USCL vs. MTUM

Last updated Jun 4, 2026

USCL (Ishares Climate Conscious & Transition MSCI USA ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - USCL is a Large Cap Blend Equities fund tracking the MSCI USA Extended Climate Action Index - Benchmark TR Gross, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past year, USCL returned 20.82% vs 41.76% for MTUM. Their correlation of 0.85 suggests significant overlap in exposure. USCL charges 0.08%/yr vs 0.15%/yr for MTUM.

Performance

USCL vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ishares Climate Conscious & Transition MSCI USA ETF (USCL) 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, USCL achieves a 7.04% return, which is significantly lower than MTUM's 31.75% return.

USCL

• 1D: -0.85%
• 1M: 4.29%
• YTD: 7.04%
• 6M: 6.94%
• 1Y: 20.82%
• 3Y*: —
• 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)

USCL vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCL Ishares Climate Conscious & Transition MSCI USA ETF	7.04%	14.26%	27.04%	12.71%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	14.57%

Correlation

The correlation between USCL and MTUM is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jun 9, 2023	0.85

The correlation between USCL and MTUM has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

USCL vs. MTUM - Sectors Allocation Comparison

Sectors	USCL	MTUM
Technology	29.4%	44.4%
Financial Services	13.6%	10.4%
Communication Services	12.7%	7.4%
Consumer Cyclical	11.9%	3.6%
Healthcare	10.7%	6.9%
Industrials	7.0%	15.6%
Consumer Defensive	4.7%	3.3%
Energy	3.5%	3.5%
Utilities	2.4%	1.6%
Real Estate	2.3%	1.8%
Basic Materials	1.9%	1.7%

Return for Risk

USCL vs. MTUM — Risk / Return Rank

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

USCL

USCL Risk / Return Rank: 47
USCL Sharpe Ratio Rank: 49
USCL Sortino Ratio Rank: 48
USCL Omega Ratio Rank: 48
USCL Calmar Ratio Rank: 41
USCL Martin Ratio Rank: 48

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.

USCL vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Climate Conscious & Transition MSCI USA ETF (USCL) 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.

	USCL	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.20	-0.48
Sortino ratio: Return per unit of downside risk	2.40	2.98	-0.58
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.04	3.64	-1.59
Martin ratio: Return relative to average drawdown	8.09	14.50	-6.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCL vs. MTUM - Sharpe Ratio Comparison

The current USCL Sharpe Ratio is 1.73, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of USCL 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

	USCL	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.20	-0.48
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	1.40	0.85	+0.55

Drawdowns

USCL vs. MTUM - Drawdown Comparison

The maximum USCL drawdown since its inception was -19.00%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USCL and MTUM.

Drawdown Indicators

	USCL	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-34.08%	+15.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-11.54%	+1.30%
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	-0.85%	0.00%	-0.85%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.21%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.89%	-0.31%

Volatility

USCL vs. MTUM - Volatility Comparison

The current volatility for Ishares Climate Conscious & Transition MSCI USA ETF (USCL) is 2.79%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that USCL 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

	USCL	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	7.68%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	16.46%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	19.04%	-6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	20.60%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	21.03%	-6.19%

USCL vs. MTUM - Expense Ratio Comparison

USCL has a 0.08% expense ratio, which is lower than MTUM's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USCL vs. MTUM - Dividend Comparison

USCL's dividend yield for the trailing twelve months is around 1.07%, 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%
USCL Ishares Climate Conscious & Transition MSCI USA ETF	1.07%	1.10%	1.18%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USCL and MTUM in my portfolio?

USCL and MTUM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USCL or MTUM?

MTUM has higher volatility (7.68%) compared to USCL (2.79%). In terms of maximum drawdown, USCL dropped -19.00% vs MTUM's -34.08%.

Which ETF is better, USCL or MTUM?

On 1-year performance, MTUM leads with 41.76% vs 20.82% for USCL. On fees, USCL is cheaper at 0.08% per year. On volatility, USCL has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCL or MTUM?

Over the 1-year period, MTUM has performed better with a 41.76% return vs 20.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCL or MTUM?

USCL is cheaper with a 0.08% expense ratio, compared with 0.15% for MTUM.

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

USCL has the higher dividend yield at 1.07%, compared with 0.60% for MTUM.

What is the main difference between USCL and MTUM?

USCL is categorized as Large Cap Blend Equities, while MTUM is Momentum. USCL tracks MSCI USA Extended Climate Action Index - Benchmark TR Gross, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.08% for USCL and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 1.73), 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.