SPMO vs. VFLO

Last updated Aug 1, 2026

SPMO (Invesco S&P 500 Momentum ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index. Both are passively managed. Over the past 3 years, SPMO returned 37.36%/yr vs 24.37%/yr for VFLO. Their 0.45 correlation means their historical movements had little consistent relationship. SPMO charges 0.13%/yr vs 0.39%/yr for VFLO.

Performance

SPMO vs. VFLO - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMO achieves a 21.07% return, which is significantly lower than VFLO's 26.80% return.

SPMO

• 1D: 0.29%
• 1M: -7.40%
• 6M: 20.51%
• YTD: 21.07%
• 1Y: 25.37%
• 3Y*: 37.36%
• 5Y*: 20.21%
• 10Y*: 19.57%
• ALL TIME*: 18.93%

VFLO

• 1D: 0.24%
• 1M: 7.67%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 45.07%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

*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)
SPMO Invesco S&P 500 Momentum ETF	$331.54M	$346.70M	$350.59M
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

SPMO vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPMO Invesco S&P 500 Momentum ETF	21.07%	26.58%	45.82%	20.06%
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%

Correlation

The correlation between SPMO and VFLO is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.45

Over the past year, the correlation between SPMO and VFLO has dropped to 0.25 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

SPMO vs. VFLO - Sectors Allocation Comparison

Sectors	SPMO	VFLO
Technology	52.1%	30.4%
Industrials	13.1%	0.0%
Communication Services	8.5%	4.4%
Healthcare	7.0%	21.6%
Financial Services	6.2%	0.0%
Consumer Defensive	4.4%	0.0%
Energy	3.3%	22.6%
Basic Materials	1.4%	7.0%
Utilities	1.3%	3.3%
Consumer Cyclical	1.2%	10.8%
Real Estate	1.2%	0.0%

Return for Risk

SPMO vs. VFLO — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 46
SPMO Sharpe Ratio Rank: 43
SPMO Sortino Ratio Rank: 43
SPMO Omega Ratio Rank: 45
SPMO Calmar Ratio Rank: 46
SPMO Martin Ratio Rank: 51

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

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. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and VictoryShares Free Cash Flow ETF (VFLO). 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	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.94	-1.87
Sortino ratio: Return per unit of downside risk	1.56	4.10	-2.54
Omega ratio: Gain probability vs. loss probability	1.21	1.52	-0.31
Calmar ratio: Return relative to maximum drawdown	1.63	7.03	-5.40
Martin ratio: Return relative to average drawdown	5.93	23.62	-17.69

SPMO vs. VFLO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.07, which is lower than the VFLO Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of SPMO and VFLO, 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. VFLO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, which is greater than VFLO's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for SPMO and VFLO.

Drawdown Indicators

	SPMO	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-17.79%	-13.16%
Max Drawdown (1Y) Largest decline over 1 year	-15.64%	-6.44%	-9.20%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-17.79%	-2.34%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	-11.03%	-0.96%	-10.07%
Average Drawdown Average peak-to-trough decline	-4.62%	-2.43%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	1.91%	+2.38%

Volatility

SPMO vs. VFLO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.53% compared to VictoryShares Free Cash Flow ETF (VFLO) at 4.11%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	4.11%	+6.42%
Volatility (6M) Calculated over the trailing 6-month period	21.52%	12.12%	+9.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	15.64%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	15.98%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	15.98%	+4.94%

SPMO vs. VFLO - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than VFLO's 0.39% expense ratio.

Dividends

SPMO vs. VFLO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.73%, less than VFLO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.73%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPMO and VFLO in my portfolio?

SPMO and VFLO have a correlation of 0.25, 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 VFLO?

SPMO has higher volatility (10.53%) compared to VFLO (4.11%). In terms of maximum drawdown, SPMO dropped -30.95% vs VFLO's -17.79%.

Which ETF is better, SPMO or VFLO?

On 3-year performance, SPMO leads with 37.36% vs 24.37% for VFLO. On fees, SPMO is cheaper at 0.13% per year. On volatility, VFLO has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or VFLO?

Over the 3-year period, SPMO has performed better with a 37.36% return vs 24.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or VFLO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.39% for VFLO.

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

VFLO has the higher dividend yield at 1.07%, compared with 0.73% for SPMO.

What is the main difference between SPMO and VFLO?

SPMO is categorized as Momentum, while VFLO is Large Cap Value Equities. SPMO tracks S&P 500 Momentum Index, while VFLO tracks Victory U.S. Large Cap Free Cash Flow Index. They also come from different issuers: Invesco and Victory. Their fees differ too: 0.13% for SPMO and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.94 vs 1.07), 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.