MTUM vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI USA Momentum Factor ETF (MTUM) and State Street SPDR S&P 500 ETF (SPY).

MTUM and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MTUM is a passively managed fund by iShares that tracks the performance of the MSCI USA Momentum SR Variant Index. It was launched on Apr 16, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both MTUM and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MTUM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

MTUM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	-1.94%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, MTUM achieves a -1.94% return, which is significantly higher than SPY's -3.65% return. Both investments have delivered pretty close results over the past 10 years, with MTUM having a 14.08% annualized return and SPY not far behind at 14.06%.

MTUM

• 1D: 2.19%
• 1M: -3.25%
• YTD: -1.94%
• 6M: -3.82%
• 1Y: 21.46%
• 3Y*: 21.93%
• 5Y*: 9.69%
• 10Y*: 14.08%

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

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

MTUM vs. SPY - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than SPY's 0.09% 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%.

MTUM

iShares MSCI USA Momentum Factor ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

MTUM vs. SPY — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 58
MTUM Sharpe Ratio Rank: 50
MTUM Sortino Ratio Rank: 52
MTUM Omega Ratio Rank: 52
MTUM Calmar Ratio Rank: 69
MTUM Martin Ratio Rank: 66

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.96	-0.02
Sortino ratio Return per unit of downside risk	1.42	1.49	-0.07
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio Return relative to maximum drawdown	1.82	1.53	+0.29
Martin ratio Return relative to average drawdown	6.83	7.27	-0.43
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. SPY - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 0.94, which is comparable to the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of MTUM and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MTUM	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.96	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.70	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.79	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.56	+0.17

Correlation

The correlation between MTUM and SPY is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MTUM vs. SPY - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.80%, less than SPY's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.80%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

MTUM vs. SPY - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MTUM and SPY.

Drawdown Indicators

	MTUM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-55.19%	+21.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-12.05%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-24.50%	-7.78%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-33.72%	-0.36%
Current Drawdown Current decline from peak	-6.00%	-5.53%	-0.47%
Average Drawdown Average peak-to-trough decline	-6.28%	-9.09%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.54%	+0.72%

Volatility

MTUM vs. SPY - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 8.49% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	5.35%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	9.50%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	19.06%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.39%	17.06%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.92%	+2.91%