Data as of Oct 28, 2026.
MTUM vs XLI: Differences, Returns & Fees
Over the year to Oct 28, 2026, MTUM returned +18.4% to XLI's +10.2%; 10% of their weight is in the same names.
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Net assets on Oct 27, 2026: $18.7bn for iShares MSCI USA Momentum Factor ETF and $30.8bn for State Street Industrial Select Sector SPDR ETF.
Pair scorecard
XLI costs 0.07 points a year less; their one-year returns differ by 8.2 points; XLI is 1.6 times larger.
| Measure | MTUM | XLI |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.4% | +10.2% |
| Drawdown | ||
| Below its high | 11.9%, high on Jun 22, 2026 | 9.4%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA Momentum SR Variant Index | Industrial Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.08% |
| Net assets, as of Oct 27, 2026 | $18.7bn | $30.8bn |
| Holdings | ||
| Holdings in common | 10% | |
| Top ten holdings, share of the fund | 35.5% | 37.8% |
Holdings in common uses holdings dated Oct 27, 2026. Method
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; XLI against SPY, Dec 31, 1998 to Oct 23, 2026.
MTUM returned more: +554.7% to +407.9%. MTUM and XLI swung about the same: 19.0% and 18.8%. MTUM fell less at its worst: −31.9% to −39.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | MTUM | XLI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +554.7% | +407.9% | MTUM | Price change plus distributions, reinvested. |
| Annualized | +14.9% | +12.8% | MTUM | Total return as a yearly rate. |
| Price return | +459.1% | +299.3% | MTUM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.0% | 18.8% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.0% | 13.0% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.9% | −39.3% | MTUM | Deepest fall from a high to the low after it. |
| Upside capture | 106.2% | 105.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 101.7% | 102.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.02 | 1.03 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.76 | 0.79 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.73 | 0.63 | MTUM | Return above Treasury bills per unit of volatility. |
| Sortino | 1.07 | 0.92 | MTUM | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.135 | 0.087 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.47 | 0.32 | MTUM | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | MLRG | SPY | The ETF each fund is measured against. | |
| Alpha | +1.3% a year | +0.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.53 | 0.35 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.7% to +6.3% | −2.9% to +4.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.17 | 0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.3% | 9.4% | 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.
What they share
By the books each fund has filed, MTUM and XLI hold 10% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
10% in common
Only in one fund ↓
Side by side
MTUM and XLI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MTUM and XLI do different jobs. What does each one do in a portfolio?
- What each follows. MTUM follows MSCI USA Momentum SR Variant Index and XLI follows Industrial Select Sector Index.
- Holdings in common. 10% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 MTUM returned +18.4% and XLI +10.2% with distributions reinvested, a gap of 8.2 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.
XLI
XLI tracks an index of Industrials. Over the year to Oct 28, 2026 it returned +10.2% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.08% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 84 positions, with the top ten at 37.8%. It sat 9.4% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, MTUM or XLI?
- In the year to Oct 28, 2026, with distributions reinvested, MTUM returned +18.4% and XLI +10.2%.
- Which is cheaper, MTUM or XLI?
- XLI is cheaper, by 0.07 percentage points a year. That is about $7 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 XLI, data as of Oct 28, 2026. https://etfiq.com/compare/any/mtum-vs-xli
ETFIQ. (Oct 28, 2026). MTUM against XLI. Retrieved from https://etfiq.com/compare/any/mtum-vs-xli
[MTUM against XLI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mtum-vs-xli)
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