Data as of Oct 28, 2026.
SPMO vs SSO: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPMO returned +18.4% to SSO's +20.3%, and SPMO charges 0.13% to SSO's 0.84%.
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Net assets: $22.3bn on Oct 27, 2026 for Invesco S&P 500 Momentum ETF, and $8.8bn on Oct 28, 2026 for ProShares Ultra S&P500.
Pair scorecard
SPMO costs 0.71 points a year less; their one-year returns differ by 1.9 points; SPMO is 2.6 times larger.
| Measure | SPMO | SSO |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +20.3% |
| What its daily multiple gave, 3 months | 12.3% | |
| What the underlying did, 3 months | SPY 6.1% | |
| What the underlying did, 3 months | SPY 6.1% | |
| The multiple over the whole window | 2 times gives +12.2% | |
| Drawdown | ||
| Below its high | 10.2%, high on Jun 22, 2026 | |
| Against its benchmark | ||
| What it tracks | S&P 500 Momentum Index | S&P 500 |
| Against its daily multiple, 3 months | 1.6 points short | |
| Against the whole-window multiple | 1.5 points short | |
| Cost and size | ||
| Expense ratio | 0.13% | 0.84% |
| Net assets, as of Oct 27, 2026 | $22.3bn | $8.7bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 50.7% | |
Risk and return
Oct 23, 2015 to Oct 23, 2026 · 574 weekly returnsEach against its own benchmark: SPMO against VOO, Oct 23, 2015 to Oct 23, 2026; SSO against SPY, Jun 30, 2006 to Oct 23, 2026.
SSO returned more: +794.3% to +519.8%. SPMO swung less: 19.0% to 33.6%. SPMO fell less at its worst: −28.3% to −56.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPMO | SSO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +519.8% | +794.3% | SSO | Price change plus distributions, reinvested. |
| Annualized | +18.0% | +22.0% | SSO | Total return as a yearly rate. |
| Price return | +442.9% | +742.0% | SSO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.0% | 33.6% | SPMO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.6% | 23.3% | SPMO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −28.3% | −56.7% | SPMO | Deepest fall from a high to the low after it. |
| Upside capture | 98.9% | 314.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 93.8% | 141.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.98 | 1.98 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.74 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.84 | 0.69 | SPMO | Return above Treasury bills per unit of volatility. |
| Sortino | 1.27 | 1.00 | SPMO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.164 | 0.096 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.63 | 0.39 | SPMO | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | SPY | The ETF each fund is measured against. | |
| Alpha | +3.8% a year | −1.8% a year | SPMO not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.28 | −3.95 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.0% to +9.5% | −2.7% to −0.9% | SPMO includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.36 | 0.48 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.7% | 17.6% | 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.
Side by side
SPMO and SSO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPMO and SSO do different jobs. What does each one do in a portfolio?
- What each follows. SPMO follows S&P 500 Momentum Index and SSO follows S&P 500.
- Cost. SPMO charges 0.13% of assets a year and SSO 0.84%, a gap of 0.71 points.
- One-year total return (similar). Over 1 year to Oct 28, 2026 SPMO returned +18.4% and SSO +20.3% with distributions reinvested, a gap of 1.9 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.
Over the three months to Oct 28, 2026, SSO returned 10.7%, against 12.3% for twice SPY's daily moves. Of that 1.5, daily compounding is +0.1 points, which any 2 times fund would show over the same path, and the fund itself is −1.6 points against 2 times each day's move, compounded. SPY moved at 11% annualized over that window.
Read the multiple against the whole window instead and 2 times SPY's 6.1% implies +12.2%, which makes SSO look 1.5 points short. That is not the fund's objective, which is daily. SSO aims to return +2 times SPY's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. The more it moves, the further the two numbers separate.
Questions people ask
- Are SPMO and SSO in the same category?
- SPMO is a stock ETF and SSO is a leveraged ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPMO or SSO?
- In the year to Oct 28, 2026, with distributions reinvested, SPMO returned +18.4% and SSO +20.3%.
- Which is cheaper, SPMO or SSO?
- SPMO is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, SPMO against SSO, data as of Oct 28, 2026. https://etfiq.com/compare/any/spmo-vs-sso
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