EEMV vs. MTUM

Last updated Jun 16, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - EEMV is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, EEMV returned 7.04%/yr vs 17.54%/yr for MTUM. A 0.58 correlation means they provide meaningful diversification when combined. EEMV charges 0.25%/yr vs 0.15%/yr for MTUM.

Performance

EEMV vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) 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, EEMV achieves a 20.09% return, which is significantly lower than MTUM's 33.55% return. Over the past 10 years, EEMV has underperformed MTUM with an annualized return of 7.04%, while MTUM has yielded a comparatively higher 17.54% annualized return.

EEMV

• 1D: 2.55%
• 1M: 7.71%
• YTD: 20.09%
• 6M: 21.21%
• 1Y: 27.78%
• 3Y*: 14.32%
• 5Y*: 6.38%
• 10Y*: 7.04%

MTUM

• 1D: 2.96%
• 1M: 11.98%
• YTD: 33.55%
• 6M: 34.98%
• 1Y: 46.22%
• 3Y*: 33.86%
• 5Y*: 15.90%
• 10Y*: 17.54%

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

EEMV vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	20.09%	13.45%	7.98%	7.75%	-13.94%	5.05%	6.90%	7.83%	-5.81%	27.28%
MTUM iShares MSCI USA Momentum Factor ETF	33.55%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between EEMV and MTUM is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.58

The correlation between EEMV and MTUM shifts across timeframes, from 0.56 (3 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.

EEMV vs. MTUM - Sectors Allocation Comparison

Sectors	EEMV	MTUM
Technology	36.5%	50.2%
Financial Services	18.0%	5.0%
Communication Services	10.1%	5.1%
Industrials	6.6%	15.0%
Consumer Cyclical	6.2%	2.9%
Consumer Defensive	5.6%	3.7%
Healthcare	5.4%	3.5%
Utilities	4.4%	0.6%
Energy	3.6%	10.5%
Basic Materials	2.9%	2.3%
Real Estate	0.6%	1.3%

Return for Risk

EEMV vs. MTUM — Risk / Return Rank

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

EEMV

EEMV Risk / Return Rank: 66
EEMV Sharpe Ratio Rank: 63
EEMV Sortino Ratio Rank: 62
EEMV Omega Ratio Rank: 73
EEMV Calmar Ratio Rank: 66
EEMV Martin Ratio Rank: 65

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 77
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 76
MTUM Calmar Ratio Rank: 83
MTUM Martin Ratio Rank: 84

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.

EEMV vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) 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.

	EEMV	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.21	-0.30
Sortino ratio: Return per unit of downside risk	2.64	2.90	-0.26
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.03	4.02	-1.00
Martin ratio: Return relative to average drawdown	10.90	15.48	-4.58

EEMV vs. MTUM - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.91, which is comparable to the MTUM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of EEMV 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

EEMV vs. MTUM - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for EEMV and MTUM.

Drawdown Indicators

	EEMV	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-34.08%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-11.54%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-20.99%	+8.52%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	-32.28%	+10.38%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-34.08%	+2.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.96%	-6.20%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.99%	-0.43%

Volatility

EEMV vs. MTUM - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) is 8.16%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.20%. This indicates that EEMV 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

	EEMV	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.16%	11.20%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	13.51%	18.83%	-5.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.67%	21.08%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.22%	20.99%	-8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	21.23%	-7.24%

EEMV vs. MTUM - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is higher than MTUM's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EEMV vs. MTUM - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 3.07%, more than MTUM's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	3.07%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
MTUM iShares MSCI USA Momentum Factor ETF	0.70%	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 EEMV and MTUM in my portfolio?

EEMV and MTUM have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMV or MTUM?

MTUM has higher volatility (11.20%) compared to EEMV (8.16%). In terms of maximum drawdown, EEMV dropped -31.56% vs MTUM's -34.08%.

Which ETF is better, EEMV or MTUM?

On 10-year performance, MTUM leads with 17.54% vs 7.04% for EEMV. On fees, MTUM is cheaper at 0.15% per year. On volatility, EEMV has been the lower-risk option at 8.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMV or MTUM?

Over the 10-year period, MTUM has performed better with a 17.54% return vs 7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMV or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.25% for EEMV.

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

EEMV has the higher dividend yield at 3.07%, compared with 0.70% for MTUM.

What is the main difference between EEMV and MTUM?

EEMV is categorized as Asia Pacific Equities, while MTUM is Momentum. EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.25% for EEMV and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.21 vs 1.91), 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.