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MTUM vs. XSVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. XSVM

Last updated Aug 4, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while XSVM tracks the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 10 years, MTUM returned 15.78%/yr vs 13.04%/yr for XSVM. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MTUM charges 0.15%/yr vs 0.37%/yr for XSVM.

Performance

MTUM vs. XSVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P SmallCap Value with Momentum ETF (XSVM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MTUM achieves a 20.80% return, which is significantly lower than XSVM's 27.31% return. Over the past 10 years, MTUM has outperformed XSVM with an annualized return of 15.78%, while XSVM has yielded a comparatively lower 13.04% 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%

XSVM

1D
1.19%
1M
3.59%
6M
17.18%
YTD
27.31%
1Y
43.31%
3Y*
15.08%
5Y*
10.26%
10Y*
13.04%
ALL TIME*
9.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MTUM

iShares MSCI USA Momentum Factor ETF
$578.91M$630.18M$548.65M

XSVM

Invesco S&P SmallCap Value with Momentum ETF
$2.64M$2.37M$2.08M

MTUM vs. XSVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		27.31%7.47%2.30%20.20%-13.63%56.36%5.08%30.01%-12.33%3.62%

Correlation

The correlation between MTUM and XSVM is 0.36, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.36

Correlation (3Y)
Balances recent behavior with more history.

0.47

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.58

Correlation (10Y)
Provides a long-term view across more market conditions.

0.51

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.54

The correlation between MTUM and XSVM shifts across timeframes, from 0.36 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

MTUM vs. XSVM - Sectors Allocation Comparison

Sectors
MTUM
XSVM

Technology

48.3%
2.6%

Industrials

12.1%
5.3%

Energy

11.5%
5.7%

Financial Services

5.2%
45.1%

Communication Services

4.4%
2.6%

Healthcare

4.2%
1.7%

Utilities

3.7%
2.1%

Consumer Defensive

3.7%
4.1%

Consumer Cyclical

3.0%
18.1%

Basic Materials

2.2%
3.0%

Real Estate

1.5%
9.7%

Technology

MTUM
48.3%
XSVM
2.6%

Industrials

MTUM
12.1%
XSVM
5.3%

Energy

MTUM
11.5%
XSVM
5.7%

Financial Services

MTUM
5.2%
XSVM
45.1%

Communication Services

MTUM
4.4%
XSVM
2.6%

Healthcare

MTUM
4.2%
XSVM
1.7%

Utilities

MTUM
3.7%
XSVM
2.1%

Consumer Defensive

MTUM
3.7%
XSVM
4.1%

Consumer Cyclical

MTUM
3.0%
XSVM
18.1%

Basic Materials

MTUM
2.2%
XSVM
3.0%

Real Estate

MTUM
1.5%
XSVM
9.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Momentum Factor ETF

Invesco S&P SmallCap Value with Momentum ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with XSVM:
XSVM vs. XSMOXSVM vs. AVUVXSVM vs. RWJXSVM vs. XSHQXSVM vs. SPHBXSVM vs. DGRSXSVM vs. RYPRX

Return for Risk

MTUM vs. XSVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MTUM
MTUM Risk / Return Rank: 4444
Overall Rank
MTUM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4242
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4343
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4343
Calmar Ratio Rank
MTUM Martin Ratio Rank: 5151
Martin Ratio Rank
XSVM
XSVM Risk / Return Rank: 9191
Overall Rank
XSVM Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 9393
Sortino Ratio Rank
XSVM Omega Ratio Rank: 9090
Omega Ratio Rank
XSVM Calmar Ratio Rank: 9292
Calmar Ratio Rank
XSVM Martin Ratio Rank: 8888
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MTUM vs. XSVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P SmallCap Value with Momentum ETF (XSVM). 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.

MTUMXSVMDifference
Sharpe ratioReturn per unit of total volatility
1.07
2.45

-1.37

Sortino ratioReturn per unit of downside risk
1.55
3.53

-1.98

Omega ratioGain probability vs. loss probability

1.21

1.43

-0.22

Calmar ratioReturn relative to maximum drawdown

1.52

4.32

-2.79

Martin ratioReturn relative to average drawdown

6.14

13.79

-7.66

MTUM vs. XSVM - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.07, which is lower than the XSVM Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of MTUM and XSVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MTUM vs. XSVM - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for MTUM and XSVM.

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Drawdown Indicators

MTUMXSVMDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-62.57%

+28.49%

Max Drawdown (1Y)

Largest decline over 1 year

-17.99%

-10.08%

-7.91%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-26.21%

+5.22%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-26.21%

-6.07%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-49.02%

+14.94%

Current Drawdown

Current decline from peak

-12.58%

-0.28%

-12.30%

Average Drawdown

Average peak-to-trough decline

-6.22%

-11.48%

+5.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

3.15%

+1.31%

Volatility

MTUM vs. XSVM - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.76% compared to Invesco S&P SmallCap Value with Momentum ETF (XSVM) at 4.25%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMXSVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.76%

4.25%

+6.51%

Volatility (6M)

Calculated over the trailing 6-month period

23.24%

11.78%

+11.46%

Volatility (1Y)

Calculated over the trailing 1-year period

25.57%

17.83%

+7.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.89%

22.34%

-0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.73%

25.01%

-3.28%

MTUM vs. XSVM - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than XSVM's 0.37% expense ratio.

Dividends

MTUM vs. XSVM - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, less than XSVM's 1.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		1.73%2.29%1.69%1.31%1.79%1.23%1.21%1.22%2.54%1.90%2.29%2.68%

Frequently Asked Questions

MTUM and XSVM have a correlation of 0.36, 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 XSVM (4.25%). In terms of maximum drawdown, MTUM dropped -34.08% vs XSVM's -62.57%.

On 10-year performance, MTUM leads with 15.78% vs 13.04% for XSVM. On fees, MTUM is cheaper at 0.15% per year. On volatility, XSVM has been the lower-risk option at 4.25%. 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 13.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.37% for XSVM.

XSVM has the higher dividend yield at 1.73%, compared with 0.61% for MTUM.

MTUM tracks MSCI USA Momentum SR Variant Index, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.37% for XSVM.

XSVM currently has the higher Sharpe Ratio (2.45 vs 1.07), 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.

Portfolio Optimizer

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