GUSA vs. MTUM

Last updated Jun 5, 2026

GUSA (Goldman Sachs MarketBeta U.S. 1000 Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - GUSA is a Large Cap Blend Equities fund tracking the Solactive GBS United States 1000 Index - Benchmark TR Gross, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, GUSA returned 22.50%/yr vs 34.34%/yr for MTUM. Their correlation of 0.84 suggests significant overlap in exposure. GUSA charges 0.11%/yr vs 0.15%/yr for MTUM.

Performance

GUSA vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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, GUSA achieves a 11.29% return, which is significantly lower than MTUM's 30.30% return.

GUSA

• 1D: 0.40%
• 1M: 4.73%
• YTD: 11.29%
• 6M: 11.21%
• 1Y: 28.15%
• 3Y*: 22.50%
• 5Y*: —
• 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)

GUSA vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	11.29%	17.51%	24.46%	26.61%	-12.69%
MTUM iShares MSCI USA Momentum Factor ETF	30.30%	22.15%	32.89%	9.15%	-7.30%

Correlation

The correlation between GUSA and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 13, 2022	0.84

The correlation between GUSA and MTUM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

GUSA vs. MTUM - Sectors Allocation Comparison

Sectors	GUSA	MTUM
Technology	34.0%	44.4%
Financial Services	11.6%	10.4%
Communication Services	11.1%	7.4%
Consumer Cyclical	10.3%	3.6%
Industrials	9.4%	15.6%
Healthcare	8.8%	6.9%
Consumer Defensive	4.7%	3.3%
Energy	3.6%	3.5%
Utilities	2.3%	1.6%
Real Estate	2.2%	1.8%
Basic Materials	2.0%	1.7%

Return for Risk

GUSA vs. MTUM — Risk / Return Rank

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

GUSA

GUSA Risk / Return Rank: 71
GUSA Sharpe Ratio Rank: 72
GUSA Sortino Ratio Rank: 71
GUSA Omega Ratio Rank: 71
GUSA Calmar Ratio Rank: 64
GUSA Martin Ratio Rank: 76

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.

GUSA vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) 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.

	GUSA	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.14	+0.18
Sortino ratio: Return per unit of downside risk	3.17	2.90	+0.27
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	3.14	3.53	-0.39
Martin ratio: Return relative to average drawdown	14.45	14.10	+0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GUSA vs. MTUM - Sharpe Ratio Comparison

The current GUSA Sharpe Ratio is 2.32, which is comparable to the MTUM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of GUSA 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

	GUSA	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.14	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.84	+0.04

Drawdowns

GUSA vs. MTUM - Drawdown Comparison

The maximum GUSA drawdown since its inception was -19.61%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for GUSA and MTUM.

Drawdown Indicators

	GUSA	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.61%	-34.08%	+14.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-11.54%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.61%	-20.99%	+1.38%
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	-0.22%	-1.10%	+0.88%
Average Drawdown Average peak-to-trough decline	-4.38%	-6.21%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.89%	-0.94%

Volatility

GUSA vs. MTUM - Volatility Comparison

The current volatility for Goldman Sachs MarketBeta U.S. 1000 Equity ETF (GUSA) is 3.03%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.67%. This indicates that GUSA 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

	GUSA	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	7.67%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	16.51%	-7.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	19.08%	-6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	20.60%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	21.03%	-3.77%

GUSA vs. MTUM - Expense Ratio Comparison

GUSA has a 0.11% expense ratio, which is lower than MTUM's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GUSA vs. MTUM - Dividend Comparison

GUSA's dividend yield for the trailing twelve months is around 0.96%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF	0.96%	0.99%	1.16%	1.36%	1.00%	0.00%	0.00%	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 GUSA and MTUM in my portfolio?

GUSA and MTUM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUSA or MTUM?

MTUM has higher volatility (7.67%) compared to GUSA (3.03%). In terms of maximum drawdown, GUSA dropped -19.61% vs MTUM's -34.08%.

Which ETF is better, GUSA or MTUM?

On 3-year performance, MTUM leads with 34.34% vs 22.50% for GUSA. On fees, GUSA is cheaper at 0.11% per year. On volatility, GUSA has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUSA or MTUM?

Over the 3-year period, MTUM has performed better with a 34.34% return vs 22.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUSA or MTUM?

GUSA is cheaper with a 0.11% expense ratio, compared with 0.15% for MTUM.

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

GUSA has the higher dividend yield at 0.96%, compared with 0.60% for MTUM.

What is the main difference between GUSA and MTUM?

GUSA is categorized as Large Cap Blend Equities, while MTUM is Momentum. GUSA tracks Solactive GBS United States 1000 Index - Benchmark TR Gross, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.11% for GUSA and 0.15% for MTUM.

Which has better risk-adjusted returns?

GUSA currently has the higher Sharpe Ratio (2.32 vs 2.14), 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.