MTUM vs. USMV

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 9.90%/yr for USMV. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

MTUM vs. USMV - 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 Min Vol Factor ETF (USMV). 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 USMV's 2.43% return. Over the past 10 years, MTUM has outperformed USMV with an annualized return of 17.15%, while USMV has yielded a comparatively lower 9.90% annualized return.

MTUM

• 1D: 1.69%
• 1M: 6.22%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 40.78%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

USMV

• 1D: 0.43%
• 1M: 1.84%
• YTD: 2.43%
• 6M: 2.34%
• 1Y: 4.00%
• 3Y*: 11.35%
• 5Y*: 7.24%
• 10Y*: 9.90%

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

MTUM vs. USMV - 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%
USMV iShares MSCI USA Min Vol Factor ETF	2.43%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between MTUM and USMV is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.73

Over the past year, the correlation between MTUM and USMV has dropped to 0.33 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

MTUM vs. USMV - Sectors Allocation Comparison

Sectors	MTUM	USMV
Technology	44.4%	30.8%
Industrials	15.6%	5.7%
Financial Services	10.4%	12.4%
Communication Services	7.4%	5.9%
Healthcare	6.9%	12.5%
Consumer Cyclical	3.6%	5.7%
Energy	3.5%	3.6%
Consumer Defensive	3.3%	10.0%
Real Estate	1.8%	2.2%
Basic Materials	1.7%	2.2%
Utilities	1.6%	7.5%

Return for Risk

MTUM vs. USMV — 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

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 18
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 18
USMV Martin Ratio Rank: 20

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. USMV - 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 Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.47	+1.49
Sortino ratio: Return per unit of downside risk	2.62	0.72	+1.90
Omega ratio: Gain probability vs. loss probability	1.36	1.08	+0.27
Calmar ratio: Return relative to maximum drawdown	3.55	0.62	+2.93
Martin ratio: Return relative to average drawdown	13.66	2.06	+11.60

MTUM vs. USMV - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is higher than the USMV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of MTUM and USMV, 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. USMV - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for MTUM and USMV.

Drawdown Indicators

	MTUM	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-33.10%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-6.46%	-5.08%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-9.36%	-11.63%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-17.93%	-14.35%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-33.10%	-0.98%
Current Drawdown Current decline from peak	-1.55%	-1.40%	-0.15%
Average Drawdown Average peak-to-trough decline	-6.20%	-2.87%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.95%	+1.04%

Volatility

MTUM vs. USMV - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.70%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	2.70%	+8.19%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	6.02%	+12.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	8.56%	+12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	12.36%	+8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	14.51%	+6.69%

MTUM vs. USMV - Expense Ratio Comparison

Both MTUM and USMV 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. USMV - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, less than USMV's 1.53% 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%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both MTUM and USMV in my portfolio?

MTUM and USMV have a correlation of 0.33, 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 USMV?

MTUM has higher volatility (10.89%) compared to USMV (2.70%). In terms of maximum drawdown, MTUM dropped -34.08% vs USMV's -33.10%.

Which ETF is better, MTUM or USMV?

On 10-year performance, MTUM leads with 17.15% vs 9.90% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or USMV?

Over the 10-year period, MTUM has performed better with a 17.15% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or USMV?

MTUM and USMV have the same expense ratio: 0.15% per year.

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

USMV has the higher dividend yield at 1.53%, compared with 0.61% for MTUM.

What is the main difference between MTUM and USMV?

MTUM is categorized as Momentum, while USMV is Large Cap Blend Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while USMV tracks MSCI USA Minimum Volatility Index.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 0.47), 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.