MTUM vs. TLT
MTUM (iShares MSCI USA Momentum Factor ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, MTUM returned 15.78%/yr vs -2.33%/yr for TLT. Their -0.11 correlation means they have often moved in opposite directions in the past. Both charge a 0.15% expense ratio.
Performance
MTUM vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, MTUM achieves a 20.80% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, MTUM has outperformed TLT with an annualized return of 15.78%, while TLT has yielded a comparatively lower -2.33% annualized return.
MTUM
- 1D
- 0.73%
- 1M
- -4.66%
- 6M
- 17.04%
- YTD
- 20.80%
- 1Y
- 27.28%
- 3Y*
- 28.96%
- 5Y*
- 12.59%
- 10Y*
- 15.78%
- ALL TIME*
- 15.67%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $578.91M | $630.18M | $548.65M | |
| $2.39B | $2.06B | $2.20B |
MTUM vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 20.80% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between MTUM and TLT is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | -0.11 |
The correlation between MTUM and TLT shifts across timeframes, from -0.11 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MTUM vs. TLT — Risk / Return Rank
MTUM
TLT
MTUM vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.97 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | -0.28 | +1.80 |
| Martin ratioReturn relative to average drawdown | 6.14 | -0.59 | +6.73 |
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Drawdowns
MTUM vs. TLT - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MTUM and TLT.
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Drawdown Indicators
| MTUM | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -48.35% | +14.27% |
Max Drawdown (1Y)Largest decline over 1 year | -17.99% | -7.74% | -10.25% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | -14.79% | -6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | -43.70% | +11.42% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | -48.35% | +14.27% |
Current DrawdownCurrent decline from peak | -12.58% | -42.17% | +29.59% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -14.00% | +7.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 3.60% | +0.86% |
Volatility
MTUM vs. TLT - Volatility Comparison
iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.76% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUM | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.76% | 2.51% | +8.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.24% | 6.84% | +16.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.57% | 9.24% | +16.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.89% | 15.74% | +6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 14.83% | +6.90% |
MTUM vs. TLT - Expense Ratio Comparison
Both MTUM and TLT 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. TLT - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.61%, less than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
MTUM and TLT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (10.76%) compared to TLT (2.51%). In terms of maximum drawdown, MTUM dropped -34.08% vs TLT's -48.35%.
On 10-year performance, MTUM leads with 15.78% vs -2.33% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.51%. 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 15.78% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM and TLT have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.75%, compared with 0.61% for MTUM.
MTUM is categorized as Momentum, while TLT is Government Bonds. MTUM tracks MSCI USA Momentum SR Variant Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
MTUM currently has the higher Sharpe Ratio (1.07 vs -0.23), 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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