DVY vs. MTUM

Last updated Jul 26, 2026

DVY (iShares Select Dividend ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, DVY returned 10.35%/yr vs 16.00%/yr for MTUM. Their 0.56 correlation means they have sometimes moved together and sometimes differently. DVY charges 0.39%/yr vs 0.15%/yr for MTUM.

Performance

DVY vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) 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, DVY achieves a 17.29% return, which is significantly lower than MTUM's 22.65% return. Over the past 10 years, DVY has underperformed MTUM with an annualized return of 10.35%, while MTUM has yielded a comparatively higher 16.00% annualized return.

DVY

• 1D: 1.31%
• 1M: 3.82%
• 6M: 11.93%
• YTD: 17.29%
• 1Y: 22.32%
• 3Y*: 15.86%
• 5Y*: 11.17%
• 10Y*: 10.35%
• ALL TIME*: 9.09%

MTUM

• 1D: -2.42%
• 1M: -9.70%
• 6M: 20.16%
• YTD: 22.65%
• 1Y: 27.88%
• 3Y*: 28.98%
• 5Y*: 13.15%
• 10Y*: 16.00%
• ALL TIME*: 15.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DVY iShares Select Dividend ETF	$86.69M	$71.80M	$68.36M
MTUM iShares MSCI USA Momentum Factor ETF	$620.00M	$622.73M	$495.72M

DVY vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVY iShares Select Dividend ETF	17.29%	11.60%	16.24%	1.12%	1.80%	31.70%	-4.91%	22.62%	-6.36%	14.82%
MTUM iShares MSCI USA Momentum Factor ETF	22.65%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between DVY and MTUM is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (10Y) Provides a long-term view across more market conditions.	0.51
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.56

Over the past year, the correlation between DVY and MTUM has dropped to 0.13 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

DVY vs. MTUM - Sectors Allocation Comparison

Sectors	DVY	MTUM
Financial Services	26.1%	5.2%
Utilities	24.2%	0.6%
Consumer Defensive	13.5%	3.9%
Consumer Cyclical	10.1%	3.0%
Energy	8.2%	11.3%
Communication Services	5.2%	4.9%
Healthcare	5.2%	4.0%
Technology	3.7%	48.0%
Industrials	2.1%	15.3%
Basic Materials	1.8%	2.1%
Real Estate	-	1.5%

Return for Risk

DVY vs. MTUM — Risk / Return Rank

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

DVY

DVY Risk / Return Rank: 86
DVY Sharpe Ratio Rank: 87
DVY Sortino Ratio Rank: 89
DVY Omega Ratio Rank: 82
DVY Calmar Ratio Rank: 85
DVY Martin Ratio Rank: 85

MTUM

MTUM Risk / Return Rank: 55
MTUM Sharpe Ratio Rank: 49
MTUM Sortino Ratio Rank: 46
MTUM Omega Ratio Rank: 50
MTUM Calmar Ratio Rank: 66
MTUM Martin Ratio Rank: 62

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.

DVY vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) 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.

	DVY	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.18	+0.88
Sortino ratio: Return per unit of downside risk	3.04	1.66	+1.38
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	3.35	2.31	+1.03
Martin ratio: Return relative to average drawdown	11.83	7.45	+4.38

DVY vs. MTUM - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.06, which is higher than the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of DVY 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

DVY vs. MTUM - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for DVY and MTUM.

Drawdown Indicators

	DVY	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-34.08%	-28.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-12.49%	+5.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-20.99%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-32.28%	+14.74%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-34.08%	-7.51%
Current Drawdown Current decline from peak	0.00%	-11.25%	+11.25%
Average Drawdown Average peak-to-trough decline	-8.74%	-6.20%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	3.87%	-1.93%

Volatility

DVY vs. MTUM - Volatility Comparison

The current volatility for iShares Select Dividend ETF (DVY) is 3.69%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.65%. This indicates that DVY 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

	DVY	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	11.65%	-7.96%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	22.19%	-14.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	24.47%	-13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	21.65%	-6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	21.60%	-3.59%

DVY vs. MTUM - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

DVY vs. MTUM - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.23%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.23%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
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 DVY and MTUM in my portfolio?

DVY and MTUM have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or MTUM?

MTUM has higher volatility (11.65%) compared to DVY (3.69%). In terms of maximum drawdown, DVY dropped -62.59% vs MTUM's -34.08%.

Which ETF is better, DVY or MTUM?

On 10-year performance, MTUM leads with 16.00% vs 10.35% for DVY. On fees, MTUM is cheaper at 0.15% per year. On volatility, DVY has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVY or MTUM?

Over the 10-year period, MTUM has performed better with a 16.00% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.39% for DVY.

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

DVY has the higher dividend yield at 3.23%, compared with 0.60% for MTUM.

What is the main difference between DVY and MTUM?

DVY is categorized as Large Cap Value Equities, while MTUM is Momentum. DVY tracks Dow Jones U.S. Select Dividend Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.39% for DVY and 0.15% for MTUM.

Which has better risk-adjusted returns?

DVY currently has the higher Sharpe Ratio (2.06 vs 1.18), 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.