SPUC vs. MTUM

Last updated Jun 24, 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 13.13%/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.

Returns By Period

In the year-to-date period, SPUC achieves a 7.04% return, which is significantly lower than MTUM's 31.46% return.

SPUC

• 1D: -1.29%
• 1M: -0.82%
• YTD: 7.04%
• 6M: 5.67%
• 1Y: 25.30%
• 3Y*: 22.48%
• 5Y*: 13.13%
• 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)	2025	2024	2023	2022	2021	2020
SPUC Simplify US Equity PLUS Upside Convexity ETF	7.04%	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%

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: 45
SPUC Sharpe Ratio Rank: 45
SPUC Sortino Ratio Rank: 41
SPUC Omega Ratio Rank: 42
SPUC Calmar Ratio Rank: 48
SPUC Martin Ratio Rank: 47

MTUM

MTUM Risk / Return Rank: 66
MTUM Sharpe Ratio Rank: 60
MTUM Sortino Ratio Rank: 56
MTUM Omega Ratio Rank: 61
MTUM Calmar Ratio Rank: 75
MTUM Martin Ratio Rank: 76

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.

	SPUC	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.82	-0.33
Sortino ratio: Return per unit of downside risk	2.01	2.43	-0.41
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.20	3.45	-1.25
Martin ratio: Return relative to average drawdown	7.36	13.13	-5.76

SPUC vs. MTUM - Sharpe Ratio Comparison

The current SPUC Sharpe Ratio is 1.50, 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.

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.

Drawdown Indicators

	SPUC	MTUM	Difference
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	-2.49%	-4.87%	+2.38%
Average Drawdown Average peak-to-trough decline	-8.42%	-6.19%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.03%	+0.41%

Volatility

SPUC vs. MTUM - Volatility Comparison

The current volatility for Simplify US Equity PLUS Upside Convexity ETF (SPUC) is 4.93%, 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.

Volatility by Period

	SPUC	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	12.23%	-7.30%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	19.36%	-8.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.05%	21.89%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.03%	21.15%	+0.88%
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 9.39%, more than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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	9.39%	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

Can I hold both SPUC and MTUM in my portfolio?

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.

Which is riskier, SPUC or MTUM?

MTUM has higher volatility (12.23%) compared to SPUC (4.93%). In terms of maximum drawdown, SPUC dropped -29.20% vs MTUM's -34.08%.

Which ETF is better, SPUC or MTUM?

On 5-year performance, MTUM leads with 15.03% vs 13.13% for SPUC. On fees, MTUM is cheaper at 0.15% per year. On volatility, SPUC has been the lower-risk option at 4.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUC or MTUM?

Over the 5-year period, MTUM has performed better with a 15.03% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUC or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.53% for SPUC.

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

SPUC has the higher dividend yield at 9.39%, compared with 0.56% for MTUM.

What is the main difference between SPUC and 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.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.82 vs 1.50), 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.