XMMO vs. RCAT

Last updated Jun 13, 2026

XMMO (Invesco S&P MidCap Momentum ETF) is Momentum fund tracking the S&P MidCap 400 Momentum Index, while RCAT (Red Cat Holdings, Inc.) is a stock. Over the past 5 years, XMMO returned 15.91%/yr vs 26.88%/yr for RCAT. At a 0.16 correlation, their price movements are largely independent.

Performance

XMMO vs. RCAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) and Red Cat Holdings, Inc. (RCAT). 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 lower than RCAT's 40.98% 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%

RCAT

• 1D: -6.91%
• 1M: 18.94%
• YTD: 40.98%
• 6M: 39.05%
• 1Y: 27.77%
• 3Y*: 131.59%
• 5Y*: 26.88%
• 10Y*: —

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

XMMO vs. RCAT - 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%	11.04%
RCAT Red Cat Holdings, Inc.	40.98%	-38.29%	1,360.23%	-6.38%	-54.81%	-30.67%	172.73%	73,233.33%	-94.74%	-28.57%

Correlation

The correlation between XMMO and RCAT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017	0.16

Over the past year, XMMO and RCAT have become more correlated (0.37) than their long-term average of 0.16, meaning their price movements have been converging.

Return for Risk

XMMO vs. RCAT — 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

RCAT

RCAT Risk / Return Rank: 56
RCAT Sharpe Ratio Rank: 51
RCAT Sortino Ratio Rank: 63
RCAT Omega Ratio Rank: 58
RCAT Calmar Ratio Rank: 54
RCAT Martin Ratio Rank: 53

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. RCAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) and Red Cat Holdings, Inc. (RCAT). 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	RCAT	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.23	+1.63
Sortino ratio: Return per unit of downside risk	2.58	1.28	+1.30
Omega ratio: Gain probability vs. loss probability	1.33	1.14	+0.19
Calmar ratio: Return relative to maximum drawdown	4.41	0.46	+3.95
Martin ratio: Return relative to average drawdown	17.54	0.92	+16.62

XMMO vs. RCAT - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.86, which is higher than the RCAT Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of XMMO and RCAT, 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. RCAT - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum RCAT drawdown of -99.21%. Use the drawdown chart below to compare losses from any high point for XMMO and RCAT.

Drawdown Indicators

	XMMO	RCAT	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-99.21%	+43.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-60.08%	+51.74%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-67.16%	+42.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-92.25%	+64.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	—	—
Current Drawdown Current decline from peak	-1.19%	-35.60%	+34.41%
Average Drawdown Average peak-to-trough decline	-9.44%	-65.98%	+56.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	30.17%	-28.08%

Volatility

XMMO vs. RCAT - Volatility Comparison

The current volatility for Invesco S&P MidCap Momentum ETF (XMMO) is 9.07%, while Red Cat Holdings, Inc. (RCAT) has a volatility of 40.71%. This indicates that XMMO experiences smaller price fluctuations and is considered to be less risky than RCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	RCAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	40.71%	-31.64%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	85.22%	-68.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	120.36%	-100.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	115.04%	-93.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	29,209.75%	-29,187.40%

Dividends

XMMO vs. RCAT - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, while RCAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RCAT Red Cat Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 RCAT in my portfolio?

XMMO and RCAT have a correlation of 0.37, 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 RCAT?

RCAT has higher volatility (40.71%) compared to XMMO (9.07%). In terms of maximum drawdown, XMMO dropped -55.37% vs RCAT's -99.21%.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.86 vs 0.23), 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.