MTUM vs. SPMD
MTUM (iShares MSCI USA Momentum Factor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 11.78%/yr for SPMD. A 0.70 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.05%/yr for SPMD.
Performance
MTUM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, MTUM achieves a 29.72% return, which is significantly higher than SPMD's 15.51% return. Over the past 10 years, MTUM has outperformed SPMD with an annualized return of 17.15%, while SPMD has yielded a comparatively lower 11.78% annualized return.
MTUM
- 1D
- 1.69%
- 1M
- 5.58%
- YTD
- 29.72%
- 6M
- 30.51%
- 1Y
- 42.02%
- 3Y*
- 33.16%
- 5Y*
- 14.96%
- 10Y*
- 17.15%
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
MTUM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 29.72% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between MTUM and SPMD is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.70 |
The correlation between MTUM and SPMD has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
MTUM vs. SPMD — Risk / Return Rank
MTUM
SPMD
MTUM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.95 | +0.60 |
| Martin ratioReturn relative to average drawdown | 13.66 | 10.81 | +2.85 |
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Drawdowns
MTUM vs. SPMD - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for MTUM and SPMD.
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Drawdown Indicators
| MTUM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -57.62% | +23.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -8.86% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | -24.08% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | -24.08% | -8.20% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | -41.86% | +7.78% |
Current DrawdownCurrent decline from peak | -1.55% | 0.00% | -1.55% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -8.11% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.41% | +0.58% |
Volatility
MTUM vs. SPMD - Volatility Comparison
iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.89% | 5.07% | +5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 18.63% | 11.77% | +6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 15.91% | +4.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.94% | 19.75% | +1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 21.20% | 0.00% |
MTUM vs. SPMD - Expense Ratio Comparison
MTUM has a 0.15% expense ratio, which is higher than SPMD's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MTUM vs. SPMD - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.61%, less than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 0.61% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
MTUM and SPMD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (10.89%) compared to SPMD (5.07%). In terms of maximum drawdown, MTUM dropped -34.08% vs SPMD's -57.62%.
On 10-year performance, MTUM leads with 17.15% vs 11.78% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. 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 17.15% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.15% for MTUM.
SPMD has the higher dividend yield at 1.21%, compared with 0.61% for MTUM.
MTUM is categorized as Momentum, while SPMD is Mid Cap Blend Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for MTUM and 0.05% for SPMD.
MTUM currently has the higher Sharpe Ratio (1.96 vs 1.64), 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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