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Dividend Vision

ETF Comparison

SPYG vs SPMO: Growth Screen, or Momentum Screen?

A head-to-head of SPDR Portfolio S&P 500 Growth and Invesco S&P 500 Momentum covering factor construction and cost.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

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

Jump to the side-by-side numbers

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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

SPMO has outpaced SPYG over the trailing twelve months, posting a 26.63% total return against 18.90%. The lead holds up over 10 years too: SPMO has compounded at 20.41% a year, against 17.99% for SPYG. 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2015Volatility Sharpe Sortino Max drawdown
SPMO27.42%26.63%39.39%21.26%20.41%19.21%22.0%1.311.92-20.1%
SPYG15.73%18.90%28.24%14.69%17.99%17.14%19.6%1.051.52-22.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “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.
MetricSPMOSPYG
Full nameInvesco S&P 500 Momentum ETFState Street SPDR Portfolio S&P 500 Growth ETF
IssuerInvescoState Street
Underlying indexS&P 500 Momentum IndexS&P 500 Growth Index
Last Close$151.58 as of September 30, 2026$123.08 as of September 30, 2026
Distribution rate0.64%0.48%
Trailing 12-month yield0.73%0.48%
Distribution Safety Score™ 7282
Safety-Adjusted Yield 0.46%0.39%
Expense ratio0.13%0.04%
AUM$23.2B$56.7B
Distribution frequencyQuarterlyQuarterly
ObjectiveTrack the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.Seeks to track the total return of the S&P 500 Growth Index before fees and expenses.
Asset classEquityEquity
Inception date10/09/201509/25/2000
Beta1.351.22
Last dividend$0.243$0.148
Ex-dividend date09/21/202609/21/2026

Bottom lineSPMO and SPYG 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.

S&P 500 momentum versus S&P 500 growth

SPMO screens momentum. SPYG screens growth. Same index universe, different factor.

SPMOSPYG
FactorS&P 500 momentumS&P 500 growth
Expense ratio0.13%0.04%
Distribution rate0.64%0.48%
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Income calculator

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Invesco
ETFs246
Total AUM$1013B

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
State Street
ETFs179
Total AUM$2148B

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

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPYG.

See all State Street ETFs

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Quick verdict

SPMO (Invesco S&P 500 Momentum ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

SPMO offers the higher yield at 0.64% vs 0.48% for SPYG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYG is cheaper with an expense ratio of 0.04% compared to 0.13%.

They have different reference exposures: SPMO is linked to S&P 500 Momentum Index while SPYG is linked to S&P 500 Growth Index, which means their performance drivers differ.

SPYG is the larger fund by assets ($56.7B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPMO would generate roughly $16.00 cash per distribution, while SPYG would produce $12.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPMO yield0.64%
SPYG yield0.48%
Cash diff on $10K$4.00

Cost & efficiency

Over 10 years on $10,000, SPMO would cost approximately $130 in fees vs $40 for SPYG (simplified, not compounded). The $90.00 difference may be offset by yield or performance.

SPMO ER0.13%
SPYG ER0.04%

Strategy & risk

SPMO tracks S&P 500 Momentum Index with an index approach, while SPYG tracks S&P 500 Growth Index with an index approach. Beta is 1.35 for SPMO and 1.22 for SPYG, making SPYG the less volatile of the two by this measure.

SPMO beta1.35
SPYG beta1.22

Fund details

SPMO is managed by Invesco (launched 10/09/2015) with $23.2B in assets. SPYG is managed by State Street (launched 09/25/2000) with $56.7B in assets.

SPMO AUM$23.2B
SPYG AUM$56.7B
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Frequently asked questions

What is the difference between SPYG and SPMO?

SPMO (Invesco S&P 500 Momentum ETF) screens S&P 500 momentum stocks. SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) screens S&P 500 growth stocks. Factor, not issuer brand, is the split. Cost is 0.13% versus 0.04%; distributions are 0.64% and 0.48% as of September 2026.

What is the current distribution rate for SPMO and SPYG?

SPMO currently distributes 0.64% and SPYG 0.48%, 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 SPMO or SPYG 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 SPMO and SPYG?

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 SPMO or SPYG safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYG scores 82, SPMO scores 72, so SPYG'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, SPMO or SPYG?

SPMO has an expense ratio of 0.13% while SPYG charges 0.04%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SPMO would generate roughly $16.00 cash per distribution ($64.00 annually). The same in SPYG would produce about $12.00 cash per distribution ($48.00 annually).

Which has performed better historically, SPMO or SPYG?

SPMO has outpaced SPYG over the trailing twelve months, posting a 26.63% total return against 18.90%. The lead holds up over 10 years too: SPMO has compounded at 20.41% a year, against 17.99% for SPYG. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPMO vs SPYG — at a glance

Generated September 26, 2026.

Overview

SPMO and SPYG are both large-cap equity ETFs tracking S&P 500 subsets, but they use different selection criteria. The key distinction is narrowness: SPMO applies a momentum overlay to a subset of S&P 500 stocks; SPYG captures the full growth segment of the index.

How they differ

SPMO's momentum strategy makes it meaningfully more concentrated. The fund targets only the highest-momentum names, which drives its beta of 1.35—higher volatility than SPYG's 1.22 beta.

The expense ratio difference is stark: SPYG charges 0.04%, while SPMO charges 0.13%. Over 20 years, that 0.09 percentage-point gap compounds significantly. Dividend yield differs as well: SPMO's 0.64% distribution rate reflects the lower payout profile of high-momentum stocks (which tend to reinvest earnings), while SPYG's 0.48% yield is slightly higher. This gap may reflect different sector and company-stage compositions between the two indexes, though the underlying drivers would merit investigation.

Who each is best for

  • SPMO: Fits investors seeking concentrated factor exposure who are comfortable with higher volatility and who have a longer time horizon.
  • SPYG: Fits investors who want broad S&P 500 growth exposure with minimal fees, lower volatility than momentum-focused alternatives, and a simpler, more diversified holding.

Key risks to know

  • Momentum mean reversion. Momentum factors can reverse sharply when market conditions shift. Stocks at the top of the momentum ranking today may face headwinds as their valuations compress or sentiment turns, creating potential drawdown periods where SPMO significantly underperforms the broader market.
  • Concentration and style concentration risk. SPMO's focus on the highest-momentum S&P 500 names creates a narrower portfolio than SPYG. If momentum stocks fall out of favor relative to value or lower-volatility equities, SPMO's performance could lag for extended periods.
  • Higher beta volatility. SPMO's beta of 1.35 versus SPYG's 1.22 means SPMO typically amplifies market downturns more sharply. In a 20% market correction, SPMO would historically decline more than SPYG in percentage terms.
  • Lower yield and price-appreciation dependence. SPMO's 0.64% yield is modest, meaning most returns depend on price appreciation rather than income, leaving investors more exposed to timing risk in a sideways or declining market.

Bottom line

If you want broad growth exposure with minimal cost and lower volatility, SPYG's larger asset base, lower expense ratio, and slightly higher yield offer a straightforward, more stable holding. If you're comfortable with concentrated factor risk and higher volatility in pursuit of momentum-driven returns, SPMO fits a more tactical allocation. Past performance of either factor strategy 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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The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.