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SPUC vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPUC vs. MTUM

Last updated Jun 25, 2026

SPUC (Simplify US Equity PLUS Upside Convexity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - SPUC is a Large Cap Blend Equities fund actively managed by Simplify, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. SPUC is actively managed, while MTUM is passively managed. Over the past 5 years, SPUC returned 12.93%/yr vs 15.03%/yr for MTUM. Their correlation of 0.83 suggests significant overlap in exposure. SPUC charges 0.53%/yr vs 0.15%/yr for MTUM.

Performance

SPUC vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Upside Convexity ETF (SPUC) 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, SPUC achieves a 6.71% return, which is significantly lower than MTUM's 31.46% return.

SPUC

1D
-0.31%
1M
-1.13%
YTD
6.71%
6M
5.02%
1Y
24.90%
3Y*
22.36%
5Y*
12.93%
10Y*
—

MTUM

1D
-0.41%
1M
8.29%
YTD
31.46%
6M
28.81%
1Y
39.62%
3Y*
33.68%
5Y*
15.03%
10Y*
17.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPUC vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SPUC
Simplify US Equity PLUS Upside Convexity ETF		6.71%22.64%25.37%27.50%-24.76%33.71%10.62%
MTUM
iShares MSCI USA Momentum Factor ETF		31.46%22.15%32.89%9.15%-18.27%13.36%8.99%

Correlation

The correlation between SPUC and MTUM is 0.77, 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

0.77

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

0.84

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

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2020

0.83

The correlation between SPUC and MTUM has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

SPUC vs. MTUM - Sectors Allocation Comparison

Sectors
SPUC
MTUM

Technology

38.4%
50.2%

Financial Services

11.0%
5.0%

Communication Services

10.8%
5.1%

Consumer Cyclical

10.0%
2.9%

Healthcare

8.4%
3.5%

Industrials

7.9%
15.0%

Consumer Defensive

4.6%
3.7%

Energy

3.2%
10.5%

Utilities

2.1%
0.6%

Real Estate

1.8%
1.3%

Basic Materials

1.7%
2.3%

Technology

SPUC
38.4%
MTUM
50.2%

Financial Services

SPUC
11.0%
MTUM
5.0%

Communication Services

SPUC
10.8%
MTUM
5.1%

Consumer Cyclical

SPUC
10.0%
MTUM
2.9%

Healthcare

SPUC
8.4%
MTUM
3.5%

Industrials

SPUC
7.9%
MTUM
15.0%

Consumer Defensive

SPUC
4.6%
MTUM
3.7%

Energy

SPUC
3.2%
MTUM
10.5%

Utilities

SPUC
2.1%
MTUM
0.6%

Real Estate

SPUC
1.8%
MTUM
1.3%

Basic Materials

SPUC
1.7%
MTUM
2.3%

Compare stocks, funds, or ETFs

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

Simplify US Equity PLUS Upside Convexity ETF

iShares MSCI USA Momentum Factor ETF

Often compared with SPUC:
SPUC vs. SPDSPUC vs. GDESPUC vs. SPYSPUC vs. SVOLSPUC vs. ^GSPCSPUC vs. FOCPXSPUC vs. spmo
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

SPUC vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPUC
SPUC Risk / Return Rank: 4646
Overall Rank
SPUC Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPUC Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPUC Omega Ratio Rank: 4444
Omega Ratio Rank
SPUC Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPUC Martin Ratio Rank: 4848
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 6666
Overall Rank
MTUM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 5656
Sortino Ratio Rank
MTUM Omega Ratio Rank: 6161
Omega Ratio Rank
MTUM Calmar Ratio Rank: 7575
Calmar Ratio Rank
MTUM Martin Ratio Rank: 7676
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.

SPUC vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Upside Convexity ETF (SPUC) 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.

SPUCMTUMDifference
Sharpe ratioReturn per unit of total volatility
1.47
1.82

-0.35

Sortino ratioReturn per unit of downside risk
1.99
2.43

-0.44

Omega ratioGain probability vs. loss probability

1.26

1.33

-0.08

Calmar ratioReturn relative to maximum drawdown

2.16

3.45

-1.28

Martin ratioReturn relative to average drawdown

7.24

13.13

-5.89

SPUC vs. MTUM - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.47, which is comparable to the MTUM Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SPUC 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

SPUC vs. MTUM - Drawdown Comparison

The maximum SPUC drawdown since its inception was -29.20%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for SPUC and MTUM.

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Drawdown Indicators

SPUCMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-29.20%

-34.08%

+4.88%

Max Drawdown (1Y)

Largest decline over 1 year

-11.56%

-11.54%

-0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-28.17%

-20.99%

-7.18%

Max Drawdown (5Y)

Largest decline over 5 years

-29.20%

-32.28%

+3.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.08%

—

Current Drawdown

Current decline from peak

-2.79%

-4.87%

+2.08%

Average Drawdown

Average peak-to-trough decline

-8.41%

-6.19%

-2.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

3.03%

+0.42%

Volatility

SPUC vs. MTUM - Volatility Comparison

The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 4.92%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.23%. This indicates that SPUC 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.

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Volatility by Period

SPUCMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

12.23%

-7.31%

Volatility (6M)

Calculated over the trailing 6-month period

11.05%

19.36%

-8.31%

Volatility (1Y)

Calculated over the trailing 1-year period

17.00%

21.89%

-4.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.02%

21.15%

+0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.45%

21.31%

+0.14%

SPUC vs. MTUM - Expense Ratio Comparison

SPUC has a 0.53% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

SPUC vs. MTUM - Dividend Comparison

SPUC's dividend yield for the trailing twelve months is around 9.42%, more than MTUM's 0.56% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.56%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
SPUC
Simplify US Equity PLUS Upside Convexity ETF		9.42%7.70%0.94%1.33%1.53%2.00%0.75%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPUC and MTUM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (12.23%) compared to SPUC (4.92%). In terms of maximum drawdown, SPUC dropped -29.20% vs MTUM's -34.08%.

On 5-year performance, MTUM leads with 15.03% vs 12.93% for SPUC. On fees, MTUM is cheaper at 0.15% per year. On volatility, SPUC has been the lower-risk option at 4.92%. 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 15.03% return vs 12.93%. 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 0.53% for SPUC.

SPUC has the higher dividend yield at 9.42%, compared with 0.56% for MTUM.

SPUC is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.53% for SPUC and 0.15% for MTUM.

MTUM currently has the higher Sharpe Ratio (1.82 vs 1.47), 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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