LST vs. MTUM

Last updated Jun 23, 2026

LST (Leuthold Select Industries ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - LST is a Mid Cap Blend Equities fund actively managed by Leuthold Group, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. LST is actively managed, while MTUM is passively managed. Over the past year, LST returned 33.41% vs 50.96% for MTUM. Their correlation of 0.80 suggests significant overlap in exposure. LST charges 0.65%/yr vs 0.15%/yr for MTUM.

Performance

LST vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Select Industries ETF (LST) 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, LST achieves a 15.69% return, which is significantly lower than MTUM's 38.19% return.

LST

• 1D: 1.00%
• 1M: 1.69%
• YTD: 15.69%
• 6M: 14.16%
• 1Y: 33.41%
• 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)

LST vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
LST Leuthold Select Industries ETF	15.69%	15.31%
MTUM iShares MSCI USA Momentum Factor ETF	38.19%	16.29%

Correlation

The correlation between LST and MTUM is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jan 21, 2025	0.80

The correlation between LST and MTUM has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

LST vs. MTUM — Risk / Return Rank

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

LST

LST Risk / Return Rank: 70
LST Sharpe Ratio Rank: 73
LST Sortino Ratio Rank: 73
LST Omega Ratio Rank: 69
LST Calmar Ratio Rank: 64
LST 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.

LST vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Select Industries ETF (LST) 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.

	LST	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.39	-0.14
Sortino ratio: Return per unit of downside risk	3.13	3.10	+0.03
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	4.44	-1.34
Martin ratio: Return relative to average drawdown	12.63	17.05	-4.42

LST vs. MTUM - Sharpe Ratio Comparison

The current LST Sharpe Ratio is 2.25, which is comparable to the MTUM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of LST 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

LST vs. MTUM - Drawdown Comparison

The maximum LST drawdown since its inception was -19.47%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for LST and MTUM.

Drawdown Indicators

	LST	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-34.08%	+14.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-11.54%	+0.69%
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	-1.69%	0.00%	-1.69%
Average Drawdown Average peak-to-trough decline	-2.88%	-6.19%	+3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.00%	-0.35%

Volatility

LST vs. MTUM - Volatility Comparison

The current volatility for Leuthold Select Industries ETF (LST) is 4.98%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.02%. This indicates that LST 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

	LST	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	11.02%	-6.04%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	18.88%	-6.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	21.48%	-6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	21.06%	-3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	21.28%	-3.27%

LST vs. MTUM - Expense Ratio Comparison

LST has a 0.65% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

LST vs. MTUM - Dividend Comparison

LST's dividend yield for the trailing twelve months is around 1.16%, more than MTUM's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LST Leuthold Select Industries ETF	1.16%	1.34%	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 LST and MTUM in my portfolio?

LST and MTUM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LST or MTUM?

MTUM has higher volatility (11.02%) compared to LST (4.98%). In terms of maximum drawdown, LST dropped -19.47% vs MTUM's -34.08%.

Which ETF is better, LST or MTUM?

On 1-year performance, MTUM leads with 50.96% vs 33.41% for LST. On fees, MTUM is cheaper at 0.15% per year. On volatility, LST 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, LST or MTUM?

Over the 1-year period, MTUM has performed better with a 50.96% return vs 33.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LST or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.65% for LST.

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

LST has the higher dividend yield at 1.16%, compared with 0.54% for MTUM.

What is the main difference between LST and MTUM?

LST is categorized as Mid Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Leuthold Group and iShares. Their fees differ too: 0.65% for LST and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.39 vs 2.25), 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.