AFOS vs. MTUM

Last updated Jul 15, 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. Over the past year, AFOS returned 71.54% vs 34.62% for MTUM. Their correlation of 0.86 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

In the year-to-date period, AFOS achieves a 30.98% return, which is significantly higher than MTUM's 28.00% return.

AFOS

• 1D: 1.51%
• 1M: 1.47%
• 6M: 22.53%
• YTD: 30.98%
• 1Y: 71.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.63%
• 1M: -1.32%
• 6M: 23.75%
• YTD: 28.00%
• 1Y: 34.62%
• 3Y*: 31.08%
• 5Y*: 14.59%
• 10Y*: 16.52%

*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	30.98%	37.10%
MTUM iShares MSCI USA Momentum Factor ETF	28.00%	6.97%

Correlation

The correlation between AFOS and MTUM is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.86

The correlation between AFOS and MTUM has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

AFOS vs. MTUM — Risk / Return Rank

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

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

MTUM

MTUM Risk / Return Rank: 60
MTUM Sharpe Ratio Rank: 53
MTUM Sortino Ratio Rank: 49
MTUM Omega Ratio Rank: 55
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 71

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFOS	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	3.25	1.46	+1.79
Sortino ratio: Return per unit of downside risk	3.94	1.97	+1.97
Omega ratio: Gain probability vs. loss probability	1.52	1.27	+0.25
Calmar ratio: Return relative to maximum drawdown	6.24	3.01	+3.23
Martin ratio: Return relative to average drawdown	27.13	10.29	+16.84

AFOS vs. MTUM - Sharpe Ratio Comparison

The current AFOS Sharpe Ratio is 3.25, which is higher than the MTUM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of AFOS and MTUM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-11.52%	-11.54%	+0.02%
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	-4.24%	-7.38%	+3.14%
Average Drawdown Average peak-to-trough decline	-1.54%	-6.19%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.37%	-0.72%

Volatility

AFOS vs. MTUM - Volatility Comparison

The current volatility for ARS Focused Opportunities Strategy ETF (AFOS) is 8.31%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.47%. This indicates that AFOS experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFOS	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.31%	12.47%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	18.40%	21.55%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	23.81%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	21.55%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	21.52%	+0.23%

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 0.23%, less than MTUM's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.23%	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	0.58%	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 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFOS or MTUM?

MTUM has higher volatility (12.47%) compared to AFOS (8.31%). In terms of maximum drawdown, AFOS dropped -11.52% vs MTUM's -34.08%.

Which ETF is better, AFOS or MTUM?

On 1-year performance, AFOS leads with 71.54% vs 34.62% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, AFOS has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFOS or MTUM?

Over the 1-year period, AFOS has performed better with a 71.54% return vs 34.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 0.58%, compared with 0.23% 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.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.25 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.