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MTUM vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. IEFA

Last updated Jul 26, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, MTUM returned 16.00%/yr vs 9.38%/yr for IEFA. Their 0.67 correlation means they have sometimes moved together and sometimes differently. MTUM charges 0.15%/yr vs 0.07%/yr for IEFA.

Performance

MTUM vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and iShares Core MSCI EAFE ETF (IEFA). 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 22.65% return, which is significantly higher than IEFA's 9.45% return. Over the past 10 years, MTUM has outperformed IEFA with an annualized return of 16.00%, while IEFA has yielded a comparatively lower 9.38% annualized return.

MTUM

1D
-2.42%
1M
-9.70%
6M
20.16%
YTD
22.65%
1Y
27.88%
3Y*
28.98%
5Y*
13.15%
10Y*
16.00%
ALL TIME*
15.84%

IEFA

1D
0.61%
1M
0.32%
6M
4.92%
YTD
9.45%
1Y
17.75%
3Y*
15.52%
5Y*
8.55%
10Y*
9.38%
ALL TIME*
8.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IEFA

iShares Core MSCI EAFE ETF
$895.79M$960.37M$950.39M

MTUM

iShares MSCI USA Momentum Factor ETF
$620.00M$622.73M$495.72M

MTUM vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		22.65%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
IEFA
iShares Core MSCI EAFE ETF		9.45%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between MTUM and IEFA is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.63

Correlation (3Y)
Balances recent behavior with more history.

0.61

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.66

Correlation (10Y)
Provides a long-term view across more market conditions.

0.66

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

0.67

The correlation between MTUM and IEFA has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

MTUM vs. IEFA - Sectors Allocation Comparison

Sectors
MTUM
IEFA

Technology

48.0%
12.1%

Industrials

15.3%
19.3%

Energy

11.3%
3.7%

Financial Services

5.2%
25.5%

Communication Services

4.9%
3.4%

Healthcare

4.0%
10.0%

Consumer Defensive

3.9%
6.5%

Consumer Cyclical

3.0%
7.3%

Basic Materials

2.1%
6.2%

Real Estate

1.5%
2.2%

Utilities

0.6%
3.5%

Technology

MTUM
48.0%
IEFA
12.1%

Industrials

MTUM
15.3%
IEFA
19.3%

Energy

MTUM
11.3%
IEFA
3.7%

Financial Services

MTUM
5.2%
IEFA
25.5%

Communication Services

MTUM
4.9%
IEFA
3.4%

Healthcare

MTUM
4.0%
IEFA
10.0%

Consumer Defensive

MTUM
3.9%
IEFA
6.5%

Consumer Cyclical

MTUM
3.0%
IEFA
7.3%

Basic Materials

MTUM
2.1%
IEFA
6.2%

Real Estate

MTUM
1.5%
IEFA
2.2%

Utilities

MTUM
0.6%
IEFA
3.5%

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

iShares Core MSCI EAFE ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

MTUM vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 5555
Overall Rank
MTUM Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4646
Sortino Ratio Rank
MTUM Omega Ratio Rank: 5050
Omega Ratio Rank
MTUM Calmar Ratio Rank: 6666
Calmar Ratio Rank
MTUM Martin Ratio Rank: 6262
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4747
Overall Rank
IEFA Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4747
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4646
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4343
Calmar Ratio Rank
IEFA Martin Ratio Rank: 5151
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. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and iShares Core MSCI EAFE ETF (IEFA). 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.

MTUMIEFADifference
Sharpe ratioReturn per unit of total volatility
1.18
1.14

+0.04

Sortino ratioReturn per unit of downside risk
1.66
1.67

-0.01

Omega ratioGain probability vs. loss probability

1.22

1.21

+0.02

Calmar ratioReturn relative to maximum drawdown

2.31

1.54

+0.78

Martin ratioReturn relative to average drawdown

7.45

5.85

+1.60

MTUM vs. IEFA - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.18, which is comparable to the IEFA Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of MTUM and IEFA, 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. IEFA - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, roughly equal to the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for MTUM and IEFA.

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Drawdown Indicators

MTUMIEFADifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-34.78%

+0.70%

Max Drawdown (1Y)

Largest decline over 1 year

-12.49%

-11.50%

-0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-13.76%

-7.23%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-30.41%

-1.87%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-34.78%

+0.70%

Current Drawdown

Current decline from peak

-11.25%

-2.00%

-9.25%

Average Drawdown

Average peak-to-trough decline

-6.20%

-6.63%

+0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.87%

3.02%

+0.85%

Volatility

MTUM vs. IEFA - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.65% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.00%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

11.65%

4.00%

+7.65%

Volatility (6M)

Calculated over the trailing 6-month period

22.19%

13.48%

+8.71%

Volatility (1Y)

Calculated over the trailing 1-year period

24.47%

15.55%

+8.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.65%

16.59%

+5.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.60%

17.02%

+4.58%

MTUM vs. IEFA - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than IEFA's 0.07% 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. IEFA - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, less than IEFA's 3.41% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.41%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
MTUM
iShares MSCI USA Momentum Factor ETF		0.60%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 IEFA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.65%) compared to IEFA (4.00%). In terms of maximum drawdown, MTUM dropped -34.08% vs IEFA's -34.78%.

On 10-year performance, MTUM leads with 16.00% vs 9.38% for IEFA. On fees, IEFA is cheaper at 0.07% per year. On volatility, IEFA has been the lower-risk option at 4.00%. 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 16.00% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.15% for MTUM.

IEFA has the higher dividend yield at 3.41%, compared with 0.60% for MTUM.

MTUM is categorized as Momentum, while IEFA is Foreign Large Cap Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.15% for MTUM and 0.07% for IEFA.

MTUM currently has the higher Sharpe Ratio (1.18 vs 1.14), 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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