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SPMO vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. MTUM

Last updated Aug 5, 2026
Documentation

SPMO (Invesco S&P 500 Momentum ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - SPMO tracks the S&P 500 Momentum Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, SPMO returned 20.17%/yr vs 16.22%/yr for MTUM. Their correlation of 0.84 means they have usually moved in the same direction. SPMO charges 0.13%/yr vs 0.15%/yr for MTUM.

Performance

SPMO vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPMO achieves a 27.25% return, which is significantly higher than MTUM's 25.44% return. Over the past 10 years, SPMO has outperformed MTUM with an annualized return of 20.17%, while MTUM has yielded a comparatively lower 16.22% annualized return.

SPMO

1D
4.00%
1M
0.23%
6M
27.03%
YTD
27.25%
1Y
32.27%
3Y*
39.98%
5Y*
20.99%
10Y*
20.17%
ALL TIME*
19.45%

MTUM

1D
3.83%
1M
-1.00%
6M
22.43%
YTD
25.44%
1Y
30.22%
3Y*
30.59%
5Y*
13.16%
10Y*
16.22%
ALL TIME*
15.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MTUM

iShares MSCI USA Momentum Factor ETF
$597.51M$632.59M$554.70M

SPMO

Invesco S&P 500 Momentum ETF
$336.43M$343.89M$352.54M

SPMO vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		27.25%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
MTUM
iShares MSCI USA Momentum Factor ETF		25.44%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%

Correlation

The correlation between SPMO and MTUM is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.96

Correlation (3Y)
Balances recent behavior with more history.

0.94

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.92

Correlation (10Y)
Provides a long-term view across more market conditions.

0.88

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.84

The correlation between SPMO and MTUM shifts across timeframes, from 0.84 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

SPMO vs. MTUM - Sectors Allocation Comparison

Sectors
SPMO
MTUM

Technology

53.7%
48.3%

Industrials

11.2%
12.1%

Communication Services

7.4%
4.4%

Healthcare

6.9%
4.2%

Financial Services

6.0%
5.2%

Consumer Defensive

4.2%
3.7%

Energy

3.3%
11.5%

Utilities

2.7%
3.7%

Basic Materials

1.9%
2.2%

Consumer Cyclical

1.2%
3.0%

Real Estate

1.1%
1.5%

Technology

SPMO
53.7%
MTUM
48.3%

Industrials

SPMO
11.2%
MTUM
12.1%

Communication Services

SPMO
7.4%
MTUM
4.4%

Healthcare

SPMO
6.9%
MTUM
4.2%

Financial Services

SPMO
6.0%
MTUM
5.2%

Consumer Defensive

SPMO
4.2%
MTUM
3.7%

Energy

SPMO
3.3%
MTUM
11.5%

Utilities

SPMO
2.7%
MTUM
3.7%

Basic Materials

SPMO
1.9%
MTUM
2.2%

Consumer Cyclical

SPMO
1.2%
MTUM
3.0%

Real Estate

SPMO
1.1%
MTUM
1.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Momentum ETF

iShares MSCI USA Momentum Factor ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMOSPMO vs. QQQM
Often compared with MTUM:
MTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOMMTUM vs. IDMO

Return for Risk

SPMO vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SPMO
SPMO Risk / Return Rank: 5050
Overall Rank
SPMO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4747
Sortino Ratio Rank
SPMO Omega Ratio Rank: 4949
Omega Ratio Rank
SPMO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5656
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 4444
Overall Rank
MTUM Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4141
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4242
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4343
Calmar Ratio Rank
MTUM Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPMO vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and iShares MSCI USA Momentum Factor ETF (MTUM). 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.

SPMOMTUMDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.18

+0.17

Sortino ratioReturn per unit of downside risk
1.91
1.68

+0.23

Omega ratioGain probability vs. loss probability

1.25

1.22

+0.03

Calmar ratioReturn relative to maximum drawdown

2.07

1.69

+0.38

Martin ratioReturn relative to average drawdown

7.44

6.74

+0.69

SPMO vs. MTUM - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.35, which is comparable to the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SPMO and MTUM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPMO vs. MTUM - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for SPMO and MTUM.

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Drawdown Indicators

SPMOMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-34.08%

+3.13%

Max Drawdown (1Y)

Largest decline over 1 year

-15.64%

-17.99%

+2.35%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-20.99%

+0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-32.28%

+9.54%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-34.08%

+3.13%

Current Drawdown

Current decline from peak

-6.49%

-9.23%

+2.74%

Average Drawdown

Average peak-to-trough decline

-4.62%

-6.22%

+1.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.35%

4.49%

-0.14%

Volatility

SPMO vs. MTUM - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) and iShares MSCI USA Momentum Factor ETF (MTUM) have volatilities of 10.95% and 11.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.95%

11.35%

-0.40%

Volatility (6M)

Calculated over the trailing 6-month period

21.85%

23.51%

-1.66%

Volatility (1Y)

Calculated over the trailing 1-year period

24.13%

25.79%

-1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

21.96%

-1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.97%

21.76%

-0.79%

SPMO vs. MTUM - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than MTUM's 0.15% 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. MTUM - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, more than MTUM's 0.59% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.59%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
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

With a correlation of 0.96, SPMO and MTUM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

MTUM has higher volatility (11.35%) compared to SPMO (10.95%). In terms of maximum drawdown, SPMO dropped -30.95% vs MTUM's -34.08%.

On 10-year performance, SPMO leads with 20.17% vs 16.22% for MTUM. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMO has performed better with a 20.17% return vs 16.22%. 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 0.15% for MTUM.

SPMO has the higher dividend yield at 0.69%, compared with 0.59% for MTUM.

SPMO tracks S&P 500 Momentum Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for SPMO and 0.15% for MTUM.

SPMO currently has the higher Sharpe Ratio (1.35 vs 1.18), 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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