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

XEF.TO vs. SPMO

Last updated Jun 13, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, XEF.TO returned 10.64%/yr vs 21.90%/yr for SPMO. At a 0.48 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.13%/yr for SPMO.

Performance

XEF.TO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF.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

XEF.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, XEF.TO achieves a 11.50% return, which is significantly lower than SPMO's 30.81% return. Over the past 10 years, XEF.TO has underperformed SPMO with an annualized return of 10.64%, while SPMO has yielded a comparatively higher 21.90% annualized return.

XEF.TO

1D
0.56%
1M
2.93%
YTD
11.50%
6M
12.67%
1Y
23.99%
3Y*
18.06%
5Y*
10.94%
10Y*
10.64%

SPMO

1D
1.49%
1M
6.37%
YTD
30.81%
6M
30.60%
1Y
46.76%
3Y*
43.67%
5Y*
27.13%
10Y*
21.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEF.TO vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		11.50%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
SPMO
Invesco S&P 500 Momentum ETF		30.89%20.80%58.16%14.76%-4.78%22.58%25.21%20.74%7.41%19.11%

Correlation

The correlation between XEF.TO and SPMO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.54

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

0.50

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

0.53

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

0.51

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

0.48

The correlation between XEF.TO and SPMO has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

XEF.TO vs. SPMO - Sectors Allocation Comparison

Sectors
XEF.TO
SPMO

Financial Services

22.9%
5.7%

Industrials

20.5%
10.9%

Technology

10.2%
54.8%

Healthcare

9.8%
6.2%

Consumer Cyclical

8.2%
1.3%

Basic Materials

6.6%
1.6%

Consumer Defensive

6.4%
4.0%

Communication Services

4.4%
8.7%

Energy

4.0%
3.1%

Utilities

3.8%
2.5%

Real Estate

3.1%
0.9%

Financial Services

XEF.TO
22.9%
SPMO
5.7%

Industrials

XEF.TO
20.5%
SPMO
10.9%

Technology

XEF.TO
10.2%
SPMO
54.8%

Healthcare

XEF.TO
9.8%
SPMO
6.2%

Consumer Cyclical

XEF.TO
8.2%
SPMO
1.3%

Basic Materials

XEF.TO
6.6%
SPMO
1.6%

Consumer Defensive

XEF.TO
6.4%
SPMO
4.0%

Communication Services

XEF.TO
4.4%
SPMO
8.7%

Energy

XEF.TO
4.0%
SPMO
3.1%

Utilities

XEF.TO
3.8%
SPMO
2.5%

Real Estate

XEF.TO
3.1%
SPMO
0.9%

Compare stocks, funds, or ETFs

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

iShares Core MSCI EAFE IMI Index ETF

Invesco S&P 500 Momentum ETF

Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

XEF.TO vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEF.TO
XEF.TO Risk / Return Rank: 5555
Overall Rank
XEF.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5555
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7979
Overall Rank
SPMO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7878
Sortino Ratio Rank
SPMO Omega Ratio Rank: 8080
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7777
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7878
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF.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.

XEF.TOSPMODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.38

-0.71

Sortino ratioReturn per unit of downside risk
2.41
3.17

-0.77

Omega ratioGain probability vs. loss probability

1.31

1.43

-0.12

Calmar ratioReturn relative to maximum drawdown

2.14

3.63

-1.49

Martin ratioReturn relative to average drawdown

8.51

12.12

-3.61

XEF.TO vs. SPMO - Sharpe Ratio Comparison

The current XEF.TO Sharpe Ratio is 1.67, which is comparable to the SPMO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of XEF.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

XEF.TO vs. SPMO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than SPMO's maximum drawdown of -26.80%. Use the drawdown chart below to compare losses from any high point for XEF.TO and SPMO.

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Drawdown Indicators

XEF.TOSPMODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-26.80%

-1.71%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-12.95%

+1.68%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-21.35%

+7.04%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-21.43%

-3.15%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-26.80%

-1.71%

Current Drawdown

Current decline from peak

0.00%

-0.73%

+0.73%

Average Drawdown

Average peak-to-trough decline

-4.61%

-4.16%

-0.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

3.87%

-1.04%

Volatility

XEF.TO vs. SPMO - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 5.29%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.32%. This indicates that XEF.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

XEF.TOSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

10.32%

-5.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

16.96%

-4.73%

Volatility (1Y)

Calculated over the trailing 1-year period

14.43%

19.72%

-5.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

20.54%

-6.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

21.56%

-6.69%

XEF.TO vs. SPMO - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is higher than SPMO's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XEF.TO vs. SPMO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.18%, 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%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.18%2.43%2.76%2.75%2.93%2.42%1.93%2.71%2.75%2.11%2.45%2.42%

Frequently Asked Questions

XEF.TO and SPMO have a correlation of 0.54, 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 0.23% for XEF.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while SPMO is Momentum. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.23% for XEF.TO and 0.13% for SPMO.

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