SPMO vs. PDD
SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index, while PDD (Pinduoduo Inc.) is a stock. Over the past 5 years, SPMO returned 23.50%/yr vs -7.73%/yr for PDD. At a 0.32 correlation, their price movements are largely independent.
Performance
SPMO vs. PDD - 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 PDD's -28.07% 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%
PDD
- 1D
- 0.32%
- 1M
- -14.67%
- YTD
- -28.07%
- 6M
- -27.15%
- 1Y
- -18.91%
- 3Y*
- 1.73%
- 5Y*
- -7.73%
- 10Y*
- —
SPMO vs. PDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 28.15% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -14.40% |
PDD Pinduoduo Inc. | -28.07% | 16.91% | -33.71% | 79.41% | 39.88% | -67.19% | 369.78% | 68.54% | -15.32% |
Correlation
The correlation between SPMO and PDD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018 | 0.32 |
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Return for Risk
SPMO vs. PDD — Risk / Return Rank
SPMO
PDD
SPMO vs. PDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Pinduoduo Inc. (PDD). 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 | PDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.89 | ||
| Sortino ratioReturn per unit of downside risk | +3.73 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.91 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | -0.52 | +3.96 |
| Martin ratioReturn relative to average drawdown | 13.01 | -1.08 | +14.09 |
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Drawdowns
SPMO vs. PDD - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum PDD drawdown of -87.41%. Use the drawdown chart below to compare losses from any high point for SPMO and PDD.
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Drawdown Indicators
| SPMO | PDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -87.41% | +56.46% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -41.14% | +28.44% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -48.40% | +28.27% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | -80.88% | +58.14% |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | — | — |
Current DrawdownCurrent decline from peak | -1.68% | -59.79% | +58.11% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -39.32% | +34.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 19.55% | -16.20% |
Volatility
SPMO vs. PDD - Volatility Comparison
The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 10.29%, while Pinduoduo Inc. (PDD) has a volatility of 14.35%. This indicates that SPMO experiences smaller price fluctuations and is considered to be less risky than PDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMO | PDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.29% | 14.35% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 25.50% | -8.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 32.48% | -13.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 68.09% | -48.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 69.37% | -48.89% |
Dividends
SPMO vs. PDD - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.67%, while PDD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDD Pinduoduo Inc. | 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 PDD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDD has higher volatility (14.35%) compared to SPMO (10.29%). In terms of maximum drawdown, SPMO dropped -30.95% vs PDD's -87.41%.
SPMO currently has the higher Sharpe Ratio (2.24 vs -0.65), 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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