Data as of Oct 28, 2026.
MTUM vs VOE: Differences, Returns & Fees
Over the year to Oct 28, 2026, MTUM returned +18.4% to VOE's +22.8%; 12% of their weight is in the same names.
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Net assets: $18.7bn on Oct 27, 2026 for iShares MSCI USA Momentum Factor ETF, and $22.8bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap Value ETF.
Pair scorecard
VOE costs 0.10 points a year less; their one-year returns differ by 4.4 points; VOE is 1.1 times larger.
| Measure | MTUM | VOE |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +22.8% |
| Drawdown | ||
| Below its high | 11.9%, high on Jun 22, 2026 | |
| Benchmark | ||
| What it tracks | MSCI USA Momentum SR Variant Index | Morningstar US Mid Cap Value Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.05% |
| Net assets, as of Sep 30, 2026 | $20.4bn | $22.8bn |
| Holdings | ||
| Holdings in common | 12% | |
| Top ten holdings, share of the fund | 35.5% | 14.0% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Apr 26, 2013 to Oct 23, 2026 · 704 weekly returnsMTUM returned more: +554.7% to +311.9%. VOE swung slightly less: 17.8% to 19.0%. MTUM fell less at its worst: −31.9% to −40.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MTUM | VOE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +554.7% | +311.9% | MTUM | Price change plus distributions, reinvested. |
| Annualized | +14.9% | +11.0% | MTUM | Total return as a yearly rate. |
| Price return | +459.1% | +207.9% | MTUM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.0% | 17.8% | VOE (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.0% | 12.5% | VOE (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.9% | −40.6% | MTUM | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.73 | 0.57 | MTUM | Return above Treasury bills per unit of volatility. |
| Sortino | 1.07 | 0.81 | MTUM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.47 | 0.27 | MTUM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 704 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, MTUM and VOE hold 12% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
12% in common
Only in one fund ↓
Side by side
MTUM and VOE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MTUM and VOE do different jobs. What does each one do in a portfolio?
- What each follows. MTUM follows MSCI USA Momentum SR Variant Index and VOE follows Morningstar US Mid Cap Value Index.
- Holdings in common. 12% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 MTUM returned +18.4% and VOE +22.8% with distributions reinvested, a gap of 4.4 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.
VOE
VOE tracks an index of Mid-Cap Value. Over the year to Oct 28, 2026 it returned +22.8% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 14.0%.
Questions people ask
- Which returned more over the last year, MTUM or VOE?
- In the year to Oct 28, 2026, with distributions reinvested, MTUM returned +18.4% and VOE +22.8%.
- Which is cheaper, MTUM or VOE?
- VOE is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, MTUM against VOE, data as of Oct 28, 2026. https://etfiq.com/compare/any/mtum-vs-voe
ETFIQ. (Oct 28, 2026). MTUM against VOE. Retrieved from https://etfiq.com/compare/any/mtum-vs-voe
[MTUM against VOE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mtum-vs-voe)
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