MTUM vs. VLUE

Last updated Jun 23, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and VLUE (iShares MSCI USA Value Factor ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 10 years, MTUM returned 18.03%/yr vs 15.97%/yr for VLUE. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

MTUM vs. VLUE - 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 Value Factor ETF (VLUE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUM achieves a 38.19% return, which is significantly lower than VLUE's 50.50% return. Over the past 10 years, MTUM has outperformed VLUE with an annualized return of 18.03%, while VLUE has yielded a comparatively lower 15.97% annualized return.

MTUM

• 1D: 1.98%
• 1M: 13.83%
• YTD: 38.19%
• 6M: 36.52%
• 1Y: 50.96%
• 3Y*: 35.93%
• 5Y*: 16.53%
• 10Y*: 18.03%

VLUE

• 1D: 2.13%
• 1M: 9.37%
• YTD: 50.50%
• 6M: 49.56%
• 1Y: 89.78%
• 3Y*: 34.06%
• 5Y*: 17.54%
• 10Y*: 15.97%

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

MTUM vs. VLUE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	38.19%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
VLUE iShares MSCI USA Value Factor ETF	50.50%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%

Correlation

The correlation between MTUM and VLUE is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.74
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	0.68

The correlation between MTUM and VLUE has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

MTUM vs. VLUE - Sectors Allocation Comparison

Sectors	MTUM	VLUE
Technology	50.2%	40.7%
Industrials	15.0%	8.0%
Energy	10.5%	3.5%
Communication Services	5.1%	9.5%
Financial Services	5.0%	10.5%
Consumer Defensive	3.7%	4.4%
Healthcare	3.5%	7.9%
Consumer Cyclical	2.9%	10.1%
Basic Materials	2.3%	1.3%
Real Estate	1.3%	1.8%
Utilities	0.6%	2.0%

Return for Risk

MTUM vs. VLUE — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 78
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 75
MTUM Calmar Ratio Rank: 85
MTUM Martin Ratio Rank: 85

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 97
VLUE Sortino Ratio Rank: 97
VLUE Omega Ratio Rank: 96
VLUE Calmar Ratio Rank: 97
VLUE Martin Ratio Rank: 97

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. VLUE - 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 Value Factor ETF (VLUE). 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	VLUE	Difference
Sharpe ratio: Return per unit of total volatility	2.39	4.83	-2.44
Sortino ratio: Return per unit of downside risk	3.10	6.02	-2.92
Omega ratio: Gain probability vs. loss probability	1.43	1.81	-0.39
Calmar ratio: Return relative to maximum drawdown	4.44	9.99	-5.55
Martin ratio: Return relative to average drawdown	17.05	41.99	-24.95

MTUM vs. VLUE - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.39, which is lower than the VLUE Sharpe Ratio of 4.83. The chart below compares the historical Sharpe Ratios of MTUM and VLUE, 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. VLUE - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum VLUE drawdown of -39.47%. Use the drawdown chart below to compare losses from any high point for MTUM and VLUE.

Drawdown Indicators

	MTUM	VLUE	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-39.47%	+5.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-9.04%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-17.89%	-3.10%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-27.12%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-39.47%	+5.39%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.19%	-6.00%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.15%	+0.85%

Volatility

MTUM vs. VLUE - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.02% compared to iShares MSCI USA Value Factor ETF (VLUE) at 8.92%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than VLUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUM	VLUE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	8.92%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	18.88%	15.67%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	21.48%	18.74%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	18.05%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	19.96%	+1.32%

MTUM vs. VLUE - Expense Ratio Comparison

Both MTUM and VLUE 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. VLUE - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.54%, less than VLUE's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.54%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
VLUE iShares MSCI USA Value Factor ETF	1.37%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both MTUM and VLUE in my portfolio?

MTUM and VLUE have a correlation of 0.72, 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 VLUE?

MTUM has higher volatility (11.02%) compared to VLUE (8.92%). In terms of maximum drawdown, MTUM dropped -34.08% vs VLUE's -39.47%.

Which ETF is better, MTUM or VLUE?

On 10-year performance, MTUM leads with 18.03% vs 15.97% for VLUE. Both ETFs have the same 0.15% expense ratio. On volatility, VLUE has been the lower-risk option at 8.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or VLUE?

Over the 10-year period, MTUM has performed better with a 18.03% return vs 15.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or VLUE?

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

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

VLUE has the higher dividend yield at 1.37%, compared with 0.54% for MTUM.

What is the main difference between MTUM and VLUE?

MTUM is categorized as Momentum, while VLUE is Large Cap Value Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while VLUE tracks MSCI USA Enhanced Value Index.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.83 vs 2.39), 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.