PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
USMV vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. MTUM

Last updated Aug 2, 2026
Documentation

USMV (iShares MSCI USA Min Vol Factor ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, USMV returned 9.63%/yr vs 15.71%/yr for MTUM. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.15% expense ratio.

Performance

USMV vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, USMV achieves a 4.76% return, which is significantly lower than MTUM's 19.93% return. Over the past 10 years, USMV has underperformed MTUM with an annualized return of 9.63%, while MTUM has yielded a comparatively higher 15.71% annualized return.

USMV

1D
0.09%
1M
0.04%
6M
3.84%
YTD
4.76%
1Y
7.68%
3Y*
11.04%
5Y*
6.87%
10Y*
9.63%
ALL TIME*
11.66%

MTUM

1D
0.27%
1M
-5.35%
6M
17.31%
YTD
19.93%
1Y
26.36%
3Y*
27.89%
5Y*
12.62%
10Y*
15.71%
ALL TIME*
15.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MTUM

iShares MSCI USA Momentum Factor ETF
$558.09M$637.73M$538.11M

USMV

iShares MSCI USA Min Vol Factor ETF
$217.70M$221.64M$218.77M

USMV vs. MTUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMV
iShares MSCI USA Min Vol Factor ETF		4.76%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%
MTUM
iShares MSCI USA Momentum Factor ETF		19.93%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%

Correlation

The correlation between USMV and MTUM is 0.16, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.16

Correlation (3Y)
Balances recent behavior with more history.

0.45

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.59

Correlation (10Y)
Provides a long-term view across more market conditions.

0.67

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.71

Over the past year, the correlation between USMV and MTUM has dropped to 0.16 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

USMV vs. MTUM - Sectors Allocation Comparison

Sectors
USMV
MTUM

Technology

33.0%
48.3%

Healthcare

13.4%
4.2%

Financial Services

11.8%
5.2%

Consumer Defensive

9.3%
3.7%

Utilities

7.2%
3.7%

Industrials

6.4%
12.1%

Consumer Cyclical

5.8%
3.0%

Communication Services

5.7%
4.4%

Energy

2.6%
11.5%

Real Estate

2.6%
1.5%

Basic Materials

2.2%
2.2%

Technology

USMV
33.0%
MTUM
48.3%

Healthcare

USMV
13.4%
MTUM
4.2%

Financial Services

USMV
11.8%
MTUM
5.2%

Consumer Defensive

USMV
9.3%
MTUM
3.7%

Utilities

USMV
7.2%
MTUM
3.7%

Industrials

USMV
6.4%
MTUM
12.1%

Consumer Cyclical

USMV
5.8%
MTUM
3.0%

Communication Services

USMV
5.7%
MTUM
4.4%

Energy

USMV
2.6%
MTUM
11.5%

Real Estate

USMV
2.6%
MTUM
1.5%

Basic Materials

USMV
2.2%
MTUM
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Min Vol Factor ETF

iShares MSCI USA Momentum Factor ETF

Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM

Return for Risk

USMV vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
USMV
USMV Risk / Return Rank: 3434
Overall Rank
USMV Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 3434
Sortino Ratio Rank
USMV Omega Ratio Rank: 3232
Omega Ratio Rank
USMV Calmar Ratio Rank: 3434
Calmar Ratio Rank
USMV Martin Ratio Rank: 3737
Martin Ratio Rank
MTUM
MTUM Risk / Return Rank: 4242
Overall Rank
MTUM Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 3939
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4141
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4040
Calmar Ratio Rank
MTUM Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USMV vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) 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.

USMVMTUMDifference
Sharpe ratioReturn per unit of total volatility
0.87
0.99

-0.12

Sortino ratioReturn per unit of downside risk
1.29
1.45

-0.16

Omega ratioGain probability vs. loss probability

1.15

1.19

-0.04

Calmar ratioReturn relative to maximum drawdown

1.15

1.40

-0.25

Martin ratioReturn relative to average drawdown

3.74

5.72

-1.99

USMV vs. MTUM - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.87, which is comparable to the MTUM Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of USMV 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.

Loading charts...

Drawdowns

USMV vs. MTUM - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, roughly equal to the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USMV and MTUM.

Loading charts...

Drawdown Indicators

USMVMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-34.08%

+0.98%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-17.99%

+11.53%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-20.99%

+11.63%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-32.28%

+14.35%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-34.08%

+0.98%

Current Drawdown

Current decline from peak

-0.64%

-13.22%

+12.58%

Average Drawdown

Average peak-to-trough decline

-2.86%

-6.22%

+3.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

4.39%

-2.41%

Volatility

USMV vs. MTUM - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.80%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.22%. This indicates that USMV 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

USMVMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

11.22%

-8.42%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

23.33%

-16.89%

Volatility (1Y)

Calculated over the trailing 1-year period

8.56%

25.53%

-16.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.38%

21.89%

-9.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.50%

21.72%

-7.22%

USMV vs. MTUM - Expense Ratio Comparison

Both USMV 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

USMV vs. MTUM - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.47%, more than MTUM's 0.62% yield.

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.62%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
USMV
iShares MSCI USA Min Vol Factor ETF		1.47%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

USMV and MTUM have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.22%) compared to USMV (2.80%). In terms of maximum drawdown, USMV dropped -33.10% vs MTUM's -34.08%.

On 10-year performance, MTUM leads with 15.71% vs 9.63% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.80%. 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 15.71% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV and MTUM have the same expense ratio: 0.15% per year.

USMV has the higher dividend yield at 1.47%, compared with 0.62% for MTUM.

USMV is categorized as Low Volatility, while MTUM is Momentum. USMV tracks MSCI USA Minimum Volatility Index, while MTUM tracks MSCI USA Momentum SR Variant Index.

MTUM currently has the higher Sharpe Ratio (0.99 vs 0.87), 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.

Portfolio Optimizer

Find the right allocation for USMV 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