MTUM vs. PTH

Last updated Jul 15, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and PTH (Invesco DWA Healthcare Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while PTH tracks the Dorsey Wright Healthcare Technical Leaders Index. Both are passively managed. Over the past 10 years, MTUM returned 16.52%/yr vs 14.80%/yr for PTH. A 0.65 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.60%/yr for PTH.

Performance

MTUM vs. PTH - 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 Healthcare Momentum ETF (PTH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUM achieves a 28.00% return, which is significantly higher than PTH's 19.31% return. Over the past 10 years, MTUM has outperformed PTH with an annualized return of 16.52%, while PTH has yielded a comparatively lower 14.80% annualized return.

MTUM

• 1D: 1.63%
• 1M: -1.32%
• 6M: 23.75%
• YTD: 28.00%
• 1Y: 34.62%
• 3Y*: 31.08%
• 5Y*: 14.59%
• 10Y*: 16.52%

PTH

• 1D: 1.02%
• 1M: 14.81%
• 6M: 21.15%
• YTD: 19.31%
• 1Y: 58.34%
• 3Y*: 14.82%
• 5Y*: 2.58%
• 10Y*: 14.80%

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

MTUM vs. PTH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	28.00%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
PTH Invesco DWA Healthcare Momentum ETF	19.31%	27.91%	2.36%	-4.54%	-20.61%	-3.20%	67.26%	34.45%	-1.23%	50.15%

Correlation

The correlation between MTUM and PTH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.59
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	0.65

Over the past year, the correlation between MTUM and PTH has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

MTUM vs. PTH - Sectors Allocation Comparison

Sectors	MTUM	PTH
Technology	50.2%	-
Industrials	15.0%	-
Energy	10.5%	-
Communication Services	5.1%	-
Financial Services	5.0%	1.2%
Consumer Defensive	3.7%	-
Healthcare	3.5%	93.6%
Consumer Cyclical	2.9%	-
Basic Materials	2.3%	-
Real Estate	1.3%	-
Utilities	0.6%	-

Return for Risk

MTUM vs. PTH — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 60
MTUM Sharpe Ratio Rank: 53
MTUM Sortino Ratio Rank: 49
MTUM Omega Ratio Rank: 55
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 71

PTH

PTH Risk / Return Rank: 87
PTH Sharpe Ratio Rank: 91
PTH Sortino Ratio Rank: 88
PTH Omega Ratio Rank: 83
PTH Calmar Ratio Rank: 93
PTH Martin Ratio Rank: 81

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. PTH - 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 Healthcare Momentum ETF (PTH). 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	PTH	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.42	-0.95
Sortino ratio: Return per unit of downside risk	1.97	3.22	-1.25
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	3.01	4.89	-1.88
Martin ratio: Return relative to average drawdown	10.29	12.39	-2.10

MTUM vs. PTH - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.46, which is lower than the PTH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MTUM and PTH, 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. PTH - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum PTH drawdown of -53.52%. Use the drawdown chart below to compare losses from any high point for MTUM and PTH.

Drawdown Indicators

	MTUM	PTH	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-53.52%	+19.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-11.98%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-27.74%	+6.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-50.07%	+17.79%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-53.52%	+19.44%
Current Drawdown Current decline from peak	-7.38%	-3.84%	-3.54%
Average Drawdown Average peak-to-trough decline	-6.19%	-16.95%	+10.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	4.73%	-1.36%

Volatility

MTUM vs. PTH - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 12.47% compared to Invesco DWA Healthcare Momentum ETF (PTH) at 6.65%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than PTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	PTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.47%	6.65%	+5.82%
Volatility (6M) Calculated over the trailing 6-month period	21.55%	19.20%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.81%	24.30%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.55%	25.65%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	27.32%	-5.80%

MTUM vs. PTH - Expense Ratio Comparison

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

Dividends

MTUM vs. PTH - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.58%, less than PTH's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.58%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
PTH Invesco DWA Healthcare Momentum ETF	2.57%	3.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTUM and PTH in my portfolio?

MTUM and PTH have a correlation of 0.43, 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 PTH?

MTUM has higher volatility (12.47%) compared to PTH (6.65%). In terms of maximum drawdown, MTUM dropped -34.08% vs PTH's -53.52%.

Which ETF is better, MTUM or PTH?

On 10-year performance, MTUM leads with 16.52% vs 14.80% for PTH. On fees, MTUM is cheaper at 0.15% per year. On volatility, PTH has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or PTH?

Over the 10-year period, MTUM has performed better with a 16.52% return vs 14.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or PTH?

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

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

PTH has the higher dividend yield at 2.57%, compared with 0.58% for MTUM.

What is the main difference between MTUM and PTH?

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

Which has better risk-adjusted returns?

PTH currently has the higher Sharpe Ratio (2.42 vs 1.46), 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.