SPMO vs MTUM: The Two Momentum ETFs, Compared
Both buy what has been going up. SPMO draws from the S&P 500; MTUM draws from a broader US universe and smooths for volatility. The methods differ more than the names suggest.
SPMO and MTUM are both momentum funds, which means they hold the stocks with the strongest recent price trend and rotate as that trend shifts. The differences are in the engine. SPMO (Invesco S&P 500 Momentum) selects the roughly 100 highest-momentum stocks from within the S&P 500 only, weights them by a combination of momentum score and market cap, and rebalances twice a year, at 0.13%. MTUM (iShares MSCI USA Momentum) draws from a broader MSCI USA universe that includes mid-caps, and it adjusts its momentum signal for volatility, which makes it a bit slower and smoother, at 0.15%. In practice, SPMO has been the more concentrated and faster-reacting of the two, and it has outperformed MTUM through the recent megacap-momentum run because it leaned harder into the leaders. That edge is real but it cuts both ways: momentum strategies are designed to ride trends and they whipsaw at sharp market turns, selling after declines and buying after run-ups. SPMO's greater concentration means a larger swing when momentum reverses; MTUM's volatility adjustment is meant to soften exactly that, at the cost of lagging in a strong trend. Momentum is one of the most academically documented factors, but it is a tilt for a satellite slice of a portfolio, not a core holding, and neither fund changes that. If you want the more aggressive, recently better-performing version, SPMO; if you want the broader, slightly steadier construction, MTUM. Past performance does not guarantee future results.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 SPMO vs MTUM — Key Facts Side by Side
| Metric | SPMO | MTUM |
|---|---|---|
| Fund Name | Invesco S&P 500 Momentum ETF | iShares MSCI USA Momentum Factor ETF |
| Issuer | Invesco | iShares |
| Tracks Index | S&P 500 Momentum | MSCI USA Momentum SR Variant |
| Expense Ratio | 0.13% ✓ | 0.15% |
| Cost per $10K/yr | $13.00 | $15.00 |
| AUM | $20B | $24.2B |
| Holdings | 100 | 125 |
| Inception | 2015 | 2013 |
| 1-Year Return | +33.00% | +35.58% |
| 3-Year Return | +19.00% | +31.16% |
| 5-Year Return | +17.00% | +13.85% |
| Dividend Yield | — | 0.69% |
| Holdings Overlap | Moderate. Both chase price momentum and currently lean toward the same megacap winners, but they draw from different universes, so the exact holdings differ. — see full overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.01% |
Expense ratio, AUM, and returns updated May 25, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 SPMO vs MTUM — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy SPMO or MTUM?
- You want the lowest fees — saves ~$2/yr per $10K vs MTUM
- You already use Invesco and prefer staying within their fund family
- You already use iShares and prefer staying within their fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ SPMO vs MTUM — Frequently Asked Questions
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