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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 4, 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

FDMO has lagged SPMO over the trailing twelve months, posting a 21.26% total return against 30.61%. The lead holds up over 10 years too: SPMO has compounded at 19.99% a year, against 15.39% 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.
SymbolYTD1Y3Y5Y10YSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDMO13.02%21.26%25.59%13.96%15.39%15.39%19.3%0.951.36-21.9%
SPMO25.66%30.61%37.87%19.93%19.99%20.28%21.9%1.271.85-20.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 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 youngest fund's first trading day — 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$95.19 as of September 4, 2026$149.72 as of September 4, 2026
Distribution rate0.63%0.65%
Distribution Safety Score™ 8272
Safety-Adjusted Yield 0.52%0.47%
Expense ratio0.15%0.13%
AUM$892M$22.2B
Distribution frequencyQuarterlyQuarterly
Underlying indexS&P 500 Momentum Index
ObjectiveTrack 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$892M$22.2B
Distribution yield0.63%0.65%

Income calculator

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

ETFs82
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.

ETFs246
Total AUM$993B

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.

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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 0.65% vs 0.63% 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 ($22.2B), 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 $5.25/month, while SPMO would produce $5.42/month, at current distribution rates. Both pay quarterly distributions.

FDMO yield0.63%
SPMO yield0.65%
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 $892M in assets. SPMO is managed by Invesco (launched 10/09/2015) with $22.2B in assets.

FDMO AUM$892M
SPMO AUM$22.2B

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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 $892M versus $22.2B. Distributions are 0.63% and 0.65% 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 0.63% and SPMO 0.65%, 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 $5.25 per month ($63.00 annually). The same in SPMO would produce about $5.42 per month ($65.00 annually).

Which has performed better historically, FDMO or SPMO?

FDMO has lagged SPMO over the trailing twelve months, posting a 21.26% total return against 30.61%. The lead holds up over 10 years too: SPMO has compounded at 19.99% a year, against 15.39% 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 5, 2026.

Overview

FDMO and SPMO are both momentum-factor ETFs that tilt toward faster-rising equities, but they differ in scope and construction. FDMO casts a wider net across the entire market, while SPMO restricts its selection to large-cap stocks in the S&P 500. Both pay modest quarterly distributions and charge minimal fees, making them low-friction vehicles for capturing momentum exposure.

How they differ

The most fundamental difference is breadth: SPMO targets momentum within a defined S&P 500 benchmark, whereas FDMO pursues momentum across the broader market without that large-cap anchor. This shows up in beta—SPMO's 1.35 beta exceeds FDMO's 1.19, reflecting SPMO's concentrated tilt toward large-cap momentum names, which tend to be more volatile. SPMO also leads on cost and scale: its 0.13% expense ratio is 2 basis points lower than FDMO's 0.15%, and its $22.2B AUM dwarfs FDMO's $892M, suggesting deeper liquidity and tighter bid-ask spreads.

Who each is best for

FDMO: Fits investors seeking momentum exposure without confinement to the S&P 500—useful for those who want inclusion of mid-caps and small-caps if they show momentum characteristics, and who accept slightly higher volatility in exchange for broader market participation.

SPMO: Fits investors who want momentum exposure anchored to large-cap stability and prefer the transparency of a clearly defined index methodology; also suits those prioritizing lower costs and maximum trading liquidity.

Key risks to know

  • Momentum mean reversion. Momentum factors are cyclical and often reverse sharply after outperformance windows close. Both funds face periods of extended underperformance relative to the broader market when fast-rising stocks cool.
  • Concentration in trend winners. Momentum strategies by design accumulate the highest-conviction names in an uptrend, creating implicit concentration risk. SPMO's S&P 500 constraint mitigates some dispersion, but both funds will hold overlapping high-momentum names during strong rallies.
  • Volatility and drawdown magnitude. Both funds carry above-market beta; SPMO's 1.35 reading indicates it amplifies broad market swings by 35%, which increases the magnitude of corrections when momentum reversals coincide with market selloffs.
  • Small-cap liquidity risk in FDMO. If FDMO's mandate includes smaller momentum names, those holdings may trade less actively during stress periods, potentially widening exit costs.

Bottom line

If you want to minimize costs and prefer the certainty of an S&P 500 framework, SPMO's lower expense ratio and far larger AUM offer a cleaner entry point. If you value access to mid and small-cap momentum names and accept marginally higher fees, FDMO offers a broader universe. Both carry momentum's inherent cyclicality risk—factor exposure doesn't smooth returns, it reshapes them. Past performance doesn't guarantee future results.

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

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The metrics behind this comparison, explained in the Academy.

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