IYY vs. MTUM

Last updated Jun 24, 2026

IYY (iShares Dow Jones U.S. ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IYY is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, IYY returned 15.08%/yr vs 17.49%/yr for MTUM. Their correlation of 0.86 suggests significant overlap in exposure. IYY charges 0.20%/yr vs 0.15%/yr for MTUM.

Performance

IYY vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Dow Jones U.S. ETF (IYY) 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, IYY achieves a 8.34% return, which is significantly lower than MTUM's 32.00% return. Over the past 10 years, IYY has underperformed MTUM with an annualized return of 15.08%, while MTUM has yielded a comparatively higher 17.49% annualized return.

IYY

• 1D: -1.33%
• 1M: -1.01%
• YTD: 8.34%
• 6M: 7.27%
• 1Y: 23.31%
• 3Y*: 20.53%
• 5Y*: 12.11%
• 10Y*: 15.08%

MTUM

• 1D: -4.48%
• 1M: 8.74%
• YTD: 32.00%
• 6M: 29.92%
• 1Y: 41.78%
• 3Y*: 33.87%
• 5Y*: 15.18%
• 10Y*: 17.49%

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

IYY vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYY iShares Dow Jones U.S. ETF	8.34%	17.08%	24.15%	26.48%	-19.57%	26.38%	20.10%	30.78%	-5.16%	21.33%
MTUM iShares MSCI USA Momentum Factor ETF	32.00%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between IYY and MTUM is 0.83, 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	0.83
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	0.85
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.86

The correlation between IYY and MTUM has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

IYY vs. MTUM - Sectors Allocation Comparison

Sectors	IYY	MTUM
Technology	38.3%	50.2%
Financial Services	11.2%	5.0%
Communication Services	10.1%	5.1%
Consumer Cyclical	9.9%	2.9%
Industrials	8.5%	15.0%
Healthcare	8.4%	3.5%
Consumer Defensive	4.4%	3.7%
Energy	3.2%	10.5%
Utilities	2.1%	0.6%
Real Estate	2.0%	1.3%
Basic Materials	1.9%	2.3%

Return for Risk

IYY vs. MTUM — Risk / Return Rank

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

IYY

IYY Risk / Return Rank: 58
IYY Sharpe Ratio Rank: 57
IYY Sortino Ratio Rank: 55
IYY Omega Ratio Rank: 56
IYY Calmar Ratio Rank: 55
IYY Martin Ratio Rank: 66

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 59
MTUM Sortino Ratio Rank: 54
MTUM Omega Ratio Rank: 59
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 76

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.

IYY vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Dow Jones U.S. ETF (IYY) 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.

	IYY	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.92	-0.07
Sortino ratio: Return per unit of downside risk	2.53	2.53	0.00
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.62	3.64	-1.02
Martin ratio: Return relative to average drawdown	11.61	13.91	-2.31

IYY vs. MTUM - Sharpe Ratio Comparison

The current IYY Sharpe Ratio is 1.85, which is comparable to the MTUM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IYY 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

IYY vs. MTUM - Drawdown Comparison

The maximum IYY drawdown since its inception was -55.17%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IYY and MTUM.

Drawdown Indicators

	IYY	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-55.17%	-34.08%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-11.54%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-20.99%	+1.93%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-32.28%	+6.82%
Max Drawdown (10Y) Largest decline over 10 years	-34.90%	-34.08%	-0.82%
Current Drawdown Current decline from peak	-3.04%	-4.48%	+1.44%
Average Drawdown Average peak-to-trough decline	-10.82%	-6.19%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.01%	-1.00%

Volatility

IYY vs. MTUM - Volatility Comparison

The current volatility for iShares Dow Jones U.S. ETF (IYY) is 4.98%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that IYY 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

	IYY	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	12.20%	-7.22%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	19.44%	-9.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	21.93%	-9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	21.15%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.18%	21.31%	-3.13%

IYY vs. MTUM - Expense Ratio Comparison

IYY has a 0.20% 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

IYY vs. MTUM - Dividend Comparison

IYY's dividend yield for the trailing twelve months is around 0.89%, more than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYY iShares Dow Jones U.S. ETF	0.89%	0.95%	1.05%	1.29%	1.48%	1.04%	1.31%	1.80%	1.97%	1.62%	1.81%	1.97%
MTUM iShares MSCI USA Momentum Factor ETF	0.56%	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 IYY and MTUM in my portfolio?

IYY and MTUM have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYY or MTUM?

MTUM has higher volatility (12.20%) compared to IYY (4.98%). In terms of maximum drawdown, IYY dropped -55.17% vs MTUM's -34.08%.

Which ETF is better, IYY or MTUM?

On 10-year performance, MTUM leads with 17.49% vs 15.08% for IYY. On fees, MTUM is cheaper at 0.15% per year. On volatility, IYY has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYY or MTUM?

Over the 10-year period, MTUM has performed better with a 17.49% return vs 15.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYY or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.20% for IYY.

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

IYY has the higher dividend yield at 0.89%, compared with 0.56% for MTUM.

What is the main difference between IYY and MTUM?

IYY is categorized as Large Cap Blend Equities, while MTUM is Momentum. IYY tracks Dow Jones U.S. Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.20% for IYY and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.92 vs 1.85), 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.