Dividend comparison
SPMO vs MTUM: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Invesco S&P 500 Momentum ETF and iShares MSCI USA Momentum Factor ETF, side by side. Updated October 21, 2026.
SPMO vs MTUM: key differences
The short answer, from the latest data on this page.
- Fees. SPMO is cheaper at 0.13% a year versus 0.15% for MTUM. On $10,000 that is $2 a year less in fees.
- Income. SPMO pays more income, yielding 0.78% over the last twelve months versus 0.63% for MTUM. That is about $15 more a year on $10,000. SPMO pays semi-annual, MTUM pays quarterly.
- Performance. Over the last 5 years, SPMO returned 133.8% versus 68.0% for MTUM, with dividends reinvested. $10,000 would have grown to $23,378 in SPMO and $16,798 in MTUM.
- Risk. MTUM has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -32.3%, against -22.7% for SPMO.
- Diversification. MTUM holds 125 positions and SPMO holds 100. The ten largest positions make up 61.4% of SPMO and 37.1% of MTUM.
- Overlap. 77% of the two portfolios overlap by weight, across 65 shared holdings. Owning both adds little diversification.
- Dividend growth. SPMO grew its yearly payout 26.9% a year over the last 4 years, versus 22.9% for MTUM.
Bottom line: SPMO has the edge on these figures, with stronger 5-year returns, smaller drawdowns and faster dividend growth. MTUM does not lead on any of the measures compared here. With 77% overlap, most investors would hold one or the other rather than both.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SPMO Invesco S&P 500 Momentum ETF | MTUM iShares MSCI USA Momentum Factor ETF |
|---|---|---|
| Dividend yield (TTM) | 0.78% | 0.63% |
| Dividend / share (TTM) | $1.10 | $1.85 |
| Payout frequency | Semi-annual | Quarterly |
| Last dividend | $0.2432 on Sep 25, 2026 | $0.6035 on Sep 18, 2026 |
| Ex-dividend date | Sep 21, 2026 | Sep 15, 2026 |
| Dividend growth (CAGR) | 26.9% over 4 yrs | 22.9% over 4 yrs |
| Price | $141.95 | $295.84 |
| Dividend growth streak | 1 year | 1 year |
| Beta | 1.28 | 1.24 |
| Max drawdown (5Y) | -22.7% | -32.3% |
| Market cap | $14.59B | $28.22B |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.13% | 0.15% |
| Assets under management | $21.96B | $18.75B |
| Number of holdings | 100 | 125 |
| Top 10 concentration | 61.4% | 37.1% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
SPMO
$6.46/mo
$78 /yr at 0.78% yield
MTUM
$5.22/mo
$63 /yr at 0.63% yield
Dividend history
Total dividends paid per share in each calendar year. SPMO pays semi-annual; MTUM pays quarterly.
| Year | SPMO | MTUM |
|---|---|---|
| 2025 | $0.8734 | $2.2726 |
| 2024 | $0.4577 | $1.5482 |
| 2023 | $1.0662 | $2.1122 |
| 2022 | $0.9450 | $2.6197 |
| 2021 | $0.3369 | $0.9971 |
Strategy: Factor and momentum
Rules-based funds that tilt toward a single trait linked to long-run returns, such as momentum, quality or low volatility. Momentum funds rebalance into recent winners, quality funds favor high profitability and strong balance sheets, and low-volatility funds pick the steadiest stocks. The same label can hide very different rules, so the index methodology matters more than the name.
Factor tilts go through long dry spells, and momentum funds can turn over quickly and get caught out when market leadership changes.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $23,378 in SPMO and $16,798 in MTUM.
| Period | SPMO | MTUM |
|---|---|---|
| 1 month | -4.87% | -4.45% |
| 3 months | -1.35% | -2.05% |
| Year to date | 18.97% | 18.66% |
| 1 year | 17.08% | 17.16% |
| 3 years | 154.30% | 119.37% |
| 5 years | 133.78% | 67.98% |
- SPMO
- MTUM
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- SPMO
- MTUM
SPMO vs MTUM holdings overlap
77% overlap by weight, with 65 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | SPMO weight | MTUM weight |
|---|---|---|
| AMDAdvanced Micro Devices Inc | 5.28% | 5.90% |
| MUMicron Technology Inc | 8.62% | 4.94% |
| AVGOBroadcom Inc | 6.40% | 4.47% |
| INTCIntel Corp | 4.54% | 3.90% |
| JNJJohnson & Johnson | 4.61% | 3.30% |
| XOMExxonMobil Holdings Corp | 3.55% | 2.97% |
| GOOGLAlphabet Inc | 5.13% | 2.85% |
| CSCOCisco Systems Inc | 2.44% | 3.53% |
| AMATApplied Materials Inc | 2.39% | 2.68% |
| SNDKSandisk Corp | 2.32% | 2.57% |
Top 10 holdings
Largest positions by portfolio weight.
SPMO100 holdings total
Quick verdict
SPMO has the edge on these figures, with stronger 5-year returns, smaller drawdowns and faster dividend growth. MTUM does not lead on any of the measures compared here. With 77% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is SPMO or MTUM better for dividend income?
It depends on your goals. SPMO currently yields 0.78% Trailing Twelve Months (TTM) while MTUM yields 0.63%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPMO and MTUM?
Invesco S&P 500 Momentum ETF (SPMO) is an ETF listed on AMEX. iShares MSCI USA Momentum Factor ETF (MTUM) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPMO or MTUM?
SPMO has the lower expense ratio. SPMO charges 0.13% a year and MTUM charges 0.15%, a difference of $2 a year on a $10,000 investment.
Which has performed better, SPMO or MTUM?
Over the last 5 years, SPMO has the higher total return with dividends reinvested: SPMO returned 133.8% and MTUM returned 68.0%. Past performance does not predict future returns.
Which is riskier, SPMO or MTUM?
Measured by the worst peak-to-trough decline over the last five years, MTUM has been riskier: SPMO fell as much as 22.7% and MTUM as much as 32.3%. Their betas are 1.28 and 1.24.
How much do SPMO and MTUM overlap?
About 77% of the two portfolios overlap by weight, across 65 shared holdings. The largest shared positions are AMD, MU, AVGO. Holding both adds little diversification.
How often do SPMO and MTUM pay dividends?
SPMO pays semi-annual and MTUM pays quarterly.
How much income does $10,000 in SPMO vs MTUM generate?
At current TTM yields, $10,000 in SPMO would generate roughly $6.46 per month ($78 annually). The same amount in MTUM would produce about $5.22 per month ($63 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPMO and MTUM?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPMO vs MTUM with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPMO and MTUM fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.