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VMO.TO vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMO.TO vs. SPMO

Last updated Aug 4, 2026
Documentation

VMO.TO (Vanguard Global Momentum Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds. VMO.TO is actively managed, while SPMO is passively managed. Over the past 10 years, VMO.TO returned 13.69%/yr vs 20.58%/yr for SPMO. Their 0.55 correlation means they have sometimes moved together and sometimes differently. VMO.TO charges 0.38%/yr vs 0.13%/yr for SPMO.

Performance

VMO.TO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Momentum Factor ETF (VMO.TO) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VMO.TO is traded in CAD, while SPMO is traded in USD. To make them comparable, the SPMO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VMO.TO achieves a 16.22% return, which is significantly lower than SPMO's 25.19% return. Over the past 10 years, VMO.TO has underperformed SPMO with an annualized return of 13.69%, while SPMO has yielded a comparatively higher 20.58% annualized return.

VMO.TO

1D
0.74%
1M
-8.77%
6M
8.36%
YTD
16.22%
1Y
29.76%
3Y*
24.73%
5Y*
15.19%
10Y*
13.69%
ALL TIME*
14.76%

SPMO

1D
1.07%
1M
-5.02%
6M
24.74%
YTD
25.19%
1Y
30.90%
3Y*
40.41%
5Y*
22.90%
10Y*
20.58%
ALL TIME*
19.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SPMO

Invesco S&P 500 Momentum ETF
CA$473.11MCA$476.36MCA$489.70M

VMO.TO

Vanguard Global Momentum Factor ETF
CA$978.15KCA$1.22MCA$1.24M

VMO.TO vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMO.TO
Vanguard Global Momentum Factor ETF		16.22%21.72%29.69%14.95%-9.07%15.69%21.40%19.57%-5.19%16.82%
SPMO
Invesco S&P 500 Momentum ETF		25.19%20.80%58.16%14.76%-4.78%22.58%25.21%20.74%7.41%19.11%

Correlation

The correlation between VMO.TO and SPMO is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.67

Correlation (10Y)
Provides a long-term view across more market conditions.

0.55

Correlation (All Time)
Calculated using the full available price history since Jun 24, 2016

0.55

Over the past year, VMO.TO and SPMO have become more correlated (0.80) than their long-term average of 0.55, meaning their price movements have been converging.

VMO.TO vs. SPMO - Sectors Allocation Comparison

Sectors
VMO.TO
SPMO

Industrials

24.5%
11.2%

Healthcare

16.5%
6.9%

Technology

16.0%
53.7%

Financial Services

11.0%
6.0%

Basic Materials

9.5%
1.9%

Consumer Cyclical

7.4%
1.2%

Energy

6.6%
3.3%

Communication Services

4.1%
7.4%

Consumer Defensive

3.7%
4.2%

Real Estate

0.7%
1.1%

Utilities

0.1%
2.7%

Industrials

VMO.TO
24.5%
SPMO
11.2%

Healthcare

VMO.TO
16.5%
SPMO
6.9%

Technology

VMO.TO
16.0%
SPMO
53.7%

Financial Services

VMO.TO
11.0%
SPMO
6.0%

Basic Materials

VMO.TO
9.5%
SPMO
1.9%

Consumer Cyclical

VMO.TO
7.4%
SPMO
1.2%

Energy

VMO.TO
6.6%
SPMO
3.3%

Communication Services

VMO.TO
4.1%
SPMO
7.4%

Consumer Defensive

VMO.TO
3.7%
SPMO
4.2%

Real Estate

VMO.TO
0.7%
SPMO
1.1%

Utilities

VMO.TO
0.1%
SPMO
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Global Momentum Factor ETF

Invesco S&P 500 Momentum ETF

Often compared with VMO.TO:
VMO.TO vs. XEQT.TOVMO.TO vs. VFV.TOVMO.TO vs. XMTM.TOVMO.TO vs. IDMOVMO.TO vs. VTVMO.TO vs. TEC.TOVMO.TO vs. FCCM.NEO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

VMO.TO vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMO.TO
VMO.TO Risk / Return Rank: 4949
Overall Rank
VMO.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
VMO.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
VMO.TO Omega Ratio Rank: 4545
Omega Ratio Rank
VMO.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
VMO.TO Martin Ratio Rank: 6060
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 5151
Overall Rank
SPMO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4949
Sortino Ratio Rank
SPMO Omega Ratio Rank: 5252
Omega Ratio Rank
SPMO Calmar Ratio Rank: 5151
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5656
Martin Ratio Rank
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.

VMO.TO vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Momentum Factor ETF (VMO.TO) 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.

VMO.TOSPMODifference
Sharpe ratioReturn per unit of total volatility
1.18
1.29

-0.11

Sortino ratioReturn per unit of downside risk
1.66
1.84

-0.18

Omega ratioGain probability vs. loss probability

1.21

1.24

-0.03

Calmar ratioReturn relative to maximum drawdown

1.73

1.92

-0.18

Martin ratioReturn relative to average drawdown

7.39

6.39

+0.99

VMO.TO vs. SPMO - Sharpe Ratio Comparison

The current VMO.TO Sharpe Ratio is 1.18, which is comparable to the SPMO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of VMO.TO 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.

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Drawdowns

VMO.TO vs. SPMO - Drawdown Comparison

The maximum VMO.TO drawdown since its inception was -30.53%, which is greater than SPMO's maximum drawdown of -26.80%. Use the drawdown chart below to compare losses from any high point for VMO.TO and SPMO.

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Drawdown Indicators

VMO.TOSPMODifference

Max Drawdown

Largest peak-to-trough decline

-30.53%

-26.80%

-3.73%

Max Drawdown (1Y)

Largest decline over 1 year

-15.60%

-16.19%

+0.59%

Max Drawdown (3Y)

Largest decline over 3 years

-19.72%

-21.35%

+1.63%

Max Drawdown (5Y)

Largest decline over 5 years

-23.26%

-21.43%

-1.83%

Max Drawdown (10Y)

Largest decline over 10 years

-30.53%

-26.80%

-3.73%

Current Drawdown

Current decline from peak

-11.85%

-11.26%

-0.59%

Average Drawdown

Average peak-to-trough decline

-5.22%

-4.19%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

4.85%

-1.19%

Volatility

VMO.TO vs. SPMO - Volatility Comparison

The current volatility for Vanguard Global Momentum Factor ETF (VMO.TO) is 8.69%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.21%. This indicates that VMO.TO 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

VMO.TOSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.69%

10.21%

-1.52%

Volatility (6M)

Calculated over the trailing 6-month period

19.42%

21.83%

-2.41%

Volatility (1Y)

Calculated over the trailing 1-year period

22.93%

24.14%

-1.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.73%

21.52%

-2.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.25%

22.02%

-2.77%

VMO.TO vs. SPMO - Expense Ratio Comparison

VMO.TO has a 0.38% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

VMO.TO vs. SPMO - Dividend Comparison

VMO.TO's dividend yield for the trailing twelve months is around 0.73%, more than SPMO's 0.72% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VMO.TO
Vanguard Global Momentum Factor ETF		0.73%0.85%0.90%1.04%1.67%1.11%0.71%1.71%0.81%1.17%0.51%0.00%

Frequently Asked Questions

VMO.TO and SPMO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.38% for VMO.TO.

They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.38% for VMO.TO and 0.13% for SPMO.

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