SIZE vs. MTUM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI USA Size Factor ETF (SIZE) and iShares MSCI USA Momentum Factor ETF (MTUM).

SIZE and MTUM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SIZE is a passively managed fund by iShares that tracks the performance of the MSCI USA Low Size Index. It was launched on Apr 16, 2013. MTUM is a passively managed fund by iShares that tracks the performance of the MSCI USA Momentum SR Variant Index. It was launched on Apr 16, 2013. Both SIZE and MTUM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SIZE vs. MTUM - Performance Comparison

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

SIZE vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIZE iShares MSCI USA Size Factor ETF	-0.96%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%
MTUM iShares MSCI USA Momentum Factor ETF	-4.04%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Returns By Period

In the year-to-date period, SIZE achieves a -0.96% return, which is significantly higher than MTUM's -4.04% return. Over the past 10 years, SIZE has underperformed MTUM with an annualized return of 10.95%, while MTUM has yielded a comparatively higher 13.84% annualized return.

SIZE

• 1D: 2.59%
• 1M: -5.50%
• YTD: -0.96%
• 6M: -0.01%
• 1Y: 11.37%
• 3Y*: 12.32%
• 5Y*: 7.22%
• 10Y*: 10.95%

MTUM

• 1D: 4.00%
• 1M: -5.04%
• YTD: -4.04%
• 6M: -6.08%
• 1Y: 19.69%
• 3Y*: 21.05%
• 5Y*: 9.22%
• 10Y*: 13.84%

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

SIZE vs. MTUM - Expense Ratio Comparison

Both SIZE 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%.

SIZE

iShares MSCI USA Size Factor ETF

MTUM

iShares MSCI USA Momentum Factor ETF

Return for Risk

SIZE vs. MTUM — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 38
SIZE Sharpe Ratio Rank: 34
SIZE Sortino Ratio Rank: 36
SIZE Omega Ratio Rank: 36
SIZE Calmar Ratio Rank: 38
SIZE Martin Ratio Rank: 46

MTUM

MTUM Risk / Return Rank: 59
MTUM Sharpe Ratio Rank: 52
MTUM Sortino Ratio Rank: 53
MTUM Omega Ratio Rank: 55
MTUM Calmar Ratio Rank: 70
MTUM Martin Ratio Rank: 67

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.

SIZE vs. MTUM - Risk-Adjusted Trends Comparison

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

	SIZE	MTUM	Difference
Sharpe ratio Return per unit of total volatility	0.60	0.86	-0.26
Sortino ratio Return per unit of downside risk	1.00	1.32	-0.33
Omega ratio Gain probability vs. loss probability	1.14	1.19	-0.05
Calmar ratio Return relative to maximum drawdown	0.94	1.67	-0.72
Martin ratio Return relative to average drawdown	4.35	6.31	-1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. MTUM - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 0.60, which is comparable to the MTUM Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of SIZE and MTUM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SIZE	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	0.86	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.45	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.67	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.72	-0.07

Correlation

The correlation between SIZE and MTUM is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SIZE vs. MTUM - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.56%, more than MTUM's 0.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIZE iShares MSCI USA Size Factor ETF	1.56%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%
MTUM iShares MSCI USA Momentum Factor ETF	0.82%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Drawdowns

SIZE vs. MTUM - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for SIZE and MTUM.

Drawdown Indicators

	SIZE	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-34.08%	-5.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.78%	-12.26%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-32.28%	+8.25%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-34.08%	-5.07%
Current Drawdown Current decline from peak	-5.59%	-8.01%	+2.42%
Average Drawdown Average peak-to-trough decline	-4.23%	-6.28%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.24%	-0.47%

Volatility

SIZE vs. MTUM - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 5.13%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 8.55%. This indicates that SIZE 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

	SIZE	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	8.55%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	14.58%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	22.93%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	20.38%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	20.82%	-2.15%