SPMO vs. PTF

Last updated Aug 5, 2026

SPMO (Invesco S&P 500 Momentum ETF) and PTF (Invesco Dorsey Wright Technology Momentum ETF) are both Momentum funds from Invesco - SPMO tracks the S&P 500 Momentum Index while PTF tracks the Dorsey Wright Technology Technical Leaders Index. Both are passively managed. Over the past 10 years, SPMO returned 20.17%/yr vs 23.35%/yr for PTF. Their 0.70 correlation means they have sometimes moved together and sometimes differently. SPMO charges 0.13%/yr vs 0.60%/yr for PTF.

Performance

SPMO vs. PTF - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMO achieves a 27.25% return, which is significantly lower than PTF's 41.44% return. Over the past 10 years, SPMO has underperformed PTF with an annualized return of 20.17%, while PTF has yielded a comparatively higher 23.35% 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%

PTF

• 1D: 6.41%
• 1M: -4.61%
• 6M: 23.32%
• YTD: 41.44%
• 1Y: 53.98%
• 3Y*: 30.70%
• 5Y*: 16.16%
• 10Y*: 23.35%
• ALL TIME*: 13.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PTF Invesco Dorsey Wright Technology Momentum ETF	$25.15M	$20.80M	$16.47M
SPMO Invesco S&P 500 Momentum ETF	$336.43M	$343.89M	$352.54M

SPMO vs. PTF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PTF Invesco Dorsey Wright Technology Momentum ETF	41.44%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%

Correlation

The correlation between SPMO and PTF is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.70

The correlation between SPMO and PTF shifts across timeframes, from 0.70 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

SPMO vs. PTF - Sectors Allocation Comparison

Sectors	SPMO	PTF
Technology	53.7%	94.7%
Industrials	11.2%	1.8%
Communication Services	7.4%	4.5%
Healthcare	6.9%	-
Financial Services	6.0%	0.8%
Consumer Defensive	4.2%	-
Energy	3.3%	1.6%
Utilities	2.7%	-
Basic Materials	1.9%	-
Consumer Cyclical	1.2%	-
Real Estate	1.1%	-

Return for Risk

SPMO vs. PTF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPMO

SPMO Risk / Return Rank: 50
SPMO Sharpe Ratio Rank: 48
SPMO Sortino Ratio Rank: 47
SPMO Omega Ratio Rank: 49
SPMO Calmar Ratio Rank: 51
SPMO Martin Ratio Rank: 56

PTF

PTF Risk / Return Rank: 40
PTF Sharpe Ratio Rank: 38
PTF Sortino Ratio Rank: 38
PTF Omega Ratio Rank: 40
PTF Calmar Ratio Rank: 37
PTF Martin Ratio Rank: 48

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. PTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Invesco Dorsey Wright Technology Momentum ETF (PTF). 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	PTF	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.06	+0.29
Sortino ratio: Return per unit of downside risk	1.91	1.58	+0.33
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	2.07	1.41	+0.67
Martin ratio: Return relative to average drawdown	7.44	6.17	+1.27

SPMO vs. PTF - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.35, which is comparable to the PTF Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SPMO and PTF, 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. PTF - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum PTF drawdown of -55.38%. Use the drawdown chart below to compare losses from any high point for SPMO and PTF.

Drawdown Indicators

	SPMO	PTF	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-55.38%	+24.43%
Max Drawdown (1Y) Largest decline over 1 year	-15.64%	-38.59%	+22.95%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-38.59%	+18.46%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-44.88%	+22.14%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-44.88%	+13.93%
Current Drawdown Current decline from peak	-6.49%	-21.81%	+15.32%
Average Drawdown Average peak-to-trough decline	-4.62%	-13.29%	+8.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	8.81%	-4.46%

Volatility

SPMO vs. PTF - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 10.95%, while Invesco Dorsey Wright Technology Momentum ETF (PTF) has a volatility of 27.09%. This indicates that SPMO experiences smaller price fluctuations and is considered to be less risky than PTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	PTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	27.09%	-16.14%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	43.61%	-21.76%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	51.31%	-27.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	38.11%	-17.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	34.66%	-13.69%

SPMO vs. PTF - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than PTF's 0.60% expense ratio.

Dividends

SPMO vs. PTF - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, more than PTF's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTF Invesco Dorsey Wright Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	0.00%
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

Can I hold both SPMO and PTF in my portfolio?

SPMO and PTF have a correlation of 0.84, 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 PTF?

PTF has higher volatility (27.09%) compared to SPMO (10.95%). In terms of maximum drawdown, SPMO dropped -30.95% vs PTF's -55.38%.

Which ETF is better, SPMO or PTF?

On 10-year performance, PTF leads with 23.35% vs 20.17% for SPMO. 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.

Which ETF has performed better, SPMO or PTF?

Over the 10-year period, PTF has performed better with a 23.35% return vs 20.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or PTF?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.60% for PTF.

Which ETF pays a higher dividend yield, SPMO or PTF?

SPMO has the higher dividend yield at 0.69%, compared with 0.01% for PTF.

What is the main difference between SPMO and PTF?

SPMO tracks S&P 500 Momentum Index, while PTF tracks Dorsey Wright Technology Technical Leaders Index. Their fees differ too: 0.13% for SPMO and 0.60% for PTF.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (1.35 vs 1.06), 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.