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SPMO vs. NA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. NA.TO

Last updated Jun 7, 2026

SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index, while NA.TO (National Bank of Canada) is a stock. Over the past 10 years, SPMO returned 20.08%/yr vs 19.52%/yr for NA.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

SPMO vs. NA.TO - Performance Comparison

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

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Different Trading Currencies

SPMO is traded in USD, while NA.TO is traded in CAD. To make them comparable, the NA.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 21.26% return, which is significantly higher than NA.TO's 17.39% return. Both investments have delivered pretty close results over the past 10 years, with SPMO having a 20.08% annualized return and NA.TO not far behind at 19.52%.

SPMO

1D
-5.59%
1M
3.58%
YTD
21.26%
6M
20.02%
1Y
36.14%
3Y*
39.63%
5Y*
22.50%
10Y*
20.08%

NA.TO

1D
0.20%
1M
-3.10%
YTD
17.39%
6M
20.31%
1Y
54.69%
3Y*
31.12%
5Y*
18.04%
10Y*
19.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMO vs. NA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		21.26%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
NA.TO
National Bank of Canada		17.41%42.66%24.14%18.35%-7.33%39.09%6.54%39.80%-14.14%28.47%

Correlation

The correlation between SPMO and NA.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2015

0.30

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

National Bank of Canada

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with NA.TO:
NA.TO vs. BNS.TONA.TO vs. CM.TONA.TO vs. PSLVNA.TO vs. AEM.TONA.TO vs. GOLD.TONA.TO vs. BTO.TONA.TO vs. ING

Return for Risk

SPMO vs. NA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMO
SPMO Risk / Return Rank: 6161
Overall Rank
SPMO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 5757
Sortino Ratio Rank
SPMO Omega Ratio Rank: 6363
Omega Ratio Rank
SPMO Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPMO Martin Ratio Rank: 6464
Martin Ratio Rank
NA.TO
NA.TO Risk / Return Rank: 9797
Overall Rank
NA.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
NA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
NA.TO Omega Ratio Rank: 9797
Omega Ratio Rank
NA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
NA.TO Martin Ratio Rank: 9696
Martin Ratio Rank
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. NA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and National Bank of Canada (NA.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.

SPMONA.TODifference
Sharpe ratioReturn per unit of total volatility
2.04
3.26

-1.23

Sortino ratioReturn per unit of downside risk
2.70
4.52

-1.82

Omega ratioGain probability vs. loss probability

1.37

1.60

-0.23

Calmar ratioReturn relative to maximum drawdown

2.98

5.57

-2.59

Martin ratioReturn relative to average drawdown

11.48

19.36

-7.88

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. NA.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.04, which is lower than the NA.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of SPMO and NA.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.

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Sharpe Ratios by Period

SPMONA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

3.26

-1.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.16

0.89

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.99

0.82

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.59

+0.37

Drawdowns

SPMO vs. NA.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum NA.TO drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for SPMO and NA.TO.

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Drawdown Indicators

SPMONA.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-60.25%

+29.30%

Max Drawdown (1Y)

Largest decline over 1 year

-12.70%

-9.89%

-2.81%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-23.62%

+3.49%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-25.56%

+2.82%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-52.83%

+21.88%

Current Drawdown

Current decline from peak

-6.97%

-5.14%

-1.83%

Average Drawdown

Average peak-to-trough decline

-4.60%

-9.08%

+4.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

2.84%

+0.45%

Volatility

SPMO vs. NA.TO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 9.33% compared to National Bank of Canada (NA.TO) at 6.26%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than NA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMONA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.33%

6.26%

+3.07%

Volatility (6M)

Calculated over the trailing 6-month period

15.67%

14.40%

+1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

18.61%

16.90%

+1.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.46%

20.25%

-0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.39%

23.83%

-3.44%

Dividends

SPMO vs. NA.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.70%, less than NA.TO's 2.37% yield.

PositionTTM20252024202320222021202020192018201720162015
NA.TO
National Bank of Canada		2.37%2.75%3.36%4.03%4.03%3.11%3.96%3.77%4.44%3.70%4.03%5.16%
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

SPMO and NA.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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