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

XMTM.TO vs. SPMO

Last updated Jun 4, 2026

XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both Momentum funds - XMTM.TO tracks the MSCI USA Momentum SR Variant Index while SPMO tracks the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, XMTM.TO returned 17.92%/yr vs 27.61%/yr for SPMO. At a 0.49 correlation, their price movements are largely independent. XMTM.TO charges 0.31%/yr vs 0.13%/yr for SPMO.

Performance

XMTM.TO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Momentum Factor Index ETF (XMTM.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

XMTM.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, XMTM.TO achieves a 33.39% return, which is significantly higher than SPMO's 30.82% return.

XMTM.TO

1D
4.00%
1M
19.00%
YTD
33.39%
6M
29.32%
1Y
40.58%
3Y*
35.55%
5Y*
17.92%
10Y*
—

SPMO

1D
0.00%
1M
16.60%
YTD
30.82%
6M
28.84%
1Y
46.55%
3Y*
44.27%
5Y*
27.61%
10Y*
21.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMTM.TO vs. SPMO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		33.39%14.02%43.59%6.48%-14.53%15.01%25.77%3.42%
SPMO
Invesco S&P 500 Momentum ETF		32.01%20.78%58.34%14.97%-4.07%21.54%26.09%1.77%

Correlation

The correlation between XMTM.TO and SPMO is 0.78, 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

0.78

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

0.65

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

0.54

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2019

0.49

Over the past year, XMTM.TO and SPMO have become more correlated (0.78) than their long-term average of 0.49, meaning their price movements have been converging.

XMTM.TO vs. SPMO - Sectors Allocation Comparison

Sectors
XMTM.TO
SPMO

Technology

44.7%
52.6%

Industrials

15.3%
11.3%

Financial Services

10.5%
5.9%

Communication Services

7.0%
9.2%

Healthcare

7.0%
6.7%

Consumer Cyclical

3.7%
1.3%

Energy

3.6%
3.4%

Consumer Defensive

3.3%
4.3%

Real Estate

1.8%
1.0%

Basic Materials

1.7%
1.6%

Utilities

1.6%
2.8%

Technology

XMTM.TO
44.7%
SPMO
52.6%

Industrials

XMTM.TO
15.3%
SPMO
11.3%

Financial Services

XMTM.TO
10.5%
SPMO
5.9%

Communication Services

XMTM.TO
7.0%
SPMO
9.2%

Healthcare

XMTM.TO
7.0%
SPMO
6.7%

Consumer Cyclical

XMTM.TO
3.7%
SPMO
1.3%

Energy

XMTM.TO
3.6%
SPMO
3.4%

Consumer Defensive

XMTM.TO
3.3%
SPMO
4.3%

Real Estate

XMTM.TO
1.8%
SPMO
1.0%

Basic Materials

XMTM.TO
1.7%
SPMO
1.6%

Utilities

XMTM.TO
1.6%
SPMO
2.8%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Momentum Factor Index ETF

Invesco S&P 500 Momentum ETF

Often compared with XMTM.TO:
XMTM.TO vs. VMO.TOXMTM.TO vs. VFV.TOXMTM.TO vs. XCHP.TOXMTM.TO vs. FEQT.NEOXMTM.TO vs. QQC.TOXMTM.TO vs. VOOXMTM.TO vs. HHIS.TO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

XMTM.TO vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMTM.TO
XMTM.TO Risk / Return Rank: 6565
Overall Rank
XMTM.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMTM.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
XMTM.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XMTM.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XMTM.TO Martin Ratio Rank: 5858
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7575
Overall Rank
SPMO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7777
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7373
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor Index ETF (XMTM.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.

XMTM.TOSPMODifference
Sharpe ratioReturn per unit of total volatility
2.20
2.72

-0.52

Sortino ratioReturn per unit of downside risk
3.07
3.67

-0.59

Omega ratioGain probability vs. loss probability

1.39

1.49

-0.10

Calmar ratioReturn relative to maximum drawdown

3.57

3.65

-0.08

Martin ratioReturn relative to average drawdown

10.21

12.23

-2.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMTM.TO vs. SPMO - Sharpe Ratio Comparison

The current XMTM.TO Sharpe Ratio is 2.20, which is comparable to the SPMO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of XMTM.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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Sharpe Ratios by Period

XMTM.TOSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.20

2.72

-0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.96

1.57

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.14

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

1.10

-0.22

Drawdowns

XMTM.TO vs. SPMO - Drawdown Comparison

The maximum XMTM.TO drawdown since its inception was -29.01%, which is greater than SPMO's maximum drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for XMTM.TO and SPMO.

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Drawdown Indicators

XMTM.TOSPMODifference

Max Drawdown

Largest peak-to-trough decline

-29.01%

-25.58%

-3.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-12.82%

+1.40%

Max Drawdown (3Y)

Largest decline over 3 years

-20.64%

-20.26%

-0.38%

Max Drawdown (5Y)

Largest decline over 5 years

-29.01%

-20.69%

-8.32%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.58%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.96%

-4.14%

-3.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.99%

3.82%

+0.17%

Volatility

XMTM.TO vs. SPMO - Volatility Comparison

iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a higher volatility of 7.86% compared to Invesco S&P 500 Momentum ETF (SPMO) at 7.29%. This indicates that XMTM.TO's price experiences larger fluctuations and is considered to be riskier 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

XMTM.TOSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.86%

7.29%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

16.02%

13.95%

+2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

18.57%

17.23%

+1.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.79%

17.71%

+1.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.07%

19.10%

+0.97%

XMTM.TO vs. SPMO - Expense Ratio Comparison

XMTM.TO has a 0.31% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

XMTM.TO vs. SPMO - Dividend Comparison

XMTM.TO's dividend yield for the trailing twelve months is around 0.46%, less than SPMO's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.65%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
XMTM.TO
iShares MSCI USA Momentum Factor Index ETF		0.46%0.70%0.62%0.84%1.66%0.33%0.64%1.24%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XMTM.TO and SPMO have a correlation of 0.78, 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 0.31% for XMTM.TO.

XMTM.TO tracks MSCI USA Momentum SR Variant Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.31% for XMTM.TO and 0.13% for SPMO.

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