IVV vs. MTUM

Last updated Aug 5, 2026

IVV (iShares Core S&P 500 ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IVV is a S&P 500 fund tracking the S&P 500 Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, IVV returned 15.35%/yr vs 16.22%/yr for MTUM. Their correlation of 0.86 means they have usually moved in the same direction. IVV charges 0.03%/yr vs 0.15%/yr for MTUM.

Performance

IVV vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P 500 ETF (IVV) 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, IVV achieves a 13.72% return, which is significantly lower than MTUM's 25.44% return. Over the past 10 years, IVV has underperformed MTUM with an annualized return of 15.35%, while MTUM has yielded a comparatively higher 16.22% annualized return.

IVV

• 1D: 1.77%
• 1M: 3.52%
• 6M: 12.47%
• YTD: 13.72%
• 1Y: 23.63%
• 3Y*: 21.56%
• 5Y*: 13.38%
• 10Y*: 15.35%
• ALL TIME*: 8.58%

MTUM

• 1D: 3.83%
• 1M: -1.00%
• 6M: 22.43%
• YTD: 25.44%
• 1Y: 30.22%
• 3Y*: 30.59%
• 5Y*: 13.16%
• 10Y*: 16.22%
• ALL TIME*: 15.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVV iShares Core S&P 500 ETF	$3.45B	$3.28B	$5.84B
MTUM iShares MSCI USA Momentum Factor ETF	$597.51M	$632.59M	$554.70M

IVV vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVV iShares Core S&P 500 ETF	13.72%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%
MTUM iShares MSCI USA Momentum Factor ETF	25.44%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between IVV and MTUM is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.86

The correlation between IVV and MTUM has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

IVV vs. MTUM - Sectors Allocation Comparison

Sectors	IVV	MTUM
Technology	37.2%	48.3%
Financial Services	12.5%	5.2%
Communication Services	9.6%	4.4%
Healthcare	9.4%	4.2%
Consumer Cyclical	8.9%	3.0%
Industrials	7.9%	12.1%
Consumer Defensive	4.8%	3.7%
Energy	3.3%	11.5%
Utilities	2.6%	3.7%
Real Estate	1.9%	1.5%
Basic Materials	1.8%	2.2%

Return for Risk

IVV vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVV

IVV Risk / Return Rank: 72
IVV Sharpe Ratio Rank: 72
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 71
IVV Calmar Ratio Rank: 69
IVV Martin Ratio Rank: 79

MTUM

MTUM Risk / Return Rank: 44
MTUM Sharpe Ratio Rank: 42
MTUM Sortino Ratio Rank: 41
MTUM Omega Ratio Rank: 42
MTUM Calmar Ratio Rank: 43
MTUM Martin Ratio Rank: 52

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.

IVV vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) 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.

	IVV	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.18	+0.66
Sortino ratio: Return per unit of downside risk	2.54	1.68	+0.86
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	2.67	1.69	+0.98
Martin ratio: Return relative to average drawdown	11.38	6.74	+4.64

IVV vs. MTUM - Sharpe Ratio Comparison

The current IVV Sharpe Ratio is 1.84, which is higher than the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IVV 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

IVV vs. MTUM - Drawdown Comparison

The maximum IVV drawdown since its inception was -55.25%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IVV and MTUM.

Drawdown Indicators

	IVV	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-34.08%	-21.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-17.99%	+9.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-20.99%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	-32.28%	+7.75%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	-34.08%	+0.18%
Current Drawdown Current decline from peak	0.00%	-9.23%	+9.23%
Average Drawdown Average peak-to-trough decline	-10.72%	-6.22%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	4.49%	-2.41%

Volatility

IVV vs. MTUM - Volatility Comparison

The current volatility for iShares Core S&P 500 ETF (IVV) is 4.10%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.35%. This indicates that IVV 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

	IVV	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	11.35%	-7.25%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	23.51%	-13.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	25.79%	-12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	21.96%	-4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	21.76%	-3.68%

IVV vs. MTUM - Expense Ratio Comparison

IVV 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

IVV vs. MTUM - Dividend Comparison

IVV's dividend yield for the trailing twelve months is around 1.06%, more than MTUM's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
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 IVV and MTUM in my portfolio?

IVV and MTUM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVV or MTUM?

MTUM has higher volatility (11.35%) compared to IVV (4.10%). In terms of maximum drawdown, IVV dropped -55.25% vs MTUM's -34.08%.

Which ETF is better, IVV or MTUM?

On 10-year performance, MTUM leads with 16.22% vs 15.35% for IVV. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVV or MTUM?

Over the 10-year period, MTUM has performed better with a 16.22% return vs 15.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVV or MTUM?

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

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

IVV has the higher dividend yield at 1.06%, compared with 0.59% for MTUM.

What is the main difference between IVV and MTUM?

IVV is categorized as S&P 500, while MTUM is Momentum. IVV tracks S&P 500 Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.03% for IVV and 0.15% for MTUM.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (1.84 vs 1.18), 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.