ETHA vs. MTUM

Last updated Jun 13, 2026

ETHA (iShares Ethereum Trust ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past year, ETHA returned -34.33% vs 42.02% for MTUM. At a 0.48 correlation, their price movements are largely independent. ETHA charges 0.25%/yr vs 0.15%/yr for MTUM.

Performance

ETHA vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) 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, ETHA achieves a -43.96% return, which is significantly lower than MTUM's 29.72% return.

ETHA

• 1D: -1.02%
• 1M: -27.59%
• YTD: -43.96%
• 6M: -45.98%
• 1Y: -34.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.69%
• 1M: 5.58%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

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

ETHA vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-43.96%	-11.31%	-4.89%
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	7.05%

Correlation

The correlation between ETHA and MTUM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.48

Return for Risk

ETHA vs. MTUM — Risk / Return Rank

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

ETHA

ETHA Risk / Return Rank: 5
ETHA Sharpe Ratio Rank: 5
ETHA Sortino Ratio Rank: 5
ETHA Omega Ratio Rank: 6
ETHA Calmar Ratio Rank: 5
ETHA Martin Ratio Rank: 5

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

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.

ETHA vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.

	ETHA	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.96	-2.52
Sortino ratio: Return per unit of downside risk	-0.51	2.62	-3.12
Omega ratio: Gain probability vs. loss probability	0.94	1.36	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.57	3.55	-4.12
Martin ratio: Return relative to average drawdown	-0.98	13.66	-14.64

ETHA vs. MTUM - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.56, which is lower than the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of ETHA 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

ETHA vs. MTUM - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.56%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ETHA and MTUM.

Drawdown Indicators

	ETHA	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-67.56%	-34.08%	-33.48%
Max Drawdown (1Y) Largest decline over 1 year	-67.56%	-11.54%	-56.02%
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	-65.65%	-1.55%	-64.10%
Average Drawdown Average peak-to-trough decline	-33.25%	-6.20%	-27.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.22%	2.99%	+36.23%

Volatility

ETHA vs. MTUM - Volatility Comparison

iShares Ethereum Trust ETF (ETHA) has a higher volatility of 17.30% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 10.89%. This indicates that ETHA's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHA	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.30%	10.89%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	46.58%	18.63%	+27.95%
Volatility (1Y) Calculated over the trailing 1-year period	69.29%	20.87%	+48.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.65%	20.94%	+51.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.65%	21.20%	+51.45%

ETHA vs. MTUM - Expense Ratio Comparison

ETHA 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

ETHA vs. MTUM - Dividend Comparison

ETHA has not paid dividends to shareholders, while MTUM's dividend yield for the trailing twelve months is around 0.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHA iShares Ethereum Trust ETF	0.00%	0.00%	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	0.61%	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 ETHA and MTUM in my portfolio?

ETHA and MTUM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHA or MTUM?

ETHA has higher volatility (17.30%) compared to MTUM (10.89%). In terms of maximum drawdown, ETHA dropped -67.56% vs MTUM's -34.08%.

Which ETF is better, ETHA or MTUM?

On 1-year performance, MTUM leads with 42.02% vs -34.33% for ETHA. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 10.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or MTUM?

Over the 1-year period, MTUM has performed better with a 42.02% return vs -34.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or MTUM?

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

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

MTUM has the higher dividend yield at 0.61%, compared with 0.00% for ETHA.

What is the main difference between ETHA and MTUM?

ETHA is categorized as Cryptocurrency, while MTUM is Momentum. ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.25% for ETHA and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs -0.56), 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.