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ETF Comparison

MTUM vs SPMO: Broad Momentum, or S&P 500 Winners?

A head-to-head of iShares MSCI USA Momentum Factor and Invesco's S&P 500 Momentum ETF covering universe, cost, and concentration.

Data updated September 18, 2026

Best for

  • MTUMInvestors 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.

MTUM has lagged SPMO over the trailing twelve months, posting a 23.15% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 12.64% for MTUM. 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
MTUM23.00%23.15%30.12%12.64%15.76%22.9%0.961.37-21.0%
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.
MetricMTUMSPMO
Full nameiShares MSCI USA Momentum Factor ETFInvesco S&P 500 Momentum ETF
IssueriSharesInvesco
Underlying indexMSCI USA Momentum SR Variant IndexS&P 500 Momentum Index
Last Close$309.62 as of September 18, 2026$149.21 as of September 18, 2026
Distribution rate0.78%0.66%
Distribution Safety Score™ 6072
Safety-Adjusted Yield 0.47%0.48%
Expense ratio0.15%0.13%
AUM$24.0B$22.1B
Distribution frequencyQuarterlyQuarterly
ObjectiveTrack the MSCI USA Momentum SR Variant Index, emphasizing U.S. stocks with high momentum characteristics.Track the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.
Asset classEquityEquity
Inception date04/16/201310/09/2015
Beta1.31.35
Last dividend$0.603 payable today$0.245
Ex-dividend date09/15/202606/22/2026

Bottom lineMTUM and SPMO are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

MTUM vs SPMO: broad momentum or S&P 500 winners?

Both want recent winners. MTUM is a broader US momentum factor. SPMO is S&P 500 only.

MTUMSPMO
UniverseMSCI USA Momentum SR Variant IndexS&P 500 Momentum Index
Expense ratio0.15%0.13%
Distribution yield0.78%0.66%
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Income calculator

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

iShares
ETFs466
Total AUM$4551B

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

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on MTUM.

See all iShares 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

MTUM (iShares MSCI USA Momentum Factor ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

MTUM offers the higher yield at 0.78% vs 0.66% for SPMO. 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%.

They have different reference exposures: MTUM is linked to MSCI USA Momentum SR Variant Index while SPMO is linked to S&P 500 Momentum Index, which means their performance drivers differ.

MTUM is the larger fund by assets ($24.0B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, MTUM would generate roughly $6.50/month, while SPMO would produce $5.50/month, at current distribution rates. Both pay quarterly distributions.

MTUM yield0.78%
SPMO yield0.66%
Monthly diff on $10K$1.00

Cost & efficiency

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

MTUM ER0.15%
SPMO ER0.13%

Strategy & risk

MTUM tracks MSCI USA Momentum SR Variant Index with an index approach, while SPMO tracks S&P 500 Momentum Index with an index approach. Beta is 1.3 for MTUM and 1.35 for SPMO, making MTUM the less volatile of the two by this measure.

MTUM beta1.3
SPMO beta1.35

Fund details

MTUM is managed by iShares (launched 04/16/2013) with $24.0B in assets. SPMO is managed by Invesco (launched 10/09/2015) with $22.1B in assets.

MTUM AUM$24.0B
SPMO AUM$22.1B
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Frequently asked questions

What is the difference between MTUM and SPMO?

Both tilt toward stocks that have been going up. MTUM (iShares MSCI USA Momentum Factor ETF) tracks MSCI USA Momentum SR Variant Index across a broader US universe. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum Index — S&P 500 only. Cost is 0.15% versus 0.13%; distributions are 0.78% and 0.66% as of September 2026. Universe and concentration are the decision.

What is the current distribution rate for MTUM and SPMO?

MTUM currently distributes 0.78% 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 MTUM or SPMO better for dividend income?

It depends on your goals. MTUM 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 MTUM 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 MTUM 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 — SPMO scores 72, MTUM scores 60, so SPMO's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, MTUM or SPMO?

MTUM 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 MTUM vs SPMO generate?

At current rates, $10,000 in MTUM would generate roughly $6.50 per month ($78.00 annually). The same in SPMO would produce about $5.50 per month ($66.00 annually).

Which has performed better historically, MTUM or SPMO?

MTUM has lagged SPMO over the trailing twelve months, posting a 23.15% total return against 24.68%. The lead holds up over 5 years too: SPMO has compounded at 20.35% a year, against 12.64% for MTUM. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

MTUM vs SPMO — at a glance

Generated September 19, 2026.

Overview

MTUM and SPMO are both large-cap momentum ETFs that isolate stocks with strong recent price appreciation within the U.S. equity market. The key distinction is their index construction: MTUM tracks the broader MSCI USA Momentum index across the large-cap universe, while SPMO narrows its focus to momentum stocks within the S&P 500 alone. That difference ripples through their holdings, concentration, and volatility profiles.

How they differ

SPMO's S&P 500 constraint means it holds a more concentrated roster of momentum names, whereas MTUM casts a wider net across the MSCI large-cap opportunity set. MTUM carries a modestly higher beta of 1.3 versus 1.35 for SPMO, reflecting that broader index exposure and somewhat higher sensitivity to market swings. Expense-wise, SPMO edges out MTUM at 0.13% versus 0.15%, a slim 2-basis-point advantage.

Who each is best for

  • MTUM: Fits investors seeking exposure to a broader U.S. momentum mandate that extends beyond the largest 500 companies, and who can tolerate slightly higher volatility in pursuit of that wider factor universe.
  • SPMO: Fits investors who want momentum factor access confined to S&P 500 constituents, providing a defined large-cap anchor alongside factor tilt, and who value a marginally lower expense ratio.

Key risks to know

  • Momentum crash risk. Momentum factors are cyclical; periods of mean reversion or value outperformance can erase recent gains quickly, and both funds will amplify those drawdowns relative to the broad market.
  • Higher beta amplification. Both funds sport betas above 1.3, meaning they will experience larger declines in market downturns than the S&P 500 or total market — a structural feature of momentum that compounds with velocity in bear markets.
  • Holdings overlap and correlated underperformance. The two funds' underlying indexes likely track many of the same stocks, so their performance will move in tandem; diversifying between them offers minimal factor diversification benefit.
  • Sector concentration drift. Momentum screens naturally gravitate toward growth and technology sectors in rising markets, concentrating both funds' exposure in ways that may not be evident from their stated methodology alone.

Bottom line

If you prioritize exposure to momentum beyond the S&P 500's boundaries and accept higher volatility, MTUM's broader MSCI index may appeal; if you prefer momentum locked within the S&P 500 with a fractionally lower fee, SPMO offers a tighter large-cap frame. Past performance does not indicate 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.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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