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SPMO vs. VMFXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. VMFXX

Last updated Jul 21, 2026
Documentation

SPMO (Invesco S&P 500 Momentum ETF) and VMFXX (Vanguard Federal Money Market Fund) are both funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while VMFXX is a Money Market fund managed by Vanguard. Over the past 5 years, SPMO returned 20.52%/yr vs 3.08%/yr for VMFXX. At a 0.02 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.11%/yr for VMFXX.

Performance

SPMO vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and Vanguard Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPMO achieves a 21.65% return, which is significantly higher than VMFXX's 1.80% return.

SPMO

1D
0.44%
1M
-9.48%
6M
20.96%
YTD
21.65%
1Y
28.03%
3Y*
37.58%
5Y*
20.52%
10Y*
20.24%
ALL TIME*
19.04%

VMFXX

1D
0.00%
1M
0.29%
6M
1.80%
YTD
1.80%
1Y
3.90%
3Y*
4.37%
5Y*
3.08%
10Y*
—
ALL TIME*
2.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMO vs. VMFXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SPMO
Invesco S&P 500 Momentum ETF		21.65%26.58%45.82%17.56%-10.45%17.91%
VMFXX
Vanguard Federal Money Market Fund		1.80%4.24%4.83%4.64%0.00%0.00%

Correlation

The correlation between SPMO and VMFXX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.03

Correlation (3Y)
Calculated over the trailing 3-year period

-0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.02

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.02

Compare stocks, funds, or ETFs

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Invesco S&P 500 Momentum ETF

Vanguard Federal Money Market Fund

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with VMFXX:
VMFXX vs. VUSXXVMFXX vs. SPAXXVMFXX vs. SWVXXVMFXX vs. SGOVVMFXX vs. VMRXXVMFXX vs. BNDVMFXX vs. SNSXX

Return for Risk

SPMO vs. VMFXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMO
SPMO Risk / Return Rank: 5151
Overall Rank
SPMO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPMO Omega Ratio Rank: 4848
Omega Ratio Rank
SPMO Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5858
Martin Ratio Rank
VMFXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPMO vs. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Vanguard Federal Money Market Fund (VMFXX). 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.

SPMOVMFXXDifference
Sharpe ratioReturn per unit of total volatility
1.25
3.67

-2.43

Sortino ratioReturn per unit of downside risk
1.75

—

—

Omega ratioGain probability vs. loss probability

1.24

—

—

Calmar ratioReturn relative to maximum drawdown

2.22

—

—

Martin ratioReturn relative to average drawdown

7.41

—

—

SPMO vs. VMFXX - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.25, which is lower than the VMFXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of SPMO and VMFXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPMO vs. VMFXX - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPMO and VMFXX.

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Drawdown Indicators

SPMOVMFXXDifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

0.00%

-30.95%

Max Drawdown (1Y)

Largest decline over 1 year

-12.70%

0.00%

-12.70%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

0.00%

-20.13%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

0.00%

-22.74%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

—

—

Current Drawdown

Current decline from peak

-10.60%

0.00%

-10.60%

Average Drawdown

Average peak-to-trough decline

-4.60%

0.00%

-4.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.79%

0.00%

+3.79%

Volatility

SPMO vs. VMFXX - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 11.55% compared to Vanguard Federal Money Market Fund (VMFXX) at 0.29%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than VMFXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOVMFXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.55%

0.29%

+11.26%

Volatility (6M)

Calculated over the trailing 6-month period

20.23%

0.71%

+19.52%

Volatility (1Y)

Calculated over the trailing 1-year period

22.65%

1.10%

+21.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.32%

1.08%

+19.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.84%

1.07%

+19.77%

SPMO vs. VMFXX - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is higher than VMFXX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPMO vs. VMFXX - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.73%, less than VMFXX's 3.82% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VMFXX
Vanguard Federal Money Market Fund		3.82%4.14%4.70%4.53%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPMO and VMFXX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (11.55%) compared to VMFXX (0.29%). In terms of maximum drawdown, SPMO dropped -30.95% vs VMFXX's 0.00%.

VMFXX currently has the higher Sharpe Ratio (3.67 vs 1.25), 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.

Portfolio Optimizer

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