MTUM vs. IAUM

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, MTUM returned 33.16%/yr vs 29.28%/yr for IAUM. At a 0.10 correlation, their price movements are largely independent. MTUM charges 0.15%/yr vs 0.09%/yr for IAUM.

Performance

MTUM vs. IAUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and iShares Gold Trust Micro (IAUM). 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 IAUM's -2.40% return.

MTUM

• 1D: 1.69%
• 1M: 5.58%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

MTUM vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	5.65%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between MTUM and IAUM 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 (All Time) Calculated using the full available price history since Jun 29, 2021	0.11

The correlation between MTUM and IAUM shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

MTUM vs. IAUM - Sectors Allocation Comparison

Sectors	MTUM	IAUM
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%	100.0%
Basic Materials	1.7%	-
Utilities	1.6%	-

Return for Risk

MTUM vs. IAUM — 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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.90	+1.06
Sortino ratio: Return per unit of downside risk	2.62	1.26	+1.35
Omega ratio: Gain probability vs. loss probability	1.36	1.19	+0.17
Calmar ratio: Return relative to maximum drawdown	3.55	1.00	+2.55
Martin ratio: Return relative to average drawdown	13.66	2.87	+10.79

MTUM vs. IAUM - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of MTUM and IAUM, 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. IAUM - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for MTUM and IAUM.

Drawdown Indicators

	MTUM	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-24.37%	-9.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-24.37%	+12.83%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-24.37%	+3.38%
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	-1.55%	-21.99%	+20.44%
Average Drawdown Average peak-to-trough decline	-6.20%	-5.38%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	8.46%	-5.47%

Volatility

MTUM vs. IAUM - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to iShares Gold Trust Micro (IAUM) at 7.71%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	7.71%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	23.82%	-5.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	27.06%	-6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	18.05%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	18.05%	+3.15%

MTUM vs. IAUM - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than IAUM's 0.09% 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

MTUM vs. IAUM - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAUM iShares Gold Trust Micro	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 IAUM in my portfolio?

MTUM and IAUM 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 IAUM?

MTUM has higher volatility (10.89%) compared to IAUM (7.71%). In terms of maximum drawdown, MTUM dropped -34.08% vs IAUM's -24.37%.

Which ETF is better, MTUM or IAUM?

On 3-year performance, MTUM leads with 33.16% vs 29.28% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or IAUM?

Over the 3-year period, MTUM has performed better with a 33.16% return vs 29.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.15% for MTUM.

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

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

What is the main difference between MTUM and IAUM?

MTUM is categorized as Momentum, while IAUM is Gold. MTUM tracks MSCI USA Momentum SR Variant Index, while IAUM tracks LBMA Gold Price PM. Their fees differ too: 0.15% for MTUM and 0.09% for IAUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 0.90), 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.