SPMO vs. JSMD

Last updated Jun 16, 2026

SPMO (Invesco S&P 500 Momentum ETF) and JSMD (Janus Henderson Small/Mid Cap Growth Alpha ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while JSMD is a Mid Cap Growth Equities fund tracking the Janus Small Mid Cap Growth Alpha Index. Both are passively managed. Over the past 10 years, SPMO returned 21.24%/yr vs 13.87%/yr for JSMD. A 0.66 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.30%/yr for JSMD.

Performance

SPMO vs. JSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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 JSMD's 19.55% return. Over the past 10 years, SPMO has outperformed JSMD with an annualized return of 21.24%, while JSMD has yielded a comparatively lower 13.87% annualized 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%

JSMD

• 1D: 1.27%
• 1M: 6.04%
• YTD: 19.55%
• 6M: 17.80%
• 1Y: 31.95%
• 3Y*: 17.83%
• 5Y*: 8.38%
• 10Y*: 13.87%

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

SPMO vs. JSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	32.66%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	19.55%	9.25%	15.08%	26.81%	-22.84%	8.40%	30.79%	31.05%	-4.73%	24.46%

Correlation

The correlation between SPMO and JSMD is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 25, 2016	0.66

The correlation between SPMO and JSMD has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

SPMO vs. JSMD - Sectors Allocation Comparison

Sectors	SPMO	JSMD
Technology	54.9%	28.1%
Industrials	11.1%	23.3%
Communication Services	8.2%	2.9%
Healthcare	6.4%	18.7%
Financial Services	5.9%	8.9%
Consumer Defensive	4.1%	2.5%
Energy	3.1%	1.1%
Utilities	2.5%	-
Basic Materials	1.5%	3.0%
Consumer Cyclical	1.2%	8.7%
Real Estate	1.0%	2.8%

Return for Risk

SPMO vs. JSMD — 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

JSMD

JSMD Risk / Return Rank: 45
JSMD Sharpe Ratio Rank: 46
JSMD Sortino Ratio Rank: 44
JSMD Omega Ratio Rank: 43
JSMD Calmar Ratio Rank: 46
JSMD Martin Ratio Rank: 47

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. JSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD). 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	JSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.48	+1.07
Sortino ratio: Return per unit of downside risk	3.34	2.08	+1.27
Omega ratio: Gain probability vs. loss probability	1.46	1.26	+0.21
Calmar ratio: Return relative to maximum drawdown	3.96	2.16	+1.80
Martin ratio: Return relative to average drawdown	14.96	7.31	+7.65

SPMO vs. JSMD - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.55, which is higher than the JSMD Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SPMO and JSMD, 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. JSMD - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum JSMD drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for SPMO and JSMD.

Drawdown Indicators

	SPMO	JSMD	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-38.98%	+8.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-14.86%	+2.16%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-24.01%	+3.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-32.18%	+9.44%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-38.98%	+8.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.60%	-7.46%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	4.38%	-1.03%

Volatility

SPMO vs. JSMD - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.78% compared to Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) at 8.24%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than JSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	JSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	8.24%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	17.04%	17.21%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	21.80%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	22.99%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	22.83%	-2.31%

SPMO vs. JSMD - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than JSMD's 0.30% expense ratio.

Dividends

SPMO vs. JSMD - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.64%, more than JSMD's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF	0.46%	0.54%	0.76%	0.44%	0.40%	0.28%	0.24%	0.32%	0.53%	0.30%	0.36%	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 JSMD in my portfolio?

SPMO and JSMD have a correlation of 0.75, 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 JSMD?

SPMO has higher volatility (10.78%) compared to JSMD (8.24%). In terms of maximum drawdown, SPMO dropped -30.95% vs JSMD's -38.98%.

Which ETF is better, SPMO or JSMD?

On 10-year performance, SPMO leads with 21.24% vs 13.87% for JSMD. On fees, SPMO is cheaper at 0.13% per year. On volatility, JSMD has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or JSMD?

Over the 10-year period, SPMO has performed better with a 21.24% return vs 13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or JSMD?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.30% for JSMD.

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

SPMO has the higher dividend yield at 0.64%, compared with 0.46% for JSMD.

What is the main difference between SPMO and JSMD?

SPMO is categorized as Momentum, while JSMD is Mid Cap Growth Equities. SPMO tracks S&P 500 Momentum Index, while JSMD tracks Janus Small Mid Cap Growth Alpha Index. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.13% for SPMO and 0.30% for JSMD.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.55 vs 1.48), 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.