MMTM vs. IWY

Last updated Jun 5, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - MMTM is a Momentum fund tracking the S&P 1500 Positive Momentum Tilt Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, MMTM returned 15.14%/yr vs 19.57%/yr for IWY. A 0.78 correlation means they provide meaningful diversification when combined. MMTM charges 0.12%/yr vs 0.20%/yr for IWY.

Performance

MMTM vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Momentum Tilt ETF (MMTM) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMTM achieves a 10.17% return, which is significantly higher than IWY's 7.56% return. Over the past 10 years, MMTM has underperformed IWY with an annualized return of 15.14%, while IWY has yielded a comparatively higher 19.57% annualized return.

MMTM

• 1D: 0.92%
• 1M: 3.08%
• YTD: 10.17%
• 6M: 10.01%
• 1Y: 25.56%
• 3Y*: 22.98%
• 5Y*: 13.71%
• 10Y*: 15.14%

IWY

• 1D: 0.34%
• 1M: 5.74%
• YTD: 7.56%
• 6M: 6.81%
• 1Y: 26.62%
• 3Y*: 25.64%
• 5Y*: 16.52%
• 10Y*: 19.57%

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

MMTM vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM SPDR S&P 1500 Momentum Tilt ETF	10.17%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
IWY iShares Russell Top 200 Growth ETF	7.56%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between MMTM and IWY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.78

The correlation between MMTM and IWY shifts across timeframes, from 0.78 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.

MMTM vs. IWY - Sectors Allocation Comparison

Sectors	MMTM	IWY
Technology	29.5%	54.9%
Financial Services	16.0%	5.6%
Consumer Cyclical	12.4%	11.4%
Healthcare	10.8%	6.6%
Communication Services	7.7%	13.9%
Industrials	7.6%	4.0%
Consumer Defensive	6.7%	3.0%
Real Estate	3.1%	0.3%
Utilities	2.6%	1.1%
Basic Materials	2.0%	0.3%
Energy	1.7%	0.0%

Return for Risk

MMTM vs. IWY — Risk / Return Rank

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

MMTM

MMTM Risk / Return Rank: 56
MMTM Sharpe Ratio Rank: 54
MMTM Sortino Ratio Rank: 53
MMTM Omega Ratio Rank: 53
MMTM Calmar Ratio Rank: 54
MMTM Martin Ratio Rank: 65

IWY

IWY Risk / Return Rank: 43
IWY Sharpe Ratio Rank: 51
IWY Sortino Ratio Rank: 49
IWY Omega Ratio Rank: 49
IWY Calmar Ratio Rank: 33
IWY Martin Ratio Rank: 35

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.

MMTM vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) and iShares Russell Top 200 Growth ETF (IWY). 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.

	MMTM	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.72	+0.09
Sortino ratio: Return per unit of downside risk	2.50	2.35	+0.15
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.59	1.61	+0.99
Martin ratio: Return relative to average drawdown	11.74	5.24	+6.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMTM vs. IWY - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 1.81, which is comparable to the IWY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MMTM and IWY, 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

	MMTM	IWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.72	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.77	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.94	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.92	-0.07

Drawdowns

MMTM vs. IWY - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, roughly equal to the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for MMTM and IWY.

Drawdown Indicators

	MMTM	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-32.68%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-16.63%	+6.74%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-23.22%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-32.68%	+8.96%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-32.68%	-1.17%
Current Drawdown Current decline from peak	-0.56%	-1.49%	+0.93%
Average Drawdown Average peak-to-trough decline	-4.20%	-4.75%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	5.09%	-2.91%

Volatility

MMTM vs. IWY - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 2.48%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 3.69%. This indicates that MMTM experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMTM	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	3.69%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	11.65%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.20%	15.53%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	21.47%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	20.97%	-2.32%

MMTM vs. IWY - Expense Ratio Comparison

MMTM has a 0.12% expense ratio, which is lower than IWY's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MMTM vs. IWY - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.78%, more than IWY's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.33%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.78%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%

Frequently Asked Questions

Can I hold both MMTM and IWY in my portfolio?

With a correlation of 0.91, MMTM and IWY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MMTM or IWY?

IWY has higher volatility (3.69%) compared to MMTM (2.48%). In terms of maximum drawdown, MMTM dropped -33.85% vs IWY's -32.68%.

Which ETF is better, MMTM or IWY?

On 10-year performance, IWY leads with 19.57% vs 15.14% for MMTM. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or IWY?

Over the 10-year period, IWY has performed better with a 19.57% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or IWY?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.20% for IWY.

Which ETF pays a higher dividend yield, MMTM or IWY?

MMTM has the higher dividend yield at 0.78%, compared with 0.33% for IWY.

What is the main difference between MMTM and IWY?

MMTM is categorized as Momentum, while IWY is Large Cap Growth Equities. MMTM tracks S&P 1500 Positive Momentum Tilt Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for MMTM and 0.20% for IWY.

Which has better risk-adjusted returns?

MMTM currently has the higher Sharpe Ratio (1.81 vs 1.72), 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.