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SPMO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. XEF.TO

Last updated Jun 9, 2026

SPMO (Invesco S&P 500 Momentum ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, SPMO returned 20.38%/yr vs 9.10%/yr for XEF.TO. At a 0.46 correlation, their price movements are largely independent. SPMO charges 0.13%/yr vs 0.23%/yr for XEF.TO.

Performance

SPMO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPMO is traded in USD, while XEF.TO is traded in CAD. To make them comparable, the XEF.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPMO achieves a 24.29% return, which is significantly higher than XEF.TO's 7.03% return. Over the past 10 years, SPMO has outperformed XEF.TO with an annualized return of 20.38%, while XEF.TO has yielded a comparatively lower 9.10% annualized 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%

XEF.TO

1D
0.24%
1M
-1.35%
YTD
7.03%
6M
9.68%
1Y
18.93%
3Y*
15.92%
5Y*
7.57%
10Y*
9.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		24.29%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		7.03%31.70%3.30%18.02%-14.92%10.41%8.71%20.83%-13.90%26.79%

Correlation

The correlation between SPMO and XEF.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.51

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

0.49

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

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2015

0.46

The correlation between SPMO and XEF.TO has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

SPMO vs. XEF.TO - Sectors Allocation Comparison

Sectors
SPMO
XEF.TO

Technology

54.8%
10.2%

Industrials

10.9%
20.5%

Communication Services

8.7%
4.4%

Healthcare

6.2%
9.8%

Financial Services

5.7%
22.9%

Consumer Defensive

4.0%
6.4%

Energy

3.1%
4.0%

Utilities

2.5%
3.8%

Basic Materials

1.6%
6.6%

Consumer Cyclical

1.3%
8.2%

Real Estate

0.9%
3.1%

Technology

SPMO
54.8%
XEF.TO
10.2%

Industrials

SPMO
10.9%
XEF.TO
20.5%

Communication Services

SPMO
8.7%
XEF.TO
4.4%

Healthcare

SPMO
6.2%
XEF.TO
9.8%

Financial Services

SPMO
5.7%
XEF.TO
22.9%

Consumer Defensive

SPMO
4.0%
XEF.TO
6.4%

Energy

SPMO
3.1%
XEF.TO
4.0%

Utilities

SPMO
2.5%
XEF.TO
3.8%

Basic Materials

SPMO
1.6%
XEF.TO
6.6%

Consumer Cyclical

SPMO
1.3%
XEF.TO
8.2%

Real Estate

SPMO
0.9%
XEF.TO
3.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Momentum ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO

Return for Risk

SPMO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMO
SPMO Risk / Return Rank: 7171
Overall Rank
SPMO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 6868
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7373
Omega Ratio Rank
SPMO Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7171
Martin Ratio Rank
XEF.TO
XEF.TO Risk / Return Rank: 4848
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4242
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4949
Martin Ratio Rank
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. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). 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.

SPMOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
2.13
1.28

+0.84

Sortino ratioReturn per unit of downside risk
2.81
1.88

+0.93

Omega ratioGain probability vs. loss probability

1.39

1.24

+0.15

Calmar ratioReturn relative to maximum drawdown

3.13

1.64

+1.49

Martin ratioReturn relative to average drawdown

12.02

6.39

+5.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMO vs. XEF.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.13, which is higher than the XEF.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of SPMO and XEF.TO, 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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Sharpe Ratios by Period

SPMOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.13

1.28

+0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

0.51

+0.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.00

0.56

+0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.47

+0.51

Drawdowns

SPMO vs. XEF.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum XEF.TO drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for SPMO and XEF.TO.

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Drawdown Indicators

SPMOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-34.33%

+3.38%

Max Drawdown (1Y)

Largest decline over 1 year

-12.70%

-11.58%

-1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-13.93%

-6.20%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-31.05%

+8.31%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-34.33%

+3.38%

Current Drawdown

Current decline from peak

-4.65%

-2.96%

-1.69%

Average Drawdown

Average peak-to-trough decline

-4.60%

-7.14%

+2.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

2.97%

+0.33%

Volatility

SPMO vs. XEF.TO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 9.44% compared to iShares Core MSCI EAFE IMI Index ETF (XEF.TO) at 4.24%. This indicates that SPMO's price experiences larger fluctuations and is considered to be riskier than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.44%

4.24%

+5.20%

Volatility (6M)

Calculated over the trailing 6-month period

15.82%

12.22%

+3.60%

Volatility (1Y)

Calculated over the trailing 1-year period

18.72%

14.83%

+3.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.50%

14.98%

+4.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

16.23%

+4.18%

SPMO vs. XEF.TO - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than XEF.TO's 0.23% expense ratio. Despite the difference, 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. XEF.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than XEF.TO's 2.23% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.23%2.43%2.76%2.75%2.93%2.42%1.93%2.71%2.75%2.11%2.45%2.42%

Frequently Asked Questions

SPMO and XEF.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.23% for XEF.TO.

SPMO is categorized as Momentum, while XEF.TO is Foreign Large Cap Equities. SPMO tracks S&P 500 Momentum Index, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.13% for SPMO and 0.23% for XEF.TO.

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