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ETF Comparison

SPMO vs VOO: A Momentum Sleeve, or Broad Large Caps?

A head-to-head of Invesco's S&P 500 Momentum ETF and Vanguard's S&P 500 ETF covering the factor tilt, cost, and core role.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • SPMOInvestors who want broad equity exposure.
  • VOOInvestors 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 VOO over the trailing twelve months, posting a 25.53% total return against 16.98%. The lead holds up over 10 years too: SPMO has compounded at 20.43% a year, against 15.57% for VOO. VOO has been the steadier holding, though — annualized volatility of 14.8% 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2015Volatility Sharpe Sortino Max drawdown
SPMO27.07%25.53%38.47%21.02%20.43%19.14%22.0%1.281.87-20.1%
VOO14.88%16.98%23.23%13.78%15.57%15.02%14.8%1.111.61-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 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.
MetricSPMOVOO
Full nameInvesco S&P 500 Momentum ETFVanguard S&P 500 ETF
IssuerInvescoVanguard
Underlying indexS&P 500 Momentum IndexS&P 500 Index
Last Close$150.84 as of October 8, 2026$711.28 as of October 8, 2026
Distribution rate0.64%1.02%
Trailing 12-month yield0.73%1.04%
Distribution Safety Score™ 72100
Safety-Adjusted Yield 0.46%1.02%
Expense ratio0.13%0.03%
AUM$23.4B$1046B
Distribution frequencyQuarterlyQuarterly
ObjectiveTrack the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date10/09/201509/07/2010
Beta1.41.0
Last dividend$0.243$1.8226
Ex-dividend date09/21/202609/28/2026

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

SPMO vs VOO: momentum sleeve or the S&P 500?

VOO is every major sector at index weights. SPMO keeps the recent winners. Holding both doubles those names already inside VOO.

SPMOVOO
IndexS&P 500 Momentum IndexS&P 500 Index
StyleS&P 500 momentumBroad US large caps
Expense ratio0.13%0.03%
Distribution rate0.64%1.02%
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Income calculator

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

Invesco
ETFs246
Total AUM$1016B

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
Vanguard
ETFs116
Total AUM$4668B

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 VOO.

See all Vanguard ETFs

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Quick verdict

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

VOO offers the higher yield at 1.02% vs 0.64% for SPMO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.13%.

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

VOO is the larger fund by assets ($1046B), 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 VOO would produce $25.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPMO yield0.64%
VOO yield1.02%
Cash diff on $10K$9.50

Cost & efficiency

Over 10 years on $10,000, SPMO would cost approximately $130 in fees vs $30 for VOO (simplified, not compounded). The $100.00 difference may be offset by yield or performance.

SPMO ER0.13%
VOO ER0.03%

Strategy & risk

SPMO tracks S&P 500 Momentum Index with an index approach, while VOO tracks S&P 500 Index with a large cap approach. Beta is 1.4 for SPMO and 1.0 for VOO, making VOO the less volatile of the two by this measure.

SPMO beta1.4
VOO beta1.0

Fund details

SPMO is managed by Invesco (launched 10/09/2015) with $23.4B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1046B in assets.

SPMO AUM$23.4B
VOO AUM$1046B
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Frequently asked questions

What is the difference between SPMO and VOO?

VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index — about 500 US large caps in every major sector. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum Index, so it only keeps the S&P 500 names that have been going up. Cost is 0.13% versus 0.03%. Distributions are 0.64% and 1.02% as of October 2026 — neither is an income fund. Holding both doubles the momentum names already inside VOO.

What is the current distribution rate for SPMO and VOO?

SPMO currently distributes 0.64% and VOO 1.02%, 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 VOO better for dividend income?

It depends on your goals. VOO 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 VOO?

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 VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, SPMO scores 72, so VOO's payout currently looks the more resilient of the two. VOO has also shown lower price volatility (beta 1.00 vs 1.40 for SPMO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SPMO or VOO?

SPMO has an expense ratio of 0.13% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SPMO would generate roughly $16.00 cash per distribution ($64.00 annually). The same in VOO would produce about $25.50 cash per distribution ($102.00 annually).

Which has performed better historically, SPMO or VOO?

SPMO has outpaced VOO over the trailing twelve months, posting a 25.53% total return against 16.98%. The lead holds up over 10 years too: SPMO has compounded at 20.43% a year, against 15.57% for VOO. VOO has been the steadier holding, though — annualized volatility of 14.8% 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

SPMO vs VOO — at a glance

Generated October 3, 2026.

Overview

SPMO and VOO are both S&P 500–tracking ETFs, but they pursue meaningfully different strategies within that universe. VOO holds all 500 constituents in market-cap–weighted proportions, while SPMO screens the S&P 500 for momentum characteristics—favoring stocks with the strongest recent price trends—and concentrates its holdings accordingly. The result is a tighter portfolio with higher volatility and different yield and return profiles.

How they differ

The core difference is strategy: VOO is a broad market–weight index tracker, while SPMO applies a momentum factor overlay that tilts toward outperforming stocks and away from laggards. That shows up immediately in beta: SPMO's 1.4 versus VOO's 1.0, meaning SPMO amplifies market moves by about 35%.

Who each is best for

SPMO: Fits investors with higher risk tolerance who believe momentum—the tendency of recent winners to keep outperforming—offers meaningful alpha over a full market cycle, and who can tolerate 1.4 volatility to pursue that edge.

VOO: Designed for investors seeking cap-weighted S&P 500 exposure with minimal cost, maximum liquidity, and stable broad-market participation regardless of prevailing market leadership.

Key risks to know

  • Factor drawdown risk. Momentum as an investment factor experiences extended underperformance during market reversals and rotations away from growth stocks. SPMO's overweight to recent winners leaves it vulnerable to sharp reversals when market sentiment shifts.
  • Concentration within the index. SPMO's momentum screen excludes lower-momentum constituents, reducing diversification below the 500-stock universe. If its favored names suffer sector-specific or company-specific setbacks, the impact is amplified relative to broad-market holdings.
  • Higher volatility magnification. SPMO's 1.4 of 1.35 means a 10% market decline becomes roughly a 13.5% decline for the fund. This drag compounds during extended downturns and may force underperformance during recovery periods if momentum leadership lags.
  • Yield sustainability questions. SPMO's 0.64% yield is higher than VOO's 1.02%, despite tracking the same underlying index.

Bottom line

If you want broad S&P 500 exposure at near-zero cost and maximum stability, VOO's $1046B asset base, 0.03% fee, and market-weight construction are hard to beat. If you believe momentum-driven stock selection can outpace the market-cap–weighted benchmark and you can tolerate 1.4 volatility, SPMO offers that concentrated tilt at reasonable cost. The choice hinges on whether you view factor-based outperformance as achievable—and worth the extra risk—versus the simplicity and cost efficiency of broad indexing. Past performance does not 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.

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

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These comparisons follow the Dividend Vision methodology.