VFMO vs. SPMO

Last updated Aug 4, 2026

VFMO (Vanguard U.S. Momentum Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds. VFMO is actively managed, while SPMO is passively managed. Over the past 5 years, VFMO returned 13.20%/yr vs 20.19%/yr for SPMO. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.13% expense ratio.

Performance

VFMO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Momentum Factor ETF (VFMO) 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, VFMO achieves a 18.90% return, which is significantly lower than SPMO's 22.35% return.

VFMO

• 1D: 1.33%
• 1M: -4.02%
• 6M: 11.14%
• YTD: 18.90%
• 1Y: 32.82%
• 3Y*: 24.08%
• 5Y*: 13.20%
• 10Y*: —
• ALL TIME*: 14.61%

SPMO

• 1D: 1.06%
• 1M: -3.63%
• 6M: 21.38%
• YTD: 22.35%
• 1Y: 29.45%
• 3Y*: 38.16%
• 5Y*: 20.19%
• 10Y*: 19.70%
• ALL TIME*: 19.03%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPMO Invesco S&P 500 Momentum ETF	$336.15M	$337.86M	$350.15M
VFMO Vanguard U.S. Momentum Factor ETF	$16.47M	$17.39M	$17.06M

VFMO vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFMO Vanguard U.S. Momentum Factor ETF	18.90%	17.39%	26.14%	16.25%	-12.84%	19.16%	31.36%	28.22%	-11.41%
SPMO Invesco S&P 500 Momentum ETF	22.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-5.29%

Correlation

The correlation between VFMO and SPMO is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.83

The correlation between VFMO and SPMO has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

VFMO vs. SPMO - Sectors Allocation Comparison

Sectors	VFMO	SPMO
Industrials	24.7%	11.2%
Healthcare	22.9%	6.9%
Technology	17.5%	53.7%
Consumer Cyclical	8.7%	1.2%
Energy	7.3%	3.3%
Financial Services	6.5%	6.0%
Basic Materials	6.4%	1.9%
Communication Services	3.4%	7.4%
Consumer Defensive	2.5%	4.2%
Utilities	0.2%	2.7%
Real Estate	0.1%	1.1%

Return for Risk

VFMO vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VFMO

VFMO Risk / Return Rank: 60
VFMO Sharpe Ratio Rank: 56
VFMO Sortino Ratio Rank: 54
VFMO Omega Ratio Rank: 53
VFMO Calmar Ratio Rank: 66
VFMO Martin Ratio Rank: 70

SPMO

SPMO Risk / Return Rank: 51
SPMO Sharpe Ratio Rank: 50
SPMO Sortino Ratio Rank: 49
SPMO Omega Ratio Rank: 52
SPMO Calmar Ratio Rank: 51
SPMO Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VFMO vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) 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.

	VFMO	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.24	+0.13
Sortino ratio: Return per unit of downside risk	1.91	1.77	+0.14
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.36	1.89	+0.47
Martin ratio: Return relative to average drawdown	8.66	6.81	+1.85

VFMO vs. SPMO - Sharpe Ratio Comparison

The current VFMO Sharpe Ratio is 1.37, which is comparable to the SPMO Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of VFMO 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

VFMO vs. SPMO - Drawdown Comparison

The maximum VFMO drawdown since its inception was -36.77%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for VFMO and SPMO.

Drawdown Indicators

	VFMO	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-36.77%	-30.95%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-15.64%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	-20.13%	-4.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	-22.74%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-9.15%	-10.09%	+0.94%
Average Drawdown Average peak-to-trough decline	-7.71%	-4.62%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	4.33%	-0.53%

Volatility

VFMO vs. SPMO - Volatility Comparison

The current volatility for Vanguard U.S. Momentum Factor ETF (VFMO) is 8.64%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.26%. This indicates that VFMO 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

	VFMO	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	10.26%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	19.35%	21.52%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	24.05%	23.86%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.13%	20.61%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	20.94%	+2.79%

VFMO vs. SPMO - Expense Ratio Comparison

Both VFMO and SPMO have an expense ratio of 0.13%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VFMO vs. SPMO - Dividend Comparison

VFMO's dividend yield for the trailing twelve months is around 0.62%, less than SPMO's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.72%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
VFMO Vanguard U.S. Momentum Factor ETF	0.62%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFMO and SPMO in my portfolio?

VFMO and SPMO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFMO or SPMO?

SPMO has higher volatility (10.26%) compared to VFMO (8.64%). In terms of maximum drawdown, VFMO dropped -36.77% vs SPMO's -30.95%.

Which ETF is better, VFMO or SPMO?

On 5-year performance, SPMO leads with 20.19% vs 13.20% for VFMO. Both ETFs have the same 0.13% expense ratio. On volatility, VFMO has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFMO or SPMO?

Over the 5-year period, SPMO has performed better with a 20.19% return vs 13.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFMO or SPMO?

VFMO and SPMO have the same expense ratio: 0.13% per year.

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

SPMO has the higher dividend yield at 0.72%, compared with 0.62% for VFMO.

What is the main difference between VFMO and SPMO?

They also come from different issuers: Vanguard and Invesco.

Which has better risk-adjusted returns?

VFMO currently has the higher Sharpe Ratio (1.37 vs 1.24), 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.