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Security Comparison

SPMO vs FXAIX: The Full S&P 500, or a Momentum Slice?

A head-to-head of Fidelity 500 Index and Invesco S&P 500 Momentum covering mutual fund versus ETF, the index underneath, and cost.

Data updated September 18, 2026

Best for

  • FXAIXInvestors who want broad equity exposure.
  • SPMOInvestors who want broad equity exposure.

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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.

FXAIX has lagged SPMO over the trailing twelve months, posting a 17.26% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 13.19% for FXAIX. FXAIX has been the steadier holding, though — annualized volatility of 15.0% against 22.0% for SPMO. 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 Oct 2015Volatility Sharpe Sortino Max drawdown
FXAIX12.45%17.26%21.45%13.19%14.93%15.0%1.001.44-18.5%
SPMO25.23%24.68%37.15%20.35%19.09%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 Oct 2015” measures every fund from October 12, 2015 — 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.
MetricFXAIXSPMO
Full nameFidelity 500 Index FundInvesco S&P 500 Momentum ETF
IssuerFidelity InvestmentsInvesco
Last Close$266.43 as of September 18, 2026$149.21 as of September 18, 2026
Distribution rate1.03%0.66%
Distribution Safety Score™ 10072
Safety-Adjusted Yield 1.03%0.48%
Expense ratio0.015%0.13%
AUM$859B$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 date02/17/198810/09/2015
Beta1.01.35
Last dividend$0.695$0.245
Ex-dividend date07/10/202606/22/2026

Bottom lineFXAIX and SPMO are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Cost is: FXAIX charges 0.015% against 0.13% for SPMO, and between two funds this similar that gap comes straight out of your return every year you hold.

SPMO vs FXAIX: full S&P 500 or a momentum slice?

FXAIX is the S&P 500 as a Fidelity mutual fund. SPMO is an ETF on S&P 500 Momentum. Vehicle and factor both differ.

FXAIXSPMO
VehicleIndex mutual fundETF
IndexS&P 500S&P 500 Momentum
IssuerFidelityInvesco
Expense ratio0.015%0.13%
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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.

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Quick verdict

FXAIX (Fidelity 500 Index Fund) is a mutual fund, while SPMO (Invesco S&P 500 Momentum ETF) is an ETF — their trading structures differ.

FXAIX offers the higher yield at 1.03% vs 0.66% for SPMO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

FXAIX is cheaper with an expense ratio of 0.015% compared to 0.13%.

FXAIX is the larger fund by assets ($859B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FXAIX would generate roughly $8.58/month, while SPMO would produce $5.50/month, at current distribution rates. Both pay quarterly distributions.

FXAIX yield1.03%
SPMO yield0.66%
Monthly diff on $10K$3.08

Cost & efficiency

Over 10 years on $10,000, FXAIX would cost approximately $15 in fees vs $130 for SPMO (simplified, not compounded). The $115.00 difference may be offset by yield or performance.

FXAIX ER0.015%
SPMO ER0.13%

Strategy & risk

SPMO tracks S&P 500 Momentum Index with an index approach. FXAIX is a mutual fund whose tracked index or strategy detail is not recorded in our data, so this comparison rests on the measured figures — yield, fees, size, and performance — rather than strategy labels. Beta is 1.0 for FXAIX and 1.35 for SPMO, making FXAIX the less volatile of the two by this measure.

FXAIX beta1.0
SPMO beta1.35

Fund details

FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. SPMO is managed by Invesco (launched 10/09/2015) with $22.1B in assets.

FXAIX AUM$859B
SPMO AUM$22.1B
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Frequently asked questions

What is the difference between SPMO and FXAIX?

FXAIX (Fidelity 500 Index Fund) is Fidelity's S&P 500 index mutual fund. SPMO (Invesco S&P 500 Momentum ETF) is an ETF that tracks S&P 500 Momentum, a ranked slice of the same universe, not the full 500. Vehicle and factor both differ. Cost is 0.015% versus 0.13%; distributions are 1.03% and 0.66% as of September 2026. Full index versus momentum, not a tiny yield gap, is the comparison.

What is the current distribution rate for FXAIX and SPMO?

FXAIX currently distributes 1.03% 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 FXAIX or SPMO better for dividend income?

It depends on your goals. FXAIX 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 FXAIX 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 FXAIX 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 — FXAIX scores 100, SPMO scores 72, so FXAIX's payout currently looks the more resilient of the two. FXAIX has also shown lower price volatility (beta 1.00 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, FXAIX or SPMO?

FXAIX has an expense ratio of 0.015% 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 FXAIX vs SPMO generate?

At current rates, $10,000 in FXAIX would generate roughly $8.58 per month ($103.00 annually). The same in SPMO would produce about $5.50 per month ($66.00 annually).

Which has performed better historically, FXAIX or SPMO?

FXAIX has lagged SPMO over the trailing twelve months, posting a 17.26% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 13.19% for FXAIX. FXAIX has been the steadier holding, though — annualized volatility of 15.0% against 22.0% for SPMO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FXAIX vs SPMO — at a glance

Generated September 19, 2026.

Overview

FXAIX is a broad S&P 500 index mutual fund that tracks the market-cap-weighted 500 largest U.S. stocks. SPMO is an ETF that narrows the S&P 500 universe to the highest-momentum names within the index. The core distinction: FXAIX delivers the full market return at a near-zero cost, while SPMO tilts toward recent price strength and charges for that active factor bet.

How they differ

FXAIX holds the entire S&P 500 in market-weight proportion, so it tracks the index directly with minimal deviation. SPMO filters the S&P 500 for momentum—stocks with the strongest recent relative performance—meaning its holdings diverge from the broad market and its returns will differ materially depending on whether momentum is outperforming or underperforming. Third, SPMO carries a 1.35 beta compared to FXAIX's 1.0, indicating that SPMO amplifies market swings—it's a more volatile play on U.S. equities, not a steadier holding.

Who each is best for

FXAIX: Fits investors seeking straightforward, low-friction exposure to the broad U.S. large-cap market, with minimal ongoing fees eating into returns. Works well for long-term accumulators who prefer simplicity and don't expect to beat the market, only to match it.

SPMO: Designed for investors with a conviction that momentum—stocks with strong recent price trends—will outperform the market over their time horizon, and who are comfortable with higher volatility to chase that edge. Suits traders and tactical allocators willing to accept factor drawdowns in exchange for potential factor outperformance.

Key risks to know

  • Factor timing and reversion risk: Momentum is cyclical. SPMO can significantly lag broad-market returns during periods when slower-moving or value-oriented stocks lead. The factor outperformance that justifies its higher expense ratio is not guaranteed and may take years to materialize, if at all.
  • Concentration within the factor: By screening the S&P 500 for momentum, SPMO will hold fewer names and with heavier weights in the strongest performers. This creates concentration risk within the momentum subset—if the most-momentum names stumble together, the drawdown can exceed the broader market.
  • Beta amplification in downturns: SPMO's 1.35 beta means it will fall roughly 35% faster than the S&P 500 in a market decline. Investors expecting a quick rebound may see steeper short-term losses. Over a decade, that's a meaningful hurdle.

Bottom line

If you want broad, low-cost market participation and don't expect to beat the index, FXAIX's 0.015% and $859B in assets make it a straightforward choice. If you believe momentum will outpace the market and accept higher volatility to pursue that premium, SPMO's factor tilt may appeal—but recognize that factor bets underperform regularly and its costs are measurably higher. Past performance of momentum or broad-market strategies does not predict future results.

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

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