SPMO vs. MMKT

Last updated Jul 16, 2026

SPMO (Invesco S&P 500 Momentum ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while MMKT is a Money Market fund actively managed by Texas Capital. SPMO is passively managed, while MMKT is actively managed. Over the past year, SPMO returned 34.18% vs 3.74% for MMKT. At a correlation of -0.04, they often move in opposite directions. SPMO charges 0.13%/yr vs 0.20%/yr for MMKT.

Performance

SPMO vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 26.26% return, which is significantly higher than MMKT's 1.85% return.

SPMO

• 1D: -1.87%
• 1M: -4.82%
• 6M: 26.70%
• YTD: 26.26%
• 1Y: 34.18%
• 3Y*: 40.65%
• 5Y*: 21.76%
• 10Y*: 20.69%

MMKT

• 1D: 0.01%
• 1M: 0.28%
• 6M: 1.72%
• YTD: 1.85%
• 1Y: 3.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMO vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPMO Invesco S&P 500 Momentum ETF	26.26%	26.58%	4.43%
MMKT Texas Capital Government Money Market ETF	1.85%	4.13%	1.22%

Correlation

The correlation between SPMO and MMKT is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.04

The correlation between SPMO and MMKT shifts across timeframes, from -0.19 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPMO vs. MMKT — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 60
SPMO Sharpe Ratio Rank: 57
SPMO Sortino Ratio Rank: 53
SPMO Omega Ratio Rank: 58
SPMO Calmar Ratio Rank: 68
SPMO Martin Ratio Rank: 66

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.54	16.82	-15.28
Sortino ratio: Return per unit of downside risk	2.09	62.78	-60.69
Omega ratio: Gain probability vs. loss probability	1.29	16.07	-14.78
Calmar ratio: Return relative to maximum drawdown	2.70	150.77	-148.06
Martin ratio: Return relative to average drawdown	9.49	909.39	-899.90

SPMO vs. MMKT - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.54, which is lower than the MMKT Sharpe Ratio of 16.82. The chart below compares the historical Sharpe Ratios of SPMO and MMKT, 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. MMKT - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for SPMO and MMKT.

Drawdown Indicators

	SPMO	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-0.04%	-30.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-0.02%	-12.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	-7.21%	0.00%	-7.21%
Average Drawdown Average peak-to-trough decline	-4.59%	-0.00%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	0.00%	+3.61%

Volatility

SPMO vs. MMKT - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 11.88% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.88%	0.05%	+11.83%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	0.13%	+19.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	0.22%	+22.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	0.23%	+20.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	0.23%	+20.58%

SPMO vs. MMKT - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than MMKT's 0.20% expense ratio. Despite the difference, 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. MMKT - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.70%, less than MMKT's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMKT Texas Capital Government Money Market ETF	3.68%	3.98%	1.07%	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	0.70%	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 MMKT in my portfolio?

SPMO and MMKT have a correlation of -0.19, 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 MMKT?

SPMO has higher volatility (11.88%) compared to MMKT (0.05%). In terms of maximum drawdown, SPMO dropped -30.95% vs MMKT's -0.04%.

Which ETF is better, SPMO or MMKT?

On 1-year performance, SPMO leads with 34.18% vs 3.74% for MMKT. On fees, SPMO is cheaper at 0.13% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or MMKT?

Over the 1-year period, SPMO has performed better with a 34.18% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or MMKT?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.20% for MMKT.

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

MMKT has the higher dividend yield at 3.68%, compared with 0.70% for SPMO.

What is the main difference between SPMO and MMKT?

SPMO is categorized as Momentum, while MMKT is Money Market. They also come from different issuers: Invesco and Texas Capital. Their fees differ too: 0.13% for SPMO and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.82 vs 1.54), 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.