OriginaveVUG vs MTUM: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
VUG
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
- 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
VUG tracks the CRSP US Large Cap Growth IndexMTUM tracks the MSCI USA Momentum SR Variant 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.
VUG vs MTUM, 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 | VUG | MTUM | Winner |
|---|---|---|---|
| 2026 (so far) | +11.18% | +27.29% | MTUM |
| 2025 | +19.40% | +22.15% | MTUM |
| 2024 | +32.69% | +32.89% | MTUM |
| 2023 | +46.83% | +9.15% | VUG |
| 2022 | -33.16% | -18.27% | MTUM |
| 2021 | +27.35% | +13.36% | VUG |
| 2020 | +40.25% | +29.86% | VUG |
| 2019 | +37.03% | +27.25% | VUG |
| 2018 | -3.32% | -1.67% | MTUM |
| 2017 | +27.72% | +37.50% | MTUM |
| 2016 | +6.27% | +5.00% | VUG |
| 2015 | +3.24% | +8.91% | MTUM |
| 2014 | +13.61% | +14.62% | MTUM |
| 2013 | +32.48% | +19.21% | VUG |
| 2012 | +17.01% | — | — |
| 2011 | +1.82% | — | — |
| 2010 | +17.22% | — | — |
| 2009 | +36.14% | — | — |
| 2008 | -38.02% | — | — |
| 2007 | +12.52% | — | — |
| 2006 | +9.19% | — | — |
| 2005 | +5.02% | — | — |
| 2004 | +4.99% | — | — |
VUG vs MTUM in plain words
VUG tracks the CRSP US Large Cap Growth Index while MTUM follows the MSCI USA Momentum SR Variant Index, so they own different slices of the market and their years can look very different. VUG charges 0.03% a year in running costs and MTUM charges 0.15% — VUG is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 14 calendar years both funds were trading, VUG finished the year ahead 6 times and MTUM 8 times. $10,000 invested at the start of 2016 was worth $49,942 in VUG versus $38,506 in MTUM by the end of 2025, dividends reinvested.
Fund facts: VUG vs MTUM
| Fact | VUG | MTUM |
|---|---|---|
| Fund | Vanguard Growth ETF | iShares MSCI USA Momentum Factor ETF |
| Tracks | CRSP US Large Cap Growth Index | MSCI USA Momentum SR Variant Index |
| Yearly cost (TER) | 0.03% | 0.15% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 26 Jan 2004 | 16 Apr 2013 |
| $10,000 invested | What $10,000 in VUG became | What $10,000 in MTUM became |
How bumpy the ride was: VUG vs MTUM
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.
VUG and MTUM swung about equally: annualised volatility of 19.9% for VUG against 20.1% for MTUM, with VUG moving 1% or more on 30.6% of trading days and MTUM on 30.5%. Both had their worst day on 16 Mar 2020: VUG closed -12.62% and MTUM -12.37%.
VUG had the deeper drawdown: it fell -35.61% from its peak on 19 Nov 2021 to a low on 3 Nov 2022, then closed back above the old peak on 23 Jan 2024, 14 months after the low; MTUM 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.
Day to day the two usually move together: the correlation of their daily returns is 0.88, and they closed in opposite directions on 15.2% of the 3,387 days measured. The widest single-day gap came on 10 Nov 2022, when VUG moved +7.89% and MTUM +2.64%.
| Measure | VUG | MTUM |
|---|---|---|
| Annualised volatility | 19.9% | 20.1% |
| Worst day | -12.62% on 16 Mar 2020 | -12.37% on 16 Mar 2020 |
| Best day | +11.63% on 9 Apr 2025 | +10.65% on 24 Mar 2020 |
| Days moving 1% or more | 30.6% of days | 30.5% of days |
| Deepest drawdown | -35.61% | -34.08% |
| Peak to trough | 19 Nov 2021 → 3 Nov 2022 | 19 Feb 2020 → 23 Mar 2020 |
| Back above the old peak | 23 Jan 2024 · 14 months | 6 Jul 2020 · 3 months |
Years VUG and MTUM parted ways
In 8 of the 13 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2023: VUG returned +46.83% and MTUM +9.15%, a gap of 37.7 points. They rose together in 11 years and fell together in 2 years.
| Year | VUG | MTUM | Gap (VUG − MTUM) |
|---|---|---|---|
| 2023 | +46.83% | +9.15% | +37.7 pts |
| 2022 | -33.16% | -18.27% | -14.9 pts |
| 2021 | +27.35% | +13.36% | +14.0 pts |
| 2020 | +40.25% | +29.86% | +10.4 pts |
| 2019 | +37.03% | +27.25% | +9.8 pts |
| 2017 | +27.72% | +37.50% | -9.8 pts |
| 2015 | +3.24% | +8.91% | -5.7 pts |
| 2013 | +32.48% | +19.21% | +13.3 pts |
How often VUG beat MTUM over any 12 months
Across the 150 rolling 12-month windows since April 2013, measured month-end to month-end, VUG finished ahead in 48.7% of them (73) and MTUM in 51.3% (77).
$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 $89,024 in VUG and $71,839 in MTUM, leaving VUG $17,185 ahead.
| Outcome | VUG | MTUM |
|---|---|---|
| Paid in | $28,800 | $28,800 |
| Value at the end of 2025 | $89,024 | $71,839 |
| Gain on the money paid in | +$60,224 | +$43,039 |
| Gain in % | +209.11% | +149.44% |
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 VUG or MTUM better?
Across the 14 calendar years both funds were trading, VUG finished the year ahead 6 times and MTUM 8 times. $10,000 invested at the start of 2016 was worth $49,942 in VUG versus $38,506 in MTUM 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 VUG and MTUM?
VUG tracks the CRSP US Large Cap Growth Index while MTUM follows the MSCI USA Momentum SR Variant Index, so they own different slices of the market and their years can look very different. VUG charges 0.03% a year in running costs and MTUM charges 0.15% — VUG is the cheaper fund to hold. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, VUG or MTUM?
VUG and MTUM swung about equally: annualised volatility of 19.9% for VUG against 20.1% for MTUM, with VUG moving 1% or more on 30.6% of trading days and MTUM on 30.5%. Both had their worst day on 16 Mar 2020: VUG closed -12.62% and MTUM -12.37%.
Which had the deeper drawdown, VUG or MTUM?
VUG had the deeper drawdown: it fell -35.61% from its peak on 19 Nov 2021 to a low on 3 Nov 2022, then closed back above the old peak on 23 Jan 2024, 14 months after the low; MTUM 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.
How often did VUG beat MTUM over a 12-month period?
Across the 150 rolling 12-month windows since April 2013, measured month-end to month-end, VUG finished ahead in 48.7% of them (73) and MTUM in 51.3% (77).
What would $10,000 in VUG have become?
$10,000 invested in VUG at the start of 2016 grew to $49,942 by the end of 2025, with dividends reinvested — an average of 17.4% per year.
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.