XSMO vs. PTH

Last updated Jul 14, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and PTH (Invesco DWA Healthcare Momentum ETF) are both Momentum funds from Invesco - XSMO tracks the S&P SmallCap 600 Momentum Index while PTH tracks the Dorsey Wright Healthcare Technical Leaders Index. Both are passively managed. Over the past 10 years, XSMO returned 14.23%/yr vs 14.68%/yr for PTH. A 0.69 correlation means they provide meaningful diversification when combined. XSMO charges 0.36%/yr vs 0.60%/yr for PTH.

Performance

XSMO vs. PTH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) and Invesco DWA Healthcare Momentum ETF (PTH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSMO achieves a 22.02% return, which is significantly higher than PTH's 18.11% return. Both investments have delivered pretty close results over the past 10 years, with XSMO having a 14.23% annualized return and PTH not far ahead at 14.68%.

XSMO

• 1D: -1.71%
• 1M: -2.23%
• 6M: 16.41%
• YTD: 22.02%
• 1Y: 28.17%
• 3Y*: 22.27%
• 5Y*: 12.21%
• 10Y*: 14.23%

PTH

• 1D: -2.00%
• 1M: 13.65%
• 6M: 20.08%
• YTD: 18.11%
• 1Y: 59.34%
• 3Y*: 14.43%
• 5Y*: 2.13%
• 10Y*: 14.68%

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

XSMO vs. PTH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSMO Invesco S&P SmallCap Momentum ETF	22.02%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-3.44%	23.95%
PTH Invesco DWA Healthcare Momentum ETF	18.11%	27.91%	2.36%	-4.54%	-20.61%	-3.20%	67.26%	34.45%	-1.23%	50.15%

Correlation

The correlation between XSMO and PTH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.69

Over the past year, the correlation between XSMO and PTH has dropped to 0.49 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

XSMO vs. PTH - Sectors Allocation Comparison

Sectors	XSMO	PTH
Technology	22.1%	-
Industrials	18.7%	-
Healthcare	14.3%	93.6%
Financial Services	12.2%	1.2%
Consumer Cyclical	8.6%	-
Basic Materials	6.0%	-
Real Estate	4.9%	-
Communication Services	4.5%	-
Utilities	3.5%	-
Energy	2.9%	-
Consumer Defensive	2.4%	-

Return for Risk

XSMO vs. PTH — Risk / Return Rank

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

XSMO

XSMO Risk / Return Rank: 61
XSMO Sharpe Ratio Rank: 53
XSMO Sortino Ratio Rank: 56
XSMO Omega Ratio Rank: 49
XSMO Calmar Ratio Rank: 77
XSMO Martin Ratio Rank: 71

PTH

PTH Risk / Return Rank: 88
PTH Sharpe Ratio Rank: 91
PTH Sortino Ratio Rank: 89
PTH Omega Ratio Rank: 84
PTH Calmar Ratio Rank: 93
PTH Martin Ratio Rank: 82

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.

XSMO vs. PTH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) and Invesco DWA Healthcare Momentum ETF (PTH). 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.

	XSMO	PTH	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.46	-1.02
Sortino ratio: Return per unit of downside risk	2.14	3.26	-1.12
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	3.18	4.98	-1.79
Martin ratio: Return relative to average drawdown	10.35	12.59	-2.24

XSMO vs. PTH - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.44, which is lower than the PTH Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of XSMO and PTH, 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

XSMO vs. PTH - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than PTH's maximum drawdown of -53.52%. Use the drawdown chart below to compare losses from any high point for XSMO and PTH.

Drawdown Indicators

	XSMO	PTH	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-53.52%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-11.98%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-27.74%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-50.07%	+20.45%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-53.52%	+14.13%
Current Drawdown Current decline from peak	-6.44%	-4.82%	-1.62%
Average Drawdown Average peak-to-trough decline	-11.09%	-16.95%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	4.73%	-2.00%

Volatility

XSMO vs. PTH - Volatility Comparison

The current volatility for Invesco S&P SmallCap Momentum ETF (XSMO) is 6.69%, while Invesco DWA Healthcare Momentum ETF (PTH) has a volatility of 7.18%. This indicates that XSMO experiences smaller price fluctuations and is considered to be less risky than PTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMO	PTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	7.18%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	19.19%	-3.88%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	24.33%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	25.67%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	27.32%	-3.21%

XSMO vs. PTH - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is lower than PTH's 0.60% expense ratio.

Dividends

XSMO vs. PTH - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.54%, less than PTH's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTH Invesco DWA Healthcare Momentum ETF	2.60%	3.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.54%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both XSMO and PTH in my portfolio?

XSMO and PTH have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or PTH?

PTH has higher volatility (7.18%) compared to XSMO (6.69%). In terms of maximum drawdown, XSMO dropped -58.06% vs PTH's -53.52%.

Which ETF is better, XSMO or PTH?

On 10-year performance, PTH leads with 14.68% vs 14.23% for XSMO. On fees, XSMO is cheaper at 0.36% per year. On volatility, XSMO has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or PTH?

Over the 10-year period, PTH has performed better with a 14.68% return vs 14.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or PTH?

XSMO is cheaper with a 0.36% expense ratio, compared with 0.60% for PTH.

Which ETF pays a higher dividend yield, XSMO or PTH?

PTH has the higher dividend yield at 2.60%, compared with 0.54% for XSMO.

What is the main difference between XSMO and PTH?

XSMO tracks S&P SmallCap 600 Momentum Index, while PTH tracks Dorsey Wright Healthcare Technical Leaders Index. Their fees differ too: 0.36% for XSMO and 0.60% for PTH.

Which has better risk-adjusted returns?

PTH currently has the higher Sharpe Ratio (2.46 vs 1.44), 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.