SPYG vs. MTUM

Last updated Jun 13, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, SPYG returned 17.91%/yr vs 17.15%/yr for MTUM. Their correlation of 0.88 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.15%/yr for MTUM.

Performance

SPYG vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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, SPYG achieves a 9.70% return, which is significantly lower than MTUM's 29.72% return. Both investments have delivered pretty close results over the past 10 years, with SPYG having a 17.91% annualized return and MTUM not far behind at 17.15%.

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

MTUM

• 1D: 1.69%
• 1M: 5.58%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

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

SPYG vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between SPYG and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.88

The correlation between SPYG and MTUM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

SPYG vs. MTUM - Sectors Allocation Comparison

Sectors	SPYG	MTUM
Technology	52.2%	44.4%
Communication Services	16.7%	7.4%
Consumer Cyclical	8.9%	3.6%
Financial Services	8.3%	10.4%
Healthcare	5.8%	6.9%
Industrials	5.0%	15.6%
Utilities	1.1%	1.6%
Consumer Defensive	1.0%	3.3%
Real Estate	0.5%	1.8%
Basic Materials	0.3%	1.7%
Energy	0.1%	3.5%

Return for Risk

SPYG vs. MTUM — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

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.

SPYG vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.

	SPYG	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.96	-0.32
Sortino ratio: Return per unit of downside risk	2.26	2.62	-0.36
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.01	3.55	-1.54
Martin ratio: Return relative to average drawdown	8.08	13.66	-5.57

SPYG vs. MTUM - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SPYG 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

SPYG vs. MTUM - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for SPYG and MTUM.

Drawdown Indicators

	SPYG	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-34.08%	-33.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-11.54%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-20.99%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-32.28%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-34.08%	+1.41%
Current Drawdown Current decline from peak	-4.65%	-1.55%	-3.10%
Average Drawdown Average peak-to-trough decline	-24.30%	-6.20%	-18.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.99%	+0.43%

Volatility

SPYG vs. MTUM - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) is 6.33%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 10.89%. This indicates that SPYG 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

	SPYG	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	10.89%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	18.63%	-5.15%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	20.87%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	20.94%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	21.20%	-0.50%

SPYG vs. MTUM - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than MTUM's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYG vs. MTUM - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and MTUM in my portfolio?

SPYG and MTUM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or MTUM?

MTUM has higher volatility (10.89%) compared to SPYG (6.33%). In terms of maximum drawdown, SPYG dropped -67.63% vs MTUM's -34.08%.

Which ETF is better, SPYG or MTUM?

On 10-year performance, SPYG leads with 17.91% vs 17.15% for MTUM. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or MTUM?

Over the 10-year period, SPYG has performed better with a 17.91% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or MTUM?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.15% for MTUM.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.48% for SPYG.

What is the main difference between SPYG and MTUM?

SPYG is categorized as S&P 500, while MTUM is Momentum. SPYG tracks S&P 500 Growth Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYG and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.65), 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.