NOEQ vs. MTUM

Last updated Jul 4, 2026

NOEQ (Northern Trust US Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - NOEQ is a Large Cap Blend Equities fund actively managed by Northern Trust, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. NOEQ is actively managed, while MTUM is passively managed. A 0.68 correlation means they provide meaningful diversification when combined. NOEQ charges 0.12%/yr vs 0.15%/yr for MTUM.

Performance

NOEQ vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust US Equity ETF (NOEQ) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NOEQ

• 1D: 0.21%
• 1M: 0.78%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -3.53%
• 1M: -3.83%
• 6M: 25.50%
• YTD: 26.71%
• 1Y: 33.17%
• 3Y*: 31.16%
• 5Y*: 14.01%
• 10Y*: 16.61%

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

NOEQ vs. MTUM - Yearly Performance Comparison

	2026 (YTD)
NOEQ Northern Trust US Equity ETF	13.97%
MTUM iShares MSCI USA Momentum Factor ETF	31.20%

Correlation

The correlation between NOEQ and MTUM is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 23, 2026	0.68

Return for Risk

NOEQ vs. MTUM — Risk / Return Rank

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

NOEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MTUM

MTUM Risk / Return Rank: 60
MTUM Sharpe Ratio Rank: 52
MTUM Sortino Ratio Rank: 48
MTUM Omega Ratio Rank: 53
MTUM Calmar Ratio Rank: 73
MTUM Martin Ratio Rank: 74

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.

NOEQ vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust US Equity ETF (NOEQ) and iShares MSCI USA Momentum Factor ETF (MTUM). 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.

	NOEQ	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.49	—
Sortino ratio: Return per unit of downside risk	—	2.01	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	3.01	—
Martin ratio: Return relative to average drawdown	—	11.15	—

Drawdowns

NOEQ vs. MTUM - Drawdown Comparison

The maximum NOEQ drawdown since its inception was -3.70%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for NOEQ and MTUM.

Drawdown Indicators

	NOEQ	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-34.08%	+30.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.63%	-8.31%	+7.68%
Average Drawdown Average peak-to-trough decline	-0.80%	-6.19%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.11%	—

Volatility

Volatility by Period

	NOEQ	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	23.38%	-9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	21.49%	-7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.60%	21.47%	-7.87%

NOEQ vs. MTUM - Expense Ratio Comparison

NOEQ has a 0.12% expense ratio, which is lower than MTUM's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NOEQ vs. MTUM - Dividend Comparison

NOEQ's dividend yield for the trailing twelve months is around 0.17%, less than MTUM's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.59%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
NOEQ Northern Trust US Equity ETF	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOEQ and MTUM in my portfolio?

NOEQ and MTUM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NOEQ or MTUM?

On fees, NOEQ is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOEQ or MTUM?

NOEQ is cheaper with a 0.12% expense ratio, compared with 0.15% for MTUM.

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

MTUM has the higher dividend yield at 0.59%, compared with 0.17% for NOEQ.

What is the main difference between NOEQ and MTUM?

NOEQ is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.12% for NOEQ and 0.15% for MTUM.