MTUM vs SPY
iShares MSCI USA Momentum Factor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MTUM delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MTUM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $25.9B | $821.1B | |
| Dividend Yield | 0.62% | 1.01% | |
| Holdings | 130 | 505 | |
| YTD Return | +25.63% | +14.24% | |
| 1Y Return | +29.74% | +21.71% | |
| 3Y Return (annualized) | +30.88% | +22.10% | |
| 5Y Return (annualized) | +13.31% | +13.21% | |
| Volatility (annualized) | 16.7% | 15.3% | |
| Max Drawdown | -34.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 16, 2013 | Jan 22, 1993 |
MTUM vs SPY Performance
iShares MSCI USA Momentum Factor ETF (MTUM) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MTUM returned +29.74% while SPY returned +21.71%. Year to date, MTUM is up 25.63% versus a gain of 14.24% for SPY.
Over three years, MTUM compounded at +30.88% per year against +22.10% for SPY; over five years the annualized figures are +13.31% and +13.21% respectively. Across the full 13-year window we track, MTUM has the edge at +15.21% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MTUM has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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
MTUM and SPY share 109 holdings out of 522 unique holdings combined, representing a 28.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $6 per year of difference.
Which performed better, MTUM or SPY?
Over the past year MTUM returned +29.74% vs +21.71% for SPY, so MTUM leads on 1-year performance. Over the longest common window we track (13 years), MTUM annualized +15.21% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, MTUM or SPY?
MTUM has been the more volatile fund at 16.7% annualized versus 15.3% for SPY. Worst drawdown: MTUM -34.1% vs SPY -56.5%.
Should I hold both MTUM and SPY?
MTUM and SPY have a monthly-return correlation of 0.85, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MTUM and SPY?
MTUM and SPY share 109 common holdings with a 28.4% weight overlap. Combined, they hold 522 unique securities.
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.
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