TOPT vs. MTUM

Last updated Jul 17, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past year, TOPT returned 20.49% vs 28.30% for MTUM. A 0.76 correlation means they provide meaningful diversification when combined. TOPT charges 0.20%/yr vs 0.15%/yr for MTUM.

Performance

TOPT vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) 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, TOPT achieves a 6.88% return, which is significantly lower than MTUM's 21.46% return.

TOPT

• 1D: -1.39%
• 1M: 0.03%
• 6M: 8.44%
• YTD: 6.88%
• 1Y: 20.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

TOPT vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	6.88%	20.35%	5.33%
MTUM iShares MSCI USA Momentum Factor ETF	21.46%	22.15%	0.03%

Correlation

The correlation between TOPT and MTUM is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.76

The correlation between TOPT and MTUM has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

TOPT vs. MTUM - Sectors Allocation Comparison

Sectors	TOPT	MTUM
Technology	46.8%	50.2%
Communication Services	18.0%	5.1%
Financial Services	11.4%	5.0%
Consumer Cyclical	9.3%	2.9%
Healthcare	7.9%	3.5%
Consumer Defensive	4.1%	3.7%
Energy	2.6%	10.5%
Basic Materials	-	2.3%
Industrials	-	15.0%
Real Estate	-	1.3%
Utilities	-	0.6%

Return for Risk

TOPT vs. MTUM — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 44
TOPT Sharpe Ratio Rank: 49
TOPT Sortino Ratio Rank: 48
TOPT Omega Ratio Rank: 46
TOPT Calmar Ratio Rank: 37
TOPT Martin Ratio Rank: 42

MTUM

MTUM Risk / Return Rank: 47
MTUM Sharpe Ratio Rank: 39
MTUM Sortino Ratio Rank: 37
MTUM Omega Ratio Rank: 40
MTUM Calmar Ratio Rank: 58
MTUM Martin Ratio Rank: 58

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.

TOPT vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) 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.

	TOPT	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.18	+0.21
Sortino ratio: Return per unit of downside risk	1.99	1.65	+0.34
Omega ratio: Gain probability vs. loss probability	1.25	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	1.57	2.35	-0.78
Martin ratio: Return relative to average drawdown	5.46	8.08	-2.62

TOPT vs. MTUM - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.39, which is comparable to the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of TOPT 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

TOPT vs. MTUM - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TOPT and MTUM.

Drawdown Indicators

	TOPT	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-34.08%	+12.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-12.11%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
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	-3.12%	-12.11%	+8.99%
Average Drawdown Average peak-to-trough decline	-3.51%	-6.20%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.51%	+0.25%

Volatility

TOPT vs. MTUM - Volatility Comparison

The current volatility for iShares Top 20 U.S. Stocks ETF (TOPT) is 5.12%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.40%. This indicates that TOPT 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

	TOPT	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	12.40%	-7.28%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	21.91%	-10.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.78%	24.08%	-9.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	21.61%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	21.55%	-1.74%

TOPT vs. MTUM - Expense Ratio Comparison

TOPT has a 0.20% 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

TOPT vs. MTUM - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.38%, 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%
TOPT iShares Top 20 U.S. Stocks ETF	0.38%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPT and MTUM in my portfolio?

TOPT and MTUM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or MTUM?

MTUM has higher volatility (12.40%) compared to TOPT (5.12%). In terms of maximum drawdown, TOPT dropped -21.21% vs MTUM's -34.08%.

Which ETF is better, TOPT or MTUM?

On 1-year performance, MTUM leads with 28.30% vs 20.49% for TOPT. On fees, MTUM is cheaper at 0.15% per year. On volatility, TOPT has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or MTUM?

Over the 1-year period, MTUM has performed better with a 28.30% return vs 20.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.20% for TOPT.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.38% for TOPT.

What is the main difference between TOPT and MTUM?

TOPT is categorized as Large Cap Growth Equities, while MTUM is Momentum. TOPT tracks S&P 500 Top 20 Select Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.20% for TOPT and 0.15% for MTUM.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.39 vs 1.18), 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.