PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
QUAL vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. MTUM

Last updated Aug 2, 2026
Documentation

QUAL (iShares MSCI USA Quality Factor ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - QUAL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, QUAL returned 14.15%/yr vs 15.71%/yr for MTUM. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

QUAL vs. MTUM - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, QUAL achieves a 10.86% return, which is significantly lower than MTUM's 19.93% return. Over the past 10 years, QUAL has underperformed MTUM with an annualized return of 14.15%, while MTUM has yielded a comparatively higher 15.71% annualized return.

QUAL

1D
0.18%
1M
0.41%
6M
8.77%
YTD
10.86%
1Y
21.43%
3Y*
17.38%
5Y*
11.11%
10Y*
14.15%
ALL TIME*
13.66%

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

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MTUM

iShares MSCI USA Momentum Factor ETF
$558.09M$637.73M$538.11M

QUAL

iShares MSCI USA Quality Factor ETF
$216.39M$244.32M$382.94M

QUAL vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		10.86%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
MTUM
iShares MSCI USA Momentum Factor ETF		19.93%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%

Correlation

The correlation between QUAL and MTUM is 0.72, 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.

0.72

Correlation (3Y)
Balances recent behavior with more history.

0.82

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.82

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.83

The correlation between QUAL and MTUM shifts across timeframes, from 0.72 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

QUAL vs. MTUM - Sectors Allocation Comparison

Sectors
QUAL
MTUM

Technology

40.2%
48.3%

Financial Services

10.9%
5.2%

Communication Services

10.3%
4.4%

Healthcare

9.2%
4.2%

Consumer Cyclical

9.0%
3.0%

Industrials

7.4%
12.1%

Consumer Defensive

4.3%
3.7%

Energy

2.9%
11.5%

Utilities

2.1%
3.7%

Basic Materials

1.9%
2.2%

Real Estate

1.7%
1.5%

Technology

QUAL
40.2%
MTUM
48.3%

Financial Services

QUAL
10.9%
MTUM
5.2%

Communication Services

QUAL
10.3%
MTUM
4.4%

Healthcare

QUAL
9.2%
MTUM
4.2%

Consumer Cyclical

QUAL
9.0%
MTUM
3.0%

Industrials

QUAL
7.4%
MTUM
12.1%

Consumer Defensive

QUAL
4.3%
MTUM
3.7%

Energy

QUAL
2.9%
MTUM
11.5%

Utilities

QUAL
2.1%
MTUM
3.7%

Basic Materials

QUAL
1.9%
MTUM
2.2%

Real Estate

QUAL
1.7%
MTUM
1.5%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Quality Factor ETF

iShares MSCI USA Momentum Factor ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHDQUAL vs. GARP
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOMMTUM vs. IDMO

Return for Risk

QUAL vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QUAL
QUAL Risk / Return Rank: 7272
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7171
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 4242
Overall Rank
MTUM Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 3939
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4141
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4040
Calmar Ratio Rank
MTUM Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QUAL vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.

QUALMTUMDifference
Sharpe ratioReturn per unit of total volatility
1.65
0.99

+0.67

Sortino ratioReturn per unit of downside risk
2.36
1.45

+0.91

Omega ratioGain probability vs. loss probability

1.29

1.19

+0.10

Calmar ratioReturn relative to maximum drawdown

2.25

1.40

+0.85

Martin ratioReturn relative to average drawdown

10.08

5.72

+4.35

QUAL vs. MTUM - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.65, which is higher than the MTUM Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of QUAL 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.

Loading charts...

Drawdowns

QUAL vs. MTUM - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, roughly equal to the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for QUAL and MTUM.

Loading charts...

Drawdown Indicators

QUALMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-34.08%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-17.99%

+8.96%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-20.99%

+2.99%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-32.28%

+4.05%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-34.08%

+0.02%

Current Drawdown

Current decline from peak

-0.61%

-13.22%

+12.61%

Average Drawdown

Average peak-to-trough decline

-4.07%

-6.22%

+2.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

4.39%

-2.38%

Volatility

QUAL vs. MTUM - Volatility Comparison

The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 2.88%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.22%. This indicates that QUAL 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.

Loading charts...

Volatility by Period

QUALMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.88%

11.22%

-8.34%

Volatility (6M)

Calculated over the trailing 6-month period

9.72%

23.33%

-13.61%

Volatility (1Y)

Calculated over the trailing 1-year period

12.33%

25.53%

-13.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.38%

21.89%

-4.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.09%

21.72%

-3.63%

QUAL vs. MTUM - Expense Ratio Comparison

Both QUAL and MTUM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

QUAL vs. MTUM - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.86%, more than MTUM's 0.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QUAL
iShares MSCI USA Quality Factor ETF		0.86%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

QUAL and MTUM have a correlation of 0.72, 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 QUAL (2.88%). In terms of maximum drawdown, QUAL dropped -34.06% vs MTUM's -34.08%.

On 10-year performance, MTUM leads with 15.71% vs 14.15% for QUAL. Both ETFs have the same 0.15% expense ratio. On volatility, QUAL has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MTUM has performed better with a 15.71% return vs 14.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL and MTUM have the same expense ratio: 0.15% per year.

QUAL has the higher dividend yield at 0.86%, compared with 0.62% for MTUM.

QUAL is categorized as Quality Factor, while MTUM is Momentum. QUAL tracks MSCI USA Sector Neutral Quality Index, while MTUM tracks MSCI USA Momentum SR Variant Index.

QUAL currently has the higher Sharpe Ratio (1.65 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.

Portfolio Optimizer

Find the right allocation for QUAL and MTUM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer