XOEX vs. MTUM

Last updated Jun 24, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - XOEX is a Large Cap Blend Equities fund tracking the S&P 100 Ex-Top 20 Select Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 3 years, XOEX returned 17.92%/yr vs 33.87%/yr for MTUM. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

XOEX vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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, XOEX achieves a 9.48% return, which is significantly lower than MTUM's 32.00% return.

XOEX

• 1D: -0.62%
• 1M: 0.90%
• YTD: 9.48%
• 6M: 8.67%
• 1Y: 25.84%
• 3Y*: 17.92%
• 5Y*: —
• 10Y*: —

MTUM

• 1D: -4.48%
• 1M: 8.74%
• YTD: 32.00%
• 6M: 29.92%
• 1Y: 41.78%
• 3Y*: 33.87%
• 5Y*: 15.18%
• 10Y*: 17.49%

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

XOEX vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOEX Xtrackers S&P 100 Ex Top 20 ETF	9.48%	18.97%	12.07%	15.99%	2.98%
MTUM iShares MSCI USA Momentum Factor ETF	32.00%	22.15%	32.89%	9.15%	-1.02%

Correlation

The correlation between XOEX and MTUM is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.64

The correlation between XOEX and MTUM has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

XOEX vs. MTUM - Sectors Allocation Comparison

Sectors	XOEX	MTUM
Technology	19.4%	50.2%
Financial Services	17.4%	5.0%
Healthcare	15.9%	3.5%
Industrials	14.5%	15.0%
Consumer Defensive	9.2%	3.7%
Consumer Cyclical	6.8%	2.9%
Communication Services	6.7%	5.1%
Utilities	4.5%	0.6%
Energy	3.0%	10.5%
Basic Materials	1.6%	2.3%
Real Estate	1.0%	1.3%

Return for Risk

XOEX vs. MTUM — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 78
XOEX Sharpe Ratio Rank: 79
XOEX Sortino Ratio Rank: 82
XOEX Omega Ratio Rank: 77
XOEX Calmar Ratio Rank: 76
XOEX Martin Ratio Rank: 79

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 59
MTUM Sortino Ratio Rank: 54
MTUM Omega Ratio Rank: 59
MTUM Calmar Ratio Rank: 74
MTUM Martin Ratio Rank: 76

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.

XOEX vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) 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.

	XOEX	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.92	+0.38
Sortino ratio: Return per unit of downside risk	3.29	2.53	+0.75
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.55	3.64	-0.09
Martin ratio: Return relative to average drawdown	13.97	13.91	+0.05

XOEX vs. MTUM - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.30, which is comparable to the MTUM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XOEX 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.

Drawdowns

XOEX vs. MTUM - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for XOEX and MTUM.

Drawdown Indicators

	XOEX	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-34.08%	+19.40%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-11.54%	+4.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-20.99%	+6.31%
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	-1.52%	-4.48%	+2.96%
Average Drawdown Average peak-to-trough decline	-2.62%	-6.19%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	3.01%	-1.16%

Volatility

XOEX vs. MTUM - Volatility Comparison

The current volatility for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) is 4.07%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that XOEX 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

	XOEX	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	12.20%	-8.13%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	19.44%	-10.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	21.93%	-10.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	21.15%	-7.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	21.31%	-7.86%

XOEX vs. MTUM - Expense Ratio Comparison

Both XOEX 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

XOEX vs. MTUM - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.48%, more than MTUM's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.56%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.48%	1.95%	2.09%	1.72%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XOEX and MTUM in my portfolio?

XOEX and MTUM have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOEX or MTUM?

MTUM has higher volatility (12.20%) compared to XOEX (4.07%). In terms of maximum drawdown, XOEX dropped -14.68% vs MTUM's -34.08%.

Which ETF is better, XOEX or MTUM?

On 3-year performance, MTUM leads with 33.87% vs 17.92% for XOEX. Both ETFs have the same 0.15% expense ratio. On volatility, XOEX has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOEX or MTUM?

Over the 3-year period, MTUM has performed better with a 33.87% return vs 17.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or MTUM?

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

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

XOEX has the higher dividend yield at 1.48%, compared with 0.56% for MTUM.

What is the main difference between XOEX and MTUM?

XOEX is categorized as Large Cap Blend Equities, while MTUM is Momentum. XOEX tracks S&P 100 Ex-Top 20 Select Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Xtrackers and iShares.

Which has better risk-adjusted returns?

XOEX currently has the higher Sharpe Ratio (2.30 vs 1.92), 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.