OriginaveMTUM vs SPHQ: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
MTUM
SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
VOOVanguard S&P 500 ETFtracks the S&P 500 Index- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
QQQInvesco QQQ Trusttracks the Nasdaq-100 Index- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPHQ
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
- VOOVanguard S&P 500 ETFtracks the S&P 500 Index
- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
- SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index
- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
MTUM tracks the MSCI USA Momentum SR Variant IndexSPHQ tracks the S&P 500 Quality Index
What did the last 10 years do to $10,000?
You invest $10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
MTUM vs SPHQ, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | MTUM | SPHQ | Winner |
|---|---|---|---|
| 2026 (so far) | +27.29% | +12.92% | MTUM |
| 2025 | +22.15% | +13.25% | MTUM |
| 2024 | +32.89% | +25.44% | MTUM |
| 2023 | +9.15% | +24.83% | SPHQ |
| 2022 | -18.27% | -15.76% | SPHQ |
| 2021 | +13.36% | +27.59% | SPHQ |
| 2020 | +29.86% | +16.93% | MTUM |
| 2019 | +27.25% | +33.63% | SPHQ |
| 2018 | -1.67% | -7.09% | MTUM |
| 2017 | +37.50% | +19.10% | MTUM |
| 2016 | +5.00% | +14.30% | SPHQ |
| 2015 | +8.91% | +1.64% | MTUM |
| 2014 | +14.62% | +16.08% | SPHQ |
| 2013 | +19.21% | +32.73% | SPHQ |
| 2012 | — | +14.32% | — |
| 2011 | — | +6.28% | — |
| 2010 | — | +20.50% | — |
| 2009 | — | +12.59% | — |
| 2008 | — | -46.35% | — |
| 2007 | — | +16.77% | — |
| 2006 | — | +4.58% | — |
| 2005 | — | -2.05% | — |
MTUM vs SPHQ in plain words
MTUM tracks the MSCI USA Momentum SR Variant Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. Both funds charge 0.15% a year in running costs.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 14 calendar years both funds were trading, MTUM finished the year ahead 7 times and SPHQ 7 times. $10,000 invested at the start of 2016 was worth $38,506 in MTUM versus $37,666 in SPHQ by the end of 2025, dividends reinvested.
Fund facts: MTUM vs SPHQ
| Fact | MTUM | SPHQ |
|---|---|---|
| Fund | iShares MSCI USA Momentum Factor ETF | Invesco S&P 500 Quality ETF |
| Tracks | MSCI USA Momentum SR Variant Index | S&P 500 Quality Index |
| Yearly cost (TER) | 0.15% | 0.15% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 16 Apr 2013 | 6 Dec 2005 |
| $10,000 invested | What $10,000 in MTUM became | What $10,000 in SPHQ became |
How bumpy the ride was: MTUM vs SPHQ
These head-to-head figures use only the 3,388 trading days both funds were listed: 18 Apr 2013 to 6 Oct 2026, roughly 13.4 years.
MTUM swung more than SPHQ: annualised volatility of 20.1% for MTUM against 16.6% for SPHQ, with MTUM moving 1% or more on 30.5% of trading days and SPHQ on 22.3%. Both had their worst day on 16 Mar 2020: MTUM closed -12.37% and SPHQ -10.30%.
MTUM had the deeper drawdown: it fell -34.08% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 6 Jul 2020, 3 months after the low; SPHQ fell -31.59% from its peak on 12 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 4 Aug 2020, 4 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.88, and they closed in opposite directions on 16.3% of the 3,387 days measured. The widest single-day gap came on 27 Jan 2025, when MTUM moved -4.08% and SPHQ -0.01%.
| Measure | MTUM | SPHQ |
|---|---|---|
| Annualised volatility | 20.1% | 16.6% |
| Worst day | -12.37% on 16 Mar 2020 | -10.30% on 16 Mar 2020 |
| Best day | +10.65% on 24 Mar 2020 | +10.30% on 24 Mar 2020 |
| Days moving 1% or more | 30.5% of days | 22.3% of days |
| Deepest drawdown | -34.08% | -31.59% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 12 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 6 Jul 2020 · 3 months | 4 Aug 2020 · 4 months |
Years MTUM and SPHQ parted ways
In 11 of the 13 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2017: MTUM returned +37.50% and SPHQ +19.10%, a gap of 18.4 points. They rose together in 11 years and fell together in 2 years.
| Year | MTUM | SPHQ | Gap (MTUM − SPHQ) |
|---|---|---|---|
| 2025 | +22.15% | +13.25% | +8.9 pts |
| 2024 | +32.89% | +25.44% | +7.4 pts |
| 2023 | +9.15% | +24.83% | -15.7 pts |
| 2021 | +13.36% | +27.59% | -14.2 pts |
| 2020 | +29.86% | +16.93% | +12.9 pts |
| 2019 | +27.25% | +33.63% | -6.4 pts |
| 2018 | -1.67% | -7.09% | +5.4 pts |
| 2017 | +37.50% | +19.10% | +18.4 pts |
| 2016 | +5.00% | +14.30% | -9.3 pts |
| 2015 | +8.91% | +1.64% | +7.3 pts |
| 2013 | +19.21% | +32.73% | -13.5 pts |
How often MTUM beat SPHQ over any 12 months
Across the 150 rolling 12-month windows since April 2013, measured month-end to month-end, MTUM finished ahead in 58.7% of them (88) and SPHQ in 41.3% (62).
$200 a month into each, 2014–2025
Putting $200 into each fund at the start of every month from January 2014 to December 2025 (144 payments, $28,800 in total) would have grown to $71,839 in MTUM and $70,912 in SPHQ, leaving MTUM $927 ahead.
| Outcome | MTUM | SPHQ |
|---|---|---|
| Paid in | $28,800 | $28,800 |
| Value at the end of 2025 | $71,839 | $70,912 |
| Gain on the money paid in | +$43,039 | +$42,112 |
| Gain in % | +149.44% | +146.22% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is MTUM or SPHQ better?
Across the 14 calendar years both funds were trading, MTUM finished the year ahead 7 times and SPHQ 7 times. $10,000 invested at the start of 2016 was worth $38,506 in MTUM versus $37,666 in SPHQ by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between MTUM and SPHQ?
MTUM tracks the MSCI USA Momentum SR Variant Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. Both funds charge 0.15% a year in running costs. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, MTUM or SPHQ?
MTUM swung more than SPHQ: annualised volatility of 20.1% for MTUM against 16.6% for SPHQ, with MTUM moving 1% or more on 30.5% of trading days and SPHQ on 22.3%. Both had their worst day on 16 Mar 2020: MTUM closed -12.37% and SPHQ -10.30%.
Which had the deeper drawdown, MTUM or SPHQ?
MTUM had the deeper drawdown: it fell -34.08% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 6 Jul 2020, 3 months after the low; SPHQ fell -31.59% from its peak on 12 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 4 Aug 2020, 4 months after the low.
How often did MTUM beat SPHQ over a 12-month period?
Across the 150 rolling 12-month windows since April 2013, measured month-end to month-end, MTUM finished ahead in 58.7% of them (88) and SPHQ in 41.3% (62).
What would $10,000 in MTUM have become?
$10,000 invested in MTUM at the start of 2016 grew to $38,506 by the end of 2025, with dividends reinvested — an average of 14.4% per year.
Related comparisons
More head-to-heads featuring MTUM or SPHQ.
Source: Yahoo Finance daily adjusted closes for the US primary listings, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.