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VFMO vs. MTUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFMO vs. MTUM

Last updated Aug 2, 2026
Documentation

VFMO (Vanguard U.S. Momentum Factor ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds. VFMO is actively managed, while MTUM is passively managed. Over the past 5 years, VFMO returned 12.83%/yr vs 12.62%/yr for MTUM. Their correlation of 0.89 means they have usually moved in the same direction. VFMO charges 0.13%/yr vs 0.15%/yr for MTUM.

Performance

VFMO vs. MTUM - Performance Comparison

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

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Returns By Period

In the year-to-date period, VFMO achieves a 17.34% return, which is significantly lower than MTUM's 19.93% return.

VFMO

1D
-0.07%
1M
-5.28%
6M
11.12%
YTD
17.34%
1Y
31.08%
3Y*
22.39%
5Y*
12.83%
10Y*
—
ALL TIME*
14.45%

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

VFMO

Vanguard U.S. Momentum Factor ETF
$16.62M$18.12M$17.04M

VFMO vs. MTUM - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VFMO
Vanguard U.S. Momentum Factor ETF		17.34%17.39%26.14%16.25%-12.84%19.16%31.36%28.22%-11.41%
MTUM
iShares MSCI USA Momentum Factor ETF		19.93%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-6.28%

Correlation

The correlation between VFMO and MTUM is 0.88, meaning they have usually moved in the same direction, including during past declines.

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

0.88

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

0.88

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

0.88

Correlation (All Time)
Calculated using the full available price history since Feb 15, 2018

0.89

The correlation between VFMO and MTUM has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

VFMO vs. MTUM - Sectors Allocation Comparison

Sectors
VFMO
MTUM

Industrials

24.7%
12.1%

Healthcare

22.9%
4.2%

Technology

17.5%
48.3%

Consumer Cyclical

8.7%
3.0%

Energy

7.3%
11.5%

Financial Services

6.5%
5.2%

Basic Materials

6.4%
2.2%

Communication Services

3.4%
4.4%

Consumer Defensive

2.5%
3.7%

Utilities

0.2%
3.7%

Real Estate

0.1%
1.5%

Industrials

VFMO
24.7%
MTUM
12.1%

Healthcare

VFMO
22.9%
MTUM
4.2%

Technology

VFMO
17.5%
MTUM
48.3%

Consumer Cyclical

VFMO
8.7%
MTUM
3.0%

Energy

VFMO
7.3%
MTUM
11.5%

Financial Services

VFMO
6.5%
MTUM
5.2%

Basic Materials

VFMO
6.4%
MTUM
2.2%

Communication Services

VFMO
3.4%
MTUM
4.4%

Consumer Defensive

VFMO
2.5%
MTUM
3.7%

Utilities

VFMO
0.2%
MTUM
3.7%

Real Estate

VFMO
0.1%
MTUM
1.5%

Compare stocks, funds, or ETFs

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

Vanguard U.S. Momentum Factor ETF

iShares MSCI USA Momentum Factor ETF

Often compared with VFMO:
VFMO vs. SPMOVFMO vs. VOOVFMO vs. VFMFVFMO vs. QMOMVFMO vs. AVUVVFMO vs. QQQVFMO vs. FMTM
Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VOOMTUM vs. QMOMMTUM vs. IDMO

Return for Risk

VFMO vs. MTUM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VFMO
VFMO Risk / Return Rank: 5454
Overall Rank
VFMO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
VFMO Sortino Ratio Rank: 4848
Sortino Ratio Rank
VFMO Omega Ratio Rank: 4747
Omega Ratio Rank
VFMO Calmar Ratio Rank: 6060
Calmar Ratio Rank
VFMO Martin Ratio Rank: 6464
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.

VFMO vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) 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.

VFMOMTUMDifference
Sharpe ratioReturn per unit of total volatility
1.21
0.99

+0.22

Sortino ratioReturn per unit of downside risk
1.71
1.45

+0.27

Omega ratioGain probability vs. loss probability

1.21

1.19

+0.02

Calmar ratioReturn relative to maximum drawdown

2.07

1.40

+0.68

Martin ratioReturn relative to average drawdown

7.71

5.72

+1.98

VFMO vs. MTUM - Sharpe Ratio Comparison

The current VFMO Sharpe Ratio is 1.21, which is comparable to the MTUM Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of VFMO 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.

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Drawdowns

VFMO vs. MTUM - Drawdown Comparison

The maximum VFMO drawdown since its inception was -36.77%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for VFMO and MTUM.

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Drawdown Indicators

VFMOMTUMDifference

Max Drawdown

Largest peak-to-trough decline

-36.77%

-34.08%

-2.69%

Max Drawdown (1Y)

Largest decline over 1 year

-13.97%

-17.99%

+4.02%

Max Drawdown (3Y)

Largest decline over 3 years

-24.40%

-20.99%

-3.41%

Max Drawdown (5Y)

Largest decline over 5 years

-25.80%

-32.28%

+6.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.08%

—

Current Drawdown

Current decline from peak

-10.34%

-13.22%

+2.88%

Average Drawdown

Average peak-to-trough decline

-7.71%

-6.22%

-1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.75%

4.39%

-0.64%

Volatility

VFMO vs. MTUM - Volatility Comparison

The current volatility for Vanguard U.S. Momentum Factor ETF (VFMO) is 8.87%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.22%. This indicates that VFMO 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.

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Volatility by Period

VFMOMTUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.87%

11.22%

-2.35%

Volatility (6M)

Calculated over the trailing 6-month period

19.51%

23.33%

-3.82%

Volatility (1Y)

Calculated over the trailing 1-year period

24.04%

25.53%

-1.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.11%

21.89%

+0.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.74%

21.72%

+2.02%

VFMO vs. MTUM - Expense Ratio Comparison

VFMO has a 0.13% 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

VFMO vs. MTUM - Dividend Comparison

VFMO's dividend yield for the trailing twelve months is around 0.63%, 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%
VFMO
Vanguard U.S. Momentum Factor ETF		0.63%0.82%0.72%0.89%1.72%0.81%0.45%1.22%0.70%0.00%0.00%0.00%

Frequently Asked Questions

VFMO and MTUM have a correlation of 0.88, 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 VFMO (8.87%). In terms of maximum drawdown, VFMO dropped -36.77% vs MTUM's -34.08%.

On 5-year performance, VFMO leads with 12.83% vs 12.62% for MTUM. On fees, VFMO is cheaper at 0.13% per year. On volatility, VFMO has been the lower-risk option at 8.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, VFMO has performed better with a 12.83% return vs 12.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VFMO is cheaper with a 0.13% expense ratio, compared with 0.15% for MTUM.

VFMO has the higher dividend yield at 0.63%, compared with 0.62% for MTUM.

They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.13% for VFMO and 0.15% for MTUM.

VFMO currently has the higher Sharpe Ratio (1.21 vs 0.99), 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.

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