SPMO vs. PWV
SPMO (Invesco S&P 500 Momentum ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, SPMO returned 20.98%/yr vs 12.02%/yr for PWV. A 0.55 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.58%/yr for PWV.
Performance
SPMO vs. PWV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPMO achieves a 29.42% return, which is significantly higher than PWV's 18.38% return. Over the past 10 years, SPMO has outperformed PWV with an annualized return of 20.98%, while PWV has yielded a comparatively lower 12.02% annualized return.
SPMO
- 1D
- 0.44%
- 1M
- 2.26%
- 6M
- 28.65%
- YTD
- 29.42%
- 1Y
- 38.22%
- 3Y*
- 41.45%
- 5Y*
- 21.93%
- 10Y*
- 20.98%
PWV
- 1D
- 0.24%
- 1M
- 3.10%
- 6M
- 16.12%
- YTD
- 18.38%
- 1Y
- 28.07%
- 3Y*
- 21.08%
- 5Y*
- 14.39%
- 10Y*
- 12.02%
SPMO vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 29.42% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
PWV Invesco Dynamic Large Cap Value ETF | 18.38% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between SPMO and PWV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.55 |
Over the past year, the correlation between SPMO and PWV has dropped to 0.22 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPMO vs. PWV — Risk / Return Rank
SPMO
PWV
SPMO vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Invesco Dynamic Large Cap Value ETF (PWV). 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 | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.50 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 6.74 | -3.74 |
| Martin ratioReturn relative to average drawdown | 10.76 | 23.27 | -12.51 |
Loading charts...
Drawdowns
SPMO vs. PWV - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for SPMO and PWV.
Loading charts...
Drawdown Indicators
| SPMO | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -49.04% | +18.09% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -4.05% | -8.65% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -14.31% | -5.82% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | -16.36% | -6.38% |
Max Drawdown (10Y)Largest decline over 10 years | -30.95% | -37.67% | +6.72% |
Current DrawdownCurrent decline from peak | -4.89% | -0.49% | -4.40% |
Average DrawdownAverage peak-to-trough decline | -4.59% | -9.46% | +4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 1.18% | +2.35% |
Volatility
SPMO vs. PWV - Volatility Comparison
Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 12.52% compared to Invesco Dynamic Large Cap Value ETF (PWV) at 3.77%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPMO | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.52% | 3.77% | +8.75% |
Volatility (6M)Calculated over the trailing 6-month period | 19.60% | 7.26% | +12.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.01% | 9.73% | +12.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.20% | 14.32% | +5.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.77% | 17.12% | +3.65% |
SPMO vs. PWV - Expense Ratio Comparison
SPMO has a 0.13% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
SPMO vs. PWV - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.68%, less than PWV's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 1.70% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 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 PWV have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (12.52%) compared to PWV (3.77%). In terms of maximum drawdown, SPMO dropped -30.95% vs PWV's -49.04%.
On 10-year performance, SPMO leads with 20.98% vs 12.02% for PWV. On fees, SPMO is cheaper at 0.13% per year. On volatility, PWV has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.98% return vs 12.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.70%, compared with 0.68% for SPMO.
SPMO is categorized as Momentum, while PWV is Large Cap Value Equities. SPMO tracks S&P 500 Momentum Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). Their fees differ too: 0.13% for SPMO and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.81 vs 1.73), 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.
Find the right allocation for SPMO and PWV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer