TIP vs. MTUM
TIP (iShares TIPS Bond ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, TIP returned 2.53%/yr vs 17.15%/yr for MTUM. At a 0.01 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.15%/yr for MTUM.
Performance
TIP vs. MTUM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TIP achieves a 1.40% return, which is significantly lower than MTUM's 29.72% return. Over the past 10 years, TIP has underperformed MTUM with an annualized return of 2.53%, while MTUM has yielded a comparatively higher 17.15% annualized return.
TIP
- 1D
- 0.01%
- 1M
- -0.11%
- YTD
- 1.40%
- 6M
- 1.42%
- 1Y
- 4.76%
- 3Y*
- 4.00%
- 5Y*
- 0.91%
- 10Y*
- 2.53%
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%
TIP vs. MTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.40% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
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 TIP and MTUM is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.01 |
The correlation between TIP and MTUM shifts across timeframes, from 0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TIP vs. MTUM — Risk / Return Rank
TIP
MTUM
TIP vs. MTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 3.55 | -1.21 |
| Martin ratioReturn relative to average drawdown | 7.00 | 13.66 | -6.66 |
Loading charts...
Drawdowns
TIP vs. MTUM - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TIP and MTUM.
Loading charts...
Drawdown Indicators
| TIP | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -34.08% | +19.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -11.54% | +9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -20.99% | +16.45% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -32.28% | +17.77% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -34.08% | +19.57% |
Current DrawdownCurrent decline from peak | -0.46% | -1.55% | +1.09% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -6.20% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 2.99% | -2.33% |
Volatility
TIP vs. MTUM - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.03%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 10.89%. This indicates that TIP 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.
Loading charts...
Volatility by Period
| TIP | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 10.89% | -9.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 18.63% | -16.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 20.87% | -17.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 20.94% | -14.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 21.20% | -15.46% |
TIP vs. MTUM - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is higher than MTUM's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TIP vs. MTUM - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, more 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% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and MTUM have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (10.89%) compared to TIP (1.03%). In terms of maximum drawdown, TIP dropped -14.57% vs MTUM's -34.08%.
On 10-year performance, MTUM leads with 17.15% vs 2.53% for TIP. On fees, MTUM is cheaper at 0.15% per year. On volatility, TIP has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MTUM has performed better with a 17.15% return vs 2.53%. 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 0.18% for TIP.
TIP has the higher dividend yield at 3.76%, compared with 0.61% for MTUM.
TIP is categorized as Inflation-Protected Bonds, while MTUM is Momentum. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.18% for TIP and 0.15% for MTUM.
MTUM currently has the higher Sharpe Ratio (1.96 vs 1.37), 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.
Find the right allocation for TIP and MTUM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer