TLT vs. MTUM
TLT (iShares 20+ Year Treasury Bond ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year 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, TLT returned -2.13%/yr vs 15.89%/yr for MTUM. At a correlation of -0.11, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
TLT vs. MTUM - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a -1.19% return, which is significantly lower than MTUM's 21.46% return. Over the past 10 years, TLT has underperformed MTUM with an annualized return of -2.13%, while MTUM has yielded a comparatively higher 15.89% annualized return.
TLT
- 1D
- -0.04%
- 1M
- -1.94%
- 6M
- -2.48%
- YTD
- -1.19%
- 1Y
- 3.43%
- 3Y*
- -1.99%
- 5Y*
- -7.58%
- 10Y*
- -2.13%
MTUM
- 1D
- -2.96%
- 1M
- -6.94%
- 6M
- 18.20%
- YTD
- 21.46%
- 1Y
- 28.30%
- 3Y*
- 28.55%
- 5Y*
- 13.65%
- 10Y*
- 15.89%
TLT vs. MTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | -1.19% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
MTUM iShares MSCI USA Momentum Factor ETF | 21.46% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
Correlation
The correlation between TLT and MTUM is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | -0.11 |
The correlation between TLT and MTUM shifts across timeframes, from -0.11 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. MTUM — Risk / Return Rank
TLT
MTUM
TLT vs. MTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.22 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 2.35 | -1.89 |
| Martin ratioReturn relative to average drawdown | 1.04 | 8.08 | -7.05 |
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Drawdowns
TLT vs. MTUM - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TLT and MTUM.
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Drawdown Indicators
| TLT | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -34.08% | -14.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -12.11% | +4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -18.88% | -20.99% | +2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -32.28% | -11.42% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -34.08% | -14.27% |
Current DrawdownCurrent decline from peak | -40.99% | -12.11% | -28.88% |
Average DrawdownAverage peak-to-trough decline | -13.94% | -6.20% | -7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 3.51% | -0.20% |
Volatility
TLT vs. MTUM - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.59%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.40%. This indicates that TLT 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
| TLT | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 12.40% | -9.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.79% | 21.91% | -15.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 24.08% | -14.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.78% | 21.61% | -5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.83% | 21.55% | -6.72% |
TLT vs. MTUM - Expense Ratio Comparison
Both TLT and MTUM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TLT vs. MTUM - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.64%, 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.64% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and MTUM have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (12.40%) compared to TLT (2.59%). In terms of maximum drawdown, TLT dropped -48.35% vs MTUM's -34.08%.
On 10-year performance, MTUM leads with 15.89% vs -2.13% for TLT. Both ETFs have the same 0.15% expense ratio. On volatility, TLT has been the lower-risk option at 2.59%. 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 15.89% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT and MTUM have the same expense ratio: 0.15% per year.
TLT has the higher dividend yield at 4.64%, compared with 0.61% for MTUM.
TLT is categorized as Government Bonds, while MTUM is Momentum. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while MTUM tracks MSCI USA Momentum SR Variant Index.
MTUM currently has the higher Sharpe Ratio (1.18 vs 0.37), 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.
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