UJUN vs. MTUM

Last updated Jun 26, 2026

UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - UJUN is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, UJUN returned 5.89%/yr vs 15.79%/yr for MTUM. A 0.77 correlation means they provide meaningful diversification when combined. UJUN charges 0.79%/yr vs 0.15%/yr for MTUM.

Performance

UJUN vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) 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, UJUN achieves a 1.94% return, which is significantly lower than MTUM's 35.82% return.

UJUN

• 1D: 0.00%
• 1M: -1.23%
• YTD: 1.94%
• 6M: 1.83%
• 1Y: 7.94%
• 3Y*: 10.49%
• 5Y*: 5.89%
• 10Y*: —

MTUM

• 1D: 3.32%
• 1M: 8.16%
• YTD: 35.82%
• 6M: 33.08%
• 1Y: 45.28%
• 3Y*: 35.42%
• 5Y*: 15.79%
• 10Y*: 17.88%

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

UJUN vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	1.94%	10.63%	12.49%	12.17%	-8.86%	5.09%	7.15%	6.20%
MTUM iShares MSCI USA Momentum Factor ETF	35.82%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	13.21%

Correlation

The correlation between UJUN and MTUM is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 3, 2019	0.77

The correlation between UJUN and MTUM shifts across timeframes, from 0.69 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

UJUN vs. MTUM - Sectors Allocation Comparison

Sectors	UJUN	MTUM
Technology	38.4%	50.2%
Financial Services	11.0%	5.0%
Communication Services	10.8%	5.1%
Consumer Cyclical	10.0%	2.9%
Healthcare	8.4%	3.5%
Industrials	7.9%	15.0%
Consumer Defensive	4.6%	3.7%
Energy	3.2%	10.5%
Utilities	2.1%	0.6%
Real Estate	1.8%	1.3%
Basic Materials	1.7%	2.3%

Return for Risk

UJUN vs. MTUM — Risk / Return Rank

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

UJUN

UJUN Risk / Return Rank: 69
UJUN Sharpe Ratio Rank: 59
UJUN Sortino Ratio Rank: 63
UJUN Omega Ratio Rank: 76
UJUN Calmar Ratio Rank: 65
UJUN Martin Ratio Rank: 81

MTUM

MTUM Risk / Return Rank: 77
MTUM Sharpe Ratio Rank: 75
MTUM Sortino Ratio Rank: 69
MTUM Omega Ratio Rank: 73
MTUM Calmar Ratio Rank: 84
MTUM Martin Ratio Rank: 84

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.

UJUN vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) 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.

	UJUN	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.06	-0.31
Sortino ratio: Return per unit of downside risk	2.57	2.70	-0.14
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.81	3.94	-1.13
Martin ratio: Return relative to average drawdown	14.22	14.99	-0.77

UJUN vs. MTUM - Sharpe Ratio Comparison

The current UJUN Sharpe Ratio is 1.75, which is comparable to the MTUM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of UJUN 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

UJUN vs. MTUM - Drawdown Comparison

The maximum UJUN drawdown since its inception was -13.73%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for UJUN and MTUM.

Drawdown Indicators

	UJUN	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-13.73%	-34.08%	+20.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-11.54%	+8.70%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-20.99%	+9.75%
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	-32.28%	+20.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-1.63%	-1.71%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.06%	-6.19%	+4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	3.03%	-2.47%

Volatility

UJUN vs. MTUM - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) is 2.24%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that UJUN 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

	UJUN	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	12.20%	-9.96%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	19.59%	-15.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.56%	22.09%	-17.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.38%	21.20%	-12.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	21.33%	-12.56%

UJUN vs. MTUM - Expense Ratio Comparison

UJUN has a 0.79% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

UJUN vs. MTUM - Dividend Comparison

UJUN has not paid dividends to shareholders, while MTUM's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.55%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UJUN and MTUM in my portfolio?

UJUN and MTUM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UJUN or MTUM?

MTUM has higher volatility (12.20%) compared to UJUN (2.24%). In terms of maximum drawdown, UJUN dropped -13.73% vs MTUM's -34.08%.

Which ETF is better, UJUN or MTUM?

On 5-year performance, MTUM leads with 15.79% vs 5.89% for UJUN. On fees, MTUM is cheaper at 0.15% per year. On volatility, UJUN has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUN or MTUM?

Over the 5-year period, MTUM has performed better with a 15.79% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUN or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.79% for UJUN.

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

MTUM has the higher dividend yield at 0.55%, compared with 0.00% for UJUN.

What is the main difference between UJUN and MTUM?

UJUN is categorized as Large Cap Blend Equities, while MTUM is Momentum. UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UJUN and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.06 vs 1.75), 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.