JUSA vs. MTUM

Last updated Jun 23, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - JUSA is a Large Cap Blend Equities fund actively managed by JPMorgan, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. JUSA is actively managed, while MTUM is passively managed. Over the past year, JUSA returned 25.55% vs 50.96% for MTUM. Their correlation of 0.83 suggests significant overlap in exposure. JUSA charges 0.20%/yr vs 0.15%/yr for MTUM.

Performance

JUSA vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 9.07% return, which is significantly lower than MTUM's 38.19% return.

JUSA

• 1D: -0.43%
• 1M: 0.26%
• YTD: 9.07%
• 6M: 8.73%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.98%
• 1M: 13.83%
• YTD: 38.19%
• 6M: 36.52%
• 1Y: 50.96%
• 3Y*: 35.93%
• 5Y*: 16.53%
• 10Y*: 18.03%

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

JUSA vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	9.07%	22.30%
MTUM iShares MSCI USA Momentum Factor ETF	38.19%	28.47%

Correlation

The correlation between JUSA and MTUM is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.83

The correlation between JUSA and MTUM has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

JUSA vs. MTUM - Sectors Allocation Comparison

Sectors	JUSA	MTUM
Technology	39.2%	50.2%
Financial Services	10.9%	5.0%
Consumer Cyclical	10.7%	2.9%
Communication Services	10.5%	5.1%
Healthcare	8.2%	3.5%
Industrials	7.9%	15.0%
Consumer Defensive	3.9%	3.7%
Energy	3.1%	10.5%
Utilities	2.1%	0.6%
Real Estate	1.8%	1.3%
Basic Materials	1.8%	2.3%

Return for Risk

JUSA vs. MTUM — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 65
JUSA Sharpe Ratio Rank: 66
JUSA Sortino Ratio Rank: 63
JUSA Omega Ratio Rank: 65
JUSA Calmar Ratio Rank: 60
JUSA Martin Ratio Rank: 71

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 78
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 75
MTUM Calmar Ratio Rank: 85
MTUM Martin Ratio Rank: 85

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.

JUSA vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.39	-0.31
Sortino ratio: Return per unit of downside risk	2.86	3.10	-0.24
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.87	4.44	-1.56
Martin ratio: Return relative to average drawdown	12.84	17.05	-4.21

JUSA vs. MTUM - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 2.08, which is comparable to the MTUM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of JUSA 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

JUSA vs. MTUM - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for JUSA and MTUM.

Drawdown Indicators

	JUSA	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-34.08%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-11.54%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-1.56%	0.00%	-1.56%
Average Drawdown Average peak-to-trough decline	-1.52%	-6.19%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	3.00%	-1.01%

Volatility

JUSA vs. MTUM - Volatility Comparison

The current volatility for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) is 4.48%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.02%. This indicates that JUSA 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

	JUSA	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	11.02%	-6.54%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	18.88%	-9.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	21.48%	-9.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	21.06%	-2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	21.28%	-2.57%

JUSA vs. MTUM - Expense Ratio Comparison

JUSA 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

JUSA vs. MTUM - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.87%, more than MTUM's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.87%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.54%	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 JUSA and MTUM in my portfolio?

JUSA and MTUM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUSA or MTUM?

MTUM has higher volatility (11.02%) compared to JUSA (4.48%). In terms of maximum drawdown, JUSA dropped -14.02% vs MTUM's -34.08%.

Which ETF is better, JUSA or MTUM?

On 1-year performance, MTUM leads with 50.96% vs 25.55% for JUSA. On fees, MTUM is cheaper at 0.15% per year. On volatility, JUSA has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or MTUM?

Over the 1-year period, MTUM has performed better with a 50.96% return vs 25.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or MTUM?

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

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

JUSA has the higher dividend yield at 0.87%, compared with 0.54% for MTUM.

What is the main difference between JUSA and MTUM?

JUSA is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.20% for JUSA and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.39 vs 2.08), 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.