UEVM vs. SPMO

Last updated Jun 25, 2026

UEVM (VictoryShares Emerging Markets Value Momentum ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds - UEVM tracks the Nasdaq Victory Emerging Market Value Momentum Index while SPMO tracks the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, UEVM returned 6.92%/yr vs 22.83%/yr for SPMO. A 0.57 correlation means they provide meaningful diversification when combined. UEVM charges 0.45%/yr vs 0.13%/yr for SPMO.

Performance

UEVM vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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, UEVM achieves a 4.97% return, which is significantly lower than SPMO's 29.45% return.

UEVM

• 1D: -1.08%
• 1M: -2.03%
• YTD: 4.97%
• 6M: 4.67%
• 1Y: 15.69%
• 3Y*: 17.07%
• 5Y*: 6.92%
• 10Y*: —

SPMO

• 1D: -0.36%
• 1M: 6.27%
• YTD: 29.45%
• 6M: 27.18%
• 1Y: 41.07%
• 3Y*: 42.30%
• 5Y*: 22.83%
• 10Y*: 20.99%

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

UEVM vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UEVM VictoryShares Emerging Markets Value Momentum ETF	4.97%	22.74%	11.92%	17.41%	-14.60%	11.09%	3.77%	10.71%	-16.96%	3.04%
SPMO Invesco S&P 500 Momentum ETF	29.45%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	5.75%

Correlation

The correlation between UEVM and SPMO is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.57

The correlation between UEVM and SPMO shifts across timeframes, from 0.47 (3 years) to 0.60 (1 year), reflecting how their relationship changes across market environments.

UEVM vs. SPMO - Sectors Allocation Comparison

Sectors	UEVM	SPMO
Financial Services	23.9%	5.8%
Technology	15.9%	56.8%
Industrials	10.9%	10.9%
Consumer Cyclical	9.9%	1.1%
Consumer Defensive	8.0%	3.8%
Healthcare	8.0%	5.9%
Energy	6.0%	2.8%
Basic Materials	5.2%	1.5%
Utilities	5.0%	2.6%
Real Estate	4.1%	0.9%
Communication Services	3.0%	8.0%

Return for Risk

UEVM vs. SPMO — Risk / Return Rank

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

UEVM

UEVM Risk / Return Rank: 32
UEVM Sharpe Ratio Rank: 31
UEVM Sortino Ratio Rank: 28
UEVM Omega Ratio Rank: 30
UEVM Calmar Ratio Rank: 35
UEVM Martin Ratio Rank: 37

SPMO

SPMO Risk / Return Rank: 70
SPMO Sharpe Ratio Rank: 70
SPMO Sortino Ratio Rank: 65
SPMO Omega Ratio Rank: 70
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.

UEVM vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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.

	UEVM	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.00	2.02	-1.01
Sortino ratio: Return per unit of downside risk	1.42	2.68	-1.26
Omega ratio: Gain probability vs. loss probability	1.19	1.37	-0.19
Calmar ratio: Return relative to maximum drawdown	1.61	3.25	-1.64
Martin ratio: Return relative to average drawdown	5.20	12.18	-6.98

UEVM vs. SPMO - Sharpe Ratio Comparison

The current UEVM Sharpe Ratio is 1.00, which is lower than the SPMO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of UEVM 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.

Drawdowns

UEVM vs. SPMO - Drawdown Comparison

The maximum UEVM drawdown since its inception was -45.44%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for UEVM and SPMO.

Drawdown Indicators

	UEVM	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-30.95%	-14.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-12.70%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-20.13%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-22.74%	-3.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-5.79%	-4.87%	-0.92%
Average Drawdown Average peak-to-trough decline	-11.62%	-4.59%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.38%	-0.36%

Volatility

UEVM vs. SPMO - Volatility Comparison

The current volatility for VictoryShares Emerging Markets Value Momentum ETF (UEVM) is 6.45%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.77%. This indicates that UEVM 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.

Volatility by Period

	UEVM	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	11.77%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	17.74%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	20.51%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	19.87%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	20.60%	-2.18%

UEVM vs. SPMO - Expense Ratio Comparison

UEVM has a 0.45% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

UEVM vs. SPMO - Dividend Comparison

UEVM's dividend yield for the trailing twelve months is around 2.88%, more than SPMO's 0.68% 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%
UEVM VictoryShares Emerging Markets Value Momentum ETF	2.88%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UEVM and SPMO in my portfolio?

UEVM and SPMO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UEVM or SPMO?

SPMO has higher volatility (11.77%) compared to UEVM (6.45%). In terms of maximum drawdown, UEVM dropped -45.44% vs SPMO's -30.95%.

Which ETF is better, UEVM or SPMO?

On 5-year performance, SPMO leads with 22.83% vs 6.92% for UEVM. On fees, SPMO is cheaper at 0.13% per year. On volatility, UEVM has been the lower-risk option at 6.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UEVM or SPMO?

Over the 5-year period, SPMO has performed better with a 22.83% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UEVM or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.45% for UEVM.

Which ETF pays a higher dividend yield, UEVM or SPMO?

UEVM has the higher dividend yield at 2.88%, compared with 0.68% for SPMO.

What is the main difference between UEVM and SPMO?

UEVM tracks Nasdaq Victory Emerging Market Value Momentum Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Victory Capital and Invesco. Their fees differ too: 0.45% for UEVM and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.02 vs 1.00), 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.