Data as of Oct 28, 2026.
SPMO vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPMO returned +18.4% to SPY's +13.6%; 32% of their weight is in the same names.
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Net assets on Oct 27, 2026: $22.3bn for Invesco S&P 500 Momentum ETF and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.04 points a year less; their one-year returns differ by 4.8 points; SPY is far larger, $814.8bn against $22.3bn.
| Measure | SPMO | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +13.6% |
| Drawdown | ||
| Below its high | 10.2%, high on Jun 22, 2026 | |
| Benchmark | ||
| What it tracks | S&P 500 Momentum Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.13% | 0.09% |
| Net assets, as of Oct 27, 2026 | $22.3bn | $814.8bn |
| Holdings | ||
| Holdings in common | 32% | |
| Top ten holdings, share of the fund | 50.7% | 38.1% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Oct 23, 2015 to Oct 23, 2026 · 574 weekly returns · each against VOOSPMO returned more: +519.8% to +338.4%. SPY swung less: 16.8% to 19.0%. SPMO fell less at its worst: −28.3% to −31.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPMO | SPY | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +519.8% | +338.4% | SPMO | Price change plus distributions, reinvested. | |
| Annualized | +18.0% | +14.3% | SPMO | Total return as a yearly rate. | |
| Price return | +442.9% | +266.2% | SPMO | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 19.0% | 16.8% | SPY | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 12.6% | 11.6% | SPY (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −28.3% | −31.8% | SPMO | Deepest fall from a high to the low after it. | |
| Upside capture | 98.9% | 99.8% | 100.0% | Tie | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 93.8% | 100.0% | 100.0% | SPMO (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.98 | 1.00 | 1.00 | SPMO lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.74 | 1.00 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.84 | 0.75 | SPMO | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.27 | 1.07 | SPMO | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.164 | 0.125 | 0.126 | SPMO | Return above Treasury bills per unit of beta. |
| Calmar | 0.63 | 0.45 | SPMO | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +3.8% a year | −0.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.28 | −0.59 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.0% to +9.5% | −0.3% to +0.1% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.36 | −0.18 | SPMO | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.7% | 0.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 574 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SPMO and SPY hold 32% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
32% in common
Only in one fund ↓
Side by side
SPMO and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPMO and SPY are built for the same job. How do they differ in cost, holdings and results?
- What each follows. SPMO follows S&P 500 Momentum Index and SPY follows S&P 500 Index.
- Holdings in common. 32% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SPMO returned +18.4% and SPY +13.6% with distributions reinvested, a gap of 4.8 points.
Data as of Oct 28, 2026.
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SPMO
SPMO tracks the S&P 500 Momentum. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.13% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 101 positions, with the top ten at 50.7%. It sat 10.2% below its high of Jun 22, 2026 on Oct 28, 2026.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Which returned more over the last year, SPMO or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, SPMO returned +18.4% and SPY +13.6%.
- Which is cheaper, SPMO or SPY?
- SPY is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPMO against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/spmo-vs-spy
ETFIQ. (Oct 28, 2026). SPMO against SPY. Retrieved from https://etfiq.com/compare/any/spmo-vs-spy
[SPMO against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spmo-vs-spy)
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