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QQQA vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQA vs. MTUM

Last updated Jun 26, 2026

QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, QQQA returned 14.43%/yr vs 15.79%/yr for MTUM. Their correlation of 0.85 suggests significant overlap in exposure. QQQA charges 0.58%/yr vs 0.15%/yr for MTUM.

Performance

QQQA vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQQA achieves a 65.39% return, which is significantly higher than MTUM's 35.82% return.

QQQA

1D
1.95%
1M
7.50%
YTD
65.39%
6M
61.39%
1Y
87.84%
3Y*
34.29%
5Y*
14.43%
10Y*
—

MTUM

1D
3.32%
1M
8.16%
YTD
35.82%
6M
33.08%
1Y
45.28%
3Y*
35.42%
5Y*
15.79%
10Y*
17.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQA vs. MTUM - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QQQA
ProShares Nasdaq-100 Dorsey Wright Momentum ETF		65.39%9.87%16.17%24.98%-29.08%9.84%
MTUM
iShares MSCI USA Momentum Factor ETF		35.82%22.15%32.89%9.15%-18.27%12.73%

Correlation

The correlation between QQQA and MTUM is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (All Time)
Calculated using the full available price history since May 20, 2021

0.85

The correlation between QQQA and MTUM has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

QQQA vs. MTUM - Sectors Allocation Comparison

Sectors
QQQA
MTUM

Technology

78.6%
50.2%

Communication Services

6.7%
5.1%

Energy

6.0%
10.5%

Healthcare

5.4%
3.5%

Consumer Cyclical

3.3%
2.9%

Basic Materials

-

2.3%

Consumer Defensive

-

3.7%

Financial Services

-

5.0%

Industrials

-

15.0%

Real Estate

-

1.3%

Utilities

-

0.6%

Technology

QQQA
78.6%
MTUM
50.2%

Communication Services

QQQA
6.7%
MTUM
5.1%

Energy

QQQA
6.0%
MTUM
10.5%

Healthcare

QQQA
5.4%
MTUM
3.5%

Consumer Cyclical

QQQA
3.3%
MTUM
2.9%

Basic Materials

QQQA

-

MTUM
2.3%

Consumer Defensive

QQQA

-

MTUM
3.7%

Financial Services

QQQA

-

MTUM
5.0%

Industrials

QQQA

-

MTUM
15.0%

Real Estate

QQQA

-

MTUM
1.3%

Utilities

QQQA

-

MTUM
0.6%

Compare stocks, funds, or ETFs

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

ProShares Nasdaq-100 Dorsey Wright Momentum ETF

iShares MSCI USA Momentum Factor ETF

Often compared with QQQA:
QQQA vs. QQQQQQA vs. QQQMQQQA vs. JEPQQQQA vs. MOATQQQA vs. JEPIQQQA vs. SPMOQQQA vs. SPY
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

QQQA vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQA
QQQA Risk / Return Rank: 9191
Overall Rank
QQQA Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
QQQA Sortino Ratio Rank: 8686
Sortino Ratio Rank
QQQA Omega Ratio Rank: 8888
Omega Ratio Rank
QQQA Calmar Ratio Rank: 9494
Calmar Ratio Rank
QQQA Martin Ratio Rank: 9393
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 7777
Overall Rank
MTUM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 6969
Sortino Ratio Rank
MTUM Omega Ratio Rank: 7373
Omega Ratio Rank
MTUM Calmar Ratio Rank: 8484
Calmar Ratio Rank
MTUM Martin Ratio Rank: 8484
Martin Ratio Rank
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.

QQQA vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) 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.

QQQAMTUMDifference
Sharpe ratioReturn per unit of total volatility
2.92
2.06

+0.86

Sortino ratioReturn per unit of downside risk
3.36
2.70

+0.65

Omega ratioGain probability vs. loss probability

1.47

1.37

+0.10

Calmar ratioReturn relative to maximum drawdown

6.07

3.94

+2.13

Martin ratioReturn relative to average drawdown

21.55

14.99

+6.55

QQQA vs. MTUM - Sharpe Ratio Comparison

The current QQQA Sharpe Ratio is 2.92, which is higher than the MTUM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of QQQA 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.

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Drawdowns

QQQA vs. MTUM - Drawdown Comparison

The maximum QQQA drawdown since its inception was -38.44%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for QQQA and MTUM.

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Drawdown Indicators

QQQAMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-38.44%

-34.08%

-4.36%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-11.54%

-3.00%

Max Drawdown (3Y)

Largest decline over 3 years

-30.84%

-20.99%

-9.85%

Max Drawdown (5Y)

Largest decline over 5 years

-38.44%

-32.28%

-6.16%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.08%

—

Current Drawdown

Current decline from peak

-5.47%

-1.71%

-3.76%

Average Drawdown

Average peak-to-trough decline

-15.53%

-6.19%

-9.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.09%

3.03%

+1.06%

Volatility

QQQA vs. MTUM - Volatility Comparison

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has a higher volatility of 16.88% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 12.20%. This indicates that QQQA's price experiences larger fluctuations and is considered to be riskier 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

QQQAMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.88%

12.20%

+4.68%

Volatility (6M)

Calculated over the trailing 6-month period

26.73%

19.59%

+7.14%

Volatility (1Y)

Calculated over the trailing 1-year period

30.28%

22.09%

+8.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.74%

21.20%

+5.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.54%

21.33%

+5.21%

QQQA vs. MTUM - Expense Ratio Comparison

QQQA has a 0.58% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

QQQA vs. MTUM - Dividend Comparison

QQQA's dividend yield for the trailing twelve months is around 0.02%, less than MTUM's 0.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QQQA
ProShares Nasdaq-100 Dorsey Wright Momentum ETF		0.02%0.10%0.09%0.34%0.28%0.10%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QQQA and MTUM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQA has higher volatility (16.88%) compared to MTUM (12.20%). In terms of maximum drawdown, QQQA dropped -38.44% vs MTUM's -34.08%.

On 5-year performance, MTUM leads with 15.79% vs 14.43% for QQQA. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 12.20%. 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 15.79% return vs 14.43%. 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 0.58% for QQQA.

MTUM has the higher dividend yield at 0.55%, compared with 0.02% for QQQA.

QQQA is categorized as Nasdaq-100, while MTUM is Momentum. QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for QQQA and 0.15% for MTUM.

QQQA currently has the higher Sharpe Ratio (2.92 vs 2.06), 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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