ZIG vs. MTUM

Last updated Jun 4, 2026

ZIG (Acquirers Fund) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - ZIG is a Large Cap Blend Equities fund tracking the Acquirer's Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, ZIG returned 9.39%/yr vs 15.21%/yr for MTUM. A 0.53 correlation means they provide meaningful diversification when combined. ZIG charges 1.85%/yr vs 0.15%/yr for MTUM.

Performance

ZIG vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acquirers Fund (ZIG) 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, ZIG achieves a 8.67% return, which is significantly lower than MTUM's 31.75% return.

ZIG

• 1D: -0.01%
• 1M: 1.00%
• YTD: 8.67%
• 6M: 5.36%
• 1Y: 16.94%
• 3Y*: 14.07%
• 5Y*: 9.39%
• 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)

ZIG vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZIG Acquirers Fund	8.67%	-2.67%	11.34%	36.70%	-17.34%	37.38%	-15.76%	9.07%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	12.51%

Correlation

The correlation between ZIG and MTUM is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 16, 2019	0.53

Over the past year, the correlation between ZIG and MTUM has dropped to 0.28 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

ZIG vs. MTUM - Sectors Allocation Comparison

Sectors	ZIG	MTUM
Consumer Cyclical	38.5%	3.6%
Energy	15.3%	3.5%
Basic Materials	13.4%	1.7%
Consumer Defensive	10.1%	3.3%
Industrials	7.0%	15.6%
Financial Services	6.9%	10.4%
Healthcare	4.3%	6.9%
Technology	4.1%	44.4%
Communication Services	-	7.4%
Real Estate	-	1.8%
Utilities	-	1.6%

Return for Risk

ZIG vs. MTUM — Risk / Return Rank

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

ZIG

ZIG Risk / Return Rank: 28
ZIG Sharpe Ratio Rank: 26
ZIG Sortino Ratio Rank: 30
ZIG Omega Ratio Rank: 26
ZIG Calmar Ratio Rank: 28
ZIG Martin Ratio Rank: 29

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.

ZIG vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acquirers Fund (ZIG) 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.

	ZIG	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.20	-1.25
Sortino ratio: Return per unit of downside risk	1.60	2.98	-1.38
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.22
Calmar ratio: Return relative to maximum drawdown	1.37	3.64	-2.26
Martin ratio: Return relative to average drawdown	4.12	14.50	-10.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZIG vs. MTUM - Sharpe Ratio Comparison

The current ZIG Sharpe Ratio is 0.95, which is lower than the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ZIG 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

	ZIG	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	2.20	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.74	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.85	-0.50

Drawdowns

ZIG vs. MTUM - Drawdown Comparison

The maximum ZIG drawdown since its inception was -37.14%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for ZIG and MTUM.

Drawdown Indicators

	ZIG	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-37.14%	-34.08%	-3.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-11.54%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-29.75%	-20.99%	-8.76%
Max Drawdown (5Y) Largest decline over 5 years	-29.75%	-32.28%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-5.64%	0.00%	-5.64%
Average Drawdown Average peak-to-trough decline	-9.74%	-6.21%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	2.89%	+1.23%

Volatility

ZIG vs. MTUM - Volatility Comparison

The current volatility for Acquirers Fund (ZIG) is 2.97%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that ZIG 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

	ZIG	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	7.68%	-4.71%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	16.46%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	19.04%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	20.60%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	21.03%	+1.11%

ZIG vs. MTUM - Expense Ratio Comparison

ZIG has a 1.85% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

ZIG vs. MTUM - Dividend Comparison

ZIG's dividend yield for the trailing twelve months is around 1.76%, 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%
ZIG Acquirers Fund	1.76%	1.91%	1.96%	1.07%	1.26%	0.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZIG and MTUM in my portfolio?

ZIG and MTUM have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZIG or MTUM?

MTUM has higher volatility (7.68%) compared to ZIG (2.97%). In terms of maximum drawdown, ZIG dropped -37.14% vs MTUM's -34.08%.

Which ETF is better, ZIG or MTUM?

On 5-year performance, MTUM leads with 15.21% vs 9.39% for ZIG. On fees, MTUM is cheaper at 0.15% per year. On volatility, ZIG has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZIG or MTUM?

Over the 5-year period, MTUM has performed better with a 15.21% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZIG or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 1.85% for ZIG.

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

ZIG has the higher dividend yield at 1.76%, compared with 0.60% for MTUM.

What is the main difference between ZIG and MTUM?

ZIG is categorized as Large Cap Blend Equities, while MTUM is Momentum. ZIG tracks Acquirer's Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Acquirers Funds and iShares. Their fees differ too: 1.85% for ZIG and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 0.95), 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.