USRD vs. MTUM

Last updated Jun 4, 2026

USRD (Themes US R&D Champions ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past year, USRD returned 31.55% vs 41.76% for MTUM. A 0.80 correlation means they provide meaningful diversification when combined. USRD charges 0.29%/yr vs 0.15%/yr for MTUM.

Performance

USRD vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) 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, USRD achieves a 19.83% return, which is significantly lower than MTUM's 31.75% return.

USRD

• 1D: -1.22%
• 1M: 13.66%
• YTD: 19.83%
• 6M: 18.09%
• 1Y: 31.55%
• 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)

USRD vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	19.83%	12.44%	15.53%	3.66%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	1.62%

Correlation

The correlation between USRD and MTUM is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.80

The correlation between USRD and MTUM has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

USRD vs. MTUM - Sectors Allocation Comparison

Sectors	USRD	MTUM
Technology	58.5%	44.4%
Healthcare	14.4%	6.9%
Industrials	9.3%	15.6%
Communication Services	7.2%	7.4%
Consumer Cyclical	5.4%	3.6%
Basic Materials	2.1%	1.7%
Consumer Defensive	1.9%	3.3%
Real Estate	1.1%	1.8%
Energy	-	3.5%
Financial Services	-	10.4%
Utilities	-	1.6%

Return for Risk

USRD vs. MTUM — Risk / Return Rank

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

USRD

USRD Risk / Return Rank: 52
USRD Sharpe Ratio Rank: 56
USRD Sortino Ratio Rank: 55
USRD Omega Ratio Rank: 53
USRD Calmar Ratio Rank: 48
USRD Martin Ratio Rank: 45

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.

USRD vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) 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.

	USRD	MTUM	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.20	-0.31
Sortino ratio Return per unit of downside risk	2.63	2.98	-0.34
Omega ratio Gain probability vs. loss probability	1.33	1.39	-0.07
Calmar ratio Return relative to maximum drawdown	2.35	3.64	-1.29
Martin ratio Return relative to average drawdown	7.30	14.50	-7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USRD vs. MTUM - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 1.89, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of USRD 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

	USRD	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.20	-0.31
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	1.12	0.85	+0.27

Drawdowns

USRD vs. MTUM - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for USRD and MTUM.

Drawdown Indicators

	USRD	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-34.08%	+10.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-11.54%	-1.95%
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	-1.22%	0.00%	-1.22%
Average Drawdown Average peak-to-trough decline	-3.70%	-6.21%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	2.89%	+1.44%

Volatility

USRD vs. MTUM - Volatility Comparison

The current volatility for Themes US R&D Champions ETF (USRD) is 5.55%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that USRD 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

	USRD	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	7.68%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	16.46%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	19.04%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	20.60%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	21.03%	-1.79%

USRD vs. MTUM - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

USRD vs. MTUM - Dividend Comparison

USRD's dividend yield for the trailing twelve months is around 0.35%, less 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%
USRD Themes US R&D Champions ETF	0.35%	0.42%	2.44%	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 USRD and MTUM in my portfolio?

USRD and MTUM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USRD or MTUM?

MTUM has higher volatility (7.68%) compared to USRD (5.55%). In terms of maximum drawdown, USRD dropped -23.79% vs MTUM's -34.08%.

Which ETF is better, USRD or MTUM?

On 1-year performance, MTUM leads with 41.76% vs 31.55% for USRD. On fees, MTUM is cheaper at 0.15% per year. On volatility, USRD has been the lower-risk option at 5.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USRD or MTUM?

Over the 1-year period, MTUM has performed better with a 41.76% return vs 31.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USRD or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for USRD.

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

MTUM has the higher dividend yield at 0.60%, compared with 0.35% for USRD.

What is the main difference between USRD and MTUM?

USRD is categorized as Large Cap Blend Equities, while MTUM is Momentum. USRD tracks Solactive US R&D Champions Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for USRD and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 1.89), 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.