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IWM vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. MTUM

Last updated Aug 5, 2026
Documentation

IWM (iShares Russell 2000 ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, IWM returned 10.83%/yr vs 16.22%/yr for MTUM. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IWM charges 0.19%/yr vs 0.15%/yr for MTUM.

Performance

IWM vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) 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, IWM achieves a 23.08% return, which is significantly lower than MTUM's 25.44% return. Over the past 10 years, IWM has underperformed MTUM with an annualized return of 10.83%, while MTUM has yielded a comparatively higher 16.22% annualized return.

IWM

1D
1.85%
1M
1.39%
6M
15.29%
YTD
23.08%
1Y
38.74%
3Y*
17.20%
5Y*
7.66%
10Y*
10.83%
ALL TIME*
8.88%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWM

iShares Russell 2000 ETF
$6.85B$6.35B$7.43B

MTUM

iShares MSCI USA Momentum Factor ETF
$597.51M$632.59M$554.70M

IWM vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		23.08%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
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 IWM and MTUM is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.68

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.73

Correlation (10Y)
Provides a long-term view across more market conditions.

0.70

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

0.72

The correlation between IWM and MTUM has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

IWM vs. MTUM - Sectors Allocation Comparison

Sectors
IWM
MTUM

Healthcare

20.0%
4.2%

Financial Services

18.3%
5.2%

Industrials

13.7%
12.1%

Technology

13.6%
48.3%

Consumer Cyclical

9.2%
3.0%

Real Estate

7.0%
1.5%

Energy

5.6%
11.5%

Basic Materials

4.5%
2.2%

Utilities

2.9%
3.7%

Consumer Defensive

2.8%
3.7%

Communication Services

2.0%
4.4%

Healthcare

IWM
20.0%
MTUM
4.2%

Financial Services

IWM
18.3%
MTUM
5.2%

Industrials

IWM
13.7%
MTUM
12.1%

Technology

IWM
13.6%
MTUM
48.3%

Consumer Cyclical

IWM
9.2%
MTUM
3.0%

Real Estate

IWM
7.0%
MTUM
1.5%

Energy

IWM
5.6%
MTUM
11.5%

Basic Materials

IWM
4.5%
MTUM
2.2%

Utilities

IWM
2.9%
MTUM
3.7%

Consumer Defensive

IWM
2.8%
MTUM
3.7%

Communication Services

IWM
2.0%
MTUM
4.4%

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 2000 ETF

iShares MSCI USA Momentum Factor ETF

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

IWM vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWM
IWM Risk / Return Rank: 7979
Overall Rank
IWM Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWM Omega Ratio Rank: 7272
Omega Ratio Rank
IWM Calmar Ratio Rank: 8484
Calmar Ratio Rank
IWM Martin Ratio Rank: 8383
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 4444
Overall Rank
MTUM Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4141
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4242
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4343
Calmar Ratio Rank
MTUM Martin Ratio Rank: 5252
Martin Ratio Rank
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.

IWM vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.

IWMMTUMDifference
Sharpe ratioReturn per unit of total volatility
2.02
1.18

+0.84

Sortino ratioReturn per unit of downside risk
2.82
1.68

+1.14

Omega ratioGain probability vs. loss probability

1.34

1.22

+0.11

Calmar ratioReturn relative to maximum drawdown

3.53

1.69

+1.84

Martin ratioReturn relative to average drawdown

12.51

6.74

+5.77

IWM vs. MTUM - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 2.02, which is higher than the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IWM 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

IWM vs. MTUM - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IWM and MTUM.

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Drawdown Indicators

IWMMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-34.08%

-24.97%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-17.99%

+6.96%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-20.99%

-6.51%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-32.28%

+0.37%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

-34.08%

-7.05%

Current Drawdown

Current decline from peak

0.00%

-9.23%

+9.23%

Average Drawdown

Average peak-to-trough decline

-10.71%

-6.22%

-4.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

4.49%

-1.38%

Volatility

IWM vs. MTUM - Volatility Comparison

The current volatility for iShares Russell 2000 ETF (IWM) is 4.58%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.35%. This indicates that IWM 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

IWMMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

11.35%

-6.77%

Volatility (6M)

Calculated over the trailing 6-month period

14.21%

23.51%

-9.30%

Volatility (1Y)

Calculated over the trailing 1-year period

19.40%

25.79%

-6.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.50%

21.96%

+0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.02%

21.76%

+1.26%

IWM vs. MTUM - Expense Ratio Comparison

IWM has a 0.19% 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

IWM vs. MTUM - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.88%, more than MTUM's 0.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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

IWM and MTUM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.35%) compared to IWM (4.58%). In terms of maximum drawdown, IWM dropped -59.05% vs MTUM's -34.08%.

On 10-year performance, MTUM leads with 16.22% vs 10.83% for IWM. On fees, MTUM is cheaper at 0.15% per year. On volatility, IWM has been the lower-risk option at 4.58%. 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 16.22% return vs 10.83%. 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 0.19% for IWM.

IWM has the higher dividend yield at 0.88%, compared with 0.59% for MTUM.

IWM is categorized as Small Cap Blend Equities, while MTUM is Momentum. IWM tracks Russell 2000 Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.19% for IWM and 0.15% for MTUM.

IWM currently has the higher Sharpe Ratio (2.02 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.

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