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VNQ vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNQ vs. SPMO

Last updated Jun 12, 2026

VNQ (Vanguard Real Estate ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, VNQ returned 5.53%/yr vs 20.59%/yr for SPMO. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.13% expense ratio.

Performance

VNQ vs. SPMO - Performance Comparison

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

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Returns By Period

In the year-to-date period, VNQ achieves a 11.49% return, which is significantly lower than SPMO's 26.56% return. Over the past 10 years, VNQ has underperformed SPMO with an annualized return of 5.53%, while SPMO has yielded a comparatively higher 20.59% annualized return.

VNQ

1D
-0.07%
1M
0.95%
YTD
11.49%
6M
11.16%
1Y
12.43%
3Y*
10.04%
5Y*
2.36%
10Y*
5.53%

SPMO

1D
4.80%
1M
4.24%
YTD
26.56%
6M
24.30%
1Y
41.83%
3Y*
41.24%
5Y*
23.19%
10Y*
20.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VNQ vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VNQ
Vanguard Real Estate ETF		11.49%3.24%4.81%11.85%-26.25%40.54%-4.61%28.91%-6.03%4.90%
SPMO
Invesco S&P 500 Momentum ETF		26.56%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between VNQ and SPMO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.44

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.42

Over the past year, the correlation between VNQ and SPMO has dropped to 0.18 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

VNQ vs. SPMO - Sectors Allocation Comparison

Sectors
VNQ
SPMO

Real Estate

97.3%
0.9%

Basic Materials

1.1%
1.6%

Communication Services

0.6%
8.7%

Technology

0.3%
54.8%

Energy

0.1%
3.1%

Financial Services

0.1%
5.7%

Industrials

0.0%
10.9%

Consumer Cyclical

-

1.3%

Consumer Defensive

-

4.0%

Healthcare

-

6.2%

Utilities

-

2.5%

Real Estate

VNQ
97.3%
SPMO
0.9%

Basic Materials

VNQ
1.1%
SPMO
1.6%

Communication Services

VNQ
0.6%
SPMO
8.7%

Technology

VNQ
0.3%
SPMO
54.8%

Energy

VNQ
0.1%
SPMO
3.1%

Financial Services

VNQ
0.1%
SPMO
5.7%

Industrials

VNQ
0.0%
SPMO
10.9%

Consumer Cyclical

VNQ

-

SPMO
1.3%

Consumer Defensive

VNQ

-

SPMO
4.0%

Healthcare

VNQ

-

SPMO
6.2%

Utilities

VNQ

-

SPMO
2.5%

Compare stocks, funds, or ETFs

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

Vanguard Real Estate ETF

Invesco S&P 500 Momentum ETF

Often compared with VNQ:
VNQ vs. SCHHVNQ vs. VOOVNQ vs. SPYVNQ vs. XLREVNQ vs. VNQIVNQ vs. SCHDVNQ vs. REET
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

VNQ vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VNQ
VNQ Risk / Return Rank: 3232
Overall Rank
VNQ Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
VNQ Sortino Ratio Rank: 2929
Sortino Ratio Rank
VNQ Omega Ratio Rank: 2929
Omega Ratio Rank
VNQ Calmar Ratio Rank: 3636
Calmar Ratio Rank
VNQ Martin Ratio Rank: 3636
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7979
Overall Rank
SPMO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7979
Sortino Ratio Rank
SPMO Omega Ratio Rank: 8181
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7878
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7979
Martin Ratio Rank
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.

VNQ vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.

VNQSPMODifference
Sharpe ratioReturn per unit of total volatility
0.92
2.16

-1.24

Sortino ratioReturn per unit of downside risk
1.35
2.89

-1.54

Omega ratioGain probability vs. loss probability

1.17

1.40

-0.23

Calmar ratioReturn relative to maximum drawdown

1.50

3.31

-1.81

Martin ratioReturn relative to average drawdown

4.71

12.52

-7.81

VNQ vs. SPMO - Sharpe Ratio Comparison

The current VNQ Sharpe Ratio is 0.92, which is lower than the SPMO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VNQ 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

VNQ vs. SPMO - Drawdown Comparison

The maximum VNQ drawdown since its inception was -73.07%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for VNQ and SPMO.

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Drawdown Indicators

VNQSPMODifference

Max Drawdown

Largest peak-to-trough decline

-73.07%

-30.95%

-42.12%

Max Drawdown (1Y)

Largest decline over 1 year

-8.34%

-12.70%

+4.36%

Max Drawdown (3Y)

Largest decline over 3 years

-17.46%

-20.13%

+2.67%

Max Drawdown (5Y)

Largest decline over 5 years

-34.48%

-22.74%

-11.74%

Max Drawdown (10Y)

Largest decline over 10 years

-42.40%

-30.95%

-11.45%

Current Drawdown

Current decline from peak

-0.49%

-2.91%

+2.42%

Average Drawdown

Average peak-to-trough decline

-13.61%

-4.60%

-9.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

3.35%

-0.70%

Volatility

VNQ vs. SPMO - Volatility Comparison

The current volatility for Vanguard Real Estate ETF (VNQ) is 4.74%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.29%. This indicates that VNQ 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

VNQSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.74%

10.29%

-5.55%

Volatility (6M)

Calculated over the trailing 6-month period

9.74%

16.70%

-6.96%

Volatility (1Y)

Calculated over the trailing 1-year period

13.52%

19.45%

-5.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.85%

19.65%

-0.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.72%

20.48%

+0.24%

VNQ vs. SPMO - Expense Ratio Comparison

Both VNQ 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

VNQ vs. SPMO - Dividend Comparison

VNQ's dividend yield for the trailing twelve months is around 3.57%, more than SPMO's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.67%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
VNQ
Vanguard Real Estate ETF		3.57%3.92%3.85%3.95%3.91%2.56%3.93%3.39%4.74%4.23%4.82%3.92%

Frequently Asked Questions

VNQ and SPMO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMO has higher volatility (10.29%) compared to VNQ (4.74%). In terms of maximum drawdown, VNQ dropped -73.07% vs SPMO's -30.95%.

On 10-year performance, SPMO leads with 20.59% vs 5.53% for VNQ. Both ETFs have the same 0.13% expense ratio. On volatility, VNQ has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMO has performed better with a 20.59% return vs 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

VNQ has the higher dividend yield at 3.57%, compared with 0.67% for SPMO.

VNQ is categorized as REIT, while SPMO is Momentum. VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Vanguard and Invesco.

SPMO currently has the higher Sharpe Ratio (2.16 vs 0.92), 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.

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