SPMO vs. FZILX

Last updated Jun 16, 2026

SPMO (Invesco S&P 500 Momentum ETF) and FZILX (Fidelity ZERO International Index Fund) are both funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index. Both are passively managed. Over the past 5 years, SPMO returned 24.34%/yr vs 8.89%/yr for FZILX. A 0.67 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.00%/yr for FZILX.

Performance

SPMO vs. FZILX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMO achieves a 32.66% return, which is significantly higher than FZILX's 14.46% return.

SPMO

• 1D: 3.52%
• 1M: 10.01%
• YTD: 32.66%
• 6M: 33.70%
• 1Y: 50.00%
• 3Y*: 43.16%
• 5Y*: 24.34%
• 10Y*: 21.24%

FZILX

• 1D: 0.60%
• 1M: 3.44%
• YTD: 14.46%
• 6M: 15.88%
• 1Y: 31.18%
• 3Y*: 19.17%
• 5Y*: 8.89%
• 10Y*: —

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

SPMO vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPMO Invesco S&P 500 Momentum ETF	32.66%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-12.12%
FZILX Fidelity ZERO International Index Fund	14.46%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between SPMO and FZILX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.67

The correlation between SPMO and FZILX has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

SPMO vs. FZILX — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 85
SPMO Sharpe Ratio Rank: 87
SPMO Sortino Ratio Rank: 84
SPMO Omega Ratio Rank: 86
SPMO Calmar Ratio Rank: 83
SPMO Martin Ratio Rank: 83

FZILX

FZILX Risk / Return Rank: 58
FZILX Sharpe Ratio Rank: 58
FZILX Sortino Ratio Rank: 53
FZILX Omega Ratio Rank: 59
FZILX Calmar Ratio Rank: 61
FZILX Martin Ratio Rank: 58

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. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Fidelity ZERO International Index Fund (FZILX). 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.

	SPMO	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.90	+0.64
Sortino ratio: Return per unit of downside risk	3.34	2.60	+0.75
Omega ratio: Gain probability vs. loss probability	1.46	1.36	+0.11
Calmar ratio: Return relative to maximum drawdown	3.96	2.64	+1.32
Martin ratio: Return relative to average drawdown	14.96	10.15	+4.81

SPMO vs. FZILX - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.55, which is higher than the FZILX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPMO and FZILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPMO vs. FZILX - Drawdown Comparison

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

Drawdown Indicators

	SPMO	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-34.37%	+3.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-11.24%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-13.47%	-6.66%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-29.87%	+7.13%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	0.00%	-1.58%	+1.58%
Average Drawdown Average peak-to-trough decline	-4.60%	-6.68%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.92%	+0.43%

Volatility

SPMO vs. FZILX - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.78% compared to Fidelity ZERO International Index Fund (FZILX) at 6.65%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	6.65%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	17.04%	13.40%	+3.64%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	15.59%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	15.70%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	17.39%	+3.13%

SPMO vs. FZILX - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is higher than FZILX's 0.00% 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. FZILX - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.64%, less than FZILX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZILX Fidelity ZERO International Index Fund	2.34%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.64%	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 FZILX in my portfolio?

SPMO and FZILX have a correlation of 0.70, 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 FZILX?

SPMO has higher volatility (10.78%) compared to FZILX (6.65%). In terms of maximum drawdown, SPMO dropped -30.95% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.55 vs 1.90), 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.