XLG vs. SPMO

Last updated Aug 4, 2026

XLG (Invesco S&P 500 Top 50 ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, XLG returned 16.44%/yr vs 19.70%/yr for SPMO. Their 0.77 correlation means they have sometimes moved together and sometimes differently. XLG charges 0.20%/yr vs 0.13%/yr for SPMO.

Performance

XLG vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 4.68% return, which is significantly lower than SPMO's 22.35% return. Over the past 10 years, XLG has underperformed SPMO with an annualized return of 16.44%, while SPMO has yielded a comparatively higher 19.70% annualized return.

XLG

• 1D: 1.74%
• 1M: 1.81%
• 6M: 4.68%
• YTD: 4.68%
• 1Y: 17.86%
• 3Y*: 21.61%
• 5Y*: 14.02%
• 10Y*: 16.44%
• ALL TIME*: 11.40%

SPMO

• 1D: 1.06%
• 1M: -3.63%
• 6M: 21.38%
• YTD: 22.35%
• 1Y: 29.45%
• 3Y*: 38.16%
• 5Y*: 20.19%
• 10Y*: 19.70%
• ALL TIME*: 19.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPMO Invesco S&P 500 Momentum ETF	$336.15M	$337.86M	$350.15M
XLG Invesco S&P 500 Top 50 ETF	$59.56M	$59.06M	$102.51M

XLG vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	4.68%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
SPMO Invesco S&P 500 Momentum ETF	22.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between XLG and SPMO is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.77

The correlation between XLG and SPMO has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

XLG vs. SPMO - Sectors Allocation Comparison

Sectors	XLG	SPMO
Technology	49.8%	53.7%
Communication Services	13.0%	7.4%
Financial Services	10.3%	6.0%
Consumer Cyclical	9.3%	1.2%
Healthcare	6.8%	6.9%
Consumer Defensive	5.1%	4.2%
Energy	2.5%	3.3%
Industrials	1.9%	11.2%
Utilities	0.7%	2.7%
Basic Materials	0.6%	1.9%
Real Estate	-	1.1%

Return for Risk

XLG vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLG

XLG Risk / Return Rank: 45
XLG Sharpe Ratio Rank: 49
XLG Sortino Ratio Rank: 48
XLG Omega Ratio Rank: 47
XLG Calmar Ratio Rank: 41
XLG Martin Ratio Rank: 42

SPMO

SPMO Risk / Return Rank: 51
SPMO Sharpe Ratio Rank: 50
SPMO Sortino Ratio Rank: 49
SPMO Omega Ratio Rank: 52
SPMO Calmar Ratio Rank: 51
SPMO Martin Ratio Rank: 56

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.

XLG vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) 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.

	XLG	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.24	-0.02
Sortino ratio: Return per unit of downside risk	1.74	1.77	-0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.44	1.89	-0.45
Martin ratio: Return relative to average drawdown	4.49	6.81	-2.32

XLG vs. SPMO - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 1.22, which is comparable to the SPMO Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XLG 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.

Drawdowns

XLG vs. SPMO - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for XLG and SPMO.

Drawdown Indicators

	XLG	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-30.95%	-21.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-15.64%	+3.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-20.13%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-22.74%	-5.28%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-30.95%	+0.49%
Current Drawdown Current decline from peak	-4.09%	-10.09%	+6.00%
Average Drawdown Average peak-to-trough decline	-7.62%	-4.62%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	4.33%	-0.35%

Volatility

XLG vs. SPMO - Volatility Comparison

The current volatility for Invesco S&P 500 Top 50 ETF (XLG) is 5.30%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.26%. This indicates that XLG 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.

Volatility by Period

	XLG	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	10.26%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	21.52%	-9.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.73%	23.86%	-9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	20.61%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	20.94%	-2.01%

XLG vs. SPMO - Expense Ratio Comparison

XLG has a 0.20% 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

XLG vs. SPMO - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.64%, less than SPMO's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLG Invesco S&P 500 Top 50 ETF	0.64%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and SPMO in my portfolio?

XLG and SPMO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLG or SPMO?

SPMO has higher volatility (10.26%) compared to XLG (5.30%). In terms of maximum drawdown, XLG dropped -52.39% vs SPMO's -30.95%.

Which ETF is better, XLG or SPMO?

On 10-year performance, SPMO leads with 19.70% vs 16.44% for XLG. On fees, SPMO is cheaper at 0.13% per year. On volatility, XLG has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or SPMO?

Over the 10-year period, SPMO has performed better with a 19.70% return vs 16.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.20% for XLG.

Which ETF pays a higher dividend yield, XLG or SPMO?

SPMO has the higher dividend yield at 0.72%, compared with 0.64% for XLG.

What is the main difference between XLG and SPMO?

XLG is categorized as S&P 500, while SPMO is Momentum. XLG tracks S&P 500 Top 50 Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.20% for XLG and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (1.24 vs 1.22), 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.