QUAL vs MTUM: returns, risk and drawdowns compared
iShares MSCI USA Quality Factor ETF against iShares MSCI USA Momentum Factor ETF, over the same 13 years (August 2013 to October 2026) with dividends reinvested.
Data updated October 2026
From August 2013 to October 2026, QUAL returned 12.4% a year and MTUM 14.9% a year on average, so MTUM came out ahead by 2.5% a year. MTUM was the more volatile of the two (16.8% against 14.6% a year), and the deepest falls from a month-end high were 28.4% for QUAL and 30.2% for MTUM.
The correlation of monthly returns was 0.82: they usually moved together. Over 124 rolling 3-year periods, QUAL did better in 28% and MTUM in 72%.
Side by side
| QUAL | MTUM | |
|---|---|---|
| Annual return (CAGR) | +12.4% | +14.9% |
| Total return | +373% | +533% |
| Annual volatility | 14.6% | 16.8% |
| Maximum drawdown (month-end) | −28.4% | −30.2% |
| Worst month | −11.7% | −12.7% |
| Best month | +12.3% | +18.3% |
| Positive months | 65% | 61% |
| Best year | 2019: +32.1% | 2017: +37.5% |
| Worst year | 2022: −21.4% | 2022: −18.3% |
| 1-year return | +16.7% | +17.8% |
| 5 years, a year | +10.5% | +10.9% |
| 10 years, a year | +13.4% | +15.8% |
| Trading currency | USD | USD |
First nine rows: the same 159 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: QUAL vs MTUM
Returns by calendar year
| Year | QUAL | MTUM |
|---|---|---|
| 2025 | +11.8% | +22.1% |
| 2024 | +21.6% | +32.9% |
| 2023 | +29.5% | +9.2% |
| 2022 | −21.4% | −18.3% |
| 2021 | +25.7% | +13.4% |
| 2020 | +15.6% | +29.9% |
| 2019 | +32.1% | +27.3% |
| 2018 | −7.0% | −1.7% |
| 2017 | +20.5% | +37.5% |
| 2016 | +7.6% | +5.0% |
| 2015 | +4.2% | +8.9% |
| 2014 | +10.5% | +14.6% |
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, QUAL or MTUM?
From August 2013 to October 2026, QUAL returned +12.4% a year and MTUM +14.9% a year, with dividends reinvested. Over rolling 3-year periods QUAL did better in 28% of cases. Past returns do not predict future returns.
Which is riskier, QUAL or MTUM?
Over the same months annual volatility was 14.6% for QUAL and 16.8% for MTUM; the deepest fall from a month-end high was 28.4% and 30.2%, and the worst single month −11.7% and −12.7%.
How correlated are QUAL and MTUM?
The correlation of their monthly returns was 0.82: they usually moved together. 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.