DYNF vs MTUM: Which ETF Is Better in 2026?
A metric-by-metric comparison of iShares U.S. Equity Factor Rotation Active ETF (DYNF) and iShares MSCI USA Momentum Factor ETF (MTUM) — both US Quality / Factor funds — using ETFValuer's daily-updated rankings.
Educational content — not financial advice. Data as of July 25, 2026. ~5 minute read.
The Verdict
DYNF and MTUM compete directly — both are US Quality / Factor funds chasing the same job in a portfolio. That makes this a genuine either/or: the index each tracks, what it costs, and how it has handled drawdowns are what separate them, not the broad exposure they give you.
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — DYNF scores higher: 76.0 (Grade B+) versus 72.8 for MTUM. That doesn't make MTUM a bad fund; it means DYNF currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Head-to-Head: Every Metric
| DYNF | MTUM | |
|---|---|---|
| Category | US Quality / Factor | US Quality / Factor |
| Expense ratio | 0.26% | 0.15% |
| Fund size (AUM) | $38.0B | $29.0B |
| Dividend yield | 0.79% | 0.54% |
| 1-year return | +21.35% | +28.38% |
| 3-year return | +84.64% | +113.95% |
| Volatility | 13.51% | 24.47% |
| Max drawdown | -18.70% | -20.99% |
| Sharpe ratio | 1.21 | 0.96 |
| ETFValuer score | 76.0 | 72.8 |
| Grade | B+ | B |
| Overall rank | #41 | #72 |
Bold marks the better value in each row. "Better" is directional only (e.g. lower cost, higher return) — it isn't a recommendation by itself. See the full methodology.
Cost
MTUM is the cheaper fund, charging 0.15% a year versus 0.26% for DYNF — a gap of 0.11 percentage points (about $11.00/year on a $10,000 position) that compounds meaningfully over a multi-decade holding period. See the ETF Fee Calculator for the exact dollar impact at your investment size and horizon.
What DYNF's Fees Cost You
DYNF charges an expense ratio of 0.26% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
Performance & Risk
Over the trailing 3 years, MTUM returned +113.95% versus +84.64% for DYNF — a gap of about 29.3 percentage points. On risk, DYNF has held up better historically, with a shallower max drawdown (-18.70% vs. -20.99%). DYNF currently has the better risk-adjusted return (Sharpe ratio of 1.21 vs. 0.96), meaning it delivered more return per unit of volatility taken on.
How Closely Do They Track Each Other?
Over the last 3.0 years of daily returns (752 shared trading days), DYNF and MTUM show a strong correlation of 0.891 — clearly related, with room to diverge. There is some genuine differentiation here, but not enough to call these complementary holdings. Pairing them mostly concentrates risk rather than spreading it.
| Measure | Value | What it means |
|---|---|---|
| Daily return correlation | 0.891 | Strong — clearly related, with room to diverge |
| R-squared | 79.4% | 79.4% of DYNF's daily moves are explained by MTUM's |
| Tracking error (annualised) | 10.80% | Typical yearly spread between the two funds' returns |
| Annualised return over 3.0y | DYNF +23.15% · MTUM +29.13% | MTUM ahead by 5.97 points a year |
Correlation alone understates how far these can drift. Across every rolling 12-month window in the period, DYNF finished as much as +7.4 points ahead of MTUM at the best extreme and -20.4 points at the worst — a 27.7-point spread between the best and worst year of relative performance. Two funds can correlate tightly day to day and still deliver very different outcomes over any single year you happen to hold them.
Calculated from daily total returns over the trailing 3-year window, recomputed every day this site refreshes. Correlation of 1.00 means the two funds moved in lockstep; 0.00 means their daily moves were unrelated.
Holdings Overlap
DYNF and MTUM hold 4 of the same companies among their top 10 positions. Those shared names make up 17.3% of DYNF and 16.6% of MTUM. That's meaningful duplication. The funds aren't interchangeable, but a good share of your money would be riding on the same companies twice.
| Shared Holding | DYNF Weight | MTUM Weight |
|---|---|---|
| NVIDIA Corp | 8.57% | 4.64% |
| Broadcom Inc | 3.24% | 5.40% |
| Lam Research Corp | 2.69% | 3.61% |
| Alphabet Inc | 2.85% | 2.94% |
Compares the top 10 reported holdings from each fund's most recent SEC N-PORT-P filing, so it understates total overlap — funds tracking similar indexes overlap far more deeply than the top 10 alone can show. Search any company across all tracked funds with the Stock Overlap tool.
Which One Should You Pick?
Lean DYNF if…
- Current income matters to you — it yields 0.79% against 0.54%
- It has been the calmer ride (13.5% volatility vs 24.5%) with a shallower worst-case fall (-18.7% vs -21.0%)
- You care about return per unit of risk — its Sharpe ratio of 1.21 beats 0.96
Lean MTUM if…
- You want the lower running cost — 0.15% vs 0.26%, about $11 a year less on a $10,000 position
- You weight recent results heavily — it returned 114.0% over 3 years against 84.6%
Whichever you pick, holding both at full weight is usually the wrong answer — see the overlap and correlation sections above.
Frequently Asked Questions
Is DYNF or MTUM better?
On ETFValuer's overall model — which blends return, risk-adjusted performance, cost, drawdown, size and volatility — DYNF scores higher: 76.0 (Grade B+) versus 72.8 for MTUM. That doesn't make MTUM a bad fund; it means DYNF currently edges it out on this specific mix of factors. Read the metric-by-metric breakdown below before deciding which matters more for your own portfolio.
Which has the lower expense ratio, DYNF or MTUM?
MTUM currently has the lower expense ratio (0.15% vs. 0.26%).
Can I hold both DYNF and MTUM?
You can, though the benefit is limited. At a correlation of 0.89, DYNF and MTUM fall together far more often than not, so owning both adds complexity and a second expense ratio without much real diversification. Most investors are better served picking one.
Go deeper on either fund
Full daily-updated metrics, holdings context, and category peers.