VRP vs. SPMO
VRP (Invesco Variable Rate Preferred ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - VRP is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, VRP returned 5.19%/yr vs 21.03%/yr for SPMO. At a 0.37 correlation, their price movements are largely independent. VRP charges 0.50%/yr vs 0.13%/yr for SPMO.
Performance
VRP vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 2.23% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, VRP has underperformed SPMO with an annualized return of 5.19%, while SPMO has yielded a comparatively higher 21.03% annualized return.
VRP
- 1D
- 0.04%
- 1M
- 0.49%
- YTD
- 2.23%
- 6M
- 2.36%
- 1Y
- 6.26%
- 3Y*
- 9.77%
- 5Y*
- 4.31%
- 10Y*
- 5.19%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
VRP vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.23% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between VRP and SPMO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.37 |
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Return for Risk
VRP vs. SPMO — Risk / Return Rank
VRP
SPMO
VRP vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) 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.
| VRP | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.39 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 3.45 | -1.27 |
| Martin ratioReturn relative to average drawdown | 11.69 | 12.97 | -1.29 |
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Drawdowns
VRP vs. SPMO - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for VRP and SPMO.
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Drawdown Indicators
| VRP | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -30.95% | -15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -12.70% | +9.81% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -20.13% | +15.87% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -22.74% | +8.98% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | -30.95% | -15.09% |
Current DrawdownCurrent decline from peak | -0.16% | -4.53% | +4.37% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -4.59% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 3.37% | -2.83% |
Volatility
VRP vs. SPMO - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.54%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that VRP 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
| VRP | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 11.75% | -11.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 17.78% | -15.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 20.55% | -17.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 19.88% | -13.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 20.60% | -6.07% |
VRP vs. SPMO - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
VRP vs. SPMO - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.24%, more than SPMO's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
VRP Invesco Variable Rate Preferred ETF | 6.24% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
VRP and SPMO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to VRP (0.54%). In terms of maximum drawdown, VRP dropped -46.04% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 5.19% for VRP. On fees, SPMO is cheaper at 0.13% per year. On volatility, VRP has been the lower-risk option at 0.54%. 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 21.03% return vs 5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.50% for VRP.
VRP has the higher dividend yield at 6.24%, compared with 0.68% for SPMO.
VRP is categorized as Preferred Stock/Convertible Bonds, while SPMO is Momentum. VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.50% for VRP and 0.13% for SPMO.
VRP currently has the higher Sharpe Ratio (2.17 vs 2.13), 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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