SPMO vs. HGER
SPMO (Invesco S&P 500 Momentum ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SPMO returned 37.58%/yr vs 19.08%/yr for HGER. At a 0.17 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.68%/yr for HGER.
Performance
SPMO vs. HGER - Performance Comparison
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Returns By Period
In the year-to-date period, SPMO achieves a 21.65% return, which is significantly lower than HGER's 28.53% return.
SPMO
- 1D
- 0.44%
- 1M
- -9.48%
- 6M
- 20.96%
- YTD
- 21.65%
- 1Y
- 28.03%
- 3Y*
- 37.58%
- 5Y*
- 20.52%
- 10Y*
- 20.24%
- ALL TIME*
- 19.04%
HGER
- 1D
- 0.06%
- 1M
- 6.65%
- 6M
- 24.03%
- YTD
- 28.53%
- 1Y
- 37.92%
- 3Y*
- 19.08%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.35%
SPMO vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 21.65% | 26.58% | 45.82% | 17.56% | -7.75% |
HGER Harbor Commodity All-Weather Strategy ETF | 28.53% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between SPMO and HGER is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.17 |
The correlation between SPMO and HGER shifts across timeframes, from 0.02 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPMO vs. HGER — Risk / Return Rank
SPMO
HGER
SPMO vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Harbor Commodity All-Weather Strategy ETF (HGER). 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 | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.39 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.71 | -0.50 |
| Martin ratioReturn relative to average drawdown | 7.41 | 9.68 | -2.27 |
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Drawdowns
SPMO vs. HGER - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, which is greater than HGER's maximum drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for SPMO and HGER.
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Drawdown Indicators
| SPMO | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -23.31% | -7.64% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -14.04% | +1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -14.04% | -6.09% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | — | — |
Current DrawdownCurrent decline from peak | -10.60% | -4.69% | -5.91% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -7.69% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 3.93% | -0.14% |
Volatility
SPMO vs. HGER - Volatility Comparison
Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 11.55% compared to Harbor Commodity All-Weather Strategy ETF (HGER) at 6.11%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMO | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 6.11% | +5.44% |
Volatility (6M)Calculated over the trailing 6-month period | 20.23% | 15.51% | +4.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.65% | 17.57% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.32% | 17.68% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.84% | 17.68% | +3.16% |
SPMO vs. HGER - Expense Ratio Comparison
SPMO has a 0.13% expense ratio, which is lower than HGER's 0.68% expense ratio.
Dividends
SPMO vs. HGER - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.73%, less than HGER's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HGER Harbor Commodity All-Weather Strategy ETF | 5.51% | 7.09% | 3.28% | 7.24% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMO Invesco S&P 500 Momentum ETF | 0.73% | 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 HGER have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.55%) compared to HGER (6.11%). In terms of maximum drawdown, SPMO dropped -30.95% vs HGER's -23.31%.
On 3-year performance, SPMO leads with 37.58% vs 19.08% for HGER. On fees, SPMO is cheaper at 0.13% per year. On volatility, HGER has been the lower-risk option at 6.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPMO has performed better with a 37.58% return vs 19.08%. 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 0.68% for HGER.
HGER has the higher dividend yield at 5.51%, compared with 0.73% for SPMO.
SPMO is categorized as Momentum, while HGER is Commodities. SPMO tracks S&P 500 Momentum Index, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Invesco and Harbor. Their fees differ too: 0.13% for SPMO and 0.68% for HGER.
HGER currently has the higher Sharpe Ratio (2.17 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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