WCAP vs. MTUM

Last updated Jul 10, 2026

WCAP (WarCap Unconstrained Equity ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - WCAP is a Large Cap Blend Equities fund actively managed by WarCap, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. WCAP is actively managed, while MTUM is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. WCAP charges 1.00%/yr vs 0.15%/yr for MTUM.

Performance

WCAP vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WarCap Unconstrained Equity ETF (WCAP) 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, WCAP achieves a -5.71% return, which is significantly lower than MTUM's 28.58% return.

WCAP

• 1D: 1.41%
• 1M: -0.70%
• 6M: -6.36%
• YTD: -5.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MTUM

• 1D: 2.02%
• 1M: 3.18%
• 6M: 27.05%
• YTD: 28.58%
• 1Y: 35.98%
• 3Y*: 32.06%
• 5Y*: 14.49%
• 10Y*: 16.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WCAP vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
WCAP WarCap Unconstrained Equity ETF	-5.71%	-2.03%
MTUM iShares MSCI USA Momentum Factor ETF	28.58%	-1.10%

Correlation

The correlation between WCAP 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 (All Time) Calculated using the full available price history since Sep 11, 2025	0.73

Return for Risk

WCAP vs. MTUM — Risk / Return Rank

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

WCAP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 57
MTUM Sortino Ratio Rank: 51
MTUM Omega Ratio Rank: 58
MTUM Calmar Ratio Rank: 77
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.

WCAP vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WarCap Unconstrained Equity ETF (WCAP) 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.

	WCAP	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.53	—
Sortino ratio: Return per unit of downside risk	—	2.05	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	3.13	—
Martin ratio: Return relative to average drawdown	—	11.04	—

Drawdowns

WCAP vs. MTUM - Drawdown Comparison

The maximum WCAP drawdown since its inception was -15.90%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for WCAP and MTUM.

Drawdown Indicators

	WCAP	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-34.08%	+18.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.54%	—
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	-8.92%	-6.96%	-1.96%
Average Drawdown Average peak-to-trough decline	-6.94%	-6.19%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.27%	—

Volatility

Volatility by Period

	WCAP	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	23.66%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	21.53%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	21.50%	-5.34%

WCAP vs. MTUM - Expense Ratio Comparison

WCAP has a 1.00% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

WCAP vs. MTUM - Dividend Comparison

WCAP's dividend yield for the trailing twelve months is around 0.04%, less than MTUM's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.58%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
WCAP WarCap Unconstrained Equity ETF	0.04%	0.04%	0.00%	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 WCAP and MTUM in my portfolio?

WCAP 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 ETF is better, WCAP or MTUM?

On fees, MTUM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WCAP or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 1.00% for WCAP.

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

MTUM has the higher dividend yield at 0.58%, compared with 0.04% for WCAP.

What is the main difference between WCAP and MTUM?

WCAP is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: WarCap and iShares. Their fees differ too: 1.00% for WCAP and 0.15% for MTUM.