VKMMX vs. SPMO
Compare and contrast key facts about Invesco Municipal Income Fund (VKMMX) and Invesco S&P 500 Momentum ETF (SPMO).
VKMMX is managed by Invesco. It was launched on Jul 31, 1990. SPMO is a passively managed fund by Invesco that tracks the performance of the S&P 500 Momentum Index. It was launched on Oct 9, 2015.
Performance
VKMMX vs. SPMO - Performance Comparison
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VKMMX vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VKMMX Invesco Municipal Income Fund | -0.60% | 3.03% | 3.01% | 6.50% | -12.49% | 3.63% | 4.66% | 8.67% | 0.24% | 6.33% |
SPMO Invesco S&P 500 Momentum ETF | -5.78% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Returns By Period
In the year-to-date period, VKMMX achieves a -0.60% return, which is significantly higher than SPMO's -5.78% return. Over the past 10 years, VKMMX has underperformed SPMO with an annualized return of 1.95%, while SPMO has yielded a comparatively higher 17.16% annualized return.
VKMMX
- 1D
- 0.26%
- 1M
- -2.70%
- YTD
- -0.60%
- 6M
- 0.58%
- 1Y
- 2.25%
- 3Y*
- 2.93%
- 5Y*
- 0.32%
- 10Y*
- 1.95%
SPMO
- 1D
- 3.96%
- 1M
- -5.89%
- YTD
- -5.78%
- 6M
- -6.90%
- 1Y
- 22.23%
- 3Y*
- 28.36%
- 5Y*
- 17.17%
- 10Y*
- 17.16%
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VKMMX vs. SPMO - Expense Ratio Comparison
VKMMX has a 0.81% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Return for Risk
VKMMX vs. SPMO — Risk / Return Rank
VKMMX
SPMO
VKMMX vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Income Fund (VKMMX) 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.
| VKMMX | SPMO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.51 | 0.98 | -0.48 |
Sortino ratioReturn per unit of downside risk | 0.73 | 1.51 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.79 | -1.25 |
Martin ratioReturn relative to average drawdown | 1.41 | 6.36 | -4.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VKMMX | SPMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 0.98 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | 0.91 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.86 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.85 | +0.18 |
Correlation
The correlation between VKMMX and SPMO is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VKMMX vs. SPMO - Dividend Comparison
VKMMX's dividend yield for the trailing twelve months is around 4.03%, more than SPMO's 0.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VKMMX Invesco Municipal Income Fund | 4.03% | 5.16% | 4.06% | 3.12% | 3.42% | 3.05% | 2.86% | 3.80% | 4.07% | 3.62% | 4.14% | 4.22% |
SPMO Invesco S&P 500 Momentum ETF | 0.91% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Drawdowns
VKMMX vs. SPMO - Drawdown Comparison
The maximum VKMMX drawdown since its inception was -21.20%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for VKMMX and SPMO.
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Drawdown Indicators
| VKMMX | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.20% | -30.95% | +9.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -12.70% | +6.82% |
Max Drawdown (5Y)Largest decline over 5 years | -17.97% | -22.74% | +4.77% |
Max Drawdown (10Y)Largest decline over 10 years | -17.97% | -30.95% | +12.98% |
Current DrawdownCurrent decline from peak | -2.70% | -9.24% | +6.54% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -4.66% | +2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 3.57% | -1.34% |
Volatility
VKMMX vs. SPMO - Volatility Comparison
The current volatility for Invesco Municipal Income Fund (VKMMX) is 1.25%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 6.82%. This indicates that VKMMX 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
| VKMMX | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 6.82% | -5.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 12.62% | -10.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.27% | 22.68% | -16.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 19.06% | -14.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 20.08% | -15.31% |