VMO vs. SPHQ
Compare and contrast key facts about Invesco Municipal Opportunity Trust (VMO) and Invesco S&P 500 Quality ETF (SPHQ).
SPHQ is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality Index. It was launched on Dec 6, 2005.
Performance
VMO vs. SPHQ - Performance Comparison
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VMO vs. SPHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMO Invesco Municipal Opportunity Trust | 1.72% | 6.57% | 7.73% | 1.54% | -24.29% | 12.95% | 8.89% | 16.23% | -4.54% | 3.05% |
SPHQ Invesco S&P 500 Quality ETF | 1.46% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
Returns By Period
In the year-to-date period, VMO achieves a 1.72% return, which is significantly higher than SPHQ's 1.46% return. Over the past 10 years, VMO has underperformed SPHQ with an annualized return of 1.84%, while SPHQ has yielded a comparatively higher 13.63% annualized return.
VMO
- 1D
- 0.42%
- 1M
- -3.79%
- YTD
- 1.72%
- 6M
- 2.53%
- 1Y
- 8.33%
- 3Y*
- 5.79%
- 5Y*
- -0.59%
- 10Y*
- 1.84%
SPHQ
- 1D
- 0.89%
- 1M
- -5.57%
- YTD
- 1.46%
- 6M
- 3.57%
- 1Y
- 16.02%
- 3Y*
- 18.54%
- 5Y*
- 12.70%
- 10Y*
- 13.63%
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Return for Risk
VMO vs. SPHQ — Risk / Return Rank
VMO
SPHQ
VMO vs. SPHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) and Invesco S&P 500 Quality ETF (SPHQ). 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.
| VMO | SPHQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 0.94 | -0.10 |
Sortino ratioReturn per unit of downside risk | 1.25 | 1.44 | -0.19 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.20 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.45 | -0.10 |
Martin ratioReturn relative to average drawdown | 4.14 | 6.35 | -2.21 |
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
| VMO | SPHQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 0.94 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | 0.78 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.15 | 0.77 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.50 | -0.24 |
Correlation
The correlation between VMO and SPHQ is 0.15, 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
VMO vs. SPHQ - Dividend Comparison
VMO's dividend yield for the trailing twelve months is around 7.85%, more than SPHQ's 1.18% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMO Invesco Municipal Opportunity Trust | 7.85% | 7.84% | 6.44% | 4.47% | 5.69% | 4.64% | 4.66% | 4.94% | 5.95% | 5.98% | 6.73% | 6.33% |
SPHQ Invesco S&P 500 Quality ETF | 1.18% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Drawdowns
VMO vs. SPHQ - Drawdown Comparison
The maximum VMO drawdown since its inception was -50.11%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for VMO and SPHQ.
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Drawdown Indicators
| VMO | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.11% | -57.83% | +7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -10.84% | +4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -37.70% | -25.04% | -12.66% |
Max Drawdown (10Y)Largest decline over 10 years | -37.70% | -31.60% | -6.10% |
Current DrawdownCurrent decline from peak | -10.60% | -5.92% | -4.68% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -10.78% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.48% | -0.33% |
Volatility
VMO vs. SPHQ - Volatility Comparison
The current volatility for Invesco Municipal Opportunity Trust (VMO) is 4.02%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.32%. This indicates that VMO experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMO | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 5.32% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 9.67% | -3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.01% | 17.13% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 16.40% | -4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.65% | 17.81% | -5.16% |