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MTUM vs. SIZE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. SIZE

Last updated Aug 2, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and SIZE (iShares MSCI USA Size Factor ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index. Both are passively managed. Over the past 10 years, MTUM returned 15.71%/yr vs 11.70%/yr for SIZE. Their 0.70 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.15% expense ratio.

Performance

MTUM vs. SIZE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and iShares MSCI USA Size Factor ETF (SIZE). 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 19.93% return, which is significantly higher than SIZE's 11.20% return. Over the past 10 years, MTUM has outperformed SIZE with an annualized return of 15.71%, while SIZE has yielded a comparatively lower 11.70% annualized return.

MTUM

1D
0.27%
1M
-5.35%
6M
17.31%
YTD
19.93%
1Y
26.36%
3Y*
27.89%
5Y*
12.62%
10Y*
15.71%
ALL TIME*
15.62%

SIZE

1D
-0.35%
1M
0.26%
6M
8.60%
YTD
11.20%
1Y
17.37%
3Y*
13.59%
5Y*
7.99%
10Y*
11.70%
ALL TIME*
11.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

MTUM

iShares MSCI USA Momentum Factor ETF
$558.09M$637.73M$538.11M

SIZE

iShares MSCI USA Size Factor ETF
$662.14K$788.99K$1.01M

MTUM vs. SIZE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		19.93%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
SIZE
iShares MSCI USA Size Factor ETF		11.20%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%

Correlation

The correlation between MTUM and SIZE is 0.53, 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.

0.53

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

0.66

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

0.73

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

0.73

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

0.70

The correlation between MTUM and SIZE shifts across timeframes, from 0.53 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

MTUM vs. SIZE - Sectors Allocation Comparison

Sectors
MTUM
SIZE

Technology

48.3%
18.6%

Industrials

12.1%
14.8%

Energy

11.5%
3.8%

Financial Services

5.2%
15.7%

Communication Services

4.4%
3.3%

Healthcare

4.2%
11.4%

Utilities

3.7%
5.6%

Consumer Defensive

3.7%
5.5%

Consumer Cyclical

3.0%
10.9%

Basic Materials

2.2%
4.9%

Real Estate

1.5%
5.3%

Technology

MTUM
48.3%
SIZE
18.6%

Industrials

MTUM
12.1%
SIZE
14.8%

Energy

MTUM
11.5%
SIZE
3.8%

Financial Services

MTUM
5.2%
SIZE
15.7%

Communication Services

MTUM
4.4%
SIZE
3.3%

Healthcare

MTUM
4.2%
SIZE
11.4%

Utilities

MTUM
3.7%
SIZE
5.6%

Consumer Defensive

MTUM
3.7%
SIZE
5.5%

Consumer Cyclical

MTUM
3.0%
SIZE
10.9%

Basic Materials

MTUM
2.2%
SIZE
4.9%

Real Estate

MTUM
1.5%
SIZE
5.3%

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 MSCI USA Size Factor ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QUALSIZE vs. QDVA.DESIZE vs. VIGSIZE vs. VOOSIZE vs. QGRO

Return for Risk

MTUM vs. SIZE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MTUM
MTUM Risk / Return Rank: 4242
Overall Rank
MTUM Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 3939
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4141
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4040
Calmar Ratio Rank
MTUM Martin Ratio Rank: 4949
Martin Ratio Rank
SIZE
SIZE Risk / Return Rank: 5555
Overall Rank
SIZE Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 5353
Sortino Ratio Rank
SIZE Omega Ratio Rank: 4848
Omega Ratio Rank
SIZE Calmar Ratio Rank: 5757
Calmar Ratio Rank
SIZE Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MTUM vs. SIZE - Risk-Adjusted Trends Comparison

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

MTUMSIZEDifference
Sharpe ratioReturn per unit of total volatility
0.99
1.25

-0.26

Sortino ratioReturn per unit of downside risk
1.45
1.87

-0.42

Omega ratioGain probability vs. loss probability

1.19

1.22

-0.03

Calmar ratioReturn relative to maximum drawdown

1.40

2.02

-0.62

Martin ratioReturn relative to average drawdown

5.72

7.91

-2.19

MTUM vs. SIZE - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 0.99, which is comparable to the SIZE Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of MTUM and SIZE, 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. SIZE - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum SIZE drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for MTUM and SIZE.

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Drawdown Indicators

MTUMSIZEDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-39.15%

+5.07%

Max Drawdown (1Y)

Largest decline over 1 year

-17.99%

-7.97%

-10.02%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-18.71%

-2.28%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-24.03%

-8.25%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-39.15%

+5.07%

Current Drawdown

Current decline from peak

-13.22%

-1.39%

-11.83%

Average Drawdown

Average peak-to-trough decline

-6.22%

-4.14%

-2.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.39%

2.03%

+2.36%

Volatility

MTUM vs. SIZE - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.22% compared to iShares MSCI USA Size Factor ETF (SIZE) at 3.12%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than SIZE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMSIZEDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.22%

3.12%

+8.10%

Volatility (6M)

Calculated over the trailing 6-month period

23.33%

9.56%

+13.77%

Volatility (1Y)

Calculated over the trailing 1-year period

25.53%

12.93%

+12.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.89%

17.40%

+4.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.72%

18.67%

+3.05%

MTUM vs. SIZE - Expense Ratio Comparison

Both MTUM and SIZE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MTUM vs. SIZE - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.62%, less than SIZE's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.62%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
SIZE
iShares MSCI USA Size Factor ETF		1.37%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%

Frequently Asked Questions

MTUM and SIZE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.22%) compared to SIZE (3.12%). In terms of maximum drawdown, MTUM dropped -34.08% vs SIZE's -39.15%.

On 10-year performance, MTUM leads with 15.71% vs 11.70% for SIZE. Both ETFs have the same 0.15% expense ratio. On volatility, SIZE has been the lower-risk option at 3.12%. 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 15.71% return vs 11.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM and SIZE have the same expense ratio: 0.15% per year.

SIZE has the higher dividend yield at 1.37%, compared with 0.62% for MTUM.

MTUM is categorized as Momentum, while SIZE is Mid Cap Blend Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while SIZE tracks MSCI USA Low Size Index.

SIZE currently has the higher Sharpe Ratio (1.25 vs 0.99), 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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