ONEO vs. MTUM

Last updated Jun 21, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - ONEO tracks the Russell 1000 Momentum Focused Factor Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, ONEO returned 12.05%/yr vs 17.65%/yr for MTUM. A 0.75 correlation means they provide meaningful diversification when combined. ONEO charges 0.20%/yr vs 0.15%/yr for MTUM.

Performance

ONEO vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEO achieves a 18.09% return, which is significantly lower than MTUM's 35.51% return. Over the past 10 years, ONEO has underperformed MTUM with an annualized return of 12.05%, while MTUM has yielded a comparatively higher 17.65% annualized return.

ONEO

• 1D: 0.87%
• 1M: 4.64%
• YTD: 18.09%
• 6M: 17.15%
• 1Y: 28.38%
• 3Y*: 18.04%
• 5Y*: 11.28%
• 10Y*: 12.05%

MTUM

• 1D: 3.12%
• 1M: 11.63%
• YTD: 35.51%
• 6M: 35.00%
• 1Y: 48.04%
• 3Y*: 34.51%
• 5Y*: 16.78%
• 10Y*: 17.65%

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

ONEO vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEO SPDR Russell 1000 Momentum Focus ETF	18.09%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%
MTUM iShares MSCI USA Momentum Factor ETF	35.51%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between ONEO and MTUM is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.75

The correlation between ONEO and MTUM has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.

ONEO vs. MTUM - Sectors Allocation Comparison

Sectors	ONEO	MTUM
Technology	25.6%	50.2%
Industrials	17.1%	15.0%
Consumer Cyclical	11.3%	2.9%
Healthcare	9.4%	3.5%
Financial Services	8.8%	5.0%
Energy	6.5%	10.5%
Utilities	5.4%	0.6%
Consumer Defensive	5.0%	3.7%
Basic Materials	4.7%	2.3%
Communication Services	3.5%	5.1%
Real Estate	2.8%	1.3%

Return for Risk

ONEO vs. MTUM — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 74
ONEO Sharpe Ratio Rank: 71
ONEO Sortino Ratio Rank: 72
ONEO Omega Ratio Rank: 67
ONEO Calmar Ratio Rank: 79
ONEO Martin Ratio Rank: 81

MTUM

MTUM Risk / Return Rank: 77
MTUM Sharpe Ratio Rank: 75
MTUM Sortino Ratio Rank: 69
MTUM Omega Ratio Rank: 73
MTUM Calmar Ratio Rank: 83
MTUM Martin Ratio Rank: 83

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.

ONEO vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.

	ONEO	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.26	-0.10
Sortino ratio: Return per unit of downside risk	3.06	2.96	+0.10
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.90	4.18	-0.29
Martin ratio: Return relative to average drawdown	15.28	16.07	-0.79

ONEO vs. MTUM - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 2.16, which is comparable to the MTUM Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of ONEO and MTUM, 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

ONEO vs. MTUM - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ONEO and MTUM.

Drawdown Indicators

	ONEO	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-34.08%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-11.54%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-20.99%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-32.28%	+9.89%
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	-34.08%	-6.78%
Current Drawdown Current decline from peak	-0.77%	0.00%	-0.77%
Average Drawdown Average peak-to-trough decline	-4.98%	-6.20%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	3.00%	-1.12%

Volatility

ONEO vs. MTUM - Volatility Comparison

The current volatility for SPDR Russell 1000 Momentum Focus ETF (ONEO) is 4.90%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.07%. This indicates that ONEO experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEO	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	11.07%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	18.99%	-8.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	21.36%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	21.04%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	21.26%	-2.56%

ONEO vs. MTUM - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is higher than MTUM's 0.15% 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

ONEO vs. MTUM - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.16%, more than MTUM's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.55%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
ONEO SPDR Russell 1000 Momentum Focus ETF	1.16%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%

Frequently Asked Questions

Can I hold both ONEO and MTUM in my portfolio?

ONEO and MTUM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEO or MTUM?

MTUM has higher volatility (11.07%) compared to ONEO (4.90%). In terms of maximum drawdown, ONEO dropped -40.86% vs MTUM's -34.08%.

Which ETF is better, ONEO or MTUM?

On 10-year performance, MTUM leads with 17.65% vs 12.05% for ONEO. On fees, MTUM is cheaper at 0.15% per year. On volatility, ONEO has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or MTUM?

Over the 10-year period, MTUM has performed better with a 17.65% return vs 12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.20% for ONEO.

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

ONEO has the higher dividend yield at 1.16%, compared with 0.55% for MTUM.

What is the main difference between ONEO and MTUM?

ONEO tracks Russell 1000 Momentum Focused Factor Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for ONEO and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.26 vs 2.16), 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.