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MTUM vs. EEMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. EEMO

Last updated Jun 26, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and EEMO (Invesco S&P Emerging Markets Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while EEMO tracks the S&P Momentum Emerging Plus LargeMidCap Index. Both are passively managed. Over the past 10 years, MTUM returned 17.88%/yr vs 9.15%/yr for EEMO. A 0.50 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.31%/yr for EEMO.

Performance

MTUM vs. EEMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P Emerging Markets Momentum ETF (EEMO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MTUM achieves a 35.82% return, which is significantly lower than EEMO's 41.14% return. Over the past 10 years, MTUM has outperformed EEMO with an annualized return of 17.88%, while EEMO has yielded a comparatively lower 9.15% annualized return.

MTUM

1D
3.32%
1M
8.16%
YTD
35.82%
6M
33.08%
1Y
45.28%
3Y*
35.42%
5Y*
15.79%
10Y*
17.88%

EEMO

1D
3.82%
1M
3.90%
YTD
41.14%
6M
40.15%
1Y
49.68%
3Y*
24.60%
5Y*
6.84%
10Y*
9.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUM vs. EEMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		35.82%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
EEMO
Invesco S&P Emerging Markets Momentum ETF		41.14%10.99%9.88%13.90%-18.73%-5.57%9.66%21.17%-17.24%49.65%

Correlation

The correlation between MTUM and EEMO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.60

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.50

The correlation between MTUM and EEMO shifts across timeframes, from 0.50 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

MTUM vs. EEMO - Sectors Allocation Comparison

Sectors
MTUM
EEMO

Technology

50.2%
53.0%

Industrials

15.0%
7.5%

Energy

10.5%
0.8%

Communication Services

5.1%
1.2%

Financial Services

5.0%
15.4%

Consumer Defensive

3.7%
0.6%

Healthcare

3.5%
2.3%

Consumer Cyclical

2.9%
2.8%

Basic Materials

2.3%
9.9%

Real Estate

1.3%
0.3%

Utilities

0.6%
1.0%

Technology

MTUM
50.2%
EEMO
53.0%

Industrials

MTUM
15.0%
EEMO
7.5%

Energy

MTUM
10.5%
EEMO
0.8%

Communication Services

MTUM
5.1%
EEMO
1.2%

Financial Services

MTUM
5.0%
EEMO
15.4%

Consumer Defensive

MTUM
3.7%
EEMO
0.6%

Healthcare

MTUM
3.5%
EEMO
2.3%

Consumer Cyclical

MTUM
2.9%
EEMO
2.8%

Basic Materials

MTUM
2.3%
EEMO
9.9%

Real Estate

MTUM
1.3%
EEMO
0.3%

Utilities

MTUM
0.6%
EEMO
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Momentum Factor ETF

Invesco S&P Emerging Markets Momentum ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with EEMO:
EEMO vs. IDMOEEMO vs. EEMEEMO vs. PIEEEMO vs. VWOEEMO vs. EEMSEEMO vs. SPMOEEMO vs. AVEM

Return for Risk

MTUM vs. EEMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 7777
Overall Rank
MTUM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 6969
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7373
Omega Ratio Rank
MTUM Calmar Ratio Rank: 8484
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8484
Martin Ratio Rank
EEMO
EEMO Risk / Return Rank: 6666
Overall Rank
EEMO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
EEMO Sortino Ratio Rank: 5353
Sortino Ratio Rank
EEMO Omega Ratio Rank: 7070
Omega Ratio Rank
EEMO Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEMO Martin Ratio Rank: 7575
Martin Ratio Rank
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.

MTUM vs. EEMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P Emerging Markets Momentum ETF (EEMO). 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.

MTUMEEMODifference
Sharpe ratioReturn per unit of total volatility
2.06
1.64

+0.42

Sortino ratioReturn per unit of downside risk
2.70
2.24

+0.46

Omega ratioGain probability vs. loss probability

1.37

1.36

+0.02

Calmar ratioReturn relative to maximum drawdown

3.94

3.38

+0.56

Martin ratioReturn relative to average drawdown

14.99

12.20

+2.79

MTUM vs. EEMO - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.06, which is comparable to the EEMO Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of MTUM and EEMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MTUM vs. EEMO - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum EEMO drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for MTUM and EEMO.

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Drawdown Indicators

MTUMEEMODifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-48.47%

+14.39%

Max Drawdown (1Y)

Largest decline over 1 year

-11.54%

-14.75%

+3.21%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-26.06%

+5.07%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-34.03%

+1.75%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-46.57%

+12.49%

Current Drawdown

Current decline from peak

-1.71%

-4.50%

+2.79%

Average Drawdown

Average peak-to-trough decline

-6.19%

-20.11%

+13.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

4.08%

-1.05%

Volatility

MTUM vs. EEMO - Volatility Comparison

The current volatility for iShares MSCI USA Momentum Factor ETF (MTUM) is 12.20%, while Invesco S&P Emerging Markets Momentum ETF (EEMO) has a volatility of 19.67%. This indicates that MTUM experiences smaller price fluctuations and is considered to be less risky than EEMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMEEMODifference

Volatility (1M)

Calculated over the trailing 1-month period

12.20%

19.67%

-7.47%

Volatility (6M)

Calculated over the trailing 6-month period

19.59%

28.97%

-9.38%

Volatility (1Y)

Calculated over the trailing 1-year period

22.09%

30.38%

-8.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.20%

20.99%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.33%

22.36%

-1.03%

MTUM vs. EEMO - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than EEMO's 0.31% expense ratio.

Dividends

MTUM vs. EEMO - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.55%, less than EEMO's 1.61% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMO
Invesco S&P Emerging Markets Momentum ETF		1.61%2.31%2.57%3.65%3.82%1.51%1.53%2.13%13.10%5.13%1.55%2.92%
MTUM
iShares MSCI USA Momentum Factor ETF		0.55%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

MTUM and EEMO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMO has higher volatility (19.67%) compared to MTUM (12.20%). In terms of maximum drawdown, MTUM dropped -34.08% vs EEMO's -48.47%.

On 10-year performance, MTUM leads with 17.88% vs 9.15% for EEMO. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 12.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MTUM has performed better with a 17.88% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.31% for EEMO.

EEMO has the higher dividend yield at 1.61%, compared with 0.55% for MTUM.

MTUM tracks MSCI USA Momentum SR Variant Index, while EEMO tracks S&P Momentum Emerging Plus LargeMidCap Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.31% for EEMO.

MTUM currently has the higher Sharpe Ratio (2.06 vs 1.64), 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.

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