SPMO vs. LUG.TO

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index, while LUG.TO (Lundin Gold Inc.) is a stock. Over the past 10 years, SPMO returned 20.38%/yr vs 31.76%/yr for LUG.TO. At a 0.14 correlation, their price movements are largely independent.

Performance

SPMO vs. LUG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Lundin Gold Inc. (LUG.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPMO is traded in USD, while LUG.TO is traded in CAD. To make them comparable, the LUG.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPMO achieves a 24.29% return, which is significantly higher than LUG.TO's -27.87% return. Over the past 10 years, SPMO has underperformed LUG.TO with an annualized return of 20.38%, while LUG.TO has yielded a comparatively higher 31.76% annualized return.

SPMO

• 1D: 2.50%
• 1M: 2.83%
• YTD: 24.29%
• 6M: 22.86%
• 1Y: 39.53%
• 3Y*: 40.28%
• 5Y*: 23.06%
• 10Y*: 20.38%

LUG.TO

• 1D: 0.15%
• 1M: -15.65%
• YTD: -27.87%
• 6M: -24.20%
• 1Y: 17.78%
• 3Y*: 76.39%
• 5Y*: 49.60%
• 10Y*: 31.76%

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

SPMO vs. LUG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	24.29%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
LUG.TO Lundin Gold Inc.	-27.87%	309.94%	76.65%	32.70%	22.82%	-4.62%	34.40%	74.11%	1.61%	-7.62%

Correlation

The correlation between SPMO and LUG.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.14

Return for Risk

SPMO vs. LUG.TO — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 71
SPMO Sharpe Ratio Rank: 73
SPMO Sortino Ratio Rank: 68
SPMO Omega Ratio Rank: 73
SPMO Calmar Ratio Rank: 69
SPMO Martin Ratio Rank: 71

LUG.TO

LUG.TO Risk / Return Rank: 54
LUG.TO Sharpe Ratio Rank: 55
LUG.TO Sortino Ratio Rank: 52
LUG.TO Omega Ratio Rank: 51
LUG.TO Calmar Ratio Rank: 55
LUG.TO Martin Ratio Rank: 58

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. LUG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Lundin Gold Inc. (LUG.TO). 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.

	SPMO	LUG.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	0.32	+1.81
Sortino ratio: Return per unit of downside risk	2.81	0.79	+2.02
Omega ratio: Gain probability vs. loss probability	1.39	1.10	+0.29
Calmar ratio: Return relative to maximum drawdown	3.13	0.49	+2.63
Martin ratio: Return relative to average drawdown	12.02	1.31	+10.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMO vs. LUG.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is higher than the LUG.TO Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of SPMO and LUG.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPMO	LUG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	0.32	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	1.07	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	0.73	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.10	+0.88

Drawdowns

SPMO vs. LUG.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum LUG.TO drawdown of -95.13%. Use the drawdown chart below to compare losses from any high point for SPMO and LUG.TO.

Drawdown Indicators

	SPMO	LUG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-95.13%	+64.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-36.21%	+23.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-36.21%	+16.08%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-43.37%	+20.63%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-46.50%	+15.55%
Current Drawdown Current decline from peak	-4.65%	-36.12%	+31.47%
Average Drawdown Average peak-to-trough decline	-4.60%	-71.96%	+67.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	13.66%	-10.36%

Volatility

SPMO vs. LUG.TO - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 9.44%, while Lundin Gold Inc. (LUG.TO) has a volatility of 17.81%. This indicates that SPMO experiences smaller price fluctuations and is considered to be less risky than LUG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	LUG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	17.81%	-8.37%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	41.78%	-25.96%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	56.18%	-37.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	46.83%	-27.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	43.76%	-23.35%

Dividends

SPMO vs. LUG.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than LUG.TO's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LUG.TO Lundin Gold Inc.	5.30%	3.35%	2.69%	3.26%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SPMO and LUG.TO in my portfolio?

SPMO and LUG.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.