XMMO vs. SPVM

Last updated Aug 4, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and SPVM (Invesco S&P 500 Value with Momentum ETF) are both Momentum funds from Invesco - XMMO tracks the S&P MidCap 400 Momentum Index while SPVM tracks the S&P 500 High Momentum Value Index. Both are passively managed. Over the past 10 years, XMMO returned 18.17%/yr vs 12.16%/yr for SPVM. Their 0.66 correlation means they have sometimes moved together and sometimes differently. XMMO charges 0.35%/yr vs 0.39%/yr for SPVM.

Performance

XMMO vs. SPVM - Performance Comparison

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

Returns By Period

In the year-to-date period, XMMO achieves a 13.32% return, which is significantly lower than SPVM's 15.57% return. Over the past 10 years, XMMO has outperformed SPVM with an annualized return of 18.17%, while SPVM has yielded a comparatively lower 12.16% annualized return.

XMMO

• 1D: 1.37%
• 1M: -4.13%
• 6M: 10.87%
• YTD: 13.32%
• 1Y: 22.21%
• 3Y*: 24.75%
• 5Y*: 13.53%
• 10Y*: 18.17%
• ALL TIME*: 12.18%

SPVM

• 1D: 0.34%
• 1M: 2.66%
• 6M: 11.57%
• YTD: 15.57%
• 1Y: 30.92%
• 3Y*: 18.76%
• 5Y*: 12.22%
• 10Y*: 12.16%
• ALL TIME*: 12.02%

*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)
SPVM Invesco S&P 500 Value with Momentum ETF	$1.05M	$1.12M	$1.21M
XMMO Invesco S&P MidCap Momentum ETF	$60.28M	$71.43M	$67.26M

XMMO vs. SPVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	13.32%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
SPVM Invesco S&P 500 Value with Momentum ETF	15.57%	20.47%	15.64%	5.53%	-2.10%	28.86%	-3.18%	29.33%	-9.17%	14.70%

Correlation

The correlation between XMMO and SPVM is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.66

Over the past year, the correlation between XMMO and SPVM has dropped to 0.43 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

XMMO vs. SPVM - Sectors Allocation Comparison

Sectors	XMMO	SPVM
Industrials	37.0%	9.4%
Technology	12.9%	6.2%
Basic Materials	10.2%	3.5%
Energy	8.4%	11.8%
Healthcare	8.1%	8.6%
Real Estate	7.2%	2.1%
Utilities	6.0%	13.4%
Consumer Cyclical	5.0%	3.7%
Financial Services	2.9%	36.8%
Communication Services	1.7%	2.7%
Consumer Defensive	0.5%	4.7%

Return for Risk

XMMO vs. SPVM — Risk / Return Rank

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

XMMO

XMMO Risk / Return Rank: 44
XMMO Sharpe Ratio Rank: 41
XMMO Sortino Ratio Rank: 41
XMMO Omega Ratio Rank: 40
XMMO Calmar Ratio Rank: 44
XMMO Martin Ratio Rank: 55

SPVM

SPVM Risk / Return Rank: 94
SPVM Sharpe Ratio Rank: 95
SPVM Sortino Ratio Rank: 95
SPVM Omega Ratio Rank: 93
SPVM Calmar Ratio Rank: 93
SPVM Martin Ratio Rank: 94

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.

XMMO vs. SPVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) and Invesco S&P 500 Value with Momentum ETF (SPVM). 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	SPVM	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.74	-1.70
Sortino ratio: Return per unit of downside risk	1.53	3.95	-2.42
Omega ratio: Gain probability vs. loss probability	1.19	1.48	-0.29
Calmar ratio: Return relative to maximum drawdown	1.60	4.73	-3.12
Martin ratio: Return relative to average drawdown	6.64	18.23	-11.58

XMMO vs. SPVM - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.04, which is lower than the SPVM Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of XMMO and SPVM, 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. SPVM - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, which is greater than SPVM's maximum drawdown of -45.35%. Use the drawdown chart below to compare losses from any high point for XMMO and SPVM.

Drawdown Indicators

	XMMO	SPVM	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-45.35%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-6.57%	-7.34%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-18.66%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-19.48%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-45.35%	+8.61%
Current Drawdown Current decline from peak	-10.02%	-1.01%	-9.01%
Average Drawdown Average peak-to-trough decline	-9.42%	-4.94%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	1.70%	+1.65%

Volatility

XMMO vs. SPVM - Volatility Comparison

Invesco S&P MidCap Momentum ETF (XMMO) has a higher volatility of 7.91% compared to Invesco S&P 500 Value with Momentum ETF (SPVM) at 3.02%. This indicates that XMMO's price experiences larger fluctuations and is considered to be riskier than SPVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	SPVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	3.02%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	18.48%	7.73%	+10.75%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	11.35%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.87%	16.57%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	19.51%	+2.93%

XMMO vs. SPVM - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than SPVM's 0.39% expense ratio.

Dividends

XMMO vs. SPVM - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.62%, less than SPVM's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPVM Invesco S&P 500 Value with Momentum ETF	1.92%	2.02%	1.91%	2.45%	2.33%	1.41%	2.11%	2.40%	3.10%	1.68%	2.80%	2.67%
XMMO Invesco S&P MidCap Momentum ETF	0.62%	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 SPVM in my portfolio?

XMMO and SPVM have a correlation of 0.43, 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 SPVM?

XMMO has higher volatility (7.91%) compared to SPVM (3.02%). In terms of maximum drawdown, XMMO dropped -55.37% vs SPVM's -45.35%.

Which ETF is better, XMMO or SPVM?

On 10-year performance, XMMO leads with 18.17% vs 12.16% for SPVM. On fees, XMMO is cheaper at 0.35% per year. On volatility, SPVM has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or SPVM?

Over the 10-year period, XMMO has performed better with a 18.17% return vs 12.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or SPVM?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.39% for SPVM.

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

SPVM has the higher dividend yield at 1.92%, compared with 0.62% for XMMO.

What is the main difference between XMMO and SPVM?

XMMO tracks S&P MidCap 400 Momentum Index, while SPVM tracks S&P 500 High Momentum Value Index. Their fees differ too: 0.35% for XMMO and 0.39% for SPVM.

Which has better risk-adjusted returns?

SPVM currently has the higher Sharpe Ratio (2.74 vs 1.04), 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.