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MTUM vs. SIZE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. SIZE

Last updated Jun 23, 2026

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 18.03%/yr vs 12.04%/yr for SIZE. A 0.71 correlation means they provide meaningful diversification when combined. 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 38.19% return, which is significantly higher than SIZE's 9.23% return. Over the past 10 years, MTUM has outperformed SIZE with an annualized return of 18.03%, while SIZE has yielded a comparatively lower 12.04% annualized return.

MTUM

1D
1.98%
1M
13.83%
YTD
38.19%
6M
36.52%
1Y
50.96%
3Y*
35.93%
5Y*
16.53%
10Y*
18.03%

SIZE

1D
-0.01%
1M
1.12%
YTD
9.23%
6M
7.56%
1Y
18.60%
3Y*
15.66%
5Y*
8.12%
10Y*
12.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUM vs. SIZE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		38.19%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		9.23%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 0.59, 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

0.68

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

0.75

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

0.74

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

0.71

The correlation between MTUM and SIZE shifts across timeframes, from 0.59 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

MTUM vs. SIZE - Sectors Allocation Comparison

Sectors
MTUM
SIZE

Technology

50.2%
20.0%

Industrials

15.0%
15.3%

Energy

10.5%
3.7%

Communication Services

5.1%
3.9%

Financial Services

5.0%
14.7%

Consumer Defensive

3.7%
5.3%

Healthcare

3.5%
10.7%

Consumer Cyclical

2.9%
11.2%

Basic Materials

2.3%
4.3%

Real Estate

1.3%
5.3%

Utilities

0.6%
5.4%

Technology

MTUM
50.2%
SIZE
20.0%

Industrials

MTUM
15.0%
SIZE
15.3%

Energy

MTUM
10.5%
SIZE
3.7%

Communication Services

MTUM
5.1%
SIZE
3.9%

Financial Services

MTUM
5.0%
SIZE
14.7%

Consumer Defensive

MTUM
3.7%
SIZE
5.3%

Healthcare

MTUM
3.5%
SIZE
10.7%

Consumer Cyclical

MTUM
2.9%
SIZE
11.2%

Basic Materials

MTUM
2.3%
SIZE
4.3%

Real Estate

MTUM
1.3%
SIZE
5.3%

Utilities

MTUM
0.6%
SIZE
5.4%

Compare stocks, funds, or ETFs

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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. IJH

Return for Risk

MTUM vs. SIZE — 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: 7878
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 7272
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7575
Omega Ratio Rank
MTUM Calmar Ratio Rank: 8585
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8585
Martin Ratio Rank
SIZE
SIZE Risk / Return Rank: 4545
Overall Rank
SIZE Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4343
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3939
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4949
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5454
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. 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
2.39
1.44

+0.95

Sortino ratioReturn per unit of downside risk
3.10
2.11

+0.98

Omega ratioGain probability vs. loss probability

1.43

1.25

+0.17

Calmar ratioReturn relative to maximum drawdown

4.44

2.34

+2.09

Martin ratioReturn relative to average drawdown

17.05

9.07

+7.98

MTUM vs. SIZE - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.39, which is higher than the SIZE Sharpe Ratio of 1.44. 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

-11.54%

-7.97%

-3.57%

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

0.00%

-1.21%

+1.21%

Average Drawdown

Average peak-to-trough decline

-6.19%

-4.17%

-2.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

2.06%

+0.94%

Volatility

MTUM vs. SIZE - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.02% compared to iShares MSCI USA Size Factor ETF (SIZE) at 3.85%. 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

11.02%

3.85%

+7.17%

Volatility (6M)

Calculated over the trailing 6-month period

18.88%

9.82%

+9.06%

Volatility (1Y)

Calculated over the trailing 1-year period

21.48%

13.00%

+8.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.06%

17.43%

+3.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.28%

18.72%

+2.56%

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 0.54%, less than SIZE's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.54%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		1.39%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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.02%) compared to SIZE (3.85%). In terms of maximum drawdown, MTUM dropped -34.08% vs SIZE's -39.15%.

On 10-year performance, MTUM leads with 18.03% vs 12.04% for SIZE. Both ETFs have the same 0.15% expense ratio. On volatility, SIZE has been the lower-risk option at 3.85%. 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 18.03% return vs 12.04%. 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 1.39%, compared with 0.54% 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.

MTUM currently has the higher Sharpe Ratio (2.39 vs 1.44), 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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