MTUM vs. GLD

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 12.15%/yr for GLD. At a 0.03 correlation, their price movements are largely independent. MTUM charges 0.15%/yr vs 0.40%/yr for GLD.

Performance

MTUM vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUM achieves a 29.72% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, MTUM has outperformed GLD with an annualized return of 17.15%, while GLD has yielded a comparatively lower 12.15% annualized return.

MTUM

• 1D: 1.69%
• 1M: 6.22%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 40.78%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

GLD

• 1D: 0.06%
• 1M: -10.21%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 23.81%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

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

MTUM vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
GLD SPDR Gold Shares	-2.47%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between MTUM and GLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.03

Over the past year, MTUM and GLD have become more correlated (0.24) than their long-term average of 0.03, meaning their price movements have been converging.

MTUM vs. GLD - Sectors Allocation Comparison

Sectors	MTUM	GLD
Technology	44.4%	-
Industrials	15.6%	-
Financial Services	10.4%	-
Communication Services	7.4%	-
Healthcare	6.9%	-
Consumer Cyclical	3.6%	-
Energy	3.5%	-
Consumer Defensive	3.3%	-
Real Estate	1.8%	-
Basic Materials	1.7%	100.0%
Utilities	1.6%	-

Return for Risk

MTUM vs. GLD — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and SPDR Gold Shares (GLD). 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.

	MTUM	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.87	+1.09
Sortino ratio: Return per unit of downside risk	2.62	1.24	+1.38
Omega ratio: Gain probability vs. loss probability	1.36	1.18	+0.17
Calmar ratio: Return relative to maximum drawdown	3.55	0.98	+2.57
Martin ratio: Return relative to average drawdown	13.66	2.81	+10.85

MTUM vs. GLD - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is higher than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of MTUM and GLD, 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

MTUM vs. GLD - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for MTUM and GLD.

Drawdown Indicators

	MTUM	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-45.56%	+11.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-24.46%	+12.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-24.46%	+3.47%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-24.46%	-7.82%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-24.46%	-9.62%
Current Drawdown Current decline from peak	-1.55%	-22.05%	+20.50%
Average Drawdown Average peak-to-trough decline	-6.20%	-16.16%	+9.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	8.49%	-5.50%

Volatility

MTUM vs. GLD - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	7.79%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	24.10%	-5.47%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	27.37%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	18.22%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	16.08%	+5.12%

MTUM vs. GLD - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

MTUM vs. GLD - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	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	0.61%	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 MTUM and GLD in my portfolio?

MTUM and GLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or GLD?

MTUM has higher volatility (10.89%) compared to GLD (7.79%). In terms of maximum drawdown, MTUM dropped -34.08% vs GLD's -45.56%.

Which ETF is better, MTUM or GLD?

On 10-year performance, MTUM leads with 17.15% vs 12.15% for GLD. On fees, MTUM is cheaper at 0.15% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or GLD?

Over the 10-year period, MTUM has performed better with a 17.15% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or GLD?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.00% for GLD.

What is the main difference between MTUM and GLD?

MTUM is categorized as Momentum, while GLD is Gold. MTUM tracks MSCI USA Momentum SR Variant Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for MTUM and 0.40% for GLD.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 0.87), 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.