XMMO vs. IAK

Last updated Jun 13, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, XMMO returned 19.95%/yr vs 12.67%/yr for IAK. A 0.62 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.43%/yr for IAK.

Performance

XMMO vs. IAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) and iShares U.S. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMMO achieves a 22.77% return, which is significantly higher than IAK's 1.11% return. Over the past 10 years, XMMO has outperformed IAK with an annualized return of 19.95%, while IAK has yielded a comparatively lower 12.67% annualized return.

XMMO

• 1D: 0.96%
• 1M: 0.99%
• YTD: 22.77%
• 6M: 22.33%
• 1Y: 36.63%
• 3Y*: 30.62%
• 5Y*: 15.91%
• 10Y*: 19.95%

IAK

• 1D: 0.68%
• 1M: 4.20%
• YTD: 1.11%
• 6M: 0.88%
• 1Y: 4.33%
• 3Y*: 18.27%
• 5Y*: 13.37%
• 10Y*: 12.67%

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

XMMO vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	22.77%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
IAK iShares U.S. Insurance ETF	1.11%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between XMMO and IAK is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.63

Over the past year, the correlation between XMMO and IAK has dropped to 0.14 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

XMMO vs. IAK - Sectors Allocation Comparison

Sectors	XMMO	IAK
Industrials	41.1%	-
Technology	16.7%	-
Energy	7.7%	-
Basic Materials	7.2%	-
Healthcare	6.3%	0.5%
Real Estate	6.1%	-
Utilities	5.8%	-
Consumer Cyclical	4.6%	-
Financial Services	2.4%	99.5%
Communication Services	1.6%	-
Consumer Defensive	0.5%	-

Return for Risk

XMMO vs. IAK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XMMO

XMMO Risk / Return Rank: 74
XMMO Sharpe Ratio Rank: 65
XMMO Sortino Ratio Rank: 65
XMMO Omega Ratio Rank: 63
XMMO Calmar Ratio Rank: 88
XMMO Martin Ratio Rank: 89

IAK

IAK Risk / Return Rank: 15
IAK Sharpe Ratio Rank: 14
IAK Sortino Ratio Rank: 13
IAK Omega Ratio Rank: 13
IAK Calmar Ratio Rank: 17
IAK Martin Ratio Rank: 16

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.

XMMO vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) and iShares U.S. Insurance ETF (IAK). 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.

	XMMO	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.29	+1.58
Sortino ratio: Return per unit of downside risk	2.58	0.50	+2.08
Omega ratio: Gain probability vs. loss probability	1.33	1.06	+0.27
Calmar ratio: Return relative to maximum drawdown	4.41	0.57	+3.84
Martin ratio: Return relative to average drawdown	17.54	1.27	+16.27

XMMO vs. IAK - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.86, which is higher than the IAK Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of XMMO and IAK, 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

XMMO vs. IAK - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for XMMO and IAK.

Drawdown Indicators

	XMMO	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-77.38%	+22.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-7.62%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-11.58%	-13.35%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-14.76%	-13.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-44.95%	+8.21%
Current Drawdown Current decline from peak	-1.19%	-0.23%	-0.96%
Average Drawdown Average peak-to-trough decline	-9.44%	-16.11%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	3.41%	-1.32%

Volatility

XMMO vs. IAK - Volatility Comparison

Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 9.07% compared to iShares U.S. Insurance ETF (IAK) at 5.49%. This indicates that XMMO's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	5.49%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	10.75%	+6.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	15.10%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	18.14%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	20.92%	+1.43%

XMMO vs. IAK - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than IAK's 0.43% expense ratio.

Dividends

XMMO vs. IAK - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, less than IAK's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.60%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
XMMO Invesco S&P MidCap Momentum ETF	0.61%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and IAK in my portfolio?

XMMO and IAK have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or IAK?

XMMO has higher volatility (9.07%) compared to IAK (5.49%). In terms of maximum drawdown, XMMO dropped -55.37% vs IAK's -77.38%.

Which ETF is better, XMMO or IAK?

On 10-year performance, XMMO leads with 19.95% vs 12.67% for IAK. On fees, XMMO is cheaper at 0.35% per year. On volatility, IAK has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or IAK?

Over the 10-year period, XMMO has performed better with a 19.95% return vs 12.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or IAK?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.43% for IAK.

Which ETF pays a higher dividend yield, XMMO or IAK?

IAK has the higher dividend yield at 2.60%, compared with 0.61% for XMMO.

What is the main difference between XMMO and IAK?

XMMO is categorized as Momentum, while IAK is Financials Equities. XMMO tracks S&P MidCap 400 Momentum Index, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for XMMO and 0.43% for IAK.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.86 vs 0.29), 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.