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IWD vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWD vs. MTUM

Last updated Jun 16, 2026

IWD (iShares Russell 1000 Value ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IWD is a Large Cap Value Equities fund tracking the Russell 1000 Value Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, IWD returned 11.56%/yr vs 17.54%/yr for MTUM. A 0.72 correlation means they provide meaningful diversification when combined. IWD charges 0.18%/yr vs 0.15%/yr for MTUM.

Performance

IWD vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Value ETF (IWD) 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, IWD achieves a 16.71% return, which is significantly lower than MTUM's 33.55% return. Over the past 10 years, IWD has underperformed MTUM with an annualized return of 11.56%, while MTUM has yielded a comparatively higher 17.54% annualized return.

IWD

1D
1.00%
1M
5.33%
YTD
16.71%
6M
16.30%
1Y
31.10%
3Y*
18.07%
5Y*
11.00%
10Y*
11.56%

MTUM

1D
2.96%
1M
11.98%
YTD
33.55%
6M
34.98%
1Y
46.22%
3Y*
33.86%
5Y*
15.90%
10Y*
17.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWD vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWD
iShares Russell 1000 Value ETF		16.71%15.68%14.17%11.34%-7.75%24.95%2.73%26.12%-8.45%13.45%
MTUM
iShares MSCI USA Momentum Factor ETF		33.55%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%

Correlation

The correlation between IWD and MTUM is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.68

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

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.72

The correlation between IWD and MTUM has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

IWD vs. MTUM - Sectors Allocation Comparison

Sectors
IWD
MTUM

Technology

18.6%
50.2%

Financial Services

18.4%
5.0%

Industrials

12.5%
15.0%

Healthcare

10.6%
3.5%

Communication Services

8.1%
5.1%

Consumer Cyclical

7.1%
2.9%

Consumer Defensive

6.7%
3.7%

Energy

6.3%
10.5%

Utilities

4.0%
0.6%

Real Estate

3.9%
1.3%

Basic Materials

3.7%
2.3%

Technology

IWD
18.6%
MTUM
50.2%

Financial Services

IWD
18.4%
MTUM
5.0%

Industrials

IWD
12.5%
MTUM
15.0%

Healthcare

IWD
10.6%
MTUM
3.5%

Communication Services

IWD
8.1%
MTUM
5.1%

Consumer Cyclical

IWD
7.1%
MTUM
2.9%

Consumer Defensive

IWD
6.7%
MTUM
3.7%

Energy

IWD
6.3%
MTUM
10.5%

Utilities

IWD
4.0%
MTUM
0.6%

Real Estate

IWD
3.9%
MTUM
1.3%

Basic Materials

IWD
3.7%
MTUM
2.3%

Compare stocks, funds, or ETFs

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

iShares Russell 1000 Value ETF

iShares MSCI USA Momentum Factor ETF

Often compared with IWD:
IWD vs. IWFIWD vs. VTVIWD vs. IWBIWD vs. QQQIWD vs. VONVIWD vs. IWVIWD vs. IWR
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

IWD vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWD
IWD Risk / Return Rank: 9090
Overall Rank
IWD Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
IWD Sortino Ratio Rank: 9191
Sortino Ratio Rank
IWD Omega Ratio Rank: 8989
Omega Ratio Rank
IWD Calmar Ratio Rank: 8888
Calmar Ratio Rank
IWD Martin Ratio Rank: 9191
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 7979
Overall Rank
MTUM Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 7272
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7676
Omega Ratio Rank
MTUM Calmar Ratio Rank: 8383
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8484
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.

IWD vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Value ETF (IWD) 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.

IWDMTUMDifference
Sharpe ratioReturn per unit of total volatility
2.80
2.21

+0.59

Sortino ratioReturn per unit of downside risk
3.89
2.90

+0.99

Omega ratioGain probability vs. loss probability

1.50

1.40

+0.10

Calmar ratioReturn relative to maximum drawdown

4.60

4.02

+0.58

Martin ratioReturn relative to average drawdown

19.12

15.48

+3.64

IWD vs. MTUM - Sharpe Ratio Comparison

The current IWD Sharpe Ratio is 2.80, which is comparable to the MTUM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of IWD 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

IWD vs. MTUM - Drawdown Comparison

The maximum IWD drawdown since its inception was -60.10%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IWD and MTUM.

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Drawdown Indicators

IWDMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-60.10%

-34.08%

-26.02%

Max Drawdown (1Y)

Largest decline over 1 year

-6.79%

-11.54%

+4.75%

Max Drawdown (3Y)

Largest decline over 3 years

-15.71%

-20.99%

+5.28%

Max Drawdown (5Y)

Largest decline over 5 years

-19.04%

-32.28%

+13.24%

Max Drawdown (10Y)

Largest decline over 10 years

-38.51%

-34.08%

-4.43%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-8.64%

-6.20%

-2.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.63%

2.99%

-1.36%

Volatility

IWD vs. MTUM - Volatility Comparison

The current volatility for iShares Russell 1000 Value ETF (IWD) is 4.04%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.20%. This indicates that IWD 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

IWDMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

11.20%

-7.16%

Volatility (6M)

Calculated over the trailing 6-month period

8.55%

18.83%

-10.28%

Volatility (1Y)

Calculated over the trailing 1-year period

11.19%

21.08%

-9.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.88%

20.99%

-6.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.32%

21.23%

-3.91%

IWD vs. MTUM - Expense Ratio Comparison

IWD has a 0.18% expense ratio, which is higher than MTUM's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWD vs. MTUM - Dividend Comparison

IWD's dividend yield for the trailing twelve months is around 1.78%, more than MTUM's 0.70% yield.

PositionTTM20252024202320222021202020192018201720162015
IWD
iShares Russell 1000 Value ETF		1.78%1.69%1.87%2.02%2.15%1.62%2.05%2.45%2.71%2.09%2.25%2.47%
MTUM
iShares MSCI USA Momentum Factor ETF		0.70%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

IWD and MTUM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.20%) compared to IWD (4.04%). In terms of maximum drawdown, IWD dropped -60.10% vs MTUM's -34.08%.

On 10-year performance, MTUM leads with 17.54% vs 11.56% for IWD. On fees, MTUM is cheaper at 0.15% per year. On volatility, IWD has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MTUM has performed better with a 17.54% return vs 11.56%. 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 0.18% for IWD.

IWD has the higher dividend yield at 1.78%, compared with 0.70% for MTUM.

IWD is categorized as Large Cap Value Equities, while MTUM is Momentum. IWD tracks Russell 1000 Value Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.18% for IWD and 0.15% for MTUM.

IWD currently has the higher Sharpe Ratio (2.80 vs 2.21), 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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