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MTUM’s momentum ETF is up 30.5% year‑to‑date versus SPY’s 10.3%, a 20‑point gap that challenges the cap‑weighted S&P 500 core holding. See why investors are
MTUM has delivered a 30.52% year‑to‑date return through June 16, 2026, dwarfing the SPDR S&P 500 ETF’s 10.34% gain and creating a roughly 20‑percentage‑point advantage for the momentum‑tilted fund【1】.
| At a glance | |
|---|---|
| MTUM YTD return | 30.52% |
| SPY YTD return | 10.34% |
| Expense ratio gap | 0.055 % (0.15% vs 0.0945%) |
| Top‑3 SPY holdings weight | ~19% (Nvidia 7.81%, Apple 6.69%, Microsoft 4.54%) |
MTUM tracks the MSCI USA Momentum SR Variant Index, which screens large‑ and mid‑cap U.S. stocks for the strongest six‑ and twelve‑month price momentum and rebalances semi‑annually. By overweighting fast‑growing AI‑linked semiconductors, hyperscalers and other platform names, the fund captured the rally that has driven the broader market this year. In contrast, SPY’s market‑cap weighting forces it to hold laggards alongside the leaders, capping upside despite the same universe of stocks【1】.
The performance edge is not limited to the current year. Over the trailing 12‑month period MTUM returned 42.90% versus SPY’s 27.13%; over five years the gap widens to 104% versus 89%; and over a decade MTUM’s cumulative gain sits at 391% against SPY’s 325%【1】. The modest fee premium of 5.5 basis points translates to roughly $28 extra cost on a $50,000 position, a negligible amount relative to the historical return spread【1】.
Momentum strategies inherently buy late in rallies and sell late in corrections, which can cause MTUM to lag SPY during leadership shifts—especially when the market rotates from growth to value or from large‑cap to small‑cap stocks. The fund also turns over more frequently, raising short‑term capital‑gain tax exposure for taxable investors【1】. For those holding SPY in tax‑advantaged accounts, swapping to MTUM incurs no immediate tax cost, while taxable‑account holders must weigh embedded gains against the potential upside.
The stark YTD spread suggests that, in a market dominated by a handful of high‑growth tech names, a momentum‑weighted approach can capture more upside than a pure cap‑weighted S&P 500 core holding. Whether the higher turnover and tax considerations outweigh the return premium will depend on investors’ time horizon, account type and tolerance for the whipsaw risk inherent in momentum strategies.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 17, 2026 · How we report
Information Technology makes up about 34.3% of the index, followed by Financials (13.1%), Communication Services (10.5%), Consumer Discretionary (10.1%), and Healthcare (9.92%).
SPY has an expense ratio of 0.0945%, which is higher than VOO and IVV (both 0.03%) and higher than SPYM (0.02%).
The ten largest components are Nvidia (7.17%), Alphabet (6.39%), Apple (5.86%), Microsoft (5.33%), Amazon (3.98%), Broadcom (2.51%), Meta Platforms (2.49%), Tesla (2.31%), Berkshire Hathaway (1.68%), and Eli Lilly (1.55%).
MTUM uses a momentum‑based weighting that has delivered higher returns than SPY over one‑ to ten‑year periods, though it incurs higher fees and turnover.
Switching in a taxable account may trigger capital gains on existing SPY holdings, so a partial allocation or contribution‑based shift can add MTUM exposure without realizing those gains.