TRGP vs. SPMO

Last updated Jun 5, 2026

TRGP (Targa Resources Corp.) is a stock, while SPMO (Invesco S&P 500 Momentum ETF) is Momentum fund tracking the S&P 500 Momentum Index. Over the past 10 years, TRGP returned 24.84%/yr vs 20.77%/yr for SPMO. At a 0.31 correlation, their price movements are largely independent.

Performance

TRGP vs. SPMO - Performance Comparison

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

Returns By Period

In the year-to-date period, TRGP achieves a 46.37% return, which is significantly higher than SPMO's 28.45% return. Over the past 10 years, TRGP has outperformed SPMO with an annualized return of 24.84%, while SPMO has yielded a comparatively lower 20.77% annualized return.

TRGP

• 1D: 1.78%
• 1M: 2.95%
• YTD: 46.37%
• 6M: 50.01%
• 1Y: 70.20%
• 3Y*: 59.14%
• 5Y*: 44.99%
• 10Y*: 24.84%

SPMO

• 1D: -1.46%
• 1M: 10.84%
• YTD: 28.45%
• 6M: 27.50%
• 1Y: 43.92%
• 3Y*: 42.27%
• 5Y*: 23.92%
• 10Y*: 20.77%

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

TRGP vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRGP Targa Resources Corp.	46.37%	5.65%	110.12%	21.01%	43.71%	100.15%	-32.48%	23.98%	-19.88%	-7.09%
SPMO Invesco S&P 500 Momentum ETF	28.45%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between TRGP and SPMO is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.31

The correlation between TRGP and SPMO shifts across timeframes, from -0.01 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRGP vs. SPMO — Risk / Return Rank

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

TRGP

TRGP Risk / Return Rank: 90
TRGP Sharpe Ratio Rank: 92
TRGP Sortino Ratio Rank: 89
TRGP Omega Ratio Rank: 87
TRGP Calmar Ratio Rank: 89
TRGP Martin Ratio Rank: 92

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 78
SPMO Sortino Ratio Rank: 76
SPMO Omega Ratio Rank: 75
SPMO Calmar Ratio Rank: 71
SPMO 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.

TRGP vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Targa Resources Corp. (TRGP) 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.

	TRGP	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.49	+0.08
Sortino ratio: Return per unit of downside risk	3.14	3.38	-0.25
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	4.33	3.47	+0.85
Martin ratio: Return relative to average drawdown	14.17	13.52	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRGP vs. SPMO - Sharpe Ratio Comparison

The current TRGP Sharpe Ratio is 2.57, which is comparable to the SPMO Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of TRGP and SPMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRGP	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.49	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	1.25	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	1.03	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.00	-0.53

Drawdowns

TRGP vs. SPMO - Drawdown Comparison

The maximum TRGP drawdown since its inception was -95.21%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for TRGP and SPMO.

Drawdown Indicators

	TRGP	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-95.21%	-30.95%	-64.26%
Max Drawdown (1Y) Largest decline over 1 year	-16.30%	-12.70%	-3.60%
Max Drawdown (3Y) Largest decline over 3 years	-31.61%	-20.13%	-11.48%
Max Drawdown (5Y) Largest decline over 5 years	-31.61%	-22.74%	-8.87%
Max Drawdown (10Y) Largest decline over 10 years	-90.78%	-30.95%	-59.83%
Current Drawdown Current decline from peak	-3.39%	-1.46%	-1.93%
Average Drawdown Average peak-to-trough decline	-33.61%	-4.60%	-29.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	3.26%	+1.71%

Volatility

TRGP vs. SPMO - Volatility Comparison

Targa Resources Corp. (TRGP) has a higher volatility of 9.09% compared to Invesco S&P 500 Momentum ETF (SPMO) at 7.39%. This indicates that TRGP's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRGP	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	7.39%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	18.62%	14.49%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	27.59%	17.70%	+9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.97%	19.30%	+12.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.67%	20.31%	+27.36%

Dividends

TRGP vs. SPMO - Dividend Comparison

TRGP's dividend yield for the trailing twelve months is around 1.59%, more than SPMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.66%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
TRGP Targa Resources Corp.	1.59%	2.03%	1.54%	2.13%	1.90%	0.77%	4.59%	8.92%	10.11%	7.52%	6.49%	12.53%

Frequently Asked Questions

Can I hold both TRGP and SPMO in my portfolio?

TRGP and SPMO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRGP or SPMO?

TRGP has higher volatility (9.09%) compared to SPMO (7.39%). In terms of maximum drawdown, TRGP dropped -95.21% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

TRGP currently has the higher Sharpe Ratio (2.57 vs 2.49), 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.