Compare/Updated Oct 26, 2026, refreshed every trading day
MTUM vs SPMO
iShares MSCI USA Momentum Factor ETF against Invesco S&P 500 Momentum ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
SPMO did better over the period: $1,000 invested on October 28, 2022 grew to $2,529, versus $2,038 for MTUM, a 152.9% versus 103.8% gain. SPMO also led over three years (+145.0% versus +110.9%), year to date (+16.9% versus +16.1%), and one year (+17.0% versus +16.1%), while costing slightly less (0.13% versus 0.15%). The advantage came with comparable, slightly lower measured risk: SPMO’s 12-month volatility was 25.0% versus MTUM’s 27.1%, and its worst drawdown was -20.1% versus -21.0%. Both ETFs were highly correlated, at 0.955 over the comparison period and 0.971 over the last 12 months, so SPMO’s stronger results reflect better momentum exposure rather than substantially different day-to-day behavior.
- Price is above its 200-day average ($288); 50-day at $308.
- RSI 32, neutral. Supertrend says sell. ADX 28, so the trend is strong.
- Price is above its 200-day average ($137); 50-day at $148.
- RSI 29, oversold. Supertrend says sell. ADX 30, so the trend is strong.
Head to head
Which has returned more, MTUM or SPMO?
MTUM beat SPMO in 16 of the last 48 months; SPMO won the other 32. The typical monthly gap was 0.85 points.
Total return by period
Which is riskier?
MTUM: Feb 18, 2025 to Apr 8, 2025; SPMO: Feb 13, 2025 to Apr 4, 2025
- 0.955
- correlation of daily moves, 4 years
- 0.99
- MTUM move per 1% in SPMO
- 0.971
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.85 points.
When did they diverge?
| Month | MTUM | SPMO | Gap |
|---|---|---|---|
| September 2023 | -4.8% | -1.2% | -3.59 pts |
| June 2024 | +4.5% | +7.5% | -2.97 pts |
| June 2025 | +4.0% | +7.0% | -2.96 pts |
| September 2026 | +5.9% | +3.2% | +2.64 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
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