Data as of Oct 28, 2026.
MTUM vs SLV: Differences, Returns & Fees
MTUM is an equity index fund and SLV a commodity fund, and over the year to Oct 28, 2026, MTUM returned +18.4% against +14.9%.
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Net assets: $18.7bn on Oct 27, 2026 for iShares MSCI USA Momentum Factor ETF, and $26.9bn on Oct 28, 2026 for iShares Silver Trust.
Pair scorecard
MTUM costs 0.35 points a year less; their one-year returns differ by 3.5 points; SLV is 1.4 times larger.
| Measure | MTUM | SLV |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +14.9% |
| Drawdown | ||
| Below its high | 11.9%, high on Jun 22, 2026 | 53.5%, high on Jan 28, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA Momentum SR Variant Index | Silver |
| Cost and size | ||
| Expense ratio | 0.15% | 0.50% |
| Net assets, as of Oct 27, 2026 | $18.7bn | $26.5bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 93% | |
| Top ten holdings, share of the fund | 35.5% | |
Risk and return
Apr 26, 2013 to Oct 23, 2026 · 704 weekly returnsEach against its own benchmark: MTUM against MLRG, Apr 26, 2013 to Oct 23, 2026; SLV against SIVR, Jul 31, 2009 to Oct 23, 2026.
MTUM returned more: +554.7% to +110.9%. MTUM swung less: 19.0% to 29.6%. MTUM fell less at its worst: −31.9% to −50.1%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | MTUM | SLV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +554.7% | +110.9% | MTUM | Price change plus distributions, reinvested. |
| Annualized | +14.9% | +5.7% | MTUM | Total return as a yearly rate. |
| Price return | +459.1% | +110.9% | MTUM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.0% | 29.6% | MTUM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.0% | 19.9% | MTUM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.9% | −50.1% | MTUM | Deepest fall from a high to the low after it. |
| Upside capture | 106.2% | 100.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 101.7% | 100.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.02 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.76 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.73 | 0.27 | MTUM | Return above Treasury bills per unit of volatility. |
| Sortino | 1.07 | 0.40 | MTUM | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.135 | 0.107 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.47 | 0.11 | MTUM | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | MLRG | SIVR | The ETF each fund is measured against. | |
| Alpha | +1.3% a year | −0.2% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.53 | −0.92 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.7% to +6.3% | −0.6% to +0.2% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.17 | −0.19 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.3% | 0.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 704 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
MTUM and SLV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MTUM and SLV do different jobs. What does each one do in a portfolio?
- What each follows. MTUM follows MSCI USA Momentum SR Variant Index and SLV follows Silver.
- One-year total return. Over 1 year to Oct 28, 2026 MTUM returned +18.4% and SLV +14.9% with distributions reinvested, a gap of 3.5 points.
- Cost. MTUM charges 0.15% of assets a year and SLV 0.50%, a gap of 0.35 points.
Data as of Oct 28, 2026.
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MTUM
MTUM tracks the MSCI USA Momentum Factor. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 126 positions, with the top ten at 35.5%. It sat 11.9% below its high of Jun 22, 2026 on Oct 28, 2026.
Its expense ratio is 0.50% a year, for the three months to Jun 30, 2026, as its 10-Q states.
SLV holds silver. Over the year to Oct 28, 2026 it returned +14.9% with distributions reinvested, against +15.0% for its benchmark, the price of silver. It sat 53.5% below its high of Jan 28, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, MTUM or SLV?
- In the year to Oct 28, 2026, with distributions reinvested, MTUM returned +18.4% and SLV +14.9%.
- Which is cheaper, MTUM or SLV?
- MTUM is cheaper, by 0.35 percentage points a year. That is about $35 on $10,000 held for a year. Fees come from each fund's own filings.
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ETFIQ, MTUM against SLV, data as of Oct 28, 2026. https://etfiq.com/compare/any/mtum-vs-slv
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