MTUM vs. VBR

Last updated Jun 14, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, MTUM returned 17.15%/yr vs 10.99%/yr for VBR. A 0.67 correlation means they provide meaningful diversification when combined. MTUM charges 0.15%/yr vs 0.05%/yr for VBR.

Performance

MTUM vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Small-Cap Value ETF (VBR). 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 VBR's 14.60% return. Over the past 10 years, MTUM has outperformed VBR with an annualized return of 17.15%, while VBR has yielded a comparatively lower 10.99% 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%

VBR

• 1D: 0.87%
• 1M: 4.49%
• YTD: 14.60%
• 6M: 12.92%
• 1Y: 29.93%
• 3Y*: 16.09%
• 5Y*: 8.36%
• 10Y*: 10.99%

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

MTUM vs. VBR - 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%
VBR Vanguard Small-Cap Value ETF	14.60%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between MTUM and VBR is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.67

The correlation between MTUM and VBR shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

MTUM vs. VBR - Sectors Allocation Comparison

Sectors	MTUM	VBR
Technology	50.2%	10.6%
Industrials	15.0%	18.1%
Energy	10.5%	5.2%
Communication Services	5.1%	2.5%
Financial Services	5.0%	17.6%
Consumer Defensive	3.7%	4.0%
Healthcare	3.5%	7.9%
Consumer Cyclical	2.9%	12.4%
Basic Materials	2.3%	6.3%
Real Estate	1.3%	10.1%
Utilities	0.6%	4.8%

Return for Risk

MTUM vs. VBR — 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

VBR

VBR Risk / Return Rank: 67
VBR Sharpe Ratio Rank: 64
VBR Sortino Ratio Rank: 68
VBR Omega Ratio Rank: 59
VBR Calmar Ratio Rank: 72
VBR Martin Ratio Rank: 70

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.83	+0.14
Sortino ratio: Return per unit of downside risk	2.62	2.67	-0.05
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.55	3.17	+0.38
Martin ratio: Return relative to average drawdown	13.66	11.22	+2.44

MTUM vs. VBR - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is comparable to the VBR Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of MTUM and VBR, 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. VBR - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for MTUM and VBR.

Drawdown Indicators

	MTUM	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-61.98%	+27.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-8.85%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-24.19%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-24.19%	-8.09%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-45.28%	+11.20%
Current Drawdown Current decline from peak	-1.55%	0.00%	-1.55%
Average Drawdown Average peak-to-trough decline	-6.20%	-8.26%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.50%	+0.49%

Volatility

MTUM vs. VBR - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to Vanguard Small-Cap Value ETF (VBR) at 4.43%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	4.43%	+6.46%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	10.65%	+7.98%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	15.36%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	19.79%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	21.74%	-0.54%

MTUM vs. VBR - Expense Ratio Comparison

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

MTUM's dividend yield for the trailing twelve months is around 0.61%, less than VBR's 1.71% 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%
VBR Vanguard Small-Cap Value ETF	1.71%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both MTUM and VBR in my portfolio?

MTUM and VBR have a correlation of 0.55, 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 VBR?

MTUM has higher volatility (10.89%) compared to VBR (4.43%). In terms of maximum drawdown, MTUM dropped -34.08% vs VBR's -61.98%.

Which ETF is better, MTUM or VBR?

On 10-year performance, MTUM leads with 17.15% vs 10.99% for VBR. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 4.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or VBR?

Over the 10-year period, MTUM has performed better with a 17.15% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.15% for MTUM.

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

VBR has the higher dividend yield at 1.71%, compared with 0.61% for MTUM.

What is the main difference between MTUM and VBR?

MTUM is categorized as Momentum, while VBR is Small Cap Value Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for MTUM and 0.05% for VBR.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.83), 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.