SPMO vs. OAKMX

Last updated Jun 14, 2026

SPMO (Invesco S&P 500 Momentum ETF) and OAKMX (Oakmark Fund Investor Class) are both funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while OAKMX is a Large Cap Value Equities fund managed by Oakmark. Over the past 10 years, SPMO returned 20.86%/yr vs 13.52%/yr for OAKMX. A 0.57 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.91%/yr for OAKMX.

Performance

SPMO vs. OAKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Oakmark Fund Investor Class (OAKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 28.15% return, which is significantly higher than OAKMX's -1.16% return. Over the past 10 years, SPMO has outperformed OAKMX with an annualized return of 20.86%, while OAKMX has yielded a comparatively lower 13.52% annualized return.

SPMO

• 1D: 1.26%
• 1M: 6.27%
• YTD: 28.15%
• 6M: 28.70%
• 1Y: 44.90%
• 3Y*: 41.53%
• 5Y*: 23.50%
• 10Y*: 20.86%

OAKMX

• 1D: 0.57%
• 1M: 1.59%
• YTD: -1.16%
• 6M: -1.64%
• 1Y: 10.14%
• 3Y*: 14.13%
• 5Y*: 9.52%
• 10Y*: 13.52%

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

SPMO vs. OAKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	28.15%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
OAKMX Oakmark Fund Investor Class	-1.16%	14.13%	16.02%	30.92%	-13.38%	34.85%	12.90%	27.14%	-12.76%	21.12%

Correlation

The correlation between SPMO and OAKMX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.57

Over the past year, the correlation between SPMO and OAKMX has dropped to 0.37 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

SPMO vs. OAKMX — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 79
SPMO Sharpe Ratio Rank: 81
SPMO Sortino Ratio Rank: 78
SPMO Omega Ratio Rank: 80
SPMO Calmar Ratio Rank: 77
SPMO Martin Ratio Rank: 78

OAKMX

OAKMX Risk / Return Rank: 14
OAKMX Sharpe Ratio Rank: 12
OAKMX Sortino Ratio Rank: 13
OAKMX Omega Ratio Rank: 12
OAKMX Calmar Ratio Rank: 20
OAKMX Martin Ratio Rank: 15

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. OAKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Oakmark Fund Investor Class (OAKMX). 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	OAKMX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.68	+1.57
Sortino ratio: Return per unit of downside risk	2.98	1.05	+1.93
Omega ratio: Gain probability vs. loss probability	1.41	1.13	+0.28
Calmar ratio: Return relative to maximum drawdown	3.44	1.27	+2.17
Martin ratio: Return relative to average drawdown	13.01	3.18	+9.83

SPMO vs. OAKMX - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.24, which is higher than the OAKMX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of SPMO and OAKMX, 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. OAKMX - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum OAKMX drawdown of -56.19%. Use the drawdown chart below to compare losses from any high point for SPMO and OAKMX.

Drawdown Indicators

	SPMO	OAKMX	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-56.19%	+25.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-6.98%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-17.05%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-23.68%	+0.94%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-41.43%	+10.48%
Current Drawdown Current decline from peak	-1.68%	-3.69%	+2.01%
Average Drawdown Average peak-to-trough decline	-4.60%	-6.39%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.79%	+0.56%

Volatility

SPMO vs. OAKMX - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.29% compared to Oakmark Fund Investor Class (OAKMX) at 3.66%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than OAKMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	OAKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	3.66%	+6.63%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	9.57%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	13.13%	+6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	18.32%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	20.40%	+0.08%

SPMO vs. OAKMX - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than OAKMX's 0.91% expense ratio.

Dividends

SPMO vs. OAKMX - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.67%, less than OAKMX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OAKMX Oakmark Fund Investor Class	0.93%	0.92%	1.12%	1.02%	0.92%	1.94%	0.17%	8.33%	8.13%	4.06%	2.58%	1.43%
SPMO Invesco S&P 500 Momentum ETF	0.67%	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 OAKMX in my portfolio?

SPMO and OAKMX have a correlation of 0.37, 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 OAKMX?

SPMO has higher volatility (10.29%) compared to OAKMX (3.66%). In terms of maximum drawdown, SPMO dropped -30.95% vs OAKMX's -56.19%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.24 vs 0.68), 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.