SPMO vs. WMT

Last updated Jul 12, 2026

SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index, while WMT (Walmart Inc.) is a stock. Over the past 10 years, SPMO returned 20.98%/yr vs 18.66%/yr for WMT. At a 0.27 correlation, their price movements are largely independent.

Performance

SPMO vs. WMT - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMO achieves a 29.42% return, which is significantly higher than WMT's 2.64% return. Over the past 10 years, SPMO has outperformed WMT with an annualized return of 20.98%, while WMT has yielded a comparatively lower 18.66% 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%

WMT

• 1D: 1.51%
• 1M: -5.48%
• 6M: -0.16%
• YTD: 2.64%
• 1Y: 21.66%
• 3Y*: 31.67%
• 5Y*: 21.02%
• 10Y*: 18.66%

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

SPMO vs. WMT - 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%
WMT Walmart Inc.	2.64%	24.49%	73.99%	12.88%	-0.46%	1.97%	23.32%	30.16%	-3.43%	46.56%

Correlation

The correlation between SPMO and WMT is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.27

The correlation between SPMO and WMT shifts across timeframes, from -0.12 (1 year) to 0.29 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SPMO vs. WMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPMO

SPMO Risk / Return Rank: 68
SPMO Sharpe Ratio Rank: 66
SPMO Sortino Ratio Rank: 62
SPMO Omega Ratio Rank: 68
SPMO Calmar Ratio Rank: 74
SPMO Martin Ratio Rank: 73

WMT

WMT Risk / Return Rank: 70
WMT Sharpe Ratio Rank: 73
WMT Sortino Ratio Rank: 68
WMT Omega Ratio Rank: 67
WMT Calmar Ratio Rank: 68
WMT Martin Ratio Rank: 73

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. WMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and Walmart Inc. (WMT). 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	WMT	Difference
Sharpe ratio: Return per unit of total volatility	1.73	0.87	+0.86
Sortino ratio: Return per unit of downside risk	2.32	1.35	+0.97
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.15
Calmar ratio: Return relative to maximum drawdown	3.00	1.12	+1.88
Martin ratio: Return relative to average drawdown	10.76	3.41	+7.35

SPMO vs. WMT - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.73, which is higher than the WMT Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of SPMO and WMT, 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. WMT - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum WMT drawdown of -77.14%. Use the drawdown chart below to compare losses from any high point for SPMO and WMT.

Drawdown Indicators

	SPMO	WMT	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-77.14%	+46.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-18.91%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-21.93%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-25.74%	+3.00%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-25.74%	-5.21%
Current Drawdown Current decline from peak	-4.89%	-15.13%	+10.24%
Average Drawdown Average peak-to-trough decline	-4.59%	-14.63%	+10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	6.19%	-2.66%

Volatility

SPMO vs. WMT - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 12.52% compared to Walmart Inc. (WMT) at 7.36%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than WMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMO	WMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.52%	7.36%	+5.16%
Volatility (6M) Calculated over the trailing 6-month period	19.60%	19.32%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	22.01%	24.35%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	21.83%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.77%	21.84%	-1.07%

Dividends

SPMO vs. WMT - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.68%, less than WMT's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WMT Walmart Inc.	0.85%	0.84%	0.92%	1.45%	1.58%	1.52%	1.50%	1.78%	2.23%	2.07%	2.89%	3.20%

Frequently Asked Questions

Can I hold both SPMO and WMT in my portfolio?

SPMO and WMT have a correlation of -0.12, 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 WMT?

SPMO has higher volatility (12.52%) compared to WMT (7.36%). In terms of maximum drawdown, SPMO dropped -30.95% vs WMT's -77.14%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (1.73 vs 0.87), 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.