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SPMO vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. HDV

Last updated Aug 5, 2026
Documentation

SPMO (Invesco S&P 500 Momentum ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, SPMO returned 20.17%/yr vs 9.60%/yr for HDV. Their 0.43 correlation means their historical movements had little consistent relationship. SPMO charges 0.13%/yr vs 0.08%/yr for HDV.

Performance

SPMO vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and iShares Core High Dividend ETF (HDV). 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 HDV's 19.95% return. Over the past 10 years, SPMO has outperformed HDV with an annualized return of 20.17%, while HDV has yielded a comparatively lower 9.60% annualized 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%

HDV

1D
0.24%
1M
2.71%
6M
8.59%
YTD
19.95%
1Y
24.72%
3Y*
15.90%
5Y*
12.07%
10Y*
9.60%
ALL TIME*
10.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

HDV

iShares Core High Dividend ETF
$176.49M$158.01M$110.76M

SPMO

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

SPMO vs. HDV - 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%
HDV
iShares Core High Dividend ETF		19.95%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between SPMO and HDV is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

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

-0.18

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

0.10

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

0.39

Correlation (10Y)
Provides a long-term view across more market conditions.

0.44

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.43

The correlation between SPMO and HDV shifts across timeframes, from -0.18 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.

SPMO vs. HDV - Sectors Allocation Comparison

Sectors
SPMO
HDV

Technology

53.7%
0.9%

Industrials

11.2%
2.8%

Communication Services

7.4%
5.2%

Healthcare

6.9%
23.9%

Financial Services

6.0%
4.7%

Consumer Defensive

4.2%
24.3%

Energy

3.3%
19.8%

Utilities

2.7%
8.2%

Basic Materials

1.9%
0.8%

Consumer Cyclical

1.2%
9.3%

Real Estate

1.1%

-

Technology

SPMO
53.7%
HDV
0.9%

Industrials

SPMO
11.2%
HDV
2.8%

Communication Services

SPMO
7.4%
HDV
5.2%

Healthcare

SPMO
6.9%
HDV
23.9%

Financial Services

SPMO
6.0%
HDV
4.7%

Consumer Defensive

SPMO
4.2%
HDV
24.3%

Energy

SPMO
3.3%
HDV
19.8%

Utilities

SPMO
2.7%
HDV
8.2%

Basic Materials

SPMO
1.9%
HDV
0.8%

Consumer Cyclical

SPMO
1.2%
HDV
9.3%

Real Estate

SPMO
1.1%
HDV

-

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

iShares Core High Dividend ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

SPMO vs. HDV — 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
HDV
HDV Risk / Return Rank: 8888
Overall Rank
HDV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9191
Sortino Ratio Rank
HDV Omega Ratio Rank: 8585
Omega Ratio Rank
HDV Calmar Ratio Rank: 9393
Calmar Ratio Rank
HDV Martin Ratio Rank: 8585
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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and iShares Core High Dividend ETF (HDV). 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.

SPMOHDVDifference
Sharpe ratioReturn per unit of total volatility
1.35
2.30

-0.95

Sortino ratioReturn per unit of downside risk
1.91
3.47

-1.56

Omega ratioGain probability vs. loss probability

1.25

1.40

-0.15

Calmar ratioReturn relative to maximum drawdown

2.07

4.80

-2.72

Martin ratioReturn relative to average drawdown

7.44

13.10

-5.66

SPMO vs. HDV - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.35, which is lower than the HDV Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SPMO and HDV, 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. HDV - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for SPMO and HDV.

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Drawdown Indicators

SPMOHDVDifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-37.04%

+6.09%

Max Drawdown (1Y)

Largest decline over 1 year

-15.64%

-5.18%

-10.46%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-10.49%

-9.64%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-15.42%

-7.32%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-37.04%

+6.09%

Current Drawdown

Current decline from peak

-6.49%

-1.48%

-5.01%

Average Drawdown

Average peak-to-trough decline

-4.62%

-3.06%

-1.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.35%

1.89%

+2.46%

Volatility

SPMO vs. HDV - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.95% compared to iShares Core High Dividend ETF (HDV) at 4.30%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.95%

4.30%

+6.65%

Volatility (6M)

Calculated over the trailing 6-month period

21.85%

8.66%

+13.19%

Volatility (1Y)

Calculated over the trailing 1-year period

24.13%

10.81%

+13.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

12.94%

+7.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.97%

15.79%

+5.18%

SPMO vs. HDV - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is higher than HDV's 0.08% 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. HDV - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than HDV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		3.07%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
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

SPMO and HDV have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (10.95%) compared to HDV (4.30%). In terms of maximum drawdown, SPMO dropped -30.95% vs HDV's -37.04%.

On 10-year performance, SPMO leads with 20.17% vs 9.60% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMO has performed better with a 20.17% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.13% for SPMO.

HDV has the higher dividend yield at 3.07%, compared with 0.69% for SPMO.

SPMO is categorized as Momentum, while HDV is Dividend. SPMO tracks S&P 500 Momentum Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for SPMO and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.30 vs 1.35), 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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