SPMO vs. ONON
SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index, while ONON (On Holding AG) is a stock. Over the past 3 years, SPMO returned 41.53%/yr vs 9.06%/yr for ONON. At a 0.43 correlation, their price movements are largely independent.
Performance
SPMO vs. ONON - Performance Comparison
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Returns By Period
In the year-to-date period, SPMO achieves a 28.15% return, which is significantly higher than ONON's -17.00% return.
SPMO
- 1D
- 1.26%
- 1M
- 3.36%
- YTD
- 28.15%
- 6M
- 28.70%
- 1Y
- 44.90%
- 3Y*
- 41.53%
- 5Y*
- 23.50%
- 10Y*
- 20.86%
ONON
- 1D
- -1.61%
- 1M
- 4.72%
- YTD
- -17.00%
- 6M
- -20.88%
- 1Y
- -26.18%
- 3Y*
- 9.06%
- 5Y*
- —
- 10Y*
- —
SPMO vs. ONON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 28.15% | 26.58% | 45.82% | 17.56% | -10.45% | 3.54% |
ONON On Holding AG | -17.00% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
Correlation
The correlation between SPMO and ONON 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 | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.43 |
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Return for Risk
SPMO vs. ONON — Risk / Return Rank
SPMO
ONON
SPMO vs. ONON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and On Holding AG (ONON). 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 | ONON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.92 | ||
| Sortino ratioReturn per unit of downside risk | +3.83 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.90 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | -0.75 | +4.19 |
| Martin ratioReturn relative to average drawdown | 13.01 | -1.37 | +14.38 |
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Drawdowns
SPMO vs. ONON - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum ONON drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for SPMO and ONON.
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Drawdown Indicators
| SPMO | ONON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -68.90% | +37.95% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -41.35% | +28.65% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -49.89% | +29.76% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | — | — |
Current DrawdownCurrent decline from peak | -1.68% | -39.36% | +37.68% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -36.00% | +31.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 24.17% | -20.82% |
Volatility
SPMO vs. ONON - Volatility Comparison
Invesco S&P 500 Momentum ETF (SPMO) and On Holding AG (ONON) have volatilities of 10.29% and 10.19%, 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
| SPMO | ONON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.29% | 10.19% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 31.15% | -14.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 45.23% | -25.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 57.14% | -37.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 57.14% | -36.66% |
Dividends
SPMO vs. ONON - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.67%, while ONON has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONON On Holding AG | 0.00% | 0.00% | 0.00% | 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 | 0.67% | 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
SPMO and ONON 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.
SPMO has higher volatility (10.29%) compared to ONON (10.19%). In terms of maximum drawdown, SPMO dropped -30.95% vs ONON's -68.90%.
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.
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