MTUM vs SPMO Stock Comparison: AI Score, Valuation, Performance and Upside
MTUM and SPMO both target momentum factor exposure but take different paths to get there — MTUM via the MSCI USA Momentum Index, and SPMO via the S&P 500 Momentum Index. The practical differences come down to issuer, cost structure, and the specific index rules each fund follows, since both are pursuing a similar investment outcome.
MTUM vs SPMO is largely a question of which issuer and index methodology you trust more for momentum factor exposure — the underlying investment case is similar, so cost, liquidity, and tracking precision tend to be the deciding factors.
SPMO holds the edge across 5 of 5 key metrics in this comparison. SPMO has delivered stronger 1-year price return (+19.98% vs +19.11% for MTUM).
- want systematic exposure to stocks with strong recent price trends
- prefer iShares (BlackRock)'s approach and fund lineup
- value captures the well-documented momentum factor premium academically
- are comfortable with momentum can reverse sharply and suddenly during market rotations
- want concentrated, S&P-500-only momentum exposure
- prefer Invesco's approach and fund lineup
- value more concentrated momentum bet than the broader MTUM fund
- are comfortable with higher concentration means bigger swings when momentum reverses
| Metric | MTUM | SPMO |
|---|---|---|
| ETF scorei | 27.2 | 27.4 |
| Latest closei | $301.54 | $144.18 |
| 1M returni | +0.68% | +0.50% |
| 3M returni | -0.42% | -0.60% |
| 6M returni | +11.69% | +14.12% |
| 1Y returni | +19.11% | +19.98% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | MTUM | SPMO |
|---|---|---|
| 1Y ago | $11.99K (+19.9%) started 2025-10-15 | $12.1K (+21.0%) started 2025-10-15 |
| 5Y ago | $18.41K (+84.1%) started 2021-10-15 | $25.71K (+157.1%) started 2021-10-15 |
| 10Y ago | $50.39K (+403.9%) started 2016-10-17 | $68.64K (+586.4%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | MTUM | SPMO |
|---|---|---|
| Expense ratioi | 0.15% | 0.13% |
| Total assets (AUM)i | $20.43B | $23.02B |
| Dividend yieldi | 0.58% | 0.73% |
| Trailing P/Ei | 25.76 | 23.45 |
| Betai | 1.07 | 1.11 |
| 52-week change | 19.11% | 19.98% |
| Metric | MTUM | SPMO |
|---|---|---|
| 1Y returni | +19.11% | +19.98% |
| 6M returni | +11.69% | +14.12% |
| 3M returni | -0.42% | -0.60% |
| 1M returni | +0.68% | +0.50% |
| 1Y Sharpe ratio | 0.62 | 0.68 |
| Betai | 1.07 | 1.11 |
| Dividend yieldi | 0.58% | 0.73% |
| 5Y CAGR | +11.66% | +19.38% |
Over the past year, MTUM and SPMO have moved strongly in the same direction (correlation of 0.97), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | MTUM | SPMO |
|---|---|---|---|
| 1Y | Growthi | +19.11% | +19.98% |
| CAGRi | +19.13% | +19.99% | |
| Volatilityi | 26.64% | 24.75% | |
| Sharpe ratioi | 0.62 | 0.68 | |
| Sortino ratioi | 0.88 | 0.98 | |
| Max drawdowni | 17.99% | 15.64% | |
| Current drawdowni | 12.48% | 10.67% | |
| Avg drawdowni | 4.85% | 4.52% | |
| Ulcer Indexi | 6.44% | 5.53% | |
| Max daily dropi | 5.95% | 5.59% | |
| Max wkly dropi | 9.91% | 9.13% | |
| 5Y | Growthi | +73.54% | +142.48% |
| CAGRi | +11.66% | +19.38% | |
| Volatilityi | 22.05% | 20.79% | |
| Sharpe ratioi | 0.41 | 0.74 | |
| Sortino ratioi | 0.58 | 1.07 | |
| Max drawdowni | 32.28% | 22.74% | |
| Current drawdowni | 12.48% | 10.67% | |
| Avg drawdowni | 11.70% | 6.58% | |
| Ulcer Indexi | 15.64% | 8.84% | |
| Max daily dropi | 7.09% | 7.14% | |
| Max wkly dropi | 11.52% | 11.29% | |
| 10Y | Growthi | +346.12% | +508.06% |
| CAGRi | +16.14% | +19.80% | |
| Volatilityi | 21.87% | 21.09% | |
| Sharpe ratioi | 0.59 | 0.75 | |
| Sortino ratioi | 0.82 | 1.06 | |
| Max drawdowni | 34.08% | 30.95% | |
| Current drawdowni | 12.48% | 10.67% | |
| Avg drawdowni | 7.69% | 4.90% | |
| Ulcer Indexi | 11.86% | 7.35% | |
| Max daily dropi | 12.37% | 15.35% | |
| Max wkly dropi | 17.09% | 18.02% |
| Category | MTUM | SPMO |
|---|---|---|
| Fund name | iShares MSCI USA Momentum Factor ETF | Invesco S&P 500 Momentum ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.15% | 0.13% |
| Total assets (AUM)i | $20.43B | $23.02B |
| Dividend yieldi | 0.58% | 0.73% |
- Captures the well-documented momentum factor premium academically
- Semi-annual rebalancing keeps the portfolio aligned with current leaders
- Can meaningfully outperform during strong, persistent trends
- More concentrated momentum bet than the broader MTUM fund
- Quarterly rebalancing keeps pace with fast-moving trends
- Has delivered strong returns during recent momentum-led rallies
- Momentum can reverse sharply and suddenly during market rotations
- Higher turnover than plain index funds increases trading costs
- Sector concentration can shift dramatically between rebalances
- Higher concentration means bigger swings when momentum reverses
- Quarterly turnover adds trading costs versus buy-and-hold index funds
- Narrower S&P-500-only universe than MTUM's broader factor approach
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