Three momentum ETF Q1 earnings plays stand out heading into the second half of 2026: iShares MSCI USA Momentum Factor ETF (MTUM), Alpha Architect U.S. Quantitative Momentum ETF (QMOM), and Shiller CAPE U.S. Equities ETF (CAPE). Each takes a different angle on harvesting broad market strength after a Q1 earnings season defined by beats on both revenue and profit margins.
| Ticker | YTD Return | AUM | Expense Ratio | Dividend Yield |
|---|---|---|---|---|
| MTUM | ~25% | $25.35B | 0.15% | 0.69% |
| QMOM | ~17% | $437M | 0.28% | 1.15% |
| CAPE | ~flat | $260M | 0.65% | 1.35% |
MTUM: The Benchmark Momentum ETF for Q1 Earnings Gains
MTUM is the largest and most liquid of the three. Assets sit near $25.35 billion, one-month average daily volume runs around 1.5 million shares, and the 0.15% expense ratio is hard to argue with for a factor-based product. The fund tracks the MSCI USA Momentum SR Variant Index and has been doing so since its April 2013 launch.
The momentum ETF Q1 earnings trade here is straightforward: the fund’s 125 holdings skew toward names already working. Top positions per the latest fact sheet include NVIDIA (4.79%), Broadcom (4.73%), Johnson & Johnson (4.72%), Exxon Mobil (4.46%), and Micron Technology (4.29%), collectively 38.52% of the portfolio. No single name tops 6.5%. That spread keeps sector concentration in check even as tech represents roughly half the book.
Performance backs the thesis. MTUM returned roughly 25% year-to-date and 35% over the trailing 12 months. In May 2026 alone, the fund posted an 11.2% gain against a Large Blend category average of 4.7% for the same month. Morningstar awarded it a Silver analyst medal in February 2026, rating it against 1,212 Large Blend peers on risk-adjusted total return.
Investors comparing factor products can also look at rivals tracked by ETFdb: JPMorgan U.S. Momentum Factor ETF (JMOM), SPDR S&P 1500 Momentum Tilt ETF (MMTM), and Invesco DWA Momentum ETF (PDP). MTUM’s AUM advantage and tighter spread make it the default for most institutional-size trades.
QMOM: Quality Momentum, Smaller Names, and Hidden Energy Exposure
QMOM targets something more specific than raw price momentum. The fund screens for one-year returns weighted toward small, consistent daily gains rather than a handful of sharp spikes. The logic: steady upward drift signals durable fundamental strength, not just short-covering or event-driven pops.
The fund holds just over 50 positions, all roughly equally weighted at no more than 2.5% each. What the snippet does not fully convey is the sector mix. Current holdings data shows Dell Technologies at 2.45% and TD SYNNEX at 2.32%, but energy names including PBF Energy (2.32%) and Valero Energy (2.28%) sit right alongside them. This is not a pure tech momentum play.
QMOM’s 0.28% expense ratio is low for an actively managed product. The momentum ETF Q1 earnings angle fits here too: the fund’s focus on smaller, less-covered companies means mispricing from earnings surprises can be more pronounced. At ~17% YTD, the fund trails MTUM but offers a differentiated source of return and a 1.15% yield. AUM of $437 million means liquidity is adequate for retail and smaller institutional flows, but position sizing matters for larger orders.
CAPE: A Value Screen With Active Management and a Higher Fee
The Shiller CAPE U.S. Equities ETF takes the opposite route. Rather than chasing recent winners, it uses Robert Shiller’s cyclically adjusted price-to-earnings ratio to identify the four cheapest U.S. sectors, then applies a momentum overlay to filter out value traps. It rebalances monthly.
One structural detail matters for sizing decisions: CAPE is an actively managed, non-transparent ETF. Holdings are not disclosed daily, which limits real-time position monitoring. As of April 30, its reported sector mix included information technology, real estate, health care, and consumer discretionary. Trading roughly flat YTD, the fund has not captured the momentum ETF Q1 earnings tailwind that lifted MTUM and QMOM.
The 0.65% expense ratio is the highest of the three. The 1.35% dividend yield partially offsets that, and the CAPE ratio methodology has a long academic track record. At just over $260 million in AUM and thin average volume, this one suits patient, buy-and-hold positioning rather than tactical trading around earnings catalysts.
What to Watch Next
MTUM’s monthly rebalance cadence means the fund’s sector weights will shift if technology momentum fades relative to other sectors. QMOM’s next reconstitution is the event to track for anyone monitoring its energy exposure. For CAPE, the key binary is whether its currently cheap sectors (real estate, health care) begin to close their valuation gap in Q2 and Q3. If the broad earnings streak holds through the next reporting cycle, the momentum ETF Q1 earnings trade has room to run. If beats narrow or guidance softens, factor rotation away from momentum and toward value could flip CAPE’s flat performance into the relative winner.
