DEMZ vs. MTUM

Last updated Jun 4, 2026

DEMZ (Democratic Large Cap Core ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - DEMZ is a Large Cap Blend Equities fund tracking the Democratic Large Cap Core Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, DEMZ returned 12.90%/yr vs 14.96%/yr for MTUM. A 0.75 correlation means they provide meaningful diversification when combined. DEMZ charges 0.45%/yr vs 0.15%/yr for MTUM.

Performance

DEMZ vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) 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, DEMZ achieves a 8.48% return, which is significantly lower than MTUM's 30.30% return.

DEMZ

• 1D: -0.25%
• 1M: 6.44%
• YTD: 8.48%
• 6M: 9.06%
• 1Y: 24.86%
• 3Y*: 22.00%
• 5Y*: 12.90%
• 10Y*: —

MTUM

• 1D: -1.10%
• 1M: 11.94%
• YTD: 30.30%
• 6M: 29.99%
• 1Y: 40.55%
• 3Y*: 34.34%
• 5Y*: 14.96%
• 10Y*: 17.19%

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

DEMZ vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DEMZ Democratic Large Cap Core ETF	8.48%	19.84%	22.89%	24.43%	-19.01%	32.65%	11.09%
MTUM iShares MSCI USA Momentum Factor ETF	30.30%	22.15%	32.89%	9.15%	-18.27%	13.36%	11.52%

Correlation

The correlation between DEMZ and MTUM is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 4, 2020	0.75

The correlation between DEMZ and MTUM has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

DEMZ vs. MTUM - Sectors Allocation Comparison

Sectors	DEMZ	MTUM
Technology	44.9%	44.4%
Communication Services	14.2%	7.4%
Industrials	9.0%	15.6%
Financial Services	9.0%	10.4%
Consumer Cyclical	8.2%	3.6%
Consumer Defensive	5.7%	3.3%
Healthcare	5.5%	6.9%
Real Estate	3.6%	1.8%
Basic Materials	-	1.7%
Energy	-	3.5%
Utilities	-	1.6%

Return for Risk

DEMZ vs. MTUM — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 47
DEMZ Sharpe Ratio Rank: 51
DEMZ Sortino Ratio Rank: 51
DEMZ Omega Ratio Rank: 48
DEMZ Calmar Ratio Rank: 41
DEMZ Martin Ratio Rank: 46

MTUM

MTUM Risk / Return Rank: 68
MTUM Sharpe Ratio Rank: 65
MTUM Sortino Ratio Rank: 64
MTUM Omega Ratio Rank: 64
MTUM Calmar Ratio Rank: 72
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.

DEMZ vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) 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.

	DEMZ	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.14	-0.36
Sortino ratio: Return per unit of downside risk	2.50	2.90	-0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	2.03	3.53	-1.50
Martin ratio: Return relative to average drawdown	7.56	14.10	-6.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMZ vs. MTUM - Sharpe Ratio Comparison

The current DEMZ Sharpe Ratio is 1.78, which is comparable to the MTUM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DEMZ 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.

Sharpe Ratios by Period

	DEMZ	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.14	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.73	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.84	+0.12

Drawdowns

DEMZ vs. MTUM - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for DEMZ and MTUM.

Drawdown Indicators

	DEMZ	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-34.08%	+6.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-11.54%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-20.99%	+2.30%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-32.28%	+5.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.25%	-1.10%	+0.85%
Average Drawdown Average peak-to-trough decline	-6.11%	-6.21%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.89%	+0.40%

Volatility

DEMZ vs. MTUM - Volatility Comparison

The current volatility for Democratic Large Cap Core ETF (DEMZ) is 3.66%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.67%. This indicates that DEMZ 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

	DEMZ	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	7.67%	-4.01%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	16.51%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	19.08%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	20.60%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	21.03%	-3.57%

DEMZ vs. MTUM - Expense Ratio Comparison

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

Dividends

DEMZ vs. MTUM - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%	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 DEMZ and MTUM in my portfolio?

DEMZ and MTUM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMZ or MTUM?

MTUM has higher volatility (7.67%) compared to DEMZ (3.66%). In terms of maximum drawdown, DEMZ dropped -27.17% vs MTUM's -34.08%.

Which ETF is better, DEMZ or MTUM?

On 5-year performance, MTUM leads with 14.96% vs 12.90% for DEMZ. On fees, MTUM is cheaper at 0.15% per year. On volatility, DEMZ has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEMZ or MTUM?

Over the 5-year period, MTUM has performed better with a 14.96% return vs 12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEMZ or MTUM?

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

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

DEMZ has the higher dividend yield at 0.90%, compared with 0.60% for MTUM.

What is the main difference between DEMZ and MTUM?

DEMZ is categorized as Large Cap Blend Equities, while MTUM is Momentum. DEMZ tracks Democratic Large Cap Core Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Reflection Asset Management, LLC and iShares. Their fees differ too: 0.45% for DEMZ and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.14 vs 1.78), 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.