Similar to seasonal and intraseasonal variations in polar motion (PM), interannual variations are also largely caused by changes in the angular momentum of the Earth’s geophysical fluid layers composed of the atmosphere, the oceans, and in-land hydrologic flows (AOH). Not only are inland freshwater systems crucial for interannual PM fluctuations, but so are atmospheric surface pressures and winds, oceanic currents, and ocean bottom pressures. However, the relationship between observed geodetic PM excitations and hydro-atmospheric models has not yet been determined. This is due to defects in geophysical models and the partial knowledge of atmosphere–ocean coupling and hydrological processes. Therefore, this study provides an analysis of the fluctuations of PM excitations for equatorial geophysical components χ1 and χ2 at interannual time scales. The geophysical excitations were determined from different sources, including atmospheric, ocean models, Gravity Recovery and Climate Experiment (GRACE) and GRACE Follow-On data, as well as from the Land Surface Discharge Model. The Multi Singular Spectrum Analysis method was applied to retain interannual variations in χ1 and χ2 components. None of the considered mass and motion terms studied for the different atmospheric and ocean models were found to have a negligible effect on interannual PM. These variables, derived from different Atmospheric Angular Momentum (AAM) and Oceanic Angular Momentum (OAM) models, differ from each other. Adding hydrologic considerations to the coupling of AAM and OAM excitations was found to provide benefits for achieving more consistent interannual geodetic budgets, but none of the AOH combinations fully explained the total observed PM excitations.