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FDMO vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDMO vs. MTUM

Last updated Aug 4, 2026
Documentation

FDMO (Fidelity Momentum Factor ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - FDMO tracks the Fidelity U.S. Momentum Factor Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, FDMO returned 14.22%/yr vs 12.59%/yr for MTUM. Their correlation of 0.93 means they have usually moved in the same direction. FDMO charges 0.29%/yr vs 0.15%/yr for MTUM.

Performance

FDMO vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDMO achieves a 11.50% return, which is significantly lower than MTUM's 20.80% return.

FDMO

1D
1.29%
1M
-1.50%
6M
8.79%
YTD
11.50%
1Y
22.87%
3Y*
25.49%
5Y*
14.22%
10Y*
—
ALL TIME*
15.38%

MTUM

1D
0.73%
1M
-4.66%
6M
17.04%
YTD
20.80%
1Y
27.28%
3Y*
28.96%
5Y*
12.59%
10Y*
15.78%
ALL TIME*
15.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FDMO

Fidelity Momentum Factor ETF
$8.23M$8.36M$6.07M

MTUM

iShares MSCI USA Momentum Factor ETF
$578.91M$630.18M$548.65M

FDMO vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDMO
Fidelity Momentum Factor ETF		11.50%21.43%32.78%24.79%-19.32%22.23%21.71%25.29%-4.13%23.93%
MTUM
iShares MSCI USA Momentum Factor ETF		20.80%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%

Correlation

The correlation between FDMO and MTUM is 0.93, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.94

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.93

The correlation between FDMO and MTUM has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

FDMO vs. MTUM - Sectors Allocation Comparison

Sectors
FDMO
MTUM

Technology

39.9%
48.3%

Financial Services

11.6%
5.2%

Healthcare

9.3%
4.2%

Industrials

9.3%
12.1%

Consumer Cyclical

8.9%
3.0%

Communication Services

8.4%
4.4%

Consumer Defensive

3.8%
3.7%

Energy

2.9%
11.5%

Utilities

2.1%
3.7%

Real Estate

2.0%
1.5%

Basic Materials

1.9%
2.2%

Technology

FDMO
39.9%
MTUM
48.3%

Financial Services

FDMO
11.6%
MTUM
5.2%

Healthcare

FDMO
9.3%
MTUM
4.2%

Industrials

FDMO
9.3%
MTUM
12.1%

Consumer Cyclical

FDMO
8.9%
MTUM
3.0%

Communication Services

FDMO
8.4%
MTUM
4.4%

Consumer Defensive

FDMO
3.8%
MTUM
3.7%

Energy

FDMO
2.9%
MTUM
11.5%

Utilities

FDMO
2.1%
MTUM
3.7%

Real Estate

FDMO
2.0%
MTUM
1.5%

Basic Materials

FDMO
1.9%
MTUM
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Momentum Factor ETF

iShares MSCI USA Momentum Factor ETF

Often compared with FDMO:
FDMO vs. SPMOFDMO vs. VOOFDMO vs. JEPQFDMO vs. FMTMFDMO vs. FTECFDMO vs. SCHGFDMO vs. VFMO
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

FDMO vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FDMO
FDMO Risk / Return Rank: 4949
Overall Rank
FDMO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FDMO Sortino Ratio Rank: 4646
Sortino Ratio Rank
FDMO Omega Ratio Rank: 4545
Omega Ratio Rank
FDMO Calmar Ratio Rank: 5252
Calmar Ratio Rank
FDMO Martin Ratio Rank: 5555
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 4444
Overall Rank
MTUM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4242
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4343
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4343
Calmar Ratio Rank
MTUM Martin Ratio Rank: 5151
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDMO vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.

FDMOMTUMDifference
Sharpe ratioReturn per unit of total volatility
1.20
1.07

+0.13

Sortino ratioReturn per unit of downside risk
1.72
1.55

+0.17

Omega ratioGain probability vs. loss probability

1.21

1.21

+0.01

Calmar ratioReturn relative to maximum drawdown

1.88

1.52

+0.36

Martin ratioReturn relative to average drawdown

6.60

6.14

+0.46

FDMO vs. MTUM - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.20, which is comparable to the MTUM Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of FDMO 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.

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Drawdowns

FDMO vs. MTUM - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, roughly equal to the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for FDMO and MTUM.

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Drawdown Indicators

FDMOMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-34.08%

+0.14%

Max Drawdown (1Y)

Largest decline over 1 year

-12.22%

-17.99%

+5.77%

Max Drawdown (3Y)

Largest decline over 3 years

-21.88%

-20.99%

-0.89%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-32.28%

+6.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.08%

—

Current Drawdown

Current decline from peak

-5.32%

-12.58%

+7.26%

Average Drawdown

Average peak-to-trough decline

-5.38%

-6.22%

+0.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.48%

4.46%

-0.98%

Volatility

FDMO vs. MTUM - Volatility Comparison

The current volatility for Fidelity Momentum Factor ETF (FDMO) is 6.48%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 10.76%. This indicates that FDMO 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.

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Volatility by Period

FDMOMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

10.76%

-4.28%

Volatility (6M)

Calculated over the trailing 6-month period

15.86%

23.24%

-7.38%

Volatility (1Y)

Calculated over the trailing 1-year period

19.18%

25.57%

-6.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.46%

21.89%

-2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.63%

21.73%

-2.10%

FDMO vs. MTUM - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

FDMO vs. MTUM - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.61%, which matches MTUM's 0.61% yield.

PositionTTM20252024202320222021202020192018201720162015
FDMO
Fidelity Momentum Factor ETF		0.61%0.61%0.90%0.87%1.19%0.60%0.77%1.23%1.22%1.09%0.45%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

With a correlation of 0.93, FDMO and MTUM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

MTUM has higher volatility (10.76%) compared to FDMO (6.48%). In terms of maximum drawdown, FDMO dropped -33.94% vs MTUM's -34.08%.

On 5-year performance, FDMO leads with 14.22% vs 12.59% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, FDMO has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FDMO has performed better with a 14.22% return vs 12.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for FDMO.

FDMO and MTUM have nearly identical dividend yields, around 0.61%.

FDMO tracks Fidelity U.S. Momentum Factor Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.29% for FDMO and 0.15% for MTUM.

FDMO currently has the higher Sharpe Ratio (1.20 vs 1.07), 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.

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