RWLC vs. MTUM

Last updated Jun 5, 2026

RWLC (Rayliant Wilshire NxtGen US Large Cap Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - RWLC is a Large Cap Blend Equities fund tracking the S&P 500, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, RWLC returned 23.92%/yr vs 34.34%/yr for MTUM. A 0.79 correlation means they provide meaningful diversification when combined. RWLC charges 0.32%/yr vs 0.15%/yr for MTUM.

Performance

RWLC vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) 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, RWLC achieves a 12.63% return, which is significantly lower than MTUM's 30.30% return.

RWLC

• 1D: -0.25%
• 1M: 4.75%
• YTD: 12.63%
• 6M: 15.44%
• 1Y: 21.89%
• 3Y*: 23.92%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -1.10%
• 1M: 11.94%
• YTD: 30.30%
• 6M: 29.99%
• 1Y: 40.55%
• 3Y*: 34.34%
• 5Y*: 14.96%
• 10Y*: 17.19%

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

RWLC vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	12.63%	20.23%	28.58%	14.40%	-12.40%	2.05%
MTUM iShares MSCI USA Momentum Factor ETF	30.30%	22.15%	32.89%	9.15%	-18.27%	1.91%

Correlation

The correlation between RWLC and MTUM is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.79

The correlation between RWLC and MTUM shifts across timeframes, from 0.65 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

RWLC vs. MTUM - Sectors Allocation Comparison

Sectors	RWLC	MTUM
Technology	27.9%	44.4%
Financial Services	15.7%	10.4%
Healthcare	11.8%	6.9%
Consumer Cyclical	11.2%	3.6%
Communication Services	9.7%	7.4%
Consumer Defensive	6.8%	3.3%
Energy	6.6%	3.5%
Industrials	5.6%	15.6%
Basic Materials	2.2%	1.7%
Utilities	1.9%	1.6%
Real Estate	0.7%	1.8%

Return for Risk

RWLC vs. MTUM — Risk / Return Rank

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

RWLC

RWLC Risk / Return Rank: 48
RWLC Sharpe Ratio Rank: 46
RWLC Sortino Ratio Rank: 50
RWLC Omega Ratio Rank: 46
RWLC Calmar Ratio Rank: 48
RWLC Martin Ratio Rank: 52

MTUM

MTUM Risk / Return Rank: 68
MTUM Sharpe Ratio Rank: 65
MTUM Sortino Ratio Rank: 64
MTUM Omega Ratio Rank: 64
MTUM Calmar Ratio Rank: 72
MTUM Martin Ratio Rank: 75

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.

RWLC vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) 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.

	RWLC	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.14	-0.55
Sortino ratio: Return per unit of downside risk	2.38	2.90	-0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	2.36	3.53	-1.17
Martin ratio: Return relative to average drawdown	8.75	14.10	-5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWLC vs. MTUM - Sharpe Ratio Comparison

The current RWLC Sharpe Ratio is 1.59, which is comparable to the MTUM Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of RWLC 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.

Sharpe Ratios by Period

	RWLC	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.14	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.84	0.00

Drawdowns

RWLC vs. MTUM - Drawdown Comparison

The maximum RWLC drawdown since its inception was -21.00%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for RWLC and MTUM.

Drawdown Indicators

	RWLC	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-21.00%	-34.08%	+13.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-11.54%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-20.99%	+4.79%
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	-0.68%	-1.10%	+0.42%
Average Drawdown Average peak-to-trough decline	-5.43%	-6.21%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.89%	-0.38%

Volatility

RWLC vs. MTUM - Volatility Comparison

The current volatility for Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) is 2.55%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.67%. This indicates that RWLC 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

	RWLC	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	7.67%	-5.12%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	16.51%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.87%	19.08%	-5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	20.60%	-4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	21.03%	-4.56%

RWLC vs. MTUM - Expense Ratio Comparison

RWLC has a 0.32% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

RWLC vs. MTUM - Dividend Comparison

RWLC's dividend yield for the trailing twelve months is around 13.04%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	13.04%	14.69%	0.98%	1.63%	1.39%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWLC and MTUM in my portfolio?

RWLC and MTUM have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWLC or MTUM?

MTUM has higher volatility (7.67%) compared to RWLC (2.55%). In terms of maximum drawdown, RWLC dropped -21.00% vs MTUM's -34.08%.

Which ETF is better, RWLC or MTUM?

On 3-year performance, MTUM leads with 34.34% vs 23.92% for RWLC. On fees, MTUM is cheaper at 0.15% per year. On volatility, RWLC has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWLC or MTUM?

Over the 3-year period, MTUM has performed better with a 34.34% return vs 23.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWLC or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.32% for RWLC.

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

RWLC has the higher dividend yield at 13.04%, compared with 0.60% for MTUM.

What is the main difference between RWLC and MTUM?

RWLC is categorized as Large Cap Blend Equities, while MTUM is Momentum. RWLC tracks S&P 500, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Rayliant and iShares. Their fees differ too: 0.32% for RWLC and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.14 vs 1.59), 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.