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ETF Comparison

FDMO vs SPMO: Broad US Momentum or S&P 500 Momentum?

A head-to-head comparison of Fidelity's Momentum Factor ETF and Invesco's S&P 500 Momentum ETF covering index rules, concentration, cost, and portfolio role.

Data updated September 18, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

FDMO has lagged SPMO over the trailing twelve months, posting a 16.02% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 14.27% for FDMO. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5YSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDMO12.18%16.02%25.82%14.27%15.24%19.3%0.961.38-21.9%
SPMO25.23%24.68%37.15%20.35%20.15%22.0%1.241.80-20.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2016” measures every fund from September 15, 2016 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFDMOSPMO
Full nameFidelity® Momentum Factor ETFInvesco S&P 500 Momentum ETF
IssuerFidelity InvestmentsInvesco
Last Close$94.48 as of September 18, 2026$149.21 as of September 18, 2026
Distribution rate0.64%0.66%
Distribution Safety Score™ 8272
Safety-Adjusted Yield 0.52%0.48%
Expense ratio0.15%0.13%
AUM$883M$22.1B
Distribution frequencyQuarterlyQuarterly
Underlying index—S&P 500 Momentum Index
Objective—Track the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.
Asset classEquityEquity
Inception date09/12/201610/09/2015
Beta1.191.35
Last dividend$0.15$0.245
Ex-dividend date06/18/202606/22/2026

Bottom lineFDMO and SPMO are nearly interchangeable — both offer very similar momentum exposure with very similar cost and risk. The clearest tie-breaker is cost: SPMO is cheaper at 0.13% vs 0.15%.

FDMO vs SPMO: which momentum universe?

Both buy recent winners. FDMO uses Fidelity's US momentum factor across large and mid caps. SPMO is S&P 500 Momentum — fewer, larger names. Yield is noise.

FDMOSPMO
IndexFidelity U.S. Momentum Factor IndexS&P 500 Momentum Index
UniverseLarge and mid-cap US stocksS&P 500 momentum sleeve
Expense ratio0.15%0.13%
Fund size$883M$22.1B
Distribution rate0.64%0.66%
Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Fidelity Investments
ETFs85
Total AUM$207B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FDMO.

See all Fidelity Investments ETFs
Invesco
ETFs246
Total AUM$980B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on SPMO.

See all Invesco ETFs

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Quick verdict

FDMO (Fidelity® Momentum Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

SPMO offers the higher yield at 0.66% vs 0.64% for FDMO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPMO is cheaper with an expense ratio of 0.13% compared to 0.15%.

SPMO is the larger fund by assets ($22.1B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FDMO

Fidelity® Momentum Factor ETF

  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 1.2 vs 1.4 for SPMO.

Choose SPMO

Invesco S&P 500 Momentum ETF

  • Want broad equity exposure.
  • Want to keep costs low — a 0.13% expense ratio vs 0.15% for FDMO.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, FDMO would generate roughly $5.33/month, while SPMO would produce $5.50/month, at current distribution rates. Both pay quarterly distributions.

FDMO yield0.64%
SPMO yield0.66%
Monthly diff on $10K$0.17

Cost & efficiency

Over 10 years on $10,000, FDMO would cost approximately $150 in fees vs $130 for SPMO (simplified, not compounded). The $20.00 difference may be offset by yield or performance.

FDMO ER0.15%
SPMO ER0.13%

Strategy & risk

FDMO is an ETF built around momentum exposure, while SPMO tracks S&P 500 Momentum Index with an index approach. Beta is 1.19 for FDMO and 1.35 for SPMO, making FDMO the less volatile of the two by this measure.

FDMO beta1.19
SPMO beta1.35

Fund details

FDMO is managed by Fidelity Investments (launched 09/12/2016) with $883M in assets. SPMO is managed by Invesco (launched 10/09/2015) with $22.1B in assets.

FDMO AUM$883M
SPMO AUM$22.1B
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Frequently asked questions

What is the difference between FDMO and SPMO?

Both tilt toward stocks that have been going up, but the universes differ. FDMO (Fidelity® Momentum Factor ETF) tracks Fidelity's US momentum factor across large and mid caps. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum — a smaller, large-cap-only sleeve. Cost is 0.15% versus 0.13%; size is $883M versus $22.1B. Distributions are 0.64% and 0.66% as of September 2026. Yield is noise. The decision is which momentum index you want and how concentrated it is.

What is the current distribution rate for FDMO and SPMO?

FDMO currently distributes 0.64% and SPMO 0.66%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FDMO or SPMO better for dividend income?

It depends on your goals. SPMO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both FDMO and SPMO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is FDMO or SPMO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — FDMO scores 82, SPMO scores 72, so FDMO's payout currently looks the more resilient of the two. FDMO has also shown lower price volatility (beta 1.19 vs 1.35 for SPMO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FDMO or SPMO?

FDMO has an expense ratio of 0.15% while SPMO charges 0.13%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FDMO vs SPMO generate?

At current rates, $10,000 in FDMO would generate roughly $5.33 per month ($64.00 annually). The same in SPMO would produce about $5.50 per month ($66.00 annually).

Which has performed better historically, FDMO or SPMO?

FDMO has lagged SPMO over the trailing twelve months, posting a 16.02% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 14.27% for FDMO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FDMO vs SPMO — at a glance

Generated September 19, 2026.

Overview

FDMO and SPMO are both equity ETFs capturing momentum factor exposure, but they differ fundamentally in scope and methodology. FDMO applies Fidelity's active momentum selection across the entire market, while SPMO tracks the S&P 500 Momentum Index—meaning it captures momentum only within the large-cap 500 universe. The choice between them hinges on whether you want broad-market momentum exposure or large-cap momentum specifically.

How they differ

The biggest difference is universe: SPMO is confined to S&P 500 constituents, while FDMO can hold mid-cap, small-cap, and large-cap stocks wherever momentum appears. SPMO is an index fund (0.13% expense ratio) tracking a defined benchmark; FDMO uses active selection (0.15% expense ratio). SPMO is substantially larger at $22.1B versus FDMO's $883M, reflecting its index-based appeal. Both trade quarterly distributions at similar yields—0.64% for FDMO and 0.66% for SPMO—but SPMO carries higher beta (1.35 vs. 1.19), meaning it amplifies market swings more aggressively.

Who each is best for

  • FDMO: Fits investors seeking broad-based momentum exposure unconstrained by market capitalization, willing to accept active management fees and selection risk in exchange for potential outperformance across the full equity spectrum.
  • SPMO: Designed for investors who want momentum factor exposure anchored to large-cap stability, prefer transparent index replication, and accept the tradeoff of missing mid- and small-cap momentum opportunities in exchange for lower costs and established benchmark tracking.

Key risks to know

  • Momentum factor reversion: Both funds concentrate in stocks displaying recent price strength, which can underperform sharply during style rotations when value or defensive factors outperform. Momentum's historical outperformance is cyclical, not permanent.
  • Higher beta amplifies downturns: SPMO's 1.35 beta and FDMO's 1.19 beta both exceed 1.0, meaning these funds will likely fall faster than the broad market in corrections. This is inherent to momentum selection, not a flaw, but it matters for drawdown tolerance.
  • SPMO's index constraint: By limiting itself to the S&P 500, SPMO forgoes potential outperformance in mid-cap and small-cap momentum leaders. If those segments deliver stronger momentum returns, SPMO's index methodology locks it out.
  • FDMO's active risk: Active selection introduces tracking error and manager-dependent performance. If Fidelity's momentum process underperforms its benchmark in a given period, the fee advantage evaporates.

Bottom line

If you want momentum exposure across all market capitalizations and believe active selection can justify its modest fee premium, FDMO offers broader scope. If you prefer index simplicity, lower costs, and are comfortable limiting momentum exposure to large-cap names, SPMO's $22.1B asset base and transparent methodology stand out. Both funds carry momentum's inherent timing risk—factor outperformance is not guaranteed, and both have underperformed during prolonged value-dominated markets. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

What the distribution rate really tells you Why a high yield isn't high income How to read a fund's stats

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