ONOF vs. MTUM
ONOF (Global X Adaptive U.S. Risk Management ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, ONOF returned 8.12%/yr vs 12.62%/yr for MTUM. Their 0.72 correlation means they have sometimes moved together and sometimes differently. ONOF charges 0.39%/yr vs 0.15%/yr for MTUM.
Performance
ONOF vs. MTUM - Performance Comparison
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Returns By Period
In the year-to-date period, ONOF achieves a 6.35% return, which is significantly lower than MTUM's 19.93% return.
ONOF
- 1D
- 0.74%
- 1M
- 0.19%
- 6M
- 5.20%
- YTD
- 6.35%
- 1Y
- 17.00%
- 3Y*
- 10.82%
- 5Y*
- 8.12%
- 10Y*
- —
- ALL TIME*
- 10.09%
MTUM
- 1D
- 0.27%
- 1M
- -5.35%
- 6M
- 17.31%
- YTD
- 19.93%
- 1Y
- 26.36%
- 3Y*
- 27.89%
- 5Y*
- 12.62%
- 10Y*
- 15.71%
- ALL TIME*
- 15.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $558.09M | $637.73M | $538.11M | |
| $578.56K | $356.17K | $518.60K |
ONOF vs. MTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONOF Global X Adaptive U.S. Risk Management ETF | 6.35% | 8.90% | 19.45% | 11.57% | -11.89% | 25.33% |
MTUM iShares MSCI USA Momentum Factor ETF | 19.93% | 22.15% | 32.89% | 9.15% | -18.27% | 9.56% |
Correlation
The correlation between ONOF and MTUM is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021 | 0.72 |
The correlation between ONOF and MTUM has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.
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Return for Risk
ONOF vs. MTUM — Risk / Return Rank
ONOF
MTUM
ONOF vs. MTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.
| ONOF | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.40 | +0.83 |
| Martin ratioReturn relative to average drawdown | 7.00 | 5.72 | +1.27 |
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Drawdowns
ONOF vs. MTUM - Drawdown Comparison
The maximum ONOF drawdown since its inception was -26.21%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ONOF and MTUM.
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Drawdown Indicators
| ONOF | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.21% | -34.08% | +7.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.86% | -17.99% | +11.13% |
Max Drawdown (3Y)Largest decline over 3 years | -21.67% | -20.99% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -32.28% | +6.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.08% | — |
Current DrawdownCurrent decline from peak | -1.59% | -13.22% | +11.63% |
Average DrawdownAverage peak-to-trough decline | -6.03% | -6.22% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 4.39% | -2.21% |
Volatility
ONOF vs. MTUM - Volatility Comparison
The current volatility for Global X Adaptive U.S. Risk Management ETF (ONOF) is 3.62%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.22%. This indicates that ONOF 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.
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Volatility by Period
| ONOF | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 11.22% | -7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 9.16% | 23.33% | -14.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.27% | 25.53% | -13.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.43% | 21.89% | -7.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.35% | 21.72% | -7.37% |
ONOF vs. MTUM - Expense Ratio Comparison
ONOF has a 0.39% expense ratio, which is higher than MTUM's 0.15% expense ratio.
Dividends
ONOF vs. MTUM - Dividend Comparison
ONOF's dividend yield for the trailing twelve months is around 1.24%, more than MTUM's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 0.62% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
ONOF Global X Adaptive U.S. Risk Management ETF | 1.24% | 1.38% | 0.93% | 1.37% | 1.92% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ONOF and MTUM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (11.22%) compared to ONOF (3.62%). In terms of maximum drawdown, ONOF dropped -26.21% vs MTUM's -34.08%.
On 5-year performance, MTUM leads with 12.62% vs 8.12% for ONOF. On fees, MTUM is cheaper at 0.15% per year. On volatility, ONOF has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUM has performed better with a 12.62% return vs 8.12%. 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 0.39% for ONOF.
ONOF has the higher dividend yield at 1.24%, compared with 0.62% for MTUM.
ONOF is categorized as Tactical Allocation, while MTUM is Momentum. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.39% for ONOF and 0.15% for MTUM.
ONOF currently has the higher Sharpe Ratio (1.24 vs 0.99), 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.
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