MTUM vs. PDP

Last updated Jun 5, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and PDP (Invesco Dorsey Wright Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while PDP tracks the Dorsey Wright Technical Leaders Index. Both are passively managed. Over the past 10 years, MTUM returned 17.19%/yr vs 13.59%/yr for PDP. Their correlation of 0.90 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.62%/yr for PDP.

Performance

MTUM vs. PDP - Performance Comparison

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

Returns By Period

In the year-to-date period, MTUM achieves a 30.30% return, which is significantly higher than PDP's 25.07% return. Over the past 10 years, MTUM has outperformed PDP with an annualized return of 17.19%, while PDP has yielded a comparatively lower 13.59% annualized return.

MTUM

• 1D: -1.10%
• 1M: 11.94%
• YTD: 30.30%
• 6M: 29.99%
• 1Y: 40.55%
• 3Y*: 34.34%
• 5Y*: 14.96%
• 10Y*: 17.19%

PDP

• 1D: 0.09%
• 1M: 4.04%
• YTD: 25.07%
• 6M: 22.53%
• 1Y: 37.22%
• 3Y*: 24.59%
• 5Y*: 11.34%
• 10Y*: 13.59%

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

MTUM vs. PDP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	30.30%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
PDP Invesco Dorsey Wright Momentum ETF	25.07%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	23.30%

Correlation

The correlation between MTUM and PDP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.90

The correlation between MTUM and PDP has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

MTUM vs. PDP - Sectors Allocation Comparison

Sectors	MTUM	PDP
Technology	44.4%	26.9%
Industrials	15.6%	39.2%
Financial Services	10.4%	4.4%
Communication Services	7.4%	2.2%
Healthcare	6.9%	6.5%
Consumer Cyclical	3.6%	5.5%
Energy	3.5%	6.3%
Consumer Defensive	3.3%	3.8%
Real Estate	1.8%	1.3%
Basic Materials	1.7%	2.3%
Utilities	1.6%	1.6%

Return for Risk

MTUM vs. PDP — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 68
MTUM Sharpe Ratio Rank: 65
MTUM Sortino Ratio Rank: 64
MTUM Omega Ratio Rank: 64
MTUM Calmar Ratio Rank: 72
MTUM Martin Ratio Rank: 75

PDP

PDP Risk / Return Rank: 55
PDP Sharpe Ratio Rank: 50
PDP Sortino Ratio Rank: 47
PDP Omega Ratio Rank: 48
PDP Calmar Ratio Rank: 64
PDP Martin Ratio Rank: 63

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. PDP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco Dorsey Wright Momentum ETF (PDP). 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.

	MTUM	PDP	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.70	+0.43
Sortino ratio: Return per unit of downside risk	2.90	2.30	+0.60
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	3.53	3.15	+0.38
Martin ratio: Return relative to average drawdown	14.10	11.17	+2.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTUM vs. PDP - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.14, which is comparable to the PDP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of MTUM and PDP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTUM	PDP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	1.70	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.52	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.63	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.46	+0.39

Drawdowns

MTUM vs. PDP - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum PDP drawdown of -59.34%. Use the drawdown chart below to compare losses from any high point for MTUM and PDP.

Drawdown Indicators

	MTUM	PDP	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-59.34%	+25.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-11.87%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-23.79%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-33.91%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-34.70%	+0.62%
Current Drawdown Current decline from peak	-1.10%	0.00%	-1.10%
Average Drawdown Average peak-to-trough decline	-6.21%	-10.60%	+4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.34%	-0.45%

Volatility

MTUM vs. PDP - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 7.67% compared to Invesco Dorsey Wright Momentum ETF (PDP) at 6.20%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than PDP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	PDP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	6.20%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	17.34%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	21.94%	-2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	22.00%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	21.58%	-0.55%

MTUM vs. PDP - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than PDP's 0.62% expense ratio.

Dividends

MTUM vs. PDP - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, more than PDP's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PDP Invesco Dorsey Wright Momentum ETF	0.11%	0.17%	0.15%	0.42%	0.45%	0.00%	0.11%	0.25%	0.18%	0.28%	0.81%	0.39%

Frequently Asked Questions

Can I hold both MTUM and PDP in my portfolio?

MTUM and PDP have a correlation of 0.89, 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 PDP?

MTUM has higher volatility (7.67%) compared to PDP (6.20%). In terms of maximum drawdown, MTUM dropped -34.08% vs PDP's -59.34%.

Which ETF is better, MTUM or PDP?

On 10-year performance, MTUM leads with 17.19% vs 13.59% for PDP. On fees, MTUM is cheaper at 0.15% per year. On volatility, PDP has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or PDP?

Over the 10-year period, MTUM has performed better with a 17.19% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or PDP?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.62% for PDP.

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

MTUM has the higher dividend yield at 0.60%, compared with 0.11% for PDP.

What is the main difference between MTUM and PDP?

MTUM tracks MSCI USA Momentum SR Variant Index, while PDP tracks Dorsey Wright Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.62% for PDP.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.14 vs 1.70), 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.