ETF Comparison

SPMO vs VFMO: Which Momentum Sleeve Do You Want?

A head-to-head of Vanguard's U.S. Momentum Factor ETF and Invesco's S&P 500 Momentum ETF covering universe, concentration, cost, and role.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

SPMOInvestors who want broad equity exposure.
VFMOInvestors who want simple, diversified core exposure in one low-cost fund.

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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. 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 VFMO over the trailing twelve months, posting a 18.17% total return against 12.26%. The lead holds up over 5 years too: SPMO has compounded at 18.82% a year, against 11.44% for VFMO. 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.
Symbol	YTD cumulative	1Y cumulative	3Y annualized	5Y annualized	Since Feb 2018	Volatility	Sharpe	Sortino	Max drawdown
SPMO	18.78%	18.17%	34.62%	18.82%	18.28%	22.0%	1.16	1.70	-20.1%
VFMO	14.13%	12.26%	25.45%	11.44%	13.71%	22.6%	0.82	1.16	-24.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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 Feb 2018” measures every fund from February 15, 2018 — 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.
Metric	SPMO	VFMO
Full name	Invesco S&P 500 Momentum ETF	Vanguard U.S. Momentum Factor ETF ETF Shares
Issuer	Invesco	Vanguard
Last Close	$140.89 as of October 16, 2026	$217.31 as of October 16, 2026
Distribution rate	0.69%	0.57%
Trailing 12-month yield	0.78%	0.62%
Distribution Safety Score™	72	59
Safety-Adjusted Yield	0.50%	0.34%
Expense ratio	0.13%	0.13%
AUM	$21.8B	$1.84B
Distribution frequency	Quarterly	Quarterly
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 class	Equity	Equity
Inception date	10/09/2015	02/13/2018
Beta	1.4	1.35
Last dividend	$0.243	$0.307
Ex-dividend date	09/21/2026	09/23/2026

Bottom lineChoose SPMO if you want broad equity exposure. Choose VFMO if you want simple, diversified core exposure in one low-cost fund.

SPMO vs VFMO: which momentum universe?

Both chase recent winners. SPMO is S&P 500 only. VFMO is Vanguard's broader US momentum factor. Yield is not why anyone searches this pair.

	SPMO	VFMO
Universe	S&P 500 Momentum Index	Vanguard US momentum factor
Breadth	S&P 500 large caps only	Broader US momentum sleeve
Expense ratio	0.13%	0.13%
Distribution rate	0.69%	0.57%
Fund size	$21.8B	$1.84B

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

Invesco

ETFs247

Total AUM$983B

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 ETFs from Invesco

Vanguard

ETFs116

Total AUM$4.66T

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

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VFMO.

See all ETFs from Vanguard

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Quick verdict

SPMO (Invesco S&P 500 Momentum ETF) and VFMO (Vanguard U.S. Momentum Factor ETF ETF Shares) are both quarterly-pay dividend ETFs, but they take different approaches.

SPMO offers the higher yield at 0.69% vs 0.57% for VFMO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPMO is the larger fund by assets ($21.8B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, SPMO would generate roughly $17.25 cash per distribution, while VFMO would produce $14.25 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPMO yield0.69%

VFMO yield0.57%

Cash diff on $10K$3.00

Cost & efficiency

Over 10 years on $10,000, SPMO would cost approximately $130 in fees vs $130 for VFMO (simplified, not compounded). Both charge the same expense ratio.

SPMO ER0.13%

VFMO ER0.13%

Strategy & risk

SPMO tracks S&P 500 Momentum Index with an index approach, while VFMO is an ETF built around mid cap blend exposure. Beta is 1.4 for SPMO and 1.35 for VFMO — effectively similar market sensitivity.

SPMO beta1.4

VFMO beta1.35

Fund details

SPMO is managed by Invesco (launched 10/09/2015) with $21.8B in assets. VFMO is managed by Vanguard (launched 02/13/2018) with $1.84B in assets.

SPMO AUM$21.8B

VFMO AUM$1.84B

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Frequently asked questions

What is the difference between VFMO and SPMO?

Both tilt toward stocks that have been going up, but the universes differ. VFMO (Vanguard U.S. Momentum Factor ETF ETF Shares) is Vanguard's US momentum factor across a broad stock universe. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum Index — a large-cap-only S&P 500 sleeve. Cost is 0.13% versus 0.13%; size is $1.84B versus $21.8B. Distributions are 0.57% and 0.69% as of October 2026. Yield is noise. The decision is which momentum index you want and how concentrated it is.

What is the current distribution rate for SPMO and VFMO?

SPMO currently distributes 0.69% and VFMO 0.57%, based on fund data updated October 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 VFMO 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 VFMO?

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 VFMO 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, VFMO scores 59, 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, SPMO or VFMO?

SPMO and VFMO both charge the same expense ratio of 0.13%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.

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

At current rates, $10,000 in SPMO would generate roughly $17.25 cash per distribution ($69.00 annually). The same in VFMO would produce about $14.25 cash per distribution ($57.00 annually).

Which has performed better historically, SPMO or VFMO?

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Dividend dates and history

SPMO vs VFMO — at a glance

Generated October 17, 2026.

Overview

SPMO and VFMO are both factor-tilted equity ETFs targeting momentum exposure within U.S. equities, but they differ meaningfully in their underlying universes and construction. SPMO tracks the S&P 500 Momentum Index, restricting itself to large-cap momentum names, while VFMO pursues momentum characteristics across a broader mid-cap blend universe. Both charge the same 0.13%, but their strategic reach—and therefore their risk and return profiles—diverge.

How they differ

The primary distinction is scope: SPMO isolates momentum among the largest 500 companies, whereas VFMO casts a wider net into mid-cap territory. This translates to different beta profiles. SPMO carries a 1.4 beta, meaningfully higher than VFMO's 1.35, reflecting amplified sensitivity to market swings within the large-cap momentum subset.

Who each is best for

SPMO: Fits investors seeking concentrated momentum exposure within a familiar, transparent large-cap framework. The S&P 500 Momentum Index constraint appeals to those comfortable with amplified market sensitivity and wanting the tightest definition of "momentum among the biggest names."

VFMO: Fits investors drawn to momentum characteristics across a broader market tier, including mid-cap names. The moderate beta and wider holding universe suit those seeking factor exposure with slightly more stability and less concentration in mega-cap momentum.

Key risks to know

Momentum factor concentration: Momentum as a factor is style-dependent and can underperform during market reversals or when value and quality regain favor. Both funds concentrate bets on stocks displaying high recent price appreciation, which can pivot sharply if sentiment shifts.

Large-cap dependency in SPMO: SPMO's focus on S&P 500 momentum means its returns hinge on the persistence of momentum in the largest, most-crowded stocks. Crowding of the factor among mega-cap names may amplify drawdowns if momentum reverses.

Mid-cap liquidity risk in VFMO: VFMO's broader mid-cap inclusion introduces the possibility of holdings with thinner trading volumes and wider bid-ask spreads, potentially increasing trading friction during market stress.

Higher volatility in SPMO: The 1.4 beta means SPMO amplifies both upside and downside market moves more than VFMO, creating sharper drawdowns during corrections.

Bottom line

If you want a tightly defined large-cap momentum bet and can tolerate higher volatility, SPMO's larger asset base and transparent S&P 500 framework stand out. If you prefer broader momentum exposure across mid-caps with a slightly lower beta and comparable fees, VFMO offers a different factor angle. Both share the same expense ratio and quarterly distributions, so the choice hinges on universe preference and risk tolerance rather than cost. 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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These comparisons follow the Dividend Vision methodology.