Data as of Oct 28, 2026.
SPMO vs TQQQ: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPMO returned +18.4% to TQQQ's +22.4%, and SPMO charges 0.13% to TQQQ's 0.78%.
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Net assets: $22.3bn on Oct 27, 2026 for Invesco S&P 500 Momentum ETF, and $37.3bn on Oct 28, 2026 for ProShares UltraPro QQQ.
Pair scorecard
SPMO costs 0.65 points a year less; their one-year returns differ by 4.0 points; TQQQ is 1.7 times larger.
| Measure | SPMO | TQQQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +22.4% |
| What its daily multiple gave, 3 months | 28.9% | |
| What the underlying did, 3 months | QQQ 9.8% | |
| What the underlying did, 3 months | QQQ 9.8% | |
| The multiple over the whole window | 3 times gives +29.4% | |
| Drawdown | ||
| Below its high | 10.2%, high on Jun 22, 2026 | |
| Against its benchmark | ||
| What it tracks | S&P 500 Momentum Index | Nasdaq-100 |
| Against its daily multiple, 3 months | 3.4 points short | |
| Against the whole-window multiple | 3.9 points short | |
| Cost and size | ||
| Expense ratio | 0.13% | 0.78% |
| Net assets, as of Oct 27, 2026 | $22.3bn | $36.9bn |
| 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; TQQQ against QQQ, Feb 19, 2010 to Oct 23, 2026.
TQQQ returned more: +2,746.4% to +519.8%. SPMO swung less: 19.0% to 60.7%. SPMO fell less at its worst: −28.3% to −80.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPMO | TQQQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +519.8% | +2,746.4% | TQQQ | Price change plus distributions, reinvested. |
| Annualized | +18.0% | +35.4% | TQQQ | Total return as a yearly rate. |
| Price return | +442.9% | +2,599.3% | TQQQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.0% | 60.7% | SPMO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.6% | 40.6% | SPMO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −28.3% | −80.4% | SPMO | Deepest fall from a high to the low after it. |
| Upside capture | 98.9% | Not measured | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 93.8% | 147.6% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.98 | 3.00 | 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 | 0.77 | SPMO (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.27 | 1.15 | SPMO (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.164 | 0.164 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.63 | 0.44 | SPMO | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | QQQ | The ETF each fund is measured against. | |
| Alpha | +3.8% a year | −3.5% a year | SPMO not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.28 | −4.48 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.0% to +9.5% | −5.1% to −2.0% | SPMO includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.36 | 0.83 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.7% | 38.4% | 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 TQQQ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SPMO and TQQQ do different jobs. What does each one do in a portfolio?
- What each follows. SPMO follows S&P 500 Momentum Index and TQQQ follows Nasdaq-100.
- One-year total return. Over 1 year to Oct 28, 2026 SPMO returned +18.4% and TQQQ +22.4% with distributions reinvested, a gap of 4.0 points.
- Cost. SPMO charges 0.13% of assets a year and TQQQ 0.78%, a gap of 0.65 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, TQQQ returned 25.5%, against 28.9% for three times QQQ's daily moves. Of that 3.9, daily compounding is −0.5 points, which any 3 times fund would show over the same path, and the fund itself is −3.4 points against 3 times each day's move, compounded. QQQ moved at 18% annualized over that window.
Read the multiple against the whole window instead and 3 times QQQ's 9.8% implies +29.4%, which makes TQQQ look 3.9 points short. That is not the fund's objective, which is daily. TQQQ aims to return +3 times QQQ's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +3 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 TQQQ in the same category?
- SPMO is a stock ETF and TQQQ 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 TQQQ?
- In the year to Oct 28, 2026, with distributions reinvested, SPMO returned +18.4% and TQQQ +22.4%.
- Which is cheaper, SPMO or TQQQ?
- SPMO is cheaper, by 0.65 percentage points a year. That is about $65 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, SPMO against TQQQ, data as of Oct 28, 2026. https://etfiq.com/compare/any/spmo-vs-tqqq
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