THLV vs. MTUM

Last updated Jun 4, 2026

THLV (THOR Equal Weight Low Volatility ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - THLV is a Large Cap Blend Equities fund tracking the THOR Equal Weight Low Volatility Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, THLV returned 12.59%/yr vs 34.75%/yr for MTUM. A 0.64 correlation means they provide meaningful diversification when combined. THLV charges 0.64%/yr vs 0.15%/yr for MTUM.

Performance

THLV vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Equal Weight Low Volatility ETF (THLV) 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, THLV achieves a 9.49% return, which is significantly lower than MTUM's 31.75% return.

THLV

• 1D: -0.39%
• 1M: 2.27%
• YTD: 9.49%
• 6M: 9.41%
• 1Y: 18.29%
• 3Y*: 12.59%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

THLV vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THLV THOR Equal Weight Low Volatility ETF	9.49%	10.50%	9.52%	5.88%	2.55%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	5.11%

Correlation

The correlation between THLV and MTUM is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022	0.64

The correlation between THLV and MTUM has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

THLV vs. MTUM - Sectors Allocation Comparison

Sectors	THLV	MTUM
Energy	17.5%	3.5%
Consumer Cyclical	15.7%	3.6%
Technology	15.7%	44.4%
Utilities	14.7%	1.6%
Real Estate	14.3%	1.8%
Financial Services	13.8%	10.4%
Consumer Defensive	13.7%	3.3%
Industrials	13.5%	15.6%
Healthcare	12.5%	6.9%
Basic Materials	12.2%	1.7%
Communication Services	0.1%	7.4%

Return for Risk

THLV vs. MTUM — Risk / Return Rank

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

THLV

THLV Risk / Return Rank: 54
THLV Sharpe Ratio Rank: 55
THLV Sortino Ratio Rank: 56
THLV Omega Ratio Rank: 53
THLV Calmar Ratio Rank: 56
THLV Martin Ratio Rank: 50

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
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.

THLV vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Equal Weight Low Volatility ETF (THLV) 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.

	THLV	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.20	-0.33
Sortino ratio: Return per unit of downside risk	2.65	2.98	-0.33
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.76	3.64	-0.87
Martin ratio: Return relative to average drawdown	8.38	14.50	-6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THLV vs. MTUM - Sharpe Ratio Comparison

The current THLV Sharpe Ratio is 1.87, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of THLV 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

	THLV	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.20	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.85	+0.03

Drawdowns

THLV vs. MTUM - Drawdown Comparison

The maximum THLV drawdown since its inception was -13.15%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for THLV and MTUM.

Drawdown Indicators

	THLV	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-13.15%	-34.08%	+20.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-11.54%	+4.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.15%	-20.99%	+7.84%
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	-1.99%	0.00%	-1.99%
Average Drawdown Average peak-to-trough decline	-3.74%	-6.21%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.89%	-0.70%

Volatility

THLV vs. MTUM - Volatility Comparison

The current volatility for THOR Equal Weight Low Volatility ETF (THLV) is 3.45%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that THLV 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

	THLV	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	7.68%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	16.46%	-8.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.84%	19.04%	-9.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	20.60%	-8.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	21.03%	-9.30%

THLV vs. MTUM - Expense Ratio Comparison

THLV has a 0.64% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

THLV vs. MTUM - Dividend Comparison

THLV's dividend yield for the trailing twelve months is around 1.62%, 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%
THLV THOR Equal Weight Low Volatility ETF	1.62%	1.77%	1.25%	2.72%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THLV and MTUM in my portfolio?

THLV and MTUM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THLV or MTUM?

MTUM has higher volatility (7.68%) compared to THLV (3.45%). In terms of maximum drawdown, THLV dropped -13.15% vs MTUM's -34.08%.

Which ETF is better, THLV or MTUM?

On 3-year performance, MTUM leads with 34.75% vs 12.59% for THLV. On fees, MTUM is cheaper at 0.15% per year. On volatility, THLV has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THLV or MTUM?

Over the 3-year period, MTUM has performed better with a 34.75% return vs 12.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THLV or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.64% for THLV.

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

THLV has the higher dividend yield at 1.62%, compared with 0.60% for MTUM.

What is the main difference between THLV and MTUM?

THLV is categorized as Large Cap Blend Equities, while MTUM is Momentum. THLV tracks THOR Equal Weight Low Volatility Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: THOR and iShares. Their fees differ too: 0.64% for THLV and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 1.87), 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.