SPMO vs. IAUM
SPMO (Invesco S&P 500 Momentum ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, SPMO returned 20.21%/yr vs 17.35%/yr for IAUM. Their 0.10 correlation means their historical movements had little consistent relationship. SPMO charges 0.13%/yr vs 0.09%/yr for IAUM.
Performance
SPMO vs. IAUM - Performance Comparison
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Returns By Period
In the year-to-date period, SPMO achieves a 21.07% return, which is significantly higher than IAUM's -6.09% return.
SPMO
- 1D
- 0.29%
- 1M
- -7.40%
- 6M
- 20.51%
- YTD
- 21.07%
- 1Y
- 25.37%
- 3Y*
- 37.36%
- 5Y*
- 20.21%
- 10Y*
- 19.57%
- ALL TIME*
- 18.93%
IAUM
- 1D
- -1.46%
- 1M
- 0.27%
- 6M
- -16.73%
- YTD
- -6.09%
- 1Y
- 23.04%
- 3Y*
- 27.63%
- 5Y*
- 17.35%
- 10Y*
- —
- ALL TIME*
- 17.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.48M | $77.88M | $93.44M | |
| $331.54M | $346.70M | $350.59M |
SPMO vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 21.07% | 26.58% | 45.82% | 17.56% | -10.45% | 9.63% |
IAUM iShares Gold Trust Micro | -6.09% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between SPMO and IAUM is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.10 |
The correlation between SPMO and IAUM shifts across timeframes, from 0.10 (5 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPMO vs. IAUM — Risk / Return Rank
SPMO
IAUM
SPMO vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 0.88 | +0.75 |
| Martin ratioReturn relative to average drawdown | 5.93 | 1.90 | +4.03 |
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Drawdowns
SPMO vs. IAUM - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, which is greater than IAUM's maximum drawdown of -26.31%. Use the drawdown chart below to compare losses from any high point for SPMO and IAUM.
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Drawdown Indicators
| SPMO | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -26.31% | -4.64% |
Max Drawdown (1Y)Largest decline over 1 year | -15.64% | -26.31% | +10.67% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -26.31% | +6.18% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | -26.31% | +3.57% |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | — | — |
Current DrawdownCurrent decline from peak | -11.03% | -24.95% | +13.92% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -5.87% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 12.14% | -7.85% |
Volatility
SPMO vs. IAUM - Volatility Comparison
Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.53% compared to iShares Gold Trust Micro (IAUM) at 6.29%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMO | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.53% | 6.29% | +4.24% |
Volatility (6M)Calculated over the trailing 6-month period | 21.52% | 23.21% | -1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 27.81% | -3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 18.33% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.92% | 18.19% | +2.73% |
SPMO vs. IAUM - Expense Ratio Comparison
SPMO has a 0.13% expense ratio, which is higher than IAUM's 0.09% 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. IAUM - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.73%, while IAUM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 IAUM have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.53%) compared to IAUM (6.29%). In terms of maximum drawdown, SPMO dropped -30.95% vs IAUM's -26.31%.
On 5-year performance, SPMO leads with 20.21% vs 17.35% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPMO has performed better with a 20.21% return vs 17.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.13% for SPMO.
SPMO has the higher dividend yield at 0.73%, compared with 0.00% for IAUM.
SPMO is categorized as Momentum, while IAUM is Gold. SPMO tracks S&P 500 Momentum Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for SPMO and 0.09% for IAUM.
SPMO currently has the higher Sharpe Ratio (1.07 vs 0.83), 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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