XMVM vs. MMTM

Last updated Aug 4, 2026

XMVM (Invesco S&P MidCap Value with Momentum ETF) and MMTM (State Street SPDR S&P 1500 Momentum Tilt ETF) are both Momentum funds - XMVM tracks the S&P MidCap 400 High Momentum Value Index while MMTM tracks the S&P 1500 Positive Momentum Tilt Index. Both are passively managed. Over the past 10 years, XMVM returned 12.28%/yr vs 14.15%/yr for MMTM. Their 0.57 correlation means they have sometimes moved together and sometimes differently. XMVM charges 0.39%/yr vs 0.12%/yr for MMTM.

Performance

XMVM vs. MMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Value with Momentum ETF (XMVM) and State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMVM achieves a 18.13% return, which is significantly higher than MMTM's 4.05% return. Over the past 10 years, XMVM has underperformed MMTM with an annualized return of 12.28%, while MMTM has yielded a comparatively higher 14.15% annualized return.

XMVM

• 1D: 0.59%
• 1M: 5.73%
• 6M: 13.53%
• YTD: 18.13%
• 1Y: 39.09%
• 3Y*: 18.08%
• 5Y*: 12.87%
• 10Y*: 12.28%
• ALL TIME*: 9.73%

MMTM

• 1D: 0.93%
• 1M: -0.78%
• 6M: 1.50%
• YTD: 4.05%
• 1Y: 13.77%
• 3Y*: 18.65%
• 5Y*: 11.57%
• 10Y*: 14.15%
• ALL TIME*: 14.06%

*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)
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	$361.33K	$398.75K	$394.98K
XMVM Invesco S&P MidCap Value with Momentum ETF	$2.19M	$2.07M	$1.98M

XMVM vs. MMTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMVM Invesco S&P MidCap Value with Momentum ETF	18.13%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	4.05%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%

Correlation

The correlation between XMVM and MMTM is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.57

The correlation between XMVM and MMTM shifts across timeframes, from 0.37 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

XMVM vs. MMTM - Sectors Allocation Comparison

Sectors	XMVM	MMTM
Financial Services	37.9%	8.2%
Consumer Cyclical	14.8%	7.6%
Energy	13.5%	4.5%
Industrials	11.7%	11.0%
Utilities	8.5%	2.0%
Technology	5.1%	42.6%
Real Estate	4.9%	1.6%
Healthcare	2.5%	6.6%
Consumer Defensive	1.2%	2.7%
Communication Services	0.9%	11.4%
Basic Materials	0.8%	1.8%

Return for Risk

XMVM vs. MMTM — Risk / Return Rank

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

XMVM

XMVM Risk / Return Rank: 92
XMVM Sharpe Ratio Rank: 94
XMVM Sortino Ratio Rank: 94
XMVM Omega Ratio Rank: 93
XMVM Calmar Ratio Rank: 92
XMVM Martin Ratio Rank: 88

MMTM

MMTM Risk / Return Rank: 37
MMTM Sharpe Ratio Rank: 35
MMTM Sortino Ratio Rank: 34
MMTM Omega Ratio Rank: 33
MMTM Calmar Ratio Rank: 39
MMTM Martin Ratio Rank: 43

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.

XMVM vs. MMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Value with Momentum ETF (XMVM) and State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM). 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.

	XMVM	MMTM	Difference
Sharpe ratio: Return per unit of total volatility	2.67	0.90	+1.78
Sortino ratio: Return per unit of downside risk	3.84	1.32	+2.51
Omega ratio: Gain probability vs. loss probability	1.48	1.16	+0.31
Calmar ratio: Return relative to maximum drawdown	4.28	1.40	+2.88
Martin ratio: Return relative to average drawdown	13.71	4.74	+8.98

XMVM vs. MMTM - Sharpe Ratio Comparison

The current XMVM Sharpe Ratio is 2.67, which is higher than the MMTM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of XMVM and MMTM, 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

XMVM vs. MMTM - Drawdown Comparison

The maximum XMVM drawdown since its inception was -62.83%, which is greater than MMTM's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for XMVM and MMTM.

Drawdown Indicators

	XMVM	MMTM	Difference
Max Drawdown Largest peak-to-trough decline	-62.83%	-33.85%	-28.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-9.89%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-24.12%	-22.08%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-23.72%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-33.85%	-11.22%
Current Drawdown Current decline from peak	-0.12%	-6.09%	+5.97%
Average Drawdown Average peak-to-trough decline	-10.19%	-4.20%	-5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.91%	-0.05%

Volatility

XMVM vs. MMTM - Volatility Comparison

The current volatility for Invesco S&P MidCap Value with Momentum ETF (XMVM) is 3.30%, while State Street SPDR S&P 1500 Momentum Tilt ETF (MMTM) has a volatility of 5.24%. This indicates that XMVM experiences smaller price fluctuations and is considered to be less risky than MMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMVM	MMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	5.24%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	11.88%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	15.45%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	18.35%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	18.72%	+4.02%

XMVM vs. MMTM - Expense Ratio Comparison

XMVM has a 0.39% expense ratio, which is higher than MMTM's 0.12% expense ratio.

Dividends

XMVM vs. MMTM - Dividend Comparison

XMVM's dividend yield for the trailing twelve months is around 1.78%, more than MMTM's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF	0.89%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.78%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both XMVM and MMTM in my portfolio?

XMVM and MMTM 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, XMVM or MMTM?

MMTM has higher volatility (5.24%) compared to XMVM (3.30%). In terms of maximum drawdown, XMVM dropped -62.83% vs MMTM's -33.85%.

Which ETF is better, XMVM or MMTM?

On 10-year performance, MMTM leads with 14.15% vs 12.28% for XMVM. On fees, MMTM is cheaper at 0.12% per year. On volatility, XMVM has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMVM or MMTM?

Over the 10-year period, MMTM has performed better with a 14.15% return vs 12.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMVM or MMTM?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.39% for XMVM.

Which ETF pays a higher dividend yield, XMVM or MMTM?

XMVM has the higher dividend yield at 1.78%, compared with 0.89% for MMTM.

What is the main difference between XMVM and MMTM?

XMVM tracks S&P MidCap 400 High Momentum Value Index, while MMTM tracks S&P 1500 Positive Momentum Tilt Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for XMVM and 0.12% for MMTM.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.67 vs 0.90), 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.