MTUM vs MOAT: returns, risk and drawdowns compared
iShares MSCI USA Momentum Factor ETF against VanEck Morningstar Wide Moat ETF, over the same 13 years (May 2013 to October 2026) with dividends reinvested.
Data updated October 2026
From May 2013 to October 2026, MTUM returned 15.1% a year and MOAT 13.4% a year on average, so MTUM came out ahead by 1.7% a year. MTUM was the more volatile of the two (16.7% against 16.1% a year), and the deepest falls from a month-end high were 30.2% for MTUM and 21.2% for MOAT.
The correlation of monthly returns was 0.62: they moved together only in part. Over 127 rolling 3-year periods, MTUM did better in 60% and MOAT in 40%.
Side by side
| MTUM | MOAT | |
|---|---|---|
| Annual return (CAGR) | +15.1% | +13.4% |
| Total return | +568% | +446% |
| Annual volatility | 16.7% | 16.1% |
| Maximum drawdown (month-end) | −30.2% | −21.2% |
| Worst month | −12.7% | −12.8% |
| Best month | +18.3% | +14.9% |
| Positive months | 61% | 65% |
| Best year | 2017: +37.5% | 2019: +34.8% |
| Worst year | 2022: −18.3% | 2022: −13.7% |
| 1-year return | +17.8% | +11.6% |
| 5 years, a year | +10.9% | +8.8% |
| 10 years, a year | +15.8% | +14.1% |
| Trading currency | USD | USD |
First nine rows: the same 162 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: MTUM vs MOAT
Returns by calendar year
| Year | MTUM | MOAT |
|---|---|---|
| 2025 | +22.1% | +13.2% |
| 2024 | +32.9% | +10.7% |
| 2023 | +9.2% | +31.9% |
| 2022 | −18.3% | −13.7% |
| 2021 | +13.4% | +24.1% |
| 2020 | +29.9% | +14.8% |
| 2019 | +27.3% | +34.8% |
| 2018 | −1.7% | −1.3% |
| 2017 | +37.5% | +23.2% |
| 2016 | +5.0% | +21.9% |
| 2015 | +8.9% | −4.9% |
| 2014 | +14.6% | +9.2% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, MTUM or MOAT?
From May 2013 to October 2026, MTUM returned +15.1% a year and MOAT +13.4% a year, with dividends reinvested. Over rolling 3-year periods MTUM did better in 60% of cases. Past returns do not predict future returns.
Which is riskier, MTUM or MOAT?
Over the same months annual volatility was 16.7% for MTUM and 16.1% for MOAT; the deepest fall from a month-end high was 30.2% and 21.2%, and the worst single month −12.7% and −12.8%.
How correlated are MTUM and MOAT?
The correlation of their monthly returns was 0.62: they moved together only in part. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.