclical

SPMO
1.2%
FDMO
8.9%

Real Estate

SPMO
1.1%
FDMO
2.0%

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

Fidelity Momentum Factor ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with FDMO:
FDMO vs. VOOFDMO vs. JEPQFDMO vs. FMTMFDMO vs. FTECFDMO vs. SCHGFDMO vs. VFMOFDMO vs. SEIM

Return for Risk

SPMO vs. FDMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SPMO
SPMO Risk / Return Rank: 5050
Overall Rank
SPMO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4747
Sortino Ratio Rank
SPMO Omega Ratio Rank: 4949
Omega Ratio Rank
SPMO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5656
Martin Ratio Rank
FDMO
FDMO Risk / Return Rank: 4646
Overall Rank
FDMO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
FDMO Sortino Ratio Rank: 4343
Sortino Ratio Rank
FDMO Omega Ratio Rank: 4242
Omega Ratio Rank
FDMO Calmar Ratio Rank: 4949
Calmar Ratio Rank
FDMO Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPMO vs. FDMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Fidelity Momentum Factor ETF (FDMO). 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.

SPMOFDMODifference
Sharpe ratioReturn per unit of total volatility
1.35
1.25

+0.10

Sortino ratioReturn per unit of downside risk
1.91
1.79

+0.12

Omega ratioGain probability vs. loss probability

1.25

1.22

+0.03

Calmar ratioReturn relative to maximum drawdown

2.07

1.97

+0.11

Martin ratioReturn relative to average drawdown

7.44

6.89

+0.55

SPMO vs. FDMO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.35, which is comparable to the FDMO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPMO and FDMO, 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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Drawdowns

SPMO vs. FDMO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum FDMO drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for SPMO and FDMO.

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Drawdown Indicators

SPMOFDMODifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-33.94%

+2.99%

Max Drawdown (1Y)

Largest decline over 1 year

-15.64%

-12.22%

-3.42%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-21.88%

+1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-25.44%

+2.70%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

—

—

Current Drawdown

Current decline from peak

-6.49%

-2.86%

-3.63%

Average Drawdown

Average peak-to-trough decline

-4.62%

-5.38%

+0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.35%

3.48%

+0.87%

Volatility

SPMO vs. FDMO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.95% compared to Fidelity Momentum Factor ETF (FDMO) at 6.93%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than FDMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOFDMODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.95%

6.93%

+4.02%

Volatility (6M)

Calculated over the trailing 6-month period

21.85%

16.06%

+5.79%

Volatility (1Y)

Calculated over the trailing 1-year period

24.13%

19.30%

+4.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

19.50%

+1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.97%

19.65%

+1.32%

SPMO vs. FDMO - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than FDMO's 0.29% expense ratio.

Dividends

SPMO vs. FDMO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, more than FDMO's 0.59% yield.

PositionTTM20252024202320222021202020192018201720162015
FDMO
Fidelity Momentum Factor ETF		0.59%0.61%0.90%0.87%1.19%0.60%0.77%1.23%1.22%1.09%0.45%0.00%
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

With a correlation of 0.92, SPMO and FDMO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SPMO has higher volatility (10.95%) compared to FDMO (6.93%). In terms of maximum drawdown, SPMO dropped -30.95% vs FDMO's -33.94%.

On 5-year performance, SPMO leads with 20.99% vs 14.61% for FDMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, FDMO has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPMO has performed better with a 20.99% return vs 14.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.29% for FDMO.

SPMO has the higher dividend yield at 0.69%, compared with 0.59% for FDMO.

SPMO tracks S&P 500 Momentum Index, while FDMO tracks Fidelity U.S. Momentum Factor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.13% for SPMO and 0.29% for FDMO.

SPMO currently has the higher Sharpe Ratio (1.35 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.

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