SPMO vs SPY: A Momentum Bet Wearing an S&P 500 Costume
Both funds draw from the same 503 stocks. SPY owns all of them at market weight. SPMO keeps only the 100 with the strongest recent price momentum and reloads twice a year. Same universe, very different bet.
SPY (SPDR S&P 500 ETF Trust) owns the whole index at 0.0945% and is the default core holding for a reason. SPMO (Invesco S&P 500 Momentum ETF) screens the same index down to the roughly 100 stocks with the strongest 12-month price momentum, rebalancing twice a year. That filter produced a three-year annualized return near 19% versus roughly 10% for SPY, which is why SPMO grew past $20B in assets. The trade-off is structural: momentum funds are always positioned in whatever just led, so they ride winners up and hold them through the first leg down until the next rebalance. SPMO is more concentrated (top-10 weight runs far higher than SPY), more volatile, and more expensive at 0.13%. SPY is the core; SPMO is a deliberate factor tilt sized accordingly.
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.
Both funds trade commission-free at every major brokerage. How the major brokerages compare →
📋 SPMO vs SPY — Key Facts Side by Side
| Metric | SPMO | SPY |
|---|---|---|
| Fund Name | Invesco S&P 500 Momentum ETF | State Street SPDR S&P 500 ETF Trust |
| Issuer | Invesco | State Street |
| Tracks Index | S&P 500 Momentum | S&P 500 |
| Expense Ratio | 0.13% | 0.09% ✓ |
| Cost per $10K/yr | $13.00 | $9.45 |
| AUM | $22.2B | $781.2B |
| Holdings | 100 | 503 |
| Inception | 2015 | 1993 |
| 1-Year Return | +26.66% | +19.30% |
| 3-Year Return | +37.36% | +18.99% |
| 5-Year Return | +20.13% | +12.60% |
| Dividend Yield | 0.65% | 1.01% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.03% | 0.01% |
Expense ratio, AUM, and returns updated Aug 1, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 SPMO vs SPY — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want focused large-cap US stock exposure via S&P 500 Momentum
- already use Invesco and prefer staying within one fund family
- want the lowest fees: saves ~$4/yr per $10K vs SPMO
- want broader diversification (503 holdings vs 100)
- want focused large-cap US stock exposure via S&P 500
💰 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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Side-by-side holdings overlap, sector breakdown, and live performance tabs, all in one place.
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❓ SPMO vs SPY — Frequently Asked Questions
New to ETF investing? See answers to the most common ETF questions →