JOET vs. MTUM

Last updated Jun 4, 2026

JOET (Virtus Terranova U.S. Quality Momentum ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - JOET tracks the Terranova U.S. Quality Momentum Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, JOET returned 10.88%/yr vs 15.21%/yr for MTUM. Their correlation of 0.87 suggests significant overlap in exposure. JOET charges 0.29%/yr vs 0.15%/yr for MTUM.

Performance

JOET vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Terranova U.S. Quality Momentum ETF (JOET) 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, JOET achieves a 7.43% return, which is significantly lower than MTUM's 31.75% return.

JOET

• 1D: 0.00%
• 1M: 5.74%
• YTD: 7.43%
• 6M: 6.85%
• 1Y: 14.02%
• 3Y*: 18.62%
• 5Y*: 10.88%
• 10Y*: —

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

JOET vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JOET Virtus Terranova U.S. Quality Momentum ETF	7.43%	11.89%	24.01%	16.34%	-18.04%	26.79%	6.00%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	-18.27%	13.36%	7.22%

Correlation

The correlation between JOET 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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 19, 2020	0.87

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

JOET vs. MTUM - Sectors Allocation Comparison

Sectors	JOET	MTUM
Technology	23.1%	44.4%
Industrials	22.6%	15.6%
Financial Services	15.1%	10.4%
Healthcare	11.1%	6.9%
Consumer Cyclical	10.3%	3.6%
Energy	5.8%	3.5%
Communication Services	4.0%	7.4%
Basic Materials	3.2%	1.7%
Real Estate	2.4%	1.8%
Consumer Defensive	1.6%	3.3%
Utilities	0.8%	1.6%

Return for Risk

JOET vs. MTUM — Risk / Return Rank

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

JOET

JOET Risk / Return Rank: 29
JOET Sharpe Ratio Rank: 29
JOET Sortino Ratio Rank: 29
JOET Omega Ratio Rank: 27
JOET Calmar Ratio Rank: 28
JOET Martin Ratio Rank: 34

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM Martin Ratio Rank: 75

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.

JOET vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Terranova U.S. Quality Momentum ETF (JOET) 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.

	JOET	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.05	2.20	-1.16
Sortino ratio: Return per unit of downside risk	1.57	2.98	-1.41
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.35	3.64	-2.28
Martin ratio: Return relative to average drawdown	5.19	14.50	-9.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JOET vs. MTUM - Sharpe Ratio Comparison

The current JOET Sharpe Ratio is 1.05, which is lower than the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of JOET 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.

Sharpe Ratios by Period

	JOET	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	2.20	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.74	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.85	-0.14

Drawdowns

JOET vs. MTUM - Drawdown Comparison

The maximum JOET drawdown since its inception was -26.58%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for JOET and MTUM.

Drawdown Indicators

	JOET	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-26.58%	-34.08%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-11.54%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-20.99%	+1.44%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-32.28%	+5.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.18%	-6.21%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.89%	-0.18%

Volatility

JOET vs. MTUM - Volatility Comparison

The current volatility for Virtus Terranova U.S. Quality Momentum ETF (JOET) is 3.50%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that JOET 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

	JOET	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	7.68%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	16.46%	-6.09%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	19.04%	-5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	20.60%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	21.03%	-3.51%

JOET vs. MTUM - Expense Ratio Comparison

JOET has a 0.29% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

JOET vs. MTUM - Dividend Comparison

JOET's dividend yield for the trailing twelve months is around 0.61%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JOET Virtus Terranova U.S. Quality Momentum ETF	0.61%	0.65%	0.71%	1.32%	1.25%	0.42%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	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 JOET and MTUM in my portfolio?

JOET 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, JOET or MTUM?

MTUM has higher volatility (7.68%) compared to JOET (3.50%). In terms of maximum drawdown, JOET dropped -26.58% vs MTUM's -34.08%.

Which ETF is better, JOET or MTUM?

On 5-year performance, MTUM leads with 15.21% vs 10.88% for JOET. On fees, MTUM is cheaper at 0.15% per year. On volatility, JOET has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JOET or MTUM?

Over the 5-year period, MTUM has performed better with a 15.21% return vs 10.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JOET or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for JOET.

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

JOET has the higher dividend yield at 0.61%, compared with 0.60% for MTUM.

What is the main difference between JOET and MTUM?

JOET tracks Terranova U.S. Quality Momentum Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 0.29% for JOET and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 1.05), 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.