MTUM vs. PTF

Last updated Jun 5, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and PTF (Invesco DWA Technology Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while PTF tracks the DWA Technology Technical Leaders Index. Both are passively managed. Over the past 10 years, MTUM returned 17.19%/yr vs 26.69%/yr for PTF. A 0.79 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.60%/yr for PTF.

Performance

MTUM vs. PTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco DWA Technology Momentum ETF (PTF). 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 lower than PTF's 75.65% return. Over the past 10 years, MTUM has underperformed PTF with an annualized return of 17.19%, while PTF has yielded a comparatively higher 26.69% 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%

PTF

• 1D: -1.09%
• 1M: 13.53%
• YTD: 75.65%
• 6M: 67.12%
• 1Y: 105.36%
• 3Y*: 43.11%
• 5Y*: 23.52%
• 10Y*: 26.69%

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

MTUM vs. PTF - 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%
PTF Invesco DWA Technology Momentum ETF	75.65%	5.68%	43.65%	33.73%	-31.75%	18.10%	82.06%	46.71%	0.01%	32.07%

Correlation

The correlation between MTUM and PTF is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.79

The correlation between MTUM and PTF has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

MTUM vs. PTF - Sectors Allocation Comparison

Sectors	MTUM	PTF
Technology	44.4%	92.9%
Industrials	15.6%	1.8%
Financial Services	10.4%	1.4%
Communication Services	7.4%	5.8%
Healthcare	6.9%	-
Consumer Cyclical	3.6%	-
Energy	3.5%	1.6%
Consumer Defensive	3.3%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-
Utilities	1.6%	-

Return for Risk

MTUM vs. PTF — 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

PTF

PTF Risk / Return Rank: 82
PTF Sharpe Ratio Rank: 85
PTF Sortino Ratio Rank: 68
PTF Omega Ratio Rank: 72
PTF Calmar Ratio Rank: 91
PTF Martin Ratio Rank: 92

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. PTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco DWA Technology Momentum ETF (PTF). 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	PTF	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.76	-0.62
Sortino ratio: Return per unit of downside risk	2.90	3.08	-0.18
Omega ratio: Gain probability vs. loss probability	1.38	1.42	-0.04
Calmar ratio: Return relative to maximum drawdown	3.53	5.89	-2.36
Martin ratio: Return relative to average drawdown	14.10	23.44	-9.34
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. PTF - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.14, which is comparable to the PTF Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of MTUM and PTF, 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	PTF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.76	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.68	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.81	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.53	+0.31

Drawdowns

MTUM vs. PTF - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum PTF drawdown of -55.38%. Use the drawdown chart below to compare losses from any high point for MTUM and PTF.

Drawdown Indicators

	MTUM	PTF	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-55.38%	+21.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-17.99%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-36.11%	+15.12%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-44.88%	+12.60%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-44.88%	+10.80%
Current Drawdown Current decline from peak	-1.10%	-1.09%	-0.01%
Average Drawdown Average peak-to-trough decline	-6.21%	-13.27%	+7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	4.51%	-1.62%

Volatility

MTUM vs. PTF - Volatility Comparison

The current volatility for iShares MSCI USA Momentum Factor ETF (MTUM) is 7.67%, while Invesco DWA Technology Momentum ETF (PTF) has a volatility of 13.05%. This indicates that MTUM experiences smaller price fluctuations and is considered to be less risky than PTF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	PTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	13.05%	-5.38%
Volatility (6M) Calculated over the trailing 6-month period	16.51%	29.50%	-12.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	38.42%	-19.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	34.93%	-14.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	32.94%	-11.91%

MTUM vs. PTF - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than PTF's 0.60% expense ratio.

Dividends

MTUM vs. PTF - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, more than PTF's 0.01% 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%
PTF Invesco DWA Technology Momentum ETF	0.01%	0.21%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.08%	0.04%	0.26%	0.00%

Frequently Asked Questions

Can I hold both MTUM and PTF in my portfolio?

MTUM and PTF have a correlation of 0.81, 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 PTF?

PTF has higher volatility (13.05%) compared to MTUM (7.67%). In terms of maximum drawdown, MTUM dropped -34.08% vs PTF's -55.38%.

Which ETF is better, MTUM or PTF?

On 10-year performance, PTF leads with 26.69% vs 17.19% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or PTF?

Over the 10-year period, PTF has performed better with a 26.69% return vs 17.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or PTF?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.60% for PTF.

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

MTUM has the higher dividend yield at 0.60%, compared with 0.01% for PTF.

What is the main difference between MTUM and PTF?

MTUM tracks MSCI USA Momentum SR Variant Index, while PTF tracks DWA Technology Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.60% for PTF.

Which has better risk-adjusted returns?

PTF currently has the higher Sharpe Ratio (2.76 vs 2.14), 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.