VOO vs SPMO
VOO tracks the full S&P 500 by market capitalization. SPMO tracks a momentum-screened subset of it. Here's how the two funds actually differ.
VOO
S&P 500 — broad market-cap weighting
SPMO
S&P 500 Momentum — concentrated momentum tilt
What each fund tracks
VOO tracks the S&P 500 index, holding roughly 500 large U.S. companies weighted by market capitalization — every large U.S. company in the index, regardless of recent price performance. SPMO tracks the S&P 500 Momentum Index, which starts from that same universe of companies but selects and weights only the ones scoring highest on price momentum — essentially, stocks that have been trending upward relative to their peers. VOO is run by Vanguard; SPMO is run by Invesco, a different provider entirely.
| VOO | SPMO | |
|---|---|---|
| Provider | Vanguard | Invesco |
| Tracks | S&P 500 Index | S&P 500 Momentum Index |
| Selection approach | Market-cap weighted, broad | Momentum-factor subset, narrower |
| Primary focus | Full large-cap U.S. market | Recent price-momentum tilt within it |
What's actually different
Because SPMO's index selects specifically for price momentum, its sector mix and holdings can shift more noticeably over time than VOO's — as different sectors and companies move in and out of favor, SPMO's screen picks up whichever S&P 500 names currently show the strongest trend, then drops them again once that momentum fades. VOO's unscreened, market-cap-weighted approach means it simply holds everything in the index in proportion to size, with no attempt to chase or rotate out of recent performance trends.
Expense ratios and exact current holdings for both funds change over time — check current figures directly on Vanguard's official VOO page and Invesco's official SPMO page rather than relying on a fixed number here.
An illustrative growth example
Because VOO and SPMO track different indexes with different concentration levels and turnover, a single growth projection can't responsibly represent both. The chart below illustrates the compounding mechanism only — $500 invested every month for 20 years at an assumed 7% annual return — not a claim that either fund would actually produce this outcome, since SPMO's momentum-driven concentration means its real returns can diverge meaningfully from VOO's in either direction.
At this hypothetical rate, the 20-year total works out to $260,463, of which $120,000 came from contributions.
Which one fits your plan
If you want the full breadth of the U.S. large-cap market without a factor tilt, VOO fits that goal. If you specifically want concentrated exposure to stocks currently showing strong price momentum, and are comfortable with the higher turnover and concentration that comes with it, SPMO is built for that. Some investors hold a broad fund like VOO as a core position and layer in a factor fund like SPMO alongside it for a specific tilt, rather than choosing one to replace the other. This page is educational information, not a recommendation.
Use our VOO calculator to project VOO's growth under your own assumptions, or the investment calculator for a general projection that works for SPMO or any other fund.