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MTUM vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. IJR

Last updated Jun 16, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, MTUM returned 17.54%/yr vs 11.21%/yr for IJR. A 0.67 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.06%/yr for IJR.

Performance

MTUM vs. IJR - 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 S&P Small-Cap ETF (IJR). 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 33.55% return, which is significantly higher than IJR's 19.86% return. Over the past 10 years, MTUM has outperformed IJR with an annualized return of 17.54%, while IJR has yielded a comparatively lower 11.21% annualized return.

MTUM

1D
2.96%
1M
11.98%
YTD
33.55%
6M
34.98%
1Y
46.22%
3Y*
33.86%
5Y*
15.90%
10Y*
17.54%

IJR

1D
0.11%
1M
7.39%
YTD
19.86%
6M
16.97%
1Y
37.16%
3Y*
15.09%
5Y*
6.35%
10Y*
11.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUM vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		33.55%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
IJR
iShares Core S&P Small-Cap ETF		19.86%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between MTUM and IJR is 0.59, 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

0.59

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

0.61

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

0.69

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

0.64

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

0.67

The correlation between MTUM and IJR has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

MTUM vs. IJR - Sectors Allocation Comparison

Sectors
MTUM
IJR

Technology

50.2%
15.9%

Industrials

15.0%
16.0%

Energy

10.5%
6.8%

Communication Services

5.1%
3.2%

Financial Services

5.0%
16.0%

Consumer Defensive

3.7%
3.2%

Healthcare

3.5%
11.0%

Consumer Cyclical

2.9%
12.5%

Basic Materials

2.3%
4.7%

Real Estate

1.3%
7.5%

Utilities

0.6%
1.9%

Technology

MTUM
50.2%
IJR
15.9%

Industrials

MTUM
15.0%
IJR
16.0%

Energy

MTUM
10.5%
IJR
6.8%

Communication Services

MTUM
5.1%
IJR
3.2%

Financial Services

MTUM
5.0%
IJR
16.0%

Consumer Defensive

MTUM
3.7%
IJR
3.2%

Healthcare

MTUM
3.5%
IJR
11.0%

Consumer Cyclical

MTUM
2.9%
IJR
12.5%

Basic Materials

MTUM
2.3%
IJR
4.7%

Real Estate

MTUM
1.3%
IJR
7.5%

Utilities

MTUM
0.6%
IJR
1.9%

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 S&P Small-Cap ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

MTUM vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 7979
Overall Rank
MTUM Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 7272
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7676
Omega Ratio Rank
MTUM Calmar Ratio Rank: 8383
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8484
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7777
Overall Rank
IJR Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 7676
Sortino Ratio Rank
IJR Omega Ratio Rank: 6868
Omega Ratio Rank
IJR Calmar Ratio Rank: 8686
Calmar Ratio Rank
IJR Martin Ratio Rank: 8282
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. IJR - 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 S&P Small-Cap ETF (IJR). 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.

MTUMIJRDifference
Sharpe ratioReturn per unit of total volatility
2.21
2.12

+0.09

Sortino ratioReturn per unit of downside risk
2.90
3.03

-0.13

Omega ratioGain probability vs. loss probability

1.40

1.36

+0.04

Calmar ratioReturn relative to maximum drawdown

4.02

4.30

-0.27

Martin ratioReturn relative to average drawdown

15.48

14.44

+1.04

MTUM vs. IJR - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.21, which is comparable to the IJR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MTUM and IJR, 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. IJR - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for MTUM and IJR.

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Drawdown Indicators

MTUMIJRDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-58.15%

+24.07%

Max Drawdown (1Y)

Largest decline over 1 year

-11.54%

-8.68%

-2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-28.02%

+7.03%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-28.02%

-4.26%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-44.36%

+10.28%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.20%

-9.27%

+3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

2.58%

+0.41%

Volatility

MTUM vs. IJR - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.20% compared to iShares Core S&P Small-Cap ETF (IJR) at 5.17%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.20%

5.17%

+6.03%

Volatility (6M)

Calculated over the trailing 6-month period

18.83%

11.93%

+6.90%

Volatility (1Y)

Calculated over the trailing 1-year period

21.08%

17.67%

+3.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.99%

21.44%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.23%

22.93%

-1.70%

MTUM vs. IJR - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than IJR's 0.06% 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. IJR - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.70%, less than IJR's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.42%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
MTUM
iShares MSCI USA Momentum Factor ETF		0.70%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 IJR have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.20%) compared to IJR (5.17%). In terms of maximum drawdown, MTUM dropped -34.08% vs IJR's -58.15%.

On 10-year performance, MTUM leads with 17.54% vs 11.21% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 5.17%. 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 17.54% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.15% for MTUM.

IJR has the higher dividend yield at 1.42%, compared with 0.70% for MTUM.

MTUM is categorized as Momentum, while IJR is Small Cap Blend Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while IJR tracks S&P SmallCap 600 Index. Their fees differ too: 0.15% for MTUM and 0.06% for IJR.

MTUM currently has the higher Sharpe Ratio (2.21 vs 2.12), 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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