PVEX vs. MTUM

Last updated Jul 17, 2026

PVEX (TrueShares ConVequity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - PVEX is a Large Cap Blend Equities fund managed by TrueShares, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Over the past year, PVEX returned 19.89% vs 28.30% for MTUM. A 0.72 correlation means they provide meaningful diversification when combined. PVEX charges 0.82%/yr vs 0.15%/yr for MTUM.

Performance

PVEX vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares ConVequity ETF (PVEX) 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, PVEX achieves a 7.85% return, which is significantly lower than MTUM's 21.46% return.

PVEX

• 1D: -0.77%
• 1M: -0.68%
• 6M: 7.14%
• YTD: 7.85%
• 1Y: 19.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -2.96%
• 1M: -6.94%
• 6M: 18.20%
• YTD: 21.46%
• 1Y: 28.30%
• 3Y*: 28.55%
• 5Y*: 13.65%
• 10Y*: 15.89%

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

PVEX vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
PVEX TrueShares ConVequity ETF	7.85%	13.68%
MTUM iShares MSCI USA Momentum Factor ETF	21.46%	5.84%

Correlation

The correlation between PVEX and MTUM is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.72

The correlation between PVEX and MTUM has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

PVEX vs. MTUM — Risk / Return Rank

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

PVEX

PVEX Risk / Return Rank: 53
PVEX Sharpe Ratio Rank: 48
PVEX Sortino Ratio Rank: 46
PVEX Omega Ratio Rank: 47
PVEX Calmar Ratio Rank: 66
PVEX Martin Ratio Rank: 56

MTUM

MTUM Risk / Return Rank: 47
MTUM Sharpe Ratio Rank: 39
MTUM Sortino Ratio Rank: 37
MTUM Omega Ratio Rank: 40
MTUM Calmar Ratio Rank: 58
MTUM Martin Ratio Rank: 58

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.

PVEX vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares ConVequity ETF (PVEX) 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.

	PVEX	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.18	+0.18
Sortino ratio: Return per unit of downside risk	1.92	1.65	+0.28
Omega ratio: Gain probability vs. loss probability	1.25	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.62	2.35	+0.27
Martin ratio: Return relative to average drawdown	7.75	8.08	-0.33

PVEX vs. MTUM - Sharpe Ratio Comparison

The current PVEX Sharpe Ratio is 1.36, which is comparable to the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PVEX 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

PVEX vs. MTUM - Drawdown Comparison

The maximum PVEX drawdown since its inception was -7.63%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for PVEX and MTUM.

Drawdown Indicators

	PVEX	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-7.63%	-34.08%	+26.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-12.11%	+4.48%
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	-2.48%	-12.11%	+9.63%
Average Drawdown Average peak-to-trough decline	-2.00%	-6.20%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.51%	-0.94%

Volatility

PVEX vs. MTUM - Volatility Comparison

The current volatility for TrueShares ConVequity ETF (PVEX) is 3.94%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.40%. This indicates that PVEX 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

	PVEX	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	12.40%	-8.46%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	21.91%	-12.96%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	24.08%	-9.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	21.61%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	21.55%	-6.33%

PVEX vs. MTUM - Expense Ratio Comparison

PVEX has a 0.82% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

PVEX vs. MTUM - Dividend Comparison

PVEX's dividend yield for the trailing twelve months is around 0.18%, less than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PVEX TrueShares ConVequity ETF	0.18%	0.19%	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 PVEX and MTUM in my portfolio?

PVEX and MTUM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PVEX or MTUM?

MTUM has higher volatility (12.40%) compared to PVEX (3.94%). In terms of maximum drawdown, PVEX dropped -7.63% vs MTUM's -34.08%.

Which ETF is better, PVEX or MTUM?

On 1-year performance, MTUM leads with 28.30% vs 19.89% for PVEX. On fees, MTUM is cheaper at 0.15% per year. On volatility, PVEX has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PVEX or MTUM?

Over the 1-year period, MTUM has performed better with a 28.30% return vs 19.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PVEX or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.82% for PVEX.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.18% for PVEX.

What is the main difference between PVEX and MTUM?

PVEX is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.82% for PVEX and 0.15% for MTUM.

Which has better risk-adjusted returns?

PVEX currently has the higher Sharpe Ratio (1.36 vs 1.18), 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.