TBUX vs. SPMO
TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. TBUX is actively managed, while SPMO is passively managed. Over the past 3 years, TBUX returned 5.89%/yr vs 41.53%/yr for SPMO. At a 0.07 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.13%/yr for SPMO.
Performance
TBUX vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, TBUX achieves a 1.83% return, which is significantly lower than SPMO's 28.15% return.
TBUX
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 1.83%
- 6M
- 2.14%
- 1Y
- 4.79%
- 3Y*
- 5.89%
- 5Y*
- —
- 10Y*
- —
SPMO
- 1D
- 1.26%
- 1M
- 3.36%
- YTD
- 28.15%
- 6M
- 28.70%
- 1Y
- 44.90%
- 3Y*
- 41.53%
- 5Y*
- 23.50%
- 10Y*
- 20.86%
TBUX vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 1.83% | 5.37% | 6.38% | 6.39% | -0.13% | -0.25% |
SPMO Invesco S&P 500 Momentum ETF | 28.15% | 26.58% | 45.82% | 17.56% | -10.45% | 5.07% |
Correlation
The correlation between TBUX and SPMO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | 0.07 |
The correlation between TBUX and SPMO shifts across timeframes, from 0.05 (3 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBUX vs. SPMO — Risk / Return Rank
TBUX
SPMO
TBUX vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and Invesco S&P 500 Momentum ETF (SPMO). 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.
| TBUX | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.94 | ||
| Sortino ratioReturn per unit of downside risk | +11.53 | ||
| Omega ratioGain probability vs. loss probability | 3.12 | 1.41 | +1.71 |
| Calmar ratioReturn relative to maximum drawdown | 48.17 | 3.44 | +44.73 |
| Martin ratioReturn relative to average drawdown | 182.82 | 13.01 | +169.82 |
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Drawdowns
TBUX vs. SPMO - Drawdown Comparison
The maximum TBUX drawdown since its inception was -1.82%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for TBUX and SPMO.
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Drawdown Indicators
| TBUX | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.82% | -30.95% | +29.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -12.70% | +12.60% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -20.13% | +19.80% |
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 | 0.00% | -1.68% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -4.60% | +4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 3.35% | -3.32% |
Volatility
TBUX vs. SPMO - Volatility Comparison
The current volatility for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) is 0.22%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.29%. This indicates that TBUX experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBUX | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 10.29% | -10.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 16.73% | -16.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.67% | 19.48% | -18.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.07% | 19.65% | -18.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.07% | 20.48% | -19.41% |
TBUX vs. SPMO - Expense Ratio Comparison
TBUX has a 0.17% expense ratio, which is higher than SPMO's 0.13% 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
TBUX vs. SPMO - Dividend Comparison
TBUX's dividend yield for the trailing twelve months is around 4.48%, more than SPMO's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.67% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 4.48% | 4.67% | 5.39% | 4.66% | 2.58% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBUX and SPMO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.29%) compared to TBUX (0.22%). In terms of maximum drawdown, TBUX dropped -1.82% vs SPMO's -30.95%.
On 3-year performance, SPMO leads with 41.53% vs 5.89% for TBUX. On fees, SPMO is cheaper at 0.13% per year. On volatility, TBUX has been the lower-risk option at 0.22%. 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 41.53% return vs 5.89%. 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 0.17% for TBUX.
TBUX has the higher dividend yield at 4.48%, compared with 0.67% for SPMO.
TBUX is categorized as Ultrashort Bond, while SPMO is Momentum. They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.17% for TBUX and 0.13% for SPMO.
TBUX currently has the higher Sharpe Ratio (7.19 vs 2.24), 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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