MTUM vs SPY
iShares MSCI USA Momentum Factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MTUM or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. MTUM led over 1Y, 3Y and the full window, SPY over 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.5%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MTUM | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $24.1B | $814.4B |
| Dividend Yield | 0.62% | 1.01% |
| Holdings | 130 | 505 |
| YTD Return | +20.73%Best | +13.34% |
| 1Y Return | +25.21%Best | +19.97% |
| 3Y Return (annualized) | +28.68%Best | +21.20% |
| 5Y Return (annualized) | +11.99% | +12.81%Best |
| Volatility (annualized) | 16.6% | 14.4%Best |
| Max Drawdown | -34.1%Tie | -34.1%Tie |
| $10,000 over 5 years | $17,616 | $18,270Best |
| Top 10 Weight | 40.5% | 38.0%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Apr 16, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 18, 2013 to Sep 4, 2026 (13.4 years).
MTUM vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 13.4 years both funds cover.
MTUM vs SPY Performance
iShares MSCI USA Momentum Factor ETF (MTUM) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MTUM returned +25.21% while SPY returned +19.97%. Year to date, MTUM is up 20.73% versus a gain of 13.34% for SPY.
Over three years, MTUM compounded at +28.68% per year against +21.20% for SPY; over five years the annualized figures are +11.99% and +12.81% respectively. Across the full 13-year window we track, MTUM has the edge at +14.80% annualized vs +13.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MTUM has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 14.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.1% for MTUM and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MTUM charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, MTUM currently yields 0.62% against 1.01% for SPY.
Holdings Overlap
96.8% of MTUM's money is in holdings SPY also owns. 30.0% of SPY's money is in holdings MTUM also owns.
Most of MTUM is already inside SPY. Owning both mostly buys the same companies twice.
109 positions in common, counted across the 127 positions we hold weights for in MTUM and 504 in SPY, against full books of 130 and 505.
What only one of them owns
Our book lists 388 positions for SPY that do not appear in our book for MTUM (69.6% of the fund), and 14 for MTUM that do not appear in SPY (2.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in MTUM | Weight in SPY | Difference |
|---|---|---|---|
| AVGOBroadcom Inc | 4.90% | 2.97% | 1.93% |
| MUMicron Technology, Inc. | 6.16% | 1.51% | 4.65% |
| AMDAdvanced Micro Devices Inc | 5.00% | 1.27% | 3.73% |
| GOOGLAlphabet Inc.Class A | 2.54% | 3.33% | 0.79% |
| INTCIntel Corporation | 4.39% | 0.72% | 3.67% |
| GOOGAlphabet Inc. C | 1.97% | 2.67% | 0.70% |
| XOMExxon Mobil Corp. | 3.55% | 0.96% | 2.59% |
| CATCaterpillar, Inc. | 3.77% | 0.61% | 3.16% |
| JNJJohnson & Johnson - Common | 3.43% | 0.92% | 2.51% |
| AMATApplied Materials, Inc. | 3.16% | 0.65% | 2.51% |
96.8% of MTUM is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MTUM or SPY?
MTUM has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, MTUM or SPY?
Over the past year MTUM returned +25.21% vs +19.97% for SPY, so MTUM leads on 1-year performance. Over the longest common window we track (13 years), MTUM annualized +14.80% vs +13.40% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MTUM or SPY?
MTUM has been the more volatile fund at 16.6% annualized versus 14.4% for SPY. Worst drawdown: MTUM -34.1% vs SPY -34.1%.
Should I hold both MTUM and SPY?
MTUM and SPY have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between MTUM and SPY?
96.8% of MTUM's money is in holdings SPY also owns. 30.0% of SPY's is in holdings MTUM also owns. They hold 109 positions in common, counted across the 127 positions we hold weights for in MTUM and 504 in SPY.
Which pays a higher dividend, MTUM or SPY?
MTUM yields 0.62% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than MTUM?
SPY has a lower expense ratio. MTUM led over 1Y, 3Y and the full window, SPY over 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.