SPMO vs. UVIX
SPMO (Invesco S&P 500 Momentum ETF) and UVIX (2x Long VIX Futures ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, SPMO returned 40.28%/yr vs -81.05%/yr for UVIX. At a correlation of -0.64, they often move in opposite directions. SPMO charges 0.13%/yr vs 2.78%/yr for UVIX.
Performance
SPMO vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPMO achieves a 24.29% return, which is significantly higher than UVIX's -29.77% return.
SPMO
- 1D
- 2.50%
- 1M
- 2.83%
- YTD
- 24.29%
- 6M
- 22.86%
- 1Y
- 39.53%
- 3Y*
- 40.28%
- 5Y*
- 23.06%
- 10Y*
- 20.38%
UVIX
- 1D
- -3.37%
- 1M
- -23.18%
- YTD
- -29.77%
- 6M
- -49.30%
- 1Y
- -84.55%
- 3Y*
- -81.05%
- 5Y*
- —
- 10Y*
- —
SPMO vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 24.29% | 26.58% | 45.82% | 17.56% | -7.29% |
UVIX 2x Long VIX Futures ETF | -29.77% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between SPMO and UVIX is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.64 |
The correlation between SPMO and UVIX has been stable across timeframes, ranging from -0.64 to -0.59 - a consistent structural relationship.
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Return for Risk
SPMO vs. UVIX — Risk / Return Rank
SPMO
UVIX
SPMO vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and 2x Long VIX Futures ETF (UVIX). 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.
| SPMO | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.88 | ||
| Sortino ratioReturn per unit of downside risk | +4.39 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.82 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | -0.96 | +4.09 |
| Martin ratioReturn relative to average drawdown | 12.02 | -1.23 | +13.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMO | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.13 | -0.75 | +2.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.00 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | -0.61 | +1.59 |
Drawdowns
SPMO vs. UVIX - Drawdown Comparison
The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SPMO and UVIX.
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Drawdown Indicators
| SPMO | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.95% | -99.97% | +69.02% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -88.01% | +75.31% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -99.39% | +79.26% |
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 | -4.65% | -99.97% | +95.32% |
Average DrawdownAverage peak-to-trough decline | -4.60% | -88.56% | +83.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 68.43% | -65.13% |
Volatility
SPMO vs. UVIX - Volatility Comparison
The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 9.44%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 22.21%. This indicates that SPMO experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMO | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.44% | 22.21% | -12.77% |
Volatility (6M)Calculated over the trailing 6-month period | 15.82% | 83.76% | -67.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 112.55% | -93.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.50% | 136.19% | -116.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.41% | 136.19% | -115.78% |
SPMO vs. UVIX - Expense Ratio Comparison
SPMO has a 0.13% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
SPMO vs. UVIX - Dividend Comparison
SPMO's dividend yield for the trailing twelve months is around 0.69%, while UVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPMO and UVIX have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (22.21%) compared to SPMO (9.44%). In terms of maximum drawdown, SPMO dropped -30.95% vs UVIX's -99.97%.
On 3-year performance, SPMO leads with 40.28% vs -81.05% for UVIX. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 9.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPMO has performed better with a 40.28% return vs -81.05%. 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 2.78% for UVIX.
SPMO has the higher dividend yield at 0.69%, compared with 0.00% for UVIX.
SPMO is categorized as Momentum, while UVIX is Volatility. SPMO tracks S&P 500 Momentum Index, while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: Invesco and Volatility Shares. Their fees differ too: 0.13% for SPMO and 2.78% for UVIX.
SPMO currently has the higher Sharpe Ratio (2.13 vs -0.75), 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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