ILCB vs. MTUM

Last updated Jul 14, 2026

ILCB (iShares Morningstar U.S. Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - ILCB is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, ILCB returned 14.51%/yr vs 16.34%/yr for MTUM. Their correlation of 0.84 suggests significant overlap in exposure. ILCB charges 0.03%/yr vs 0.15%/yr for MTUM.

Performance

ILCB vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar U.S. Equity ETF (ILCB) 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, ILCB achieves a 10.55% return, which is significantly lower than MTUM's 25.95% return. Over the past 10 years, ILCB has underperformed MTUM with an annualized return of 14.51%, while MTUM has yielded a comparatively higher 16.34% annualized return.

ILCB

• 1D: -0.79%
• 1M: 1.29%
• 6M: 8.41%
• YTD: 10.55%
• 1Y: 21.38%
• 3Y*: 20.28%
• 5Y*: 12.53%
• 10Y*: 14.51%

MTUM

• 1D: -2.22%
• 1M: -2.90%
• 6M: 21.75%
• YTD: 25.95%
• 1Y: 34.12%
• 3Y*: 30.38%
• 5Y*: 14.17%
• 10Y*: 16.34%

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

ILCB vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILCB iShares Morningstar U.S. Equity ETF	10.55%	17.70%	24.96%	26.91%	-19.48%	24.07%	19.40%	32.68%	-8.51%	22.09%
MTUM iShares MSCI USA Momentum Factor ETF	25.95%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between ILCB and MTUM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.84

The correlation between ILCB and MTUM has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

ILCB vs. MTUM - Sectors Allocation Comparison

Sectors	ILCB	MTUM
Technology	37.9%	50.2%
Financial Services	11.7%	5.0%
Communication Services	9.8%	5.1%
Consumer Cyclical	9.4%	2.9%
Healthcare	9.0%	3.5%
Industrials	8.4%	15.0%
Consumer Defensive	4.4%	3.7%
Energy	3.1%	10.5%
Utilities	2.6%	0.6%
Basic Materials	1.8%	2.3%
Real Estate	1.7%	1.3%

Return for Risk

ILCB vs. MTUM — Risk / Return Rank

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

ILCB

ILCB Risk / Return Rank: 64
ILCB Sharpe Ratio Rank: 65
ILCB Sortino Ratio Rank: 64
ILCB Omega Ratio Rank: 64
ILCB Calmar Ratio Rank: 60
ILCB Martin Ratio Rank: 70

MTUM

MTUM Risk / Return Rank: 60
MTUM Sharpe Ratio Rank: 53
MTUM Sortino Ratio Rank: 49
MTUM Omega Ratio Rank: 54
MTUM Calmar Ratio Rank: 73
MTUM Martin Ratio Rank: 70

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.

ILCB vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar U.S. Equity ETF (ILCB) 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.

	ILCB	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.44	+0.25
Sortino ratio: Return per unit of downside risk	2.35	1.95	+0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.36	2.97	-0.61
Martin ratio: Return relative to average drawdown	10.22	10.23	-0.01

ILCB vs. MTUM - Sharpe Ratio Comparison

The current ILCB Sharpe Ratio is 1.70, which is comparable to the MTUM Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ILCB 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

ILCB vs. MTUM - Drawdown Comparison

The maximum ILCB drawdown since its inception was -51.53%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ILCB and MTUM.

Drawdown Indicators

	ILCB	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-51.53%	-34.08%	-17.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-11.54%	+2.45%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-20.99%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.47%	-32.28%	+6.81%
Max Drawdown (10Y) Largest decline over 10 years	-35.30%	-34.08%	-1.22%
Current Drawdown Current decline from peak	-1.18%	-8.86%	+7.68%
Average Drawdown Average peak-to-trough decline	-6.22%	-6.19%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.34%	-1.24%

Volatility

ILCB vs. MTUM - Volatility Comparison

The current volatility for iShares Morningstar U.S. Equity ETF (ILCB) is 4.11%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 13.18%. This indicates that ILCB 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

	ILCB	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	13.18%	-9.07%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	21.54%	-11.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	23.81%	-11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	21.54%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	21.52%	-3.35%

ILCB vs. MTUM - Expense Ratio Comparison

ILCB has a 0.03% 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

ILCB vs. MTUM - Dividend Comparison

ILCB's dividend yield for the trailing twelve months is around 0.98%, more than MTUM's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	0.98%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
MTUM iShares MSCI USA Momentum Factor ETF	0.59%	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 ILCB and MTUM in my portfolio?

ILCB and MTUM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILCB or MTUM?

MTUM has higher volatility (13.18%) compared to ILCB (4.11%). In terms of maximum drawdown, ILCB dropped -51.53% vs MTUM's -34.08%.

Which ETF is better, ILCB or MTUM?

On 10-year performance, MTUM leads with 16.34% vs 14.51% for ILCB. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILCB or MTUM?

Over the 10-year period, MTUM has performed better with a 16.34% return vs 14.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILCB or MTUM?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.15% for MTUM.

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

ILCB has the higher dividend yield at 0.98%, compared with 0.59% for MTUM.

What is the main difference between ILCB and MTUM?

ILCB is categorized as Large Cap Growth Equities, while MTUM is Momentum. ILCB tracks Morningstar US Large-Mid Cap Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.03% for ILCB and 0.15% for MTUM.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (1.70 vs 1.44), 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.