USNZ vs. MTUM

Last updated Jun 4, 2026

USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - USNZ is a Large Cap Blend Equities fund tracking the Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, USNZ returned 21.25%/yr vs 34.75%/yr for MTUM. Their correlation of 0.81 suggests significant overlap in exposure. USNZ charges 0.10%/yr vs 0.15%/yr for MTUM.

Performance

USNZ vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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, USNZ achieves a 10.92% return, which is significantly lower than MTUM's 31.75% return.

USNZ

• 1D: -0.68%
• 1M: 6.41%
• YTD: 10.92%
• 6M: 10.66%
• 1Y: 28.98%
• 3Y*: 21.25%
• 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)

USNZ vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	10.92%	17.76%	21.96%	27.76%	0.74%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	7.80%

Correlation

The correlation between USNZ and MTUM is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	0.81

The correlation between USNZ and MTUM has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

USNZ vs. MTUM - Sectors Allocation Comparison

Sectors	USNZ	MTUM
Technology	41.9%	44.4%
Communication Services	13.4%	7.4%
Healthcare	11.2%	6.9%
Financial Services	10.5%	10.4%
Consumer Cyclical	10.5%	3.6%
Industrials	3.5%	15.6%
Consumer Defensive	3.4%	3.3%
Real Estate	3.3%	1.8%
Basic Materials	1.3%	1.7%
Utilities	1.1%	1.6%
Energy	0.0%	3.5%

Return for Risk

USNZ vs. MTUM — Risk / Return Rank

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

USNZ

USNZ Risk / Return Rank: 64
USNZ Sharpe Ratio Rank: 69
USNZ Sortino Ratio Rank: 68
USNZ Omega Ratio Rank: 67
USNZ Calmar Ratio Rank: 54
USNZ Martin Ratio Rank: 64

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.

USNZ vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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.

	USNZ	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.20	+0.04
Sortino ratio: Return per unit of downside risk	3.09	2.98	+0.12
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.63	3.64	-1.01
Martin ratio: Return relative to average drawdown	11.59	14.50	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNZ vs. MTUM - Sharpe Ratio Comparison

The current USNZ Sharpe Ratio is 2.24, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of USNZ 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

	USNZ	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.20	+0.04
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	1.21	0.85	+0.36

Drawdowns

USNZ vs. MTUM - Drawdown Comparison

The maximum USNZ drawdown since its inception was -19.16%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USNZ and MTUM.

Drawdown Indicators

	USNZ	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-34.08%	+14.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-11.54%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-20.99%	+1.83%
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	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-3.32%	-6.21%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.89%	-0.38%

Volatility

USNZ vs. MTUM - Volatility Comparison

The current volatility for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) is 3.37%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that USNZ 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

	USNZ	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	7.68%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	16.46%	-6.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	19.04%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	20.60%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	21.03%	-4.40%

USNZ vs. MTUM - Expense Ratio Comparison

USNZ has a 0.10% 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

USNZ vs. MTUM - Dividend Comparison

USNZ's dividend yield for the trailing twelve months is around 0.94%, 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%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.94%	1.02%	1.14%	1.19%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USNZ and MTUM in my portfolio?

USNZ and MTUM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNZ or MTUM?

MTUM has higher volatility (7.68%) compared to USNZ (3.37%). In terms of maximum drawdown, USNZ dropped -19.16% vs MTUM's -34.08%.

Which ETF is better, USNZ or MTUM?

On 3-year performance, MTUM leads with 34.75% vs 21.25% for USNZ. On fees, USNZ is cheaper at 0.10% per year. On volatility, USNZ has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USNZ or MTUM?

Over the 3-year period, MTUM has performed better with a 34.75% return vs 21.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNZ or MTUM?

USNZ is cheaper with a 0.10% expense ratio, compared with 0.15% for MTUM.

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

USNZ has the higher dividend yield at 0.94%, compared with 0.60% for MTUM.

What is the main difference between USNZ and MTUM?

USNZ is categorized as Large Cap Blend Equities, while MTUM is Momentum. USNZ tracks Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.10% for USNZ and 0.15% for MTUM.

Which has better risk-adjusted returns?

USNZ currently has the higher Sharpe Ratio (2.24 vs 2.20), 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.