SPMO vs. FUMIX

Last updated Jun 4, 2026

SPMO (Invesco S&P 500 Momentum ETF) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while FUMIX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, SPMO returned 24.29%/yr vs 17.10%/yr for FUMIX. Their correlation of 0.91 suggests significant overlap in exposure. SPMO charges 0.13%/yr vs 0.11%/yr for FUMIX.

Performance

SPMO vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). 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 FUMIX's 26.12% 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%

FUMIX

• 1D: 1.48%
• 1M: 12.10%
• YTD: 26.12%
• 6M: 26.26%
• 1Y: 33.30%
• 3Y*: 32.20%
• 5Y*: 17.10%
• 10Y*: —

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

SPMO vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	30.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	26.01%
FUMIX Fidelity SAI U.S. Momentum Index Fund	26.12%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between SPMO and FUMIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.91

The correlation between SPMO and FUMIX has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SPMO vs. FUMIX — 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

FUMIX

FUMIX Risk / Return Rank: 55
FUMIX Sharpe Ratio Rank: 46
FUMIX Sortino Ratio Rank: 44
FUMIX Omega Ratio Rank: 45
FUMIX Calmar Ratio Rank: 65
FUMIX Martin Ratio Rank: 74

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. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). 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	FUMIX	Difference
Sharpe ratio Return per unit of total volatility	2.62	1.99	+0.63
Sortino ratio Return per unit of downside risk	3.54	2.79	+0.74
Omega ratio Gain probability vs. loss probability	1.47	1.36	+0.11
Calmar ratio Return relative to maximum drawdown	3.64	3.10	+0.54
Martin ratio Return relative to average drawdown	14.17	14.10	+0.07
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. FUMIX - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.62, which is higher than the FUMIX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SPMO and FUMIX, 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	FUMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	1.99	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	0.81	+0.45
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	0.81	+0.20

Drawdowns

SPMO vs. FUMIX - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum FUMIX drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for SPMO and FUMIX.

Drawdown Indicators

	SPMO	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-33.36%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-10.99%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-19.90%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-27.66%	+4.92%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.60%	-6.32%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.41%	+0.85%

Volatility

SPMO vs. FUMIX - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 7.35% compared to Fidelity SAI U.S. Momentum Index Fund (FUMIX) at 6.51%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than FUMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	6.51%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	14.39%	14.70%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	17.12%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	21.17%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	21.77%	-1.46%

SPMO vs. FUMIX - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is higher than FUMIX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPMO vs. FUMIX - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.65%, less than FUMIX's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.20%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%	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 FUMIX in my portfolio?

With a correlation of 0.92, SPMO and FUMIX 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.

Which is riskier, SPMO or FUMIX?

SPMO has higher volatility (7.35%) compared to FUMIX (6.51%). In terms of maximum drawdown, SPMO dropped -30.95% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.62 vs 1.99), 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.