SPMO vs. GDMN

Last updated Jun 21, 2026

SPMO (Invesco S&P 500 Momentum ETF) and GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while GDMN is a Commodities fund actively managed by WisdomTree. SPMO is passively managed, while GDMN is actively managed. Over the past 3 years, SPMO returned 43.78%/yr vs 56.96%/yr for GDMN. At a 0.20 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.45%/yr for GDMN.

Performance

SPMO vs. GDMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 34.39% return, which is significantly higher than GDMN's -11.31% return.

SPMO

• 1D: 2.84%
• 1M: 10.51%
• YTD: 34.39%
• 6M: 34.48%
• 1Y: 50.89%
• 3Y*: 43.78%
• 5Y*: 24.48%
• 10Y*: 21.40%

GDMN

• 1D: -2.56%
• 1M: -10.55%
• YTD: -11.31%
• 6M: -13.58%
• 1Y: 65.62%
• 3Y*: 56.96%
• 5Y*: —
• 10Y*: —

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

SPMO vs. GDMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPMO Invesco S&P 500 Momentum ETF	34.39%	26.58%	45.82%	17.56%	-10.45%	0.38%
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	-11.31%	237.09%	28.23%	12.97%	-14.62%	6.93%

Correlation

The correlation between SPMO and GDMN is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.20

The correlation between SPMO and GDMN shifts across timeframes, from 0.18 (3 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.

SPMO vs. GDMN - Sectors Allocation Comparison

Sectors	SPMO	GDMN
Technology	56.8%	-
Industrials	10.9%	-
Communication Services	8.0%	-
Healthcare	5.9%	-
Financial Services	5.8%	-
Consumer Defensive	3.8%	-
Energy	2.8%	-
Utilities	2.6%	-
Basic Materials	1.5%	100.0%
Consumer Cyclical	1.1%	-
Real Estate	0.9%	-

Return for Risk

SPMO vs. GDMN — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 81
SPMO Sharpe Ratio Rank: 84
SPMO Sortino Ratio Rank: 80
SPMO Omega Ratio Rank: 82
SPMO Calmar Ratio Rank: 81
SPMO Martin Ratio Rank: 81

GDMN

GDMN Risk / Return Rank: 29
GDMN Sharpe Ratio Rank: 29
GDMN Sortino Ratio Rank: 28
GDMN Omega Ratio Rank: 33
GDMN Calmar Ratio Rank: 28
GDMN Martin Ratio Rank: 26

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. GDMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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	GDMN	Difference
Sharpe ratio: Return per unit of total volatility	2.54	1.00	+1.54
Sortino ratio: Return per unit of downside risk	3.34	1.47	+1.87
Omega ratio: Gain probability vs. loss probability	1.46	1.21	+0.25
Calmar ratio: Return relative to maximum drawdown	3.99	1.31	+2.69
Martin ratio: Return relative to average drawdown	15.09	3.42	+11.67

SPMO vs. GDMN - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.54, which is higher than the GDMN Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of SPMO and GDMN, 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. GDMN - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum GDMN drawdown of -52.82%. Use the drawdown chart below to compare losses from any high point for SPMO and GDMN.

Drawdown Indicators

	SPMO	GDMN	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-52.82%	+21.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-48.76%	+36.06%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-48.76%	+28.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	0.00%	-41.78%	+41.78%
Average Drawdown Average peak-to-trough decline	-4.59%	-19.09%	+14.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	18.58%	-15.23%

Volatility

SPMO vs. GDMN - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 10.61%, while WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a volatility of 22.11%. This indicates that SPMO experiences smaller price fluctuations and is considered to be less risky than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	GDMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.61%	22.11%	-11.50%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	54.94%	-37.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	63.83%	-43.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	48.18%	-28.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	48.18%	-27.64%

SPMO vs. GDMN - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than GDMN's 0.45% expense ratio.

Dividends

SPMO vs. GDMN - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.63%, less than GDMN's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	3.05%	2.70%	9.44%	7.69%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.63%	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 GDMN in my portfolio?

SPMO and GDMN have a correlation of 0.29, 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 GDMN?

GDMN has higher volatility (22.11%) compared to SPMO (10.61%). In terms of maximum drawdown, SPMO dropped -30.95% vs GDMN's -52.82%.

Which ETF is better, SPMO or GDMN?

On 3-year performance, GDMN leads with 56.96% vs 43.78% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or GDMN?

Over the 3-year period, GDMN has performed better with a 56.96% return vs 43.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or GDMN?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.45% for GDMN.

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

GDMN has the higher dividend yield at 3.05%, compared with 0.63% for SPMO.

What is the main difference between SPMO and GDMN?

SPMO is categorized as Momentum, while GDMN is Commodities. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.13% for SPMO and 0.45% for GDMN.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.54 vs 1.00), 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.