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IAUM vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAUM vs. MTUM

Last updated Jun 13, 2026

IAUM (iShares Gold Trust Micro) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, IAUM returned 29.28%/yr vs 33.16%/yr for MTUM. At a 0.10 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.15%/yr for MTUM.

Performance

IAUM vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) 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, IAUM achieves a -2.40% return, which is significantly lower than MTUM's 29.72% return.

IAUM

1D
0.10%
1M
-9.51%
YTD
-2.40%
6M
-2.08%
1Y
22.55%
3Y*
29.28%
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)

IAUM vs. MTUM - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IAUM
iShares Gold Trust Micro		-2.40%64.27%27.04%13.12%-0.49%3.87%
MTUM
iShares MSCI USA Momentum Factor ETF		29.72%22.15%32.89%9.15%-18.27%5.65%

Correlation

The correlation between IAUM and MTUM is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 29, 2021

0.11

The correlation between IAUM and MTUM shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

IAUM vs. MTUM - Sectors Allocation Comparison

Sectors
IAUM
MTUM

Real Estate

100.0%
1.8%

Basic Materials

-

1.7%

Communication Services

-

7.4%

Consumer Cyclical

-

3.6%

Consumer Defensive

-

3.3%

Energy

-

3.5%

Financial Services

-

10.4%

Healthcare

-

6.9%

Industrials

-

15.6%

Technology

-

44.4%

Utilities

-

1.6%

Real Estate

IAUM
100.0%
MTUM
1.8%

Basic Materials

IAUM

-

MTUM
1.7%

Communication Services

IAUM

-

MTUM
7.4%

Consumer Cyclical

IAUM

-

MTUM
3.6%

Consumer Defensive

IAUM

-

MTUM
3.3%

Energy

IAUM

-

MTUM
3.5%

Financial Services

IAUM

-

MTUM
10.4%

Healthcare

IAUM

-

MTUM
6.9%

Industrials

IAUM

-

MTUM
15.6%

Technology

IAUM

-

MTUM
44.4%

Utilities

IAUM

-

MTUM
1.6%

Compare stocks, funds, or ETFs

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

iShares Gold Trust Micro

iShares MSCI USA Momentum Factor ETF

Often compared with IAUM:
IAUM vs. IAUIAUM vs. GLDMIAUM vs. GLDIAUM vs. FSAGXIAUM vs. SGOLIAUM vs. PHYSIAUM vs. SIVR
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VOOMTUM vs. VFMOMTUM vs. QMOM

Return for Risk

IAUM vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAUM
IAUM Risk / Return Rank: 2727
Overall Rank
IAUM Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IAUM Sortino Ratio Rank: 2525
Sortino Ratio Rank
IAUM Omega Ratio Rank: 3131
Omega Ratio Rank
IAUM Calmar Ratio Rank: 2424
Calmar Ratio Rank
IAUM Martin Ratio Rank: 2525
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 7373
Overall Rank
MTUM Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 6666
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7070
Omega Ratio Rank
MTUM Calmar Ratio Rank: 7878
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8181
Martin Ratio Rank
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.

IAUM vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.

IAUMMTUMDifference
Sharpe ratioReturn per unit of total volatility
0.90
1.96

-1.06

Sortino ratioReturn per unit of downside risk
1.26
2.62

-1.35

Omega ratioGain probability vs. loss probability

1.19

1.36

-0.17

Calmar ratioReturn relative to maximum drawdown

1.00

3.55

-2.55

Martin ratioReturn relative to average drawdown

2.87

13.66

-10.79

IAUM vs. MTUM - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 0.90, which is lower than the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IAUM 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

IAUM vs. MTUM - Drawdown Comparison

The maximum IAUM drawdown since its inception was -24.37%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IAUM and MTUM.

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Drawdown Indicators

IAUMMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-24.37%

-34.08%

+9.71%

Max Drawdown (1Y)

Largest decline over 1 year

-24.37%

-11.54%

-12.83%

Max Drawdown (3Y)

Largest decline over 3 years

-24.37%

-20.99%

-3.38%

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

-21.99%

-1.55%

-20.44%

Average Drawdown

Average peak-to-trough decline

-5.38%

-6.20%

+0.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.46%

2.99%

+5.47%

Volatility

IAUM vs. MTUM - Volatility Comparison

The current volatility for iShares Gold Trust Micro (IAUM) is 7.71%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 10.89%. This indicates that IAUM 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

IAUMMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.71%

10.89%

-3.18%

Volatility (6M)

Calculated over the trailing 6-month period

23.82%

18.63%

+5.19%

Volatility (1Y)

Calculated over the trailing 1-year period

27.06%

20.87%

+6.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.05%

20.94%

-2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.05%

21.20%

-3.15%

IAUM vs. MTUM - Expense Ratio Comparison

IAUM has a 0.09% 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

IAUM vs. MTUM - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IAUM
iShares Gold Trust Micro		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

IAUM and MTUM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (10.89%) compared to IAUM (7.71%). In terms of maximum drawdown, IAUM dropped -24.37% vs MTUM's -34.08%.

On 3-year performance, MTUM leads with 33.16% vs 29.28% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, MTUM has performed better with a 33.16% return vs 29.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAUM is cheaper with a 0.09% expense ratio, compared with 0.15% for MTUM.

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

IAUM is categorized as Gold, while MTUM is Momentum. IAUM tracks LBMA Gold Price PM, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.09% for IAUM and 0.15% for MTUM.

MTUM currently has the higher Sharpe Ratio (1.96 vs 0.90), 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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