MTUM vs. SPYG

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 17.91%/yr for SPYG. Their correlation of 0.88 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.04%/yr for SPYG.

Performance

MTUM vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUM achieves a 29.72% return, which is significantly higher than SPYG's 9.70% return. Both investments have delivered pretty close results over the past 10 years, with MTUM having a 17.15% annualized return and SPYG not far ahead at 17.91%.

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%

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

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

MTUM vs. SPYG - 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between MTUM and SPYG is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.88

The correlation between MTUM and SPYG has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

MTUM vs. SPYG - Sectors Allocation Comparison

Sectors	MTUM	SPYG
Technology	44.4%	52.2%
Industrials	15.6%	5.0%
Financial Services	10.4%	8.3%
Communication Services	7.4%	16.7%
Healthcare	6.9%	5.8%
Consumer Cyclical	3.6%	8.9%
Energy	3.5%	0.1%
Consumer Defensive	3.3%	1.0%
Real Estate	1.8%	0.5%
Basic Materials	1.7%	0.3%
Utilities	1.6%	1.1%

Return for Risk

MTUM vs. SPYG — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

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. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.65	+0.32
Sortino ratio: Return per unit of downside risk	2.62	2.26	+0.36
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	3.55	2.01	+1.54
Martin ratio: Return relative to average drawdown	13.66	8.08	+5.57

MTUM vs. SPYG - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is comparable to the SPYG Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of MTUM and SPYG, 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. SPYG - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for MTUM and SPYG.

Drawdown Indicators

	MTUM	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-67.63%	+33.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-13.76%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-22.14%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-32.67%	+0.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-32.67%	-1.41%
Current Drawdown Current decline from peak	-1.55%	-4.65%	+3.10%
Average Drawdown Average peak-to-trough decline	-6.20%	-24.30%	+18.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.42%	-0.43%

Volatility

MTUM vs. SPYG - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 6.33%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	6.33%	+4.56%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	13.48%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	16.81%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	21.27%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	20.70%	+0.50%

MTUM vs. SPYG - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is higher than SPYG's 0.04% 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. SPYG - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, more than SPYG's 0.48% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both MTUM and SPYG in my portfolio?

MTUM and SPYG have a correlation of 0.84, 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 SPYG?

MTUM has higher volatility (10.89%) compared to SPYG (6.33%). In terms of maximum drawdown, MTUM dropped -34.08% vs SPYG's -67.63%.

Which ETF is better, MTUM or SPYG?

On 10-year performance, SPYG leads with 17.91% vs 17.15% for MTUM. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or SPYG?

Over the 10-year period, SPYG has performed better with a 17.91% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.15% for MTUM.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.48% for SPYG.

What is the main difference between MTUM and SPYG?

MTUM is categorized as Momentum, while SPYG is S&P 500. MTUM tracks MSCI USA Momentum SR Variant Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for MTUM and 0.04% for SPYG.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.65), 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.