VFVA vs. SPMO

Last updated Jun 4, 2026

VFVA (Vanguard U.S. Value Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - VFVA is a Mid Cap Value Equities fund actively managed by Vanguard, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. VFVA is actively managed, while SPMO is passively managed. Over the past 5 years, VFVA returned 9.48%/yr vs 24.29%/yr for SPMO. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.13% expense ratio.

Performance

VFVA vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Value Factor ETF (VFVA) 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, VFVA achieves a 9.50% return, which is significantly lower than SPMO's 30.35% return.

VFVA

• 1D: -1.33%
• 1M: 0.94%
• YTD: 9.50%
• 6M: 10.40%
• 1Y: 28.50%
• 3Y*: 17.34%
• 5Y*: 9.48%
• 10Y*: —

SPMO

• 1D: 0.50%
• 1M: 15.36%
• YTD: 30.35%
• 6M: 30.51%
• 1Y: 46.00%
• 3Y*: 43.04%
• 5Y*: 24.29%
• 10Y*: 20.95%

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

VFVA vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	9.50%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-15.61%
SPMO Invesco S&P 500 Momentum ETF	30.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-6.31%

Correlation

The correlation between VFVA and SPMO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.56

The correlation between VFVA and SPMO shifts across timeframes, from 0.40 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

VFVA vs. SPMO - Sectors Allocation Comparison

Sectors	VFVA	SPMO
Financial Services	25.7%	5.9%
Healthcare	14.9%	6.7%
Technology	14.5%	52.6%
Consumer Cyclical	13.1%	1.3%
Industrials	7.6%	11.3%
Energy	7.3%	3.4%
Consumer Defensive	7.1%	4.3%
Communication Services	6.2%	9.2%
Basic Materials	3.3%	1.6%
Real Estate	0.4%	1.0%
Utilities	-	2.8%

Return for Risk

VFVA vs. SPMO — Risk / Return Rank

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

VFVA

VFVA Risk / Return Rank: 58
VFVA Sharpe Ratio Rank: 54
VFVA Sortino Ratio Rank: 57
VFVA Omega Ratio Rank: 52
VFVA Calmar Ratio Rank: 66
VFVA Martin Ratio Rank: 59

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 79
SPMO Sortino Ratio Rank: 77
SPMO Omega Ratio Rank: 77
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.

VFVA vs. SPMO - Risk-Adjusted Trends Comparison

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

	VFVA	SPMO	Difference
Sharpe ratio Return per unit of total volatility	1.87	2.62	-0.75
Sortino ratio Return per unit of downside risk	2.76	3.54	-0.78
Omega ratio Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio Return relative to maximum drawdown	3.35	3.64	-0.29
Martin ratio Return relative to average drawdown	10.61	14.17	-3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFVA vs. SPMO - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 1.87, which is comparable to the SPMO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of VFVA 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

	VFVA	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.62	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	1.27	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.01	-0.59

Drawdowns

VFVA vs. SPMO - Drawdown Comparison

The maximum VFVA drawdown since its inception was -48.58%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for VFVA and SPMO.

Drawdown Indicators

	VFVA	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-48.58%	-30.95%	-17.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-12.70%	+4.15%
Max Drawdown (3Y) Largest decline over 3 years	-24.07%	-20.13%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-22.74%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-1.51%	0.00%	-1.51%
Average Drawdown Average peak-to-trough decline	-7.31%	-4.60%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	3.26%	-0.57%

Volatility

VFVA vs. SPMO - Volatility Comparison

The current volatility for Vanguard U.S. Value Factor ETF (VFVA) is 3.36%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.35%. This indicates that VFVA 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

	VFVA	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	7.35%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	14.39%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	17.64%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	19.30%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	20.31%	+4.01%

VFVA vs. SPMO - Expense Ratio Comparison

Both VFVA 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

VFVA vs. SPMO - Dividend Comparison

VFVA's dividend yield for the trailing twelve months is around 1.95%, more than SPMO's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.65%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
VFVA Vanguard U.S. Value Factor ETF	1.95%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFVA and SPMO in my portfolio?

VFVA and SPMO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFVA or SPMO?

SPMO has higher volatility (7.35%) compared to VFVA (3.36%). In terms of maximum drawdown, VFVA dropped -48.58% vs SPMO's -30.95%.

Which ETF is better, VFVA or SPMO?

On 5-year performance, SPMO leads with 24.29% vs 9.48% for VFVA. Both ETFs have the same 0.13% expense ratio. On volatility, VFVA has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFVA or SPMO?

Over the 5-year period, SPMO has performed better with a 24.29% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFVA or SPMO?

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

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

VFVA has the higher dividend yield at 1.95%, compared with 0.65% for SPMO.

What is the main difference between VFVA and SPMO?

VFVA is categorized as Mid Cap Value Equities, while SPMO is Momentum. They also come from different issuers: Vanguard and Invesco.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.62 vs 1.87), 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.