AFOS vs. MTUM

Last updated Jun 4, 2026

AFOS (ARS Focused Opportunities Strategy ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Their correlation of 0.85 suggests significant overlap in exposure. AFOS charges 0.45%/yr vs 0.15%/yr for MTUM.

Performance

AFOS vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARS Focused Opportunities Strategy ETF (AFOS) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AFOS having a 32.04% return and MTUM slightly lower at 31.75%.

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFOS vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	6.10%

Correlation

The correlation between AFOS and MTUM is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.85

Return for Risk

AFOS vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFOS vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARS Focused Opportunities Strategy ETF (AFOS) and iShares MSCI USA Momentum Factor ETF (MTUM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AFOS	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.35	0.85	+3.50

Drawdowns

AFOS vs. MTUM - Drawdown Comparison

The maximum AFOS drawdown since its inception was -11.52%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for AFOS and MTUM.

Drawdown Indicators

	AFOS	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-11.52%	-34.08%	+22.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-1.37%	-6.21%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.89%	—

Volatility

Volatility by Period

	AFOS	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	19.04%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	20.60%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	21.03%	-0.84%

AFOS vs. MTUM - Expense Ratio Comparison

AFOS has a 0.45% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

AFOS vs. MTUM - Dividend Comparison

AFOS's dividend yield for the trailing twelve months is around 0.22%, less than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both AFOS and MTUM in my portfolio?

AFOS and MTUM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AFOS or MTUM?

On fees, MTUM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AFOS or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, AFOS or MTUM?

MTUM has the higher dividend yield at 0.60%, compared with 0.22% for AFOS.

What is the main difference between AFOS and MTUM?

AFOS is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: ARS Investment Partners and iShares. Their fees differ too: 0.45% for AFOS and 0.15% for MTUM.